Permitted Institutional Mortgagee Cure Rights. In the event of any default in the payment of money, Permitted Institutional Mortgagee, without being under any obligation to do so, shall have the right to cure such monetary default within ninety (90) days after the giving of notice to it by the Town. In the case of any default by the Tenant other than in the payment of money hereunder, the Town will take no action pursuant to Article 11 hereunder by reason of any such default without first giving to the Permitted Institutional Mortgagee notice thereof simultaneously with notice given to Tenant, and the right, but not the obligation, for a period of one hundred twenty (120) days after notice of such Tenant default, to cure such default, or, if such default cannot reasonably be cured within such one hundred and twenty (120) days, such longer period as is required to cure such default, including such period of time as may reasonably be required for Permitted Institutional Mortgagee to obtain possession of the Premises or title to the Tenant’s leasehold estate created hereby, provided, that the Permitted Institutional Mortgagee shall have commenced cure or appropriate measures to obtain possession of the Premises or title to the Tenant’s leasehold estate created hereby, within such one hundred and twenty (120) day period and thereafter continues diligently to effect such cure, or obtain such possession or title. The Permitted Institutional Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; provided, further, that nothing herein shall preclude the Town from exercising any rights or remedies under this Ground Lease with respect to any other default by Tenant during any period of such forbearance, provided the exercise of such rights or remedies are subject to the same cure rights of the Permitted Institutional Mortgagee as set forth herein. Upon the expiration of any applicable cure period, the Town shall notify the Permitted Institutional Mortgagee whether or not Tenant has effectuated a cure within said cure period. The provisions of this Section 10.2(c) are conditioned on the following provisions:
Appears in 1 contract
Samples: Ground Lease Agreement
Permitted Institutional Mortgagee Cure Rights. In the event of any default in the payment of money, Permitted Institutional Mortgagee, without being under any obligation to do so, shall have the right to cure such monetary default within ninety (90) days after the giving of notice to it by the TownLandlord. In the case of any default by the Tenant other than in the payment of money hereunder, the Town Landlord will take no action pursuant to Article 11 hereunder by reason of any such default without first giving to the Permitted Institutional Mortgagee notice thereof simultaneously with notice given to Tenant, and the right, but not the obligation, for a period of one hundred twenty (120) days after notice of such Tenant default, to cure such default, or, if such default cannot reasonably be cured within such one hundred and twenty (120) days, such longer period as is required to cure such default, including such period of time as may reasonably be required for Permitted Institutional Mortgagee to obtain possession of the Premises or title to the Tenant’s leasehold estate created hereby, provided, that the Permitted Institutional Mortgagee shall have commenced cure or appropriate measures to obtain possession of the Premises or title to the Tenant’s leasehold estate created hereby, within such one hundred and twenty (120) day period and thereafter continues diligently to effect such cure, or obtain such possession or title. The Permitted Institutional Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; provided, further, that nothing herein shall preclude the Town Landlord from exercising any rights or remedies under this Ground Lease with respect to any other default by Tenant during any period of such forbearance, provided the exercise of such rights or remedies are subject to the same cure rights of the Permitted Institutional Mortgagee as set forth herein. Upon the expiration of any applicable cure period, the Town Landlord shall notify the Permitted Institutional Mortgagee whether or not Tenant has effectuated a cure within said cure period. The provisions of this Section 10.2(c13.2(c) are conditioned on the following provisions:
Appears in 1 contract
Samples: Lease Agreement
Permitted Institutional Mortgagee Cure Rights. In the event of any default (i) The Permitted Institutional Mortgagee may give written notice in the payment manner specified in Section 16.2 below) to the Town of moneyits name and address and if such notice is given, Town shall give to such Permitted Institutional Mortgagee, a copy of each notice of default by Tenant at the same time as and whenever any such notice of default shall thereafter be given by Town to Tenant, addressed to such Permitted Institutional Mortgagee at its address last furnished to Town. No such notice by Town to Tenant hereunder shall be deemed to have been duly given unless and until a copy thereof has been served on such in the manner provided in this Lease. Further, a Permitted Institutional Mortgagee shall have the following rights upon receipt of any such notice:
