Common use of Parking Lease Clause in Contracts

Parking Lease. (a) Borrower shall cause Mortgage Borrower, at its sole cost and expense, promptly and timely perform and observe in all material respects all the terms, covenants and conditions required to be performed and observed by Mortgage Borrower as lessee under the Parking Lease (including, but not limited to, the payment of all rent and other charges required to be paid under the Parking Lease). (b) If Mortgage Borrower shall be in default in any material respect under the Parking Lease, then, subject to the terms of the Parking Lease and the rights of Mortgage Lender under the Mortgage Loan Documents, Borrower shall cause Mortgage Borrower to grant Lender the right (but not the obligation), to cause the default or defaults under the Parking Lease to be remedied and otherwise exercise any and all rights of Borrower under the Parking Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Mortgage Lender’s interest under the Mortgage Loan Documents, and Lender shall have the right to enter all or any portion of the Parking Lease Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be paid by Mortgage Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Mortgage. (c) Promptly upon becoming aware thereof, Borrower shall notify Lender in writing of the occurrence of any material default by the lessor under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the lessor under the Parking Lease, and the receipt by Mortgage Borrower of any notice (written or otherwise) from the lessor under the Parking Lease noting or claiming the occurrence of any default by Mortgage Borrower under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Mortgage Borrower under the Parking Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. (d) Subject to Mortgage Lender’s rights under the Mortgage Loan Agreement, Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under the Parking Lease or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Mortgage Lender under the Mortgage Loan Documents with respect to the Parking Lease. Upon the occurrence and during the continuation of a Mortgage Event of Default and an Event of Default hereunder, Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of Mortgage Borrower under or with respect to the Parking Lease, including, without limitation, the right to effectuate any extension or renewal of the Parking Lease, or to preserve any rights of Mortgage Borrower whatsoever in respect of any part of the Parking Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable).

Parking Lease. (a) Borrower shall cause Mortgage BorrowerIn connection with Sublessee's sublease of the Premises, at subject to other provisions of the Sublease, Sublessor has assigned to Sublessee, and Sublessee has assumed from Sublessor, for the duration of the Sublease Term, Sublessor's rights and certain of its sole cost duties and expense, promptly and timely perform and observe in all material respects all the terms, covenants and conditions required to be performed and observed by Mortgage Borrower as lessee under the Parking Lease (including, but not limited to, the payment of all rent and other charges required to be paid under the Parking Lease). (b) If Mortgage Borrower shall be in default in any material respect obligations under the Parking Lease, thenwhich assignment and partial assumption shall be effective as of the Final Delivery Date. Master Landlord has consented to the foregoing pursuant to its SNDA. The Parties acknowledge and agree that Sublessee's sublease of (and rights, duties and obligations with respect to) the Parking Deck shall be subject to the terms and conditions of the Parking Lease and the rights of Mortgage Lender under the Mortgage Loan Documents, Borrower shall cause Mortgage Borrower to grant Lender the right (but not the obligation), to cause the default or defaults under the Parking Lease to be remedied and otherwise exercise any and all rights of Borrower under the Parking Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Mortgage Lender’s interest under the Mortgage Loan Documents, and Lender shall have the right to enter all or any portion of the Parking Lease Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be paid by Mortgage Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Mortgage. (c) Promptly upon becoming aware thereof, Borrower shall notify Lender in writing of the occurrence of any material default by the lessor under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the lessor under the Parking Lease, and the receipt by Mortgage Borrower of any notice (written or otherwise) from the lessor under the Parking Lease noting or claiming the occurrence of any default by Mortgage Borrower under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Mortgage Borrower under the Parking Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. (d) Subject to Mortgage Lender’s rights under the Mortgage Loan Agreement, Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under the Parking Lease or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Mortgage Lender under the Mortgage Loan Documents with respect to the Parking Lease. Upon the occurrence and during the continuation of a Mortgage Event of Default and an Event of Default hereunder, Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of Mortgage Borrower under or with respect to the Parking Lease, including, without limitation, the right rights of the City set forth therein. Notwithstanding the foregoing, Sublessee has not assumed (and Sublessor has retained) Sublessor's rights, duties and obligations under the Parking Lease relating to: (a) time periods prior to effectuate any extension the Final Delivery Date (except as otherwise provided in the Sublease); (b) time periods subsequent to the expiration or renewal termination of the Sublease Term (except as otherwise provided in the Sublease); and (c) Sublessor's repair, maintenance and replacement obligations under the Parking Lease (except the obligation to maintain, repair and replace the Common Elements pursuant to Section 10.3 of the Parking Lease). The costs to Sublessee for use of parking spaces within the Parking Deck, and the manner and timing of payment shall be as determined between Sublessee and the City, and Sublessor shall have no liability or responsibility therefor. Notwithstanding the other provisions of the Sublease, Sublessee shall have the right to preserve any rights accelerate the effective date of Mortgage Borrower whatsoever in respect of any part the assignment of the Parking Lease (and in the above powers granted event that Sublessee is unable to Lender are coupled with an interest and shall be irrevocable)secure adequate parking within the Parking Deck directly from the City sufficient to serve Sublessee's parking needs prior to the Final Delivery Date.

Parking Lease. (a) Borrower shall cause Mortgage Borrowershall, at its sole cost and expense, promptly and timely perform and observe in all material respects all the terms, covenants and conditions required to be performed and observed by Mortgage Borrower as lessee under the Parking Lease (including, but not limited to, the payment of all rent and other charges required to be paid under the Parking Lease). (b) If Mortgage Borrower shall be in default in any material respect under the Parking Lease, then, subject to the terms of the Parking Lease and the rights of Mortgage Lender under the Mortgage Loan DocumentsLease, Borrower shall cause Mortgage Borrower to grant Lender the right (but not the obligation), to cause the default or defaults under the Parking Lease to be remedied and otherwise exercise any and all rights of Borrower under the Parking Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Mortgage Lender’s interest under the Mortgage Loan Documents, and Lender shall have the right to enter all or any portion of the Parking Lease Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be paid by Mortgage Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Mortgage. (c) Promptly upon becoming aware thereof, Borrower shall notify Lender in writing of the occurrence of any material default by the lessor under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the lessor under the Parking Lease, and the receipt by Mortgage Borrower of any notice (written or otherwise) from the lessor under the Parking Lease noting or claiming the occurrence of any default by Mortgage Borrower under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Mortgage Borrower under the Parking Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. (d) Subject to Mortgage Lender’s rights under the Mortgage Loan Agreement, Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under the Parking Lease or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Mortgage Lender under the Mortgage Loan Documents with respect to the Parking Lease. Upon the occurrence and during the continuation of a Mortgage Event of Default and an Event of Default hereunderDefault, Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of Mortgage Borrower under or with respect to the Parking Lease, including, without limitation, the right to effectuate any extension or renewal of the Parking Lease, or to preserve any rights of Mortgage Borrower whatsoever in respect of any part of the Parking Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable).