Procedure on Default. (a) If Landlord shall elect to terminate this Lease or obtain possession of the Premises by reason of any default of Tenant, and a Leasehold Mortgagee shall have delivered the Nullification Notice set forth in Subsection 18.2.8, the specified date for the termination of this Lease as fixed by Landlord in its Default Notice or for the obtaining of possession shall be extended for a period of six (6) months, provided that such Leasehold Mortgagee shall, during such six (6) month period:
(1) pay or cause to be paid the monetary obligations of Tenant under this Lease as the same become due, and continue its good faith efforts to perform all of Tenant's other obligations under this Lease, excepting (i) obligations of Tenant to satisfy or otherwise discharge any lien, charge or encumbrance against Tenant's interest in this Lease or the Premises junior in priority to the lien of the mortgage held by such Leasehold Mortgagee and (ii) past non-monetary obligations then in default and not reasonably susceptible of being cured by such Leasehold Mortgagee (including by reason of a bankruptcy stay or if possession of the Premises is required in order to cure such default); provided that Leasehold Mortgagee may offset amounts it expends to cure any defaults by Landlord under this Lease; and
(2) if not enjoined or stayed, take steps to acquire or sell Tenant's interest in this Lease by foreclosure of the Leasehold Mortgage or other appropriate means and prosecute the same to completion with due diligence.
(b) If at the end of such six (6) month period such Leasehold Mortgagee is complying with Subsection 18.2.9(a) then this Lease shall not then terminate, and the time for completion by such Leasehold Mortgagee of its proceedings shall continue so long as such Leasehold Mortgagee is enjoined or stayed and thereafter for so long as such Leasehold Mortgagee proceeds to complete steps to acquire or sell Lessee's interest in this Lease by foreclosure of the Leasehold Mortgage or by other appropriate means with reasonable diligence. Nothing in this Subsection 18.2.9, however, shall be construed to extend this Lease beyond the original term thereof or to require a Leasehold Mortgagee to continue such foreclosure proceedings after the default has been cured. If the default shall be cured and the Leasehold Mortgagee shall discontinue such foreclosure proceedings, this Lease shall continue in full force and effect as if Tenant had not defaulted under this Lease.
(c) If a Leasehold...
Procedure on Default. (i) If Landlord shall elect to terminate this Agreement by reason of any default of Tenant, Landlord agrees that the termination of this Agreement shall be extended for a period of six months, provided that Marriott shall, during such period:
(1) Notify Landlord prior to termination of this Agreement that Marriott desires an extension of such termination.
(2) Pay or cause to be paid all Rent due Landlord under this Agreement when due, and shall continue to perform all of Tenant's other obligations to Landlord under this Agreement; and
(3) If not enjoined or stayed, diligently take all steps required to acquire or sell Tenant's interest in this Agreement by foreclosure of the Leasehold Mortgage or other appropriate means and prosecute the same to completion with due diligence.
(ii) If at the end of such six (6) month period Marriott is complying with subsection 16.6(c)(i) hereof, and provided Marriott continues to comply with subsection 16.6
Procedure on Default. In the event of default, at Creditor's option, without demand or notice, all or any part of the principal of and interest on the Note shall immediately become due and payable, and Creditor or any officer of the law may take immediate possession of the property without demand, including any improvements or accessions thereto. Creditor may resell the property at public or private sale, with or without the property being at the place of sale, and upon such terms and in such manner as Creditor may determine, and Creditor may become the purchaser thereof at any public sale, all provided that the foregoing is completed in a commercially reasonable manner. From the proceeds of any such sale Creditor shall deduct all expenses of retaking, repairing, and selling such property, including a reasonable attorneys' fee. The balance shall be applied to the amount due, any surplus shall be paid to Debtor.
Procedure on Default. If Landlord shall elect to terminate the Lease by reason of any Event of Default that has occurred and is continuing, and Administrative Agent shall have proceeded in the manner provided for by Section 3 hereof, the specified date for the termination of the Lease as fixed by Landlord in its Termination Notice shall be extended for a period of six (6) months; provided that Administrative Agent shall, during such six-month period (i) pay or cause to be paid the Rent, Additional Charges and other monetary obligations of Tenant under the Lease as the same become due, and continue its good faith efforts to perform or cause to be performed all of Tenant’s other obligations under the Lease, excepting past nonmonetary obligations then in default and not reasonably susceptible of being cured by Administrative Agent and (ii) if not enjoined or stayed pursuant to a bankruptcy or insolvency proceeding or other judicial order, commence and diligently pursue its remedies against Windstream Services and/or its affiliates under the Credit Agreement and the other documents executed in connection therewith and diligently prosecute the same to completion. Nothing in this Section 4, however, shall be construed to extend the Lease beyond the original term thereof as extended by any options to extend the term of the Lease properly exercised by Tenant in accordance with Section 1.4 of the Lease. If the Event of Default shall be cured pursuant to the terms and within the time periods allowed in Section 3 hereof and this Section 4, the Lease shall continue in full force and effect as if Tenant had not defaulted under the Lease.
Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Lender may elect to declare the entire Obligation hereby secured immediately due and payable:
(a) In the event of default in the payment of said Obligation when due or declared due, Lender, shall have all the rights and remedies of a secured party and shall be entitled to avail itself of all such other rights and remedies that may now or hereafter exist at law or in equity for the collection of the Obligation and the enforcement of the covenants herein and the foreclosure of the security interest created hereby and resort to any remedy provided hereunder or provided by the Illinois Uniform Commercial Code, or by any other law of the state of Illinois, which shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies; and
(b) The requirement of reasonable notice to Borrower of the time and place of any public sale of the security or of the time after which any private sale, or any other intended disposition thereof is to be made, shall be met if such notice is mailed, postage prepaid, to Borrower at the address of such party designated below, at least 30 days before the date of any public or private sale or other disposition is to be made.
Procedure on Default. 24 4.7.1 Extension of Termination Notice Period ...............................................24 4.7.1.1 Payment of Monetary Obligations ......................................24 4.7.1.2 Foreclosure of Leasehold Mortgage .........................................24 4.7.2 Cure of Default ........................................24 4.7.3 Compliance of Leasehold Mortgagee ......................25 4.7.4 Leasehold Mortgage Not an Assignment ...........................................26 4.7.5 Obligation of Leasehold Mortgagee to Repair or Reconstruct .............................27 4.7.6 Leasehold Mortgagee's Right to Transfer .............................................27 4.7.7 Leasehold Mortgagee Transfer a Permitted Sale .......................................28 ii
Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the entire Obligation immediately due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of the Pledge and Security Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred by Debtor to Creditor the entire Obligation under this Agreement and the Master Promissory Note shall be deemed paid-in- full and the Creditor shall have no further claims against the Debtor with respect to the Obligation.
Procedure on Default. (i) Landlord shall elect to terminate this Master Lease by reason of any Event of Default of Tenant that has occurred and is continuing, and a Permitted Leasehold Mortgagee shall have proceeded in the manner provided for by subsection (d) of this Section 17.1, the specified date for the termination of this Master Lease as fixed by Landlord in its Termination Notice shall be extended for a period of six (6) months; provided that such Permitted Leasehold Mortgagee shall, during such six-month period (and during the period of any continuance referred to in subsection (e)(ii) below):
(1) pay or cause to be paid the Rent, Additional Charges and other monetary obligations of Tenant under this Master Lease as the same become due, and continue its good faith efforts to perform or cause to be performed all of Tenant’s other obligations under this Master Lease, excepting (A) obligations of Tenant to satisfy or otherwise discharge any lien, charge or encumbrance against Tenant’s interest in this Master Lease or the Leased Property or any of Tenant’s other assets junior in priority to the lien of the mortgage or other security documents held by such Permitted Leasehold Mortgagee and
Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Lender may elect to declare the entire Obligation hereby secured immediately due and payable:
(a) In the event of default in the payment of said Obligation when due or declared due, Lender, shall have all the rights and remedies of a secured party and shall be entitled to avail itself of all such other rights and remedies that may now or hereafter exist at law or in equity for the collection of the Obligation and the enforcement of the covenants herein and the foreclosure of the security interest created hereby and resort to any remedy provided hereunder or provided by the Utah Uniform Commercial Code, or by any other law of the state of Utah, shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies; and
(b) In the event of default, and after notice of default has expired, at any time thereafter, without further notice, Lender may elect to take possession of the Collateral, and to avail itself to all such other rights and remedies that may now or hereafter exist at law or in equity for the repossession of the Collateral, the collection of any amounts due for the sale thereof, or any other amounts due or arising from and out of the terms of this Agreement. In the event that Lender elects to take possession of the Collateral or exercise any other self-help remedies available to it, Borrower shall allow Lender to enter the premises at which the Collateral is located and shall give Lender its full and complete cooperation in immediately identifying the Collateral provided by Lender and assist in returning the same so as to protects Lender's interest in the Collateral. Furthermore, Borrower shall hold Lender harmless with respect to any and all claims, legal or monetary, which may arise as a result of the exercise of the self-help or repossession remedies which Lender may utilize.
(c) The requirement of reasonable notice to Borrower of the time and place of any public sale of the Collateral or of the time after which any private sale, or any other intended disposition thereof is to be made, shall be met if such notice is mailed, postage prepaid, to Borrower at the address of such party designated below, at least 30 days before the date of any public or private sale or other disposition is to be made.
Procedure on Default. (1) If Landlord shall elect to terminate this Lease by reason of any default of Tenant and a Leasehold Mortgagee shall have proceeded in the manner provided for by subsection (F) of this Section 4.1, the specified date for the termination of this Lease as fixed by Landlord in its termination notice shall automatically and without further act by any party be
