Common use of Procedure on Default Clause in Contracts

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

Appears in 5 contracts

Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)

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