Common use of Notice of Default; Right to Cure Clause in Contracts

Notice of Default; Right to Cure. Tenant agrees to give Lender prompt written notice of any known default by Landlord under the Lease. Tenant agrees that, before Tenant exercises any of its rights or remedies under the Lease, Lender shall have the right, but not the obligation, to cure the default within the same time given Landlord in the lease to cure the default, plus an additional thirty (30) days. Tenant agrees that the cure period shall be extended by the time reasonably necessary for Lender to commence foreclosure proceedings and to obtain possession of the Mortgage Premises, provided that this sentence shall not apply if the breach or default by Landlord poses an immediate threat to the health, safety or welfare of Tenant’s employees, customers or invitees at the Leased Premises, provided further that: (a) Lender shall notify Tenant of Lender’s intent to effect its remedy within thirty (30) days after receipt of Tenant’s notice; (b) Lender initiates immediate steps to foreclose on or to recover possession of the Mortgage Premises; (c) Lender initiates legal proceedings to appoint a receiver for the Mortgage Premises or to foreclose on or recover possession of the Mortgage Premises within the thirty (30) day period; and (d) Lender prosecutes such proceedings and remedies with due diligence and continuity to completion. Tenant also agrees to its use its commercially reasonable efforts to give Lender notice of any casualty damage to the Mortgage Premises, but Tenant’s failure to provide such notice shall not be a default under this Agreement.

Notice of Default; Right to Cure. 7.1 In the event Tenant agrees to give Lender prompt gives written notice to Landlord of any known default by Landlord under the Lease. Tenant agrees that, before Tenant exercises any a breach of its rights or remedies obligations under the Lease, Lender Tenant shall have forthwith furnish a copy of such notice to Trustee. 7.2 In the rightevent that Xxxxxxxx receives notice from Tenant of a breach by Landlord of any of its monetary obligations under the Lease, and such breach is not cured by EXECUTION VERSION Landlord pursuant to the provisions of the Lease, Tenant shall not terminate the Lease in connection with such default except as provided in this SECTION 7.2 (but shall be entitled to avail itself of all other remedies provided to Tenant under the Lease), and Tenant shall, in addition to the notice provided in SECTION 7.1 hereof, give notice of the monetary failure to cure on the part of Landlord to Trustee at the expiration of the period within which Landlord may cure as set forth in the Lease. Then, Trustee may proceed to cure any such failure within sixty (60) days after receipt of the additional notice herein set forth. If Trustee fails to cure such monetary default within such sixty (60) day period, Tenant shall be entitled to exercise all rights and remedies for such monetary default as provided in the Lease (including, but not limited to, the obligationright to terminate the Lease), without the necessity to provide any further notice or cure period whatsoever. 7.3 In the event that Landlord receives notice from Tenant of a non-monetary breach by Landlord of any of its obligations under the Lease, and such breach is not cured by Landlord pursuant to the provisions of the Lease, Tenant shall not terminate the Lease in connection with such default except as provided in this SECTION 7.3 (but shall be entitled to avail itself of all other remedies provided to Tenant under the Lease), and Tenant shall, in addition to the notice provided in SECTION 7.1 hereof, give notice of the failure to cure on the part of Landlord to Trustee at the expiration of the period within which Landlord may cure as set forth in the Lease ("TENANT'S NOTICE"). Thereafter, Trustee may, by providing written notice of its intention to cure any such non-monetary default to Tenant within sixty (60) days after receipt of the Tenant's Notice, proceed to cure any such non-monetary default. In the event Trustee elects to proceed to cure such non-monetary default, Trustee shall complete such cure within sixty (60) days after the date of receipt of the Tenant's Notice; PROVIDED, HOWEVER, if: (a) the non-monetary default cannot reasonably be cured within such sixty (60) day period; (b) Trustee materially commences cure of such non-monetary default within such sixty (60) day period; and (c) after commencing efforts to cure such non-monetary default, diligently and in good faith pursues same to completion, then such sixty (60) day period shall be extended to a reasonable amount of time (not to exceed one hundred (100) total days from the Tenant's Notice) to cure such non-monetary default; PROVIDED, FURTHER, if: (a) after exercising Trustee's commercially reasonable efforts to cure such default, including, but not limited to, by seeking appointment of a receiver, exercising legal self-help rights, or obtaining access to the property by other commercially reasonable means to cure such default, as a result of the nature of such default, such default is not reasonably susceptible of being cured without Trustee obtaining possession of the Project by institution of a foreclosure proceeding (any such default, a "POSSESSORY DEFAULTS"); (b) unless it is enjoined or stayed, Trustee takes steps to acquire or sell Landlord's interest in the Premises by foreclosure or other appropriate means and diligently prosecutes the same time given Landlord in to completion; and (c) before the lease expiration of such sixty (60) day period, Trustee provides notice of such Possessory Default to Tenant, an explanation of the efforts undertaken by Trustee to cure such default without first instituting foreclosure proceedings and the default, plus an additional thirty reasons such efforts failed; EXECUTION VERSION then such sixty (3060) days. Tenant agrees that the day cure period shall be extended by for such reasonable amount of time (not to exceed eleven (11) total months from the time reasonably necessary for Lender to commence foreclosure proceedings and Tenant's Notice) to obtain possession of the Mortgage PremisesPremises and cure such non-monetary default. If Trustee fails to cure such non-monetary default within such sixty (60) day period (as extended as permitted in the previous sentence, if applicable), Tenant shall be entitled to exercise all rights and remedies for such non-monetary default as provided that this sentence shall herein (including, but not apply if the breach or default by Landlord poses an immediate threat to the healthlimited to, safety or welfare of Tenant’s employees, customers or invitees at the Leased Premises, provided further that: (a) Lender shall notify Tenant of Lender’s intent to effect its remedy within thirty (30) days after receipt of Tenant’s notice; (b) Lender initiates immediate steps to foreclose on or to recover possession termination of the Mortgage Premises; (c) Lender initiates legal proceedings to appoint a receiver for Lease), without the Mortgage Premises or to foreclose on or recover possession of the Mortgage Premises within the thirty (30) day period; and (d) Lender prosecutes such proceedings and remedies with due diligence and continuity to completion. Tenant also agrees to its use its commercially reasonable efforts to give Lender notice of any casualty damage to the Mortgage Premises, but Tenant’s failure necessity to provide such any further notice or cure period whatsoever. Trustee shall not be a required to continue such foreclosure proceeding after the default has been cured, and if the default shall be cured and Trustee shall discontinue such foreclosure proceedings, the Lease shall continue in full force and effect as if Landlord had timely cured the default under the Lease. Except as expressly provided in SECTION 7.3 with respect to extension of the cure periods, the commencement and/or prosecution of foreclosure proceedings shall not be deemed to xxxxx, toll, extend or otherwise modify the cure rights of Trustee set forth in this AgreementSECTION 7.

Notice of Default; Right to Cure. Tenant agrees to give If a Lender prompt written sends notice of any known default of a Leasehold Mortgage to the Lessee because the Lessee has failed to comply with the terms of the Leasehold Mortgage, the Lender shall, at the same time, send a copy of that notice to the Lessor. Upon receiving a copy of the notice of default and within that period of time in which the Lessee has a right to cure such default, the Lessor shall have the right to cure the default on the Lessee’s behalf, provided that all current payments due the Lender since the notice of default was given are made to the Lender. If after the cure period has expired, the Lender intends to accelerate the note secured by Landlord the Leasehold Mortgage or begin foreclosure proceedings under the Lease. Tenant agrees thatLeasehold Mortgage, before Tenant exercises any the Lender shall first notify the Lessor of its rights intention to do so, and Lessor shall then have the right, upon notifying the Lender within thirty (30) days of receipt of such notice, to acquire the Leasehold Mortgage by paying off the debt secured by the Leasehold Mortgage. If the Lender acquires the leasehold interest and Scarlett Units through foreclosure or remedies under acceptance of a deed in lieu of foreclosure (in which event the LeaseLease shall continue in full force and effect and Lessor shall treat the Lender as Lessee except that the covenants, Lender agreements, conditions, provisions, restrictions and limitations contained in Section 2.4 of the Lease shall be deleted and Lessor shall have the right, but not the obligation, to cure increase the default within the same time given Landlord annual rent for each lot set forth in the lease Section 2.3 to cure the default, plus an additional thirty (30) days. Tenant agrees that the cure period fair market value rental rates which shall be extended determined by the time reasonably necessary appraisal process provided in Section 6.7), the Lender shall give Lessor written notice of such acquisition and Lessor shall then have an option to purchase the leasehold interest and Scarlett Units from the Lender for Lender to commence foreclosure proceedings and to obtain possession of the Mortgage Premises, provided that this sentence shall not apply if the breach or default by Landlord poses an immediate threat full amount owing to the healthLender under the Leasehold Mortgage. To exercise this option to purchase, safety or welfare Lessor must give written notice to the Lender of Tenant’s employees, customers or invitees at the Leased Premises, provided further that: (a) Lender shall notify Tenant of Lender’s its intent to effect its remedy purchase the foregoing within thirty (30) days after following Lessor’s receipt of Tenantthe Lender’s notice; . Lessor must then complete the purchase within sixty (b60) Lender initiates immediate steps days of having given written notice of its intent to foreclose on or to recover possession of purchase. If Lessor does not complete the Mortgage Premises; purchase within this sixty (c) Lender initiates legal proceedings to appoint a receiver for the Mortgage Premises or to foreclose on or recover possession of the Mortgage Premises within the thirty (3060) day period; and (d) , the Lender prosecutes such proceedings shall be free to sell the Leasehold Interest and remedies with due diligence and continuity Scarlett Units to completion. Tenant also agrees to its use its commercially reasonable efforts to give Lender notice of any casualty damage to the Mortgage Premises, but Tenant’s failure to provide such notice shall not be a default under this Agreementperson or entity.

