Common use of Procedure on Default Clause in Contracts

Procedure on Default. (i) If Landlord shall elect to terminate this Lease by reason of any default of Tenant, and Leasehold Mortgagee shall have proceeded in the manner provided for by subparagraph 16.5.2, the specified date for the termination of this Lease as fixed by Landlord in its Termination Notice shall be extended for a period of six (6) months, provided that such Leasehold Mortgagee shall, during this six-month period: (A) Pay or cause to be paid, the rent, additional rent, and other monetary obligations of Tenant under this Lease that have become due and as the same become due, and continue its good faith efforts to perform all of Tenant’s other obligations under this Lease, excepting (1) obligations of Tenant to satisfy or otherwise discharge any lien, charge, or encumbrance against Tenant’s interest in this Lease or the Land, Buildings and/or Improvements junior in priority to the lien of the mortgage held by Leasehold Mortgagee and (2) past nonmonetary obligations then in default and not reasonably expected to be cured by Leasehold Mortgagee; and (B) 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.

Procedure on Default. (i) If Landlord shall elect to terminate this the Lease by reason of any default Event of TenantDefault that has occurred and is continuing, and Leasehold Mortgagee Administrative Agent shall have proceeded in the manner provided for by subparagraph 16.5.2Section 3 hereof, the specified date for the termination of this the Lease as fixed by Landlord in its Termination Notice shall be extended for a period of six (6) months, ; provided that such Leasehold Mortgagee Administrative Agent shall, during this such six-month period: period (Ai) Pay pay or cause to be paidpaid the Rent, the rent, additional rent, Additional Charges and other monetary obligations of Tenant under this the Lease that have become due and 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 the Lease, excepting (1) obligations of Tenant to satisfy or otherwise discharge any lien, charge, or encumbrance against Tenant’s interest in this Lease or the Land, Buildings and/or Improvements junior in priority to the lien of the mortgage held by Leasehold Mortgagee and (2) past nonmonetary obligations then in default and not reasonably expected to be susceptible of being cured by Leasehold Mortgagee; Administrative Agent and (Bii) Take steps if not enjoined or stayed pursuant to acquire a bankruptcy or sell Tenant’s interest in this Lease by foreclosure of the Leasehold Mortgage insolvency proceeding or other appropriate means 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 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 due diligenceSection 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.