(ii) Such Permitted Institutional Mortgagee shall (subject to unavoidable delays) thereupon have a period of an additional twenty (20) days within which to cure or correct such default (or if such default cannot be cured or corrected within that time, then such additional time as may be necessary if such Permitted Institutional Mortgagee has commenced such cure within such additional twenty (20) day period and is diligently pursuing to completion the remedies or steps necessary to cure or correct such default, but in no event more than ninety (90) days without being under any obligation Town's prior written consent, not to do sobe unreasonably withheld. If Tenant defaults with respect to the performance of its obligations hereunder, such Permitted Institutional Mortgagee shall have the right to cure remedy such monetary default or cause the same to be remedied within ninety (90) days after the giving of notice to it period and otherwise as provided herein. Town will accept performance by the Town. In the case any such Permitted Institutional Mortgagee of any default covenant, condition or agreement on Tenant's part to be performed hereunder with the same force and effect as though performed by the Tenant other than in the payment Tenant.
(iii) The time of money hereunder, the Town will take no action pursuant to Article 11 hereunder by reason of any such default without first giving to the Permitted Institutional Mortgagee notice thereof simultaneously with notice given to Tenant, and the right, but not the obligation, for a period of one hundred twenty (120) days after notice of such Tenant default, to cure such default, or, if such any default cannot by Tenant which reasonably requires that said Permitted Institutional Mortgagee be cured within such one hundred and twenty (120) days, such longer period as is required in possession of the Leased Premises to cure such default, including such do so shall be deemed extended to include the period of time as may reasonably be required for by said Permitted Institutional Mortgagee to obtain such possession of the Premises (by foreclosure or title to the Tenant’s leasehold estate created hereby, otherwise) with due diligence; provided, however, that the such Permitted Institutional Mortgagee shall have commenced delivered to Town its written commitment to cure or appropriate measures to obtain outstanding defaults reasonably requiring possession of the Premises or title to the Tenant’s leasehold estate created hereby, within such one hundred Leased Premises; and twenty (120) day period and thereafter continues diligently to effect such cure, or obtain such possession or title. The Permitted Institutional Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; further provided, furtherhowever, that nothing during such period all other obligations of Tenant under this Lease, including payment of rent pursuant to Article 4, are being duly performed. Nothing herein shall preclude the Town from exercising any rights or remedies under this Ground Lease with respect to any other default by Tenant during any period of such forbearance, provided the exercise of such rights or remedies are subject to the same cure rights of the Permitted Institutional Mortgagee as set forth herein. Upon herein and further, nothing herein shall be construed as prohibiting the expiration Town from exercising available legal remedies, through injunctive relief or otherwise, if the default involves threats to health and safety.
(iv) If the Town shall have given any notice of any applicable cure periodits intention to terminate this Lease, the Town shall notify shall, upon written request of the Permitted Institutional Mortgagee, made within thirty (30) days of receiving such notice of intention to terminate, promptly execute and deliver a new lease of the Leased Premises to the Permitted Institutional Mortgagee; provided, however, that at or prior to the execution and delivery of said new lease, the Permitted Institutional Mortgagee whether shall have paid or not caused to be paid, all rent and other sums due and payable by Tenant has effectuated a cure within said cure periodhereunder to the date of commencement of the new lease and shall have cured any other outstanding defaults under the Lease. The provisions Such new lease shall grant to, and impose upon, the Permitted Institutional Mortgagee and Town, respectively, enforceable rights and obligations identical to the respective rights and obligations created by this Lease, including without limitation restriction of such new lease to the purposes set forth in Article 8, and such new lease shall be for the remainder of the term subsequent to the date of such termination of this Section 10.2(c) are conditioned on Lease and at the following provisions:rent upon the other terms and conditions herein contained.
