Common use of Notice of Defaults to Leasehold Mortgagee Clause in Contracts

Notice of Defaults to Leasehold Mortgagee. If Landlord has received notice from Tenant of the current names and addresses of one or more Leasehold Mortgagees secured by a Trust Deed in the manner specified in this Lease, Landlord shall not take any action to terminate this Lease because of any default or breach hereunder by Tenant if any such Leasehold Mortgagee under such Trust Deed, within the time periods set forth below after service of written notice to such Leasehold Mortgagee by Landlord of Landlord’s intention to terminate this Lease for such default or breach: (a) Shall cure, within thirty (30) days of receipt of such notice such default or breach, if the same can be cured by the payment or expenditure of money required to be paid under the terms of this Lease; or (b) Shall cure, within sixty (60) days of receipt of such notice such default or breach, if the same cannot be cured by the payment of money, or such longer period of time as reasonably required if such cure cannot be affected until the Leasehold Mortgagee obtains possession of the Premises; and (c) In the case of a default or breach which cannot be cured unless and until the Leasehold Mortgagee has obtained possession, shall take possession of the Premises within one hundred twenty (120) days of receipt of such notice (including possession by receiver) and thereafter diligently proceed to cure such default or breach; and (d) If such default or breach is not curable under the foregoing subparagraphs (a) through (c), Leasehold Mortgagee shall within thirty (30) days of receipt of such notice institute and thereafter diligently prosecute judicial or non-judicial foreclosure proceedings or otherwise acquire Tenant’s Interest hereunder with due diligence, and keep and perform all of the covenants and conditions of this Lease reasonably capable of being performed by Leasehold Mortgagee during such period, including those requiring the payment or expenditure of money by Tenant, until such time as Tenant’s leasehold shall be sold by foreclosure pursuant to the Trust Deed or shall be released or reconveyed thereunder. In the event that any Leasehold Mortgagee fails or refuses to comply with the conditions of this Section 14.6, then and thereupon, Landlord shall be released from the covenant of forbearance herein contained with respect to such Leasehold Mortgagee.

Notice of Defaults to Leasehold Mortgagee. If Landlord has received notice from Tenant of the current names and addresses of one or more Leasehold Mortgagees secured by a Trust Deed in the manner specified in this Lease, Landlord shall not take any action to terminate this Lease because by reason of any default or breach hereunder by Tenant if any such Leasehold Mortgagee under such Trust Deed, within the time periods set forth below below, after service of written notice to such Leasehold Mortgagee by Landlord of Landlord’s intention to terminate this Lease for such default or breach: (a) 14.6.1 Shall cure, within thirty (30) days of receipt of such notice such default or breach, if the same can be cured by the payment or expenditure of money required to be paid under the terms of this Lease; or (b) Shall 14.6.2 Shall, subject to Section 14.6.3, cure, within sixty (60) days of receipt of such notice such default or breach, if the same cannot be cured by the payment of money, or such longer period of time as reasonably required if such cure cannot be affected until the Leasehold Mortgagee obtains possession of the Premises; and (c) 14.6.3 In the case of a default or breach which cannot be cured unless and until the Leasehold Mortgagee has obtained possession, shall take possession of the Premises within one hundred twenty eighty (120180) days of receipt of such notice (including possession by receiver) and thereafter diligently proceed proceeds to cure such default or breachbreach within sixty (60) days thereafter; and (d) 14.6.4 If such default or breach is not curable under the foregoing subparagraphs (a) subparagraphs 14.6.1 through (c)14.6.3, the Leasehold Mortgagee shall within thirty (30) days of receipt of such notice institute and thereafter diligently prosecute judicial or non-judicial foreclosure proceedings or otherwise acquire Tenant’s Interest interest hereunder with due diligence, and keep and perform all of the covenants and conditions of this Lease reasonably capable of being performed by Leasehold Mortgagee during such period, including those requiring the payment or expenditure of money by Tenant, until such time as Tenant’s leasehold shall be sold by foreclosure pursuant to the Trust Deed or shall be released or reconveyed thereunder. For avoidance of doubt, any default which is not susceptible to cure by Leasehold Mortgagee shall be deemed waived at such time as Leasehold Mortgagee or its nominee or any other Person succeeds to the interest of Tenant under this Lease through foreclosure of the Trust Deed or acceptance of a deed in lieu thereof. 14.6.5 In the event that any Leasehold Mortgagee fails or refuses to comply with the conditions of this Section 14.614.6 in any material respect, then and thereupon, Landlord shall be released from the covenant of forbearance herein contained with respect to such Leasehold Mortgagee.