Common use of Protection of Lenders Clause in Contracts

Protection of Lenders. (a) This Lease shall be subject and subordinate at all times to all ground or underlying leases that may now or hereafter exist affecting the Building or the Real Property, or both, and to the lien of any mortgage or deed of trust in any amount or amounts whatsoever now or hereafter placed on or against the Building or the Real Property, or both, or on or against Landlord’s interest or estate therein (such mortgages, deeds of trust and leases are referred to herein, collectively, as “Superior Interests”), all without the necessity of any further instrument executed or delivered by or on the part of Tenant for the purpose of effectuating such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further instruments evidencing such subordination of this Lease to any such Superior Interest as may be required by Landlord. Landlord agrees to use good faith efforts to deliver to Tenant from any existing or future Holder (as defined below) a written subordination and non-disturbance agreement in recordable form acceptable to such Holder in its sole discretion providing that so long as Tenant performs all of the terms of this Lease, Tenant’s possession under this Lease shall not be disturbed and Tenant shall not be joined by the Holder in any action or proceeding to foreclose thereunder, except where such is necessary for jurisdictional or procedural reasons. Tenant shall pay all costs for legal services incurred by Landlord in obtaining that subordination and non-disturbance agreement. (b) Notwithstanding the foregoing, in the event of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof, or of any sale thereunder, this Lease shall not be terminated or extinguished, nor shall the rights and possession of Tenant hereunder be disturbed, if no Event of Default then exists under this Lease, and Tenant shall attorn to the person who acquires Landlord’s interest hereunder through any such mortgage or deed of trust. (c) Within ten (10) days after Landlord’s written request, Tenant shall deliver to Landlord, or to any actual or prospective holder of a Superior Interest (“Holder”) that Landlord designates, such financial statements as are reasonably required by such Holder to verify the financial condition of Tenant (or any assignee, subtenant or guarantor of Tenant). Tenant represents and warrants to Landlord and such Holder that each financial statement delivered by Tenant shall be accurate in all material respects as of the date of such statement. All financial statements shall be confidential and used only for the purposes stated herein. (d) If Landlord is in default, Tenant shall accept cure of any default by any Holder whose name and address shall have been furnished to Tenant in writing. Tenant may not exercise any rights or remedies for Landlord’s default unless Tenant gives notice thereof to each such Holder and the default is not cured within thirty (30) days thereafter or such greater time as may be reasonably necessary to cure such default. A default that cannot reasonably be cured within said 30-day period shall be deemed cured within said period if work necessary to cure the default is commenced within such time and proceeds diligently thereafter until the default is cured. (e) If any prospective Holder should require, as a condition of any Superior Interest, a modification of the provisions of this Lease, Tenant shall approve and execute any such modifications promptly after request, provided no such modification shall relate to the Rental payable hereunder or the length of the term hereof or otherwise materially alter the rights or obligations of Landlord or Tenant hereunder.

Appears in 1 contract

Samples: Sublease Agreement (Invitae Corp)