Notice of Default; Right to Cure. Tenant agrees to give If a Lender prompt written sends notice of any known default of a Leasehold Mortgage to the Lessee because the Lessee has failed to comply with the terms of the Leasehold Mortgage, the Lender shall, at the same time, send a copy of that notice to the Lessor. Upon receiving a copy of the notice of default and within that period of time in which the Lessee has a right to cure such default, the Lessor shall have the right to cure the default on the Lessee’s behalf, provided that all current payments due the Lender since the notice of default was given are made to the Lender. If after the cure period has expired, the Lender intends to accelerate the note secured by Landlord the Leasehold Mortgage or begin foreclosure proceedings under the Lease. Tenant agrees thatLeasehold Mortgage, before Tenant exercises any the Lender shall first notify the Lessor of its rights intention to do so, and Lessor shall then have the right, upon notifying the Lender within thirty (30) days of receipt of such notice, to acquire the Leasehold Mortgage by paying off the debt secured by the Leasehold Mortgage. If the Lender acquires the leasehold interest and 000 X. Xxxx Street Units through foreclosure or remedies under acceptance of a deed in lieu of foreclosure (in which event the LeaseLease shall continue in full force and effect and Lessor shall treat the Lender as Lessee except that the covenants, Lender agreements, conditions, provisions, restrictions and limitations contained in Section 2.4 of the Lease shall be deleted and Lessor shall have the right, but not the obligation, to cure increase the default within the same time given Landlord annual rent for each lot set forth in the lease Section 2.3 to cure the default, plus an additional thirty (30) days. Tenant agrees that the cure period fair market value rental rates which shall be extended determined by the time reasonably necessary appraisal process provided in Section 6.7), the Lender shall give Lessor written notice of such acquisition and Lessor shall then have an option to purchase the leasehold interest and 000 X. Xxxx Street Units from the Lender for Lender to commence foreclosure proceedings and to obtain possession of the Mortgage Premises, provided that this sentence shall not apply if the breach or default by Landlord poses an immediate threat full amount owing to the healthLender under the Leasehold Mortgage. To exercise this option to purchase, safety or welfare Lessor must give written notice to the Lender of Tenant’s employees, customers or invitees at the Leased Premises, provided further that: (a) Lender shall notify Tenant of Lender’s its intent to effect its remedy purchase the foregoing within thirty (30) days after following Lessor’s receipt of Tenantthe Lender’s notice; . Lessor must then complete the purchase within sixty (b60) Lender initiates immediate steps days of having given written notice of its intent to foreclose on or to recover possession of purchase. If Lessor does not complete the Mortgage Premises; purchase within this sixty (c) Lender initiates legal proceedings to appoint a receiver for the Mortgage Premises or to foreclose on or recover possession of the Mortgage Premises within the thirty (3060) day period; and (d) , the Lender prosecutes such proceedings shall be free to sell the Leasehold Interest and remedies with due diligence and continuity 000 X. Xxxx Street Units to completion. Tenant also agrees to its use its commercially reasonable efforts to give Lender notice of any casualty damage to the Mortgage Premises, but Tenant’s failure to provide such notice shall not be a default under this Agreementperson or entity.