Appears in 1 contract
Samples: Lease Agreement
Permitted Institutional Mortgagee Cure Rights. In the event of any default (i) The Permitted Institutional Mortgagee may give written notice in the payment manner specified in Section 17.2 below) to Landlord of moneyits name and address and if such notice is given, Landlord shall give to such Permitted Institutional Mortgagee, without being under a copy of each notice of default by Tenant at the same time as and whenever any obligation such notice of default shall thereafter be given by Landlord to do soTenant, addressed to such Permitted Institutional Mortgagee at its address last furnished to Landlord. No such notice by Landlord to Tenant hereunder shall be deemed to have been duly given unless and until a copy thereof has been served on such in the manner provided in this Lease. Further, a Permitted Institutional Mortgagee shall have the right to cure such monetary default within ninety (90) days after the giving of notice to it by the Town. In the case of any default by the Tenant other than in the payment of money hereunder, the Town will take no action pursuant to Article 11 hereunder by reason following rights upon receipt of any such default without first giving to the notice:
(ii) Such Permitted Institutional Mortgagee notice thereof simultaneously with notice given shall (subject to Tenant, and the right, but not the obligation, for unavoidable delays) thereupon have a period of one hundred an additional twenty (12020) days after notice of such Tenant default, within which to cure or correct such default, or, default (or if such default cannot reasonably be cured or corrected within that time, then such one hundred and twenty (120) days, such longer period as is required to cure such default, including such period of additional time as may reasonably be required for necessary if such Permitted Institutional Mortgagee to obtain possession of the Premises or title to the Tenant’s leasehold estate created hereby, provided, that the Permitted Institutional Mortgagee shall have has commenced such cure or appropriate measures to obtain possession of the Premises or title to the Tenant’s leasehold estate created hereby, within such one hundred and additional twenty (12020) day period and thereafter continues is diligently pursuing to effect completion the remedies or steps necessary to cure or correct such curedefault, or obtain such possession or title. The Permitted Institutional Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; provided, further, that nothing herein shall preclude the Town from exercising any rights or remedies under this Ground Lease with respect to any other default by Tenant during any period of such forbearance, provided the exercise of such rights or remedies are subject to the same cure rights of the Permitted Institutional Mortgagee as set forth herein. Upon the expiration of any applicable cure period, the Town shall notify the Permitted Institutional Mortgagee whether or not Tenant has effectuated a cure within said cure period. The provisions of this Section 10.2(c) are conditioned on the following provisions:but in no event more than ninety
Appears in 1 contract
Samples: Ground Lease
Permitted Institutional Mortgagee Cure Rights. In the event of any default (i) The Permitted Institutional Mortgagee may give written notice in the payment manner specified in Section 17.2 below) to Landlord of moneyits name and address and if such notice is given, Landlord shall give to such Permitted Institutional Mortgagee, a copy of each notice of default by Tenant at the same time as and whenever any such notice of default shall thereafter be given by Landlord to Tenant, addressed to such Permitted Institutional Mortgagee at its address last furnished to Landlord. No such notice by Landlord to Tenant hereunder shall be deemed to have been duly given unless and until a copy thereof has been served on such in the manner provided in this Lease. Further, a Permitted Institutional Mortgagee shall have the following rights upon receipt of any such notice:
(ii) Except with respect to a monetary default as provided in Section 13.1(a), such Permitted Institutional Mortgagee shall (subject to unavoidable delays) thereupon have a period of an additional thirty (30) days within which to cure or correct such default (or if such default cannot be cured or corrected within that time, then such additional time as may be necessary if such Permitted Institutional Mortgagee has commenced such cure within such additional thirty (30) day period and is diligently pursuing to completion the remedies or steps necessary to cure or correct such default, but in no event more than ninety (90) days without being under any obligation Landlord's prior written consent, not to do sobe unreasonably withheld. If Tenant defaults with respect to the performance of its obligations hereunder, such Permitted Institutional Mortgagee shall have the right to cure remedy such monetary default or cause the same to be remedied within ninety (90) days after the giving of notice to it period and otherwise as provided herein. Landlord will accept performance by the Town. In the case any such Permitted Institutional Mortgagee of any default covenant, condition or agreement on Xxxxxx's part to be performed hereunder with the same force and effect as though performed by the Tenant other than in the payment Xxxxxx.
(iii) The time of money hereunder, the Town will take no action pursuant to Article 11 hereunder by reason of any such default without first giving to the Permitted Institutional Mortgagee notice thereof simultaneously with notice given to Tenant, and the right, but not the obligation, for a period of one hundred twenty (120) days after notice of such Tenant default, to cure such default, or, if such any default cannot by Tenant which reasonably requires that said Permitted Institutional Mortgagee be cured within such one hundred and twenty (120) days, such longer period as is required in possession of the Leased Premises to cure such default, including such do so shall be deemed extended to include the period of time as may reasonably be required for by said Permitted Institutional Mortgagee to obtain such possession of the Premises (by foreclosure or title to the Tenant’s leasehold estate created hereby, otherwise) with due diligence; provided, however, that the such Permitted Institutional Mortgagee shall have commenced delivered to Landlord its written commitment to cure or appropriate measures to obtain outstanding defaults reasonably requiring possession of the Premises or title to the Tenant’s leasehold estate created hereby, within such one hundred Leased Premises; and twenty (120) day period and thereafter continues diligently to effect such cure, or obtain such possession or title. The Permitted Institutional Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; further provided, furtherhowever, that nothing during such period all other obligations of Tenant under this Lease, including payment of rent pursuant to Article 4, are being duly performed. Nothing herein shall preclude the Town Landlord from exercising any rights or remedies under this Ground Lease with respect to any other default by Tenant during any period of such forbearance, provided the exercise of such rights or remedies are subject to the same cure rights of the Permitted Institutional Mortgagee as set forth herein. Upon herein and further, nothing herein shall be construed as prohibiting Landlord from exercising available legal remedies, through injunctive relief or otherwise, if the expiration default involves threats to health and safety.
(iv) If Landlord shall have given any notice of any applicable cure periodits intention to terminate this Lease, Landlord shall, upon written request of the Town shall notify Permitted Institutional Mortgagee, made within thirty (30) days of receiving such notice of intention to terminate, promptly execute and deliver a new lease of the Leased Premises to the Permitted Institutional Mortgagee; provided, however, that at or prior to the execution and delivery of said new lease, the Permitted Institutional Mortgagee whether shall have paid or not caused to be paid, all rent and other sums due and payable by Tenant has effectuated a cure within said cure periodhereunder to the date of commencement of the new lease and shall have cured any other outstanding defaults under the Lease. The provisions Such new lease shall grant to, and impose upon, the Permitted Institutional Mortgagee and Landlord, respectively, enforceable rights and obligations identical to the respective rights and obligations created by this Lease, and such new lease shall be for the remainder of the term subsequent to the date of such termination of this Section 10.2(c) are conditioned on Lease and at the following provisions:rent upon the other terms and conditions herein contained.