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Protection of Lenders. (a) This Lease shall be subject Tenant will give written notice to Landlord of each Lender stating the name and subordinate at all times address of the Lender to all ground whom such interest is granted; provided, however, that failure to give such notice will not constitute a breach hereunder or underlying leases that may now or hereafter exist affecting otherwise affect the Building validity of the Security Interest granted or the Real Propertyrights of such Lender under this Lease. Where Landlord receives notice from Xxxxxx as to the name and address of a Lender, or bothLandlord will deliver to each Lender a duplicate copy of any notice to Tenant of a breach hereunder at the same time such notice is delivered to Tenant. Each notified Lender will have the same time period as Tenant to cure any Event of Default plus in each instance (A) an additional 30 days for any Monetary Default, and (B) an additional 60 days for Non- monetary Default, in which to the lien cure such Event of any mortgage or deed of trust in any amount or amounts whatsoever now or hereafter placed on or against the Building or the Real Property, or both, or on or against Landlord’s interest or estate therein (such mortgages, deeds of trust and leases are referred to herein, collectively, as “Superior Interests”), all without the necessity of any further instrument executed or delivered by or on the part of Tenant for the purpose of effectuating such subordinationDefault. Notwithstanding the foregoingabove, Tenant covenants if the Event of Default is a Non-monetary Default and agrees cannot, in the exercise of commercially reasonable diligence, be cured within such additional 60 day period, then such Lender(s) will have such additional time to execute and deliver, upon demand, cure such further instruments evidencing such subordination Event of this Lease to any such Superior Interest Default as may be required reasonably necessary using commercially reasonable diligence. Any Non-monetary Default that cannot be cured by Landlord. Landlord agrees the Lender(s) will nevertheless be deemed to use good faith efforts have been cured and remedied if (1) on or before 60 days following the expiration of Tenant’s cure period, any Lender(s) has acquired Tenant’s then-remaining right, title and interest in the Premises or has commenced foreclosure or other proceedings for such purposes and are diligently prosecuting such proceedings to deliver completion, (2) any such Lender(s) has fully cured, within such 60-day period, any Monetary Defaults and thereafter continue to perform all monetary obligations of Tenant from any existing or future Holder under the Lease, and (as defined below3) a written subordination after obtaining Xxxxxx’s then-remaining right, title and non-disturbance agreement interest in recordable form acceptable to the Premises, such Holder in its sole discretion providing that so long as Tenant performs all Xxxxxx(s) commence performance of the terms Non- monetary obligations of this Lease, Tenant’s possession under this Lease shall not be disturbed Tenant and Tenant shall not be joined by the Holder in any action or proceeding thereafter diligently pursue same to foreclose thereunder, except where such is necessary for jurisdictional or procedural reasons. Tenant shall pay all costs for legal services incurred by Landlord in obtaining that subordination and non-disturbance agreementcompletion. (b) Notwithstanding Landlord will not, without the foregoingprior consent of each affected Lender for which Tenant has given Landlord notice as provided above: (A) amend or modify this Lease; or (B) accept from Tenant a cancellation, in the event termination or release of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof, or of any sale thereunder, this Lease shall not be terminated or extinguished, nor shall the any rights and possession of Tenant hereunder be disturbed, if no Event of Default then exists under this Lease, and Tenant shall attorn to the person who acquires Landlord’s interest hereunder through any such mortgage or deed of trustgranted herein. (c) Within ten Every Lender will have the right (10but not the obligation) days after Landlord’s written requestto make any Lease Payment due under this Lease and/or to do any act or thing that Tenant has the right or obligation to do under this Lease. All payments and performance by any Lender will be as effective to prevent or cure an Event of Default as they would have been if made or done by Xxxxxx, Tenant shall deliver and Xxxxxxxx agrees to Landlordaccept such performance, or to payment and cure. Landlord authorizes any actual or prospective holder of a Superior Interest (“Holder”) that Landlord designates, such financial statements as are reasonably required by such Holder to verify the financial condition of Tenant Lender (or any assigneeits employees, subtenant agents, representatives or guarantor of Tenantcontractors). Tenant represents and warrants , upon written notice to Landlord and from such Holder that each financial statement delivered by Tenant shall be accurate in all material respects as Lender, to enter upon any part of the date Premises for purposes of completing such statement. All financial statements shall be confidential performance, with all rights and used only for the purposes stated hereinprivileges granted to Tenant hereunder. (d) If Landlord a Lender is in default, Tenant shall accept cure of any default prohibited by any Holder whose name process or injunction issued by a court having jurisdiction over any bankruptcy, reorganization, insolvency