Notice of Default; Right to Cure. Tenant agrees to give Lender prompt written notice of any known default by Landlord under the Lease. Tenant agrees that, before Tenant exercises any of its rights or remedies under the Lease, Lender shall have the right, but not the obligation, to cure the default within the same time given Landlord in the lease Lease to cure the default, plus an additional thirty (30) days. In the event of any default by Landlord, the cure of which requires possession and control of the Mortgaged Premises, Tenant agrees that the cure period shall be extended by the time reasonably necessary for Lender to commence foreclosure proceedings and to obtain possession of the Mortgage Mortgaged Premises, provided that this sentence shall not apply if the breach or default by Landlord poses an immediate threat to the health, safety or welfare of Tenant’s employees, customers or invitees at the Leased Premises, provided further that: (a) Lender shall notify Tenant of Lender’s intent to effect its remedy within thirty ten (3010) days after receipt of Tenant’s notice; (b) Lender initiates immediate steps to foreclose on or to recover possession of the Mortgage Mortgaged Premises; (c) Lender initiates immediate legal proceedings to appoint a receiver for the Mortgage Mortgaged Premises or to foreclose on or recover possession of the Mortgage Mortgaged Premises within the thirty (30) day period; and (d) Lender prosecutes such proceedings and remedies with due diligence and continuity to completioncompletion within not more than sixty (60) days following Lender’s possession of the Mortgaged Premises. Tenant also agrees to its use its commercially reasonable best efforts to give Lender notice of any casualty damage to the Mortgage Mortgaged Premises, but Tenant’s failure to provide such notice shall not be a default under this Agreement.

Notice of Default; Right to Cure. Tenant agrees to give If a Lender prompt written sends notice of any known default of a Leasehold Mortgage to the Lessee because the Lessee has failed to comply with the terms of the Leasehold Mortgage, the Lender shall, at the same time, send a copy of that notice to the Lessor. Upon receiving a copy of the notice of default and within that period of time in which the Lessee has a right to cure such default, the Lessor shall have the right to cure the default on the Lessee’s behalf, provided that all current payments due the Lender since the notice of default was given are made to the Lender. If after the cure period has expired, the Lender intends to accelerate the note secured by Landlord the Leasehold Mortgage or begin foreclosure proceedings under the Lease. Tenant agrees thatLeasehold Mortgage, before Tenant exercises any the Lender shall first notify the Lessor of its rights intention to do so, and Lessor shall then have the right, upon notifying the Lender within thirty (30) days of receipt of such notice, to acquire the Leasehold Mortgage by paying off the debt secured by the Leasehold Mortgage. If the Lender acquires the leasehold interest and Schwabacher Units through foreclosure or remedies under acceptance of a deed in lieu of foreclosure (in which event the LeaseLease shall continue in full force and effect and Lessor shall treat the Lender as Lessee except that the covenants, Lender agreements, conditions, provisions, restrictions and limitations contained in Section 2.4 of the Lease shall be deleted and the Lessor shall have the right, but not the obligation, to cure increase the default within monthly rent to market rates), the same time given Landlord in Lender shall give Lessor written notice of such acquisition and Lessor shall then have an option to purchase the lease to cure leasehold interest and Residential Units from the default, plus an additional thirty (30) days. Tenant agrees that Lender for the cure period shall be extended by the time reasonably necessary for Lender to commence foreclosure proceedings and to obtain possession of the Mortgage Premises, provided that this sentence shall not apply if the breach or default by Landlord poses an immediate threat full amount owing to the healthLender under the Leasehold Mortgage. To exercise this option to purchase, safety or welfare Lessor must give written notice to the Lender of Tenant’s employees, customers or invitees at the Leased Premises, provided further that: (a) Lender shall notify Tenant of Lender’s its intent to effect its remedy purchase the foregoing within thirty (30) days after following Xxxxxx’s receipt of Tenantthe Lender’s notice; . Lessor must then complete the purchase within sixty (b60) Lender initiates immediate steps days of having given written notice of its intent to foreclose on or to recover possession of purchase. If Lessor does not complete the Mortgage Premises; purchase within this sixty (c) Lender initiates legal proceedings to appoint a receiver for the Mortgage Premises or to foreclose on or recover possession of the Mortgage Premises within the thirty (3060) day period; and (d) , the Lender prosecutes such proceedings shall be free to sell the Leasehold Interest and remedies with due diligence and continuity Residential Units to completion. Tenant also agrees to its use its commercially reasonable efforts to give Lender notice of any casualty damage to the Mortgage Premises, but Tenant’s failure to provide such notice shall not be a default under this Agreementperson or entity.