Appears in 1 contract
Samples: Ground Lease
Permitted Institutional Mortgagee Cure Rights. In the event of any default (i) The Permitted Institutional Mortgagee may give written notice in the payment manner specified in Section 17.2 below) to Landlord of moneyits name and address and if such notice is given, Landlord shall give to such Permitted Institutional Mortgagee, a copy of each notice of default by Tenant at the same time as and whenever any such notice of default shall thereafter be given by Landlord to Tenant, addressed to such Permitted Institutional Mortgagee at its address last furnished to Landlord. No such notice by Landlord to Tenant hereunder shall be deemed to have been duly given unless and until a copy thereof has been served on such in the manner provided in this Lease. Further, a Permitted Institutional Mortgagee shall have the following rights upon receipt of any such notice:
(ii) SuchExcept with respect to a monetary default as provided in Section 13.1(a), such Permitted Institutional Mortgagee shall (subject to unavoidable delays) thereupon have a period of an additional twentythirty (2030) days within which to cure or correct such default (or if such default cannot be cured or corrected within that time, then such additional time as may be necessary if such Permitted Institutional Mortgagee has commenced such cure within such additional twentythirty (2030) day period and is diligently pursuing to completion the remedies or steps necessary to cure or correct such default, but in no event more than ninety (90) days without being under any obligation Landlord's prior written consent, not to do sobe unreasonably withheld. If Tenant defaults with respect to the performance of its obligations hereunder, such Permitted Institutional Mortgagee shall have the right to cure remedy such monetary default or cause the same to be remedied within ninety (90) days after the giving of notice to it period and otherwise as provided herein. Landlord will accept performance by the Town. In the case any such Permitted Institutional Mortgagee of any default covenant, condition or agreement on Tenant's part to be performed hereunder with the same force and effect as though performed by the Tenant other than in the payment Tenant.
(iii) The time of money hereunder, the Town will take no action pursuant to Article 11 hereunder by reason of any such default without first giving to the Permitted Institutional Mortgagee notice thereof simultaneously with notice given to Tenant, and the right, but not the obligation, for a period of one hundred twenty (120) days after notice of such Tenant default, to cure such default, or, if such any default cannot by Tenant which reasonably requires that said Permitted Institutional Mortgagee be cured within such one hundred and twenty (120) days, such longer period as is required in possession of the Leased Premises to cure such default, including such do so shall be deemed extended to include the period of time as may reasonably be required for by said Permitted Institutional Mortgagee to obtain such possession of the Premises (by foreclosure or title to the Tenant’s leasehold estate created hereby, otherwise) with due diligence; provided, however, that the such Permitted Institutional Mortgagee shall have commenced delivered to Landlord its written commitment to cure or appropriate measures to obtain outstanding defaults reasonably requiring possession of the Premises or title to the Tenant’s leasehold estate created hereby, within such one hundred Leased Premises; and twenty (120) day period and thereafter continues diligently to effect such cure, or obtain such possession or title. The Permitted Institutional Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; further provided, furtherhowever, that nothing during such period all other obligations of Tenant under this Lease, including payment of rent pursuant to Article 4, are being duly performed. Nothing herein shall preclude the Town Landlord from exercising any rights or remedies under this Ground Lease with respect to any other default by Tenant during any period of such forbearance, provided the exercise of such rights or remedies are subject to the same cure rights of the Permitted Institutional Mortgagee as set forth herein. Upon herein and further, nothing herein shall be construed as prohibiting Landlord from exercising available legal remedies, through injunctive relief or otherwise, if the expiration default involves threats to health and safety.
(iv) If Landlord shall have given any notice of any applicable cure periodits intention to terminate this Lease, Landlord shall, upon written request of the Town shall notify Permitted Institutional Mortgagee, made within thirty (30) days of receiving such notice of intention to terminate, promptly execute and deliver a new lease of the Leased Premises to the Permitted Institutional Mortgagee; provided, however, that at or prior to the execution and delivery of said new lease, the Permitted Institutional Mortgagee whether shall have paid or not caused to be paid, all rent and other sums due and payable by Tenant has effectuated a cure within said cure periodhereunder to the date of commencement of the new lease and shall have cured any other outstanding defaults under the Lease. The provisions Such new lease shall grant to, and impose upon, the Permitted Institutional Mortgagee and Landlord, respectively, enforceable rights and obligations identical to the respective rights and obligations created by this Lease, and such new lease shall be for the remainder of the term subsequent to the date of such termination of this Section 10.2(c) are conditioned on Lease and at the following provisions:rent upon the other terms and conditions herein contained.
Appears in 1 contract
Samples: Ground Lease