or other debtor-relief proceeding, from commencing or prosecuting foreclosure or other appropriate proceedings, then the times specified in Section 13 (a) for commencing or prosecuting such foreclosure or other proceedings will be extended for the period of such prohibition; provided, however, that such Lender (or another Lender) has fully cured any Monetary Default and address shall have been furnished will thereafter continue to Tenant in writing. Tenant may not exercise any rights or remedies for Landlord’s default unless Tenant gives notice thereof to each perform such Holder monetary obligations as and the default is not cured within thirty (30) days thereafter or such greater time as may be reasonably necessary to cure such default. A default that cannot reasonably be cured within said 30-day period shall be deemed cured within said period if work necessary to cure the default is commenced within such time and proceeds diligently thereafter until the default is curedwhen due. (e) If The transfer of Tenant’s interest under this Lease to any prospective Holder should requireLender and/or to one or more purchasers or tenants (A) at a foreclosure sale by judicial or nonjudicial foreclosure and sale, (B) by a conveyance by Tenant in lieu of foreclosure, or (C) by any other assignment or conveyance, including by a Lender following foreclosure and sale, or as a condition result of any Superior Interestother legal proceeding, will not require the consent of Landlord, and upon such foreclosure, sale, conveyance, assignment or other proceeding, Landlord will recognize such Lender or other purchaser(s) or tenant(s) as the successor to Tenant under this Lease; provided, however, subject to Section 13 (f), such Lender or purchaser or tenant will assume the obligations of Tenant under this Lease and pay all Lease Payments in arrears hereunder. (f) Neither the bankruptcy nor insolvency of Tenant will be grounds for terminating this Lease as long as Lease Payments are paid by a modification of Lender in accordance with the provisions terms of this Lease. If the Lease is rejected by a trustee or debtor-in-possession in any bankruptcy or insolvency proceeding, Tenant shall approve or if this Lease is terminated for any reason other than an Event of Default which could have been (but was not) cured by a Lender hereunder, and if, within 60 days after receiving written notice of such rejection or termination, any Lender so requests, then so long as such Xxxxxx has cured all Monetary Defaults and is making commercially reasonable efforts to cure all Non-monetary Defaults as provided herein, Landlord will execute and deliver to such Lender or its designee a new lease which will (A) be on the same terms and conditions as this Lease (except for any such modifications promptly after requestrequirements fulfilled prior to rejection or termination of this Lease), provided no such modification shall relate (B) be for a term equal to the Rental payable hereunder remaining Term before giving effect to such rejection or termination, (C) contain a lease of the Premises in which such Lender had an interest on the date of such rejection or termination, (D) require Lease Payments to Landlord; (E) enjoy the same priority as this Lease over any lien, encumbrance or other interest created by Xxxxxxxx, and (F) be executed within 30 days after receipt by Landlord of written notice of Xxxxxx’s election to enter into such new lease. (g) No Lender will have any duty, obligation or liability under this Lease prior to the time of its entry into physical possession of the Premises or its commencement of performance of Tenant’s obligations under this Lease or under a new lease entered into pursuant to Section 13 (f). If a Lender elects to perform Tenant’s obligations or to enter into a new lease pursuant to Section 13 (f), then such Lender will not have any personal liability to Landlord for the performance of such obligations and the sole recourse of Landlord will be against Xxxxxx’s interest in the Solar Facilities and this Lease. If a Lender assigns its interest in this Lease or in a new lease to any person or entity, then provided that such assignee assumes the obligations of Tenant (or such Lender, as applicable) under this Lease, such Lender will be released from further liability hereunder. (h) Upon the reasonable request of any Lender, Landlord and Tenant will amend this Lease to include any provision reasonably requested by such Lender to implement the protective provisions contained in this Lease for the benefit of such Lender or to allow such Lender reasonable means to protect or preserve its lien or security interest upon the occurrence of an Event of Default; provided, however, that Landlord will not be required to amend this Lease in any way which would affect the Term of this Lease or the length of the term hereof Lease Payments or otherwise materially alter and adversely affect Landlord’s rights under this Lease. (i) There will be no merger of the Lease, the Tenant Rights or any other interests or rights created herein, with the fee estate in the Premises by reason of the fact that the Lease, Tenant Rights and/or such other interests may be held, directly or obligations indirectly, by or for the account of Landlord any person(s) who own such fee estate or an interest therein. No such merger will occur unless and until all persons then having an interest in the fee estate and all persons (including any Lenders) then having an interest in, to or under the Lease and/or Tenant hereunderRights execute a written instrument effecting such merger and record same in the official public records of the County.

Appears in 1 contract

Samples: Solar Energy Ground Lease

Protection of Lenders. (a) This Lease shall be subject and subordinate at all times to all ground or underlying leases that which may now or hereafter exist affecting the Building or the Real Property, or both, and to the lien of any mortgage or deed of trust in any amount or amounts whatsoever now or hereafter placed on or against the Building or the Real Property, or both, or on or against Landlord’s interest or estate therein (such mortgages, deeds of trust and leases are referred to herein, collectively, as “Superior Interests”), all without the necessity of any further instrument executed or delivered by or on the part of Tenant for the purpose of effectuating such subordination, but subject to the terms of Paragraph 17(b) below. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further instruments evidencing such subordination of this Lease to any such Superior Interest as may be required by Landlord. Landlord agrees to use good faith efforts to deliver hereby represents to Tenant from any existing or future Holder (that there is no Superior Interest which exists as defined below) a written subordination and non-disturbance agreement in recordable form acceptable to such Holder in its sole discretion providing that so long as Tenant performs all of the terms date of this Lease, Tenant’s possession under this Lease shall not be disturbed and Tenant shall not be joined by the Holder in any action or proceeding to foreclose thereunder, except where such is necessary for jurisdictional or procedural reasons. Tenant shall pay all costs for legal services incurred by Landlord in obtaining that subordination and non-disturbance agreement. (b) Notwithstanding the foregoing, in the event of a termination of any ground lease or of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof, or of any sale thereunder, or any transfer in lieu of such foreclosure or sale, this Lease shall not be terminated or extinguished, nor shall the rights and possession of Tenant hereunder be disturbed, if no uncured Event of Default then exists under this Lease, and Tenant shall attorn to the person who acquires Landlord’s interest hereunder through any such mortgage or deed of trusttrust subject to the terms of this Lease. (c) Within ten (10) days after Landlord’s written request, Tenant shall deliver to Landlord, or to any actual or prospective holder of a Superior Interest (“Holder”) that Landlord designates, such financial statements as are reasonably required by such Holder to verify the financial condition of Tenant (or any assignee, subtenant or guarantor of Tenant). Tenant represents and warrants to Landlord and such Holder that each financial statement delivered by Tenant shall be accurate in all material respects as of the date of such statement. All financial statements shall be kept confidential by Landlord or any such Holder and shall only be used only for the purposes stated hereinherein . Tenant shall not be obligated to prepare any financial statements that have not already been prepared by Tenant , and so long as Tenant is regulated by the Securities and Exchange Commission, Tenant may satisfy Tenant’s obligations under this Paragraph 17(c) by delivering a copy of Tenant’s most recently filed FOCUS report (or such other comparable financial report to the SEC as may be filed by Tenant pursuant to future laws or regulations). (d) If Landlord is in default, Tenant shall will accept cure of any default by any Holder whose name and address shall have been furnished to Tenant in writing. Tenant may not exercise any rights or remedies to terminate this Lease for Landlord’s default unless Tenant gives notice thereof to each such Holder and the default is not cured within thirty (30) days thereafter or such greater time as may be reasonably necessary to cure such default. A default that which cannot reasonably be cured within said 30-day period shall be deemed cured within said period if work necessary to cure the default is commenced within such time and proceeds diligently thereafter until the default is cured. Nothing in this subparagraph (d) shall relieve Landlord of any liability it has for any such default. (e) If any prospective Holder should require, as a condition of any Superior Interest, a modification of the provisions of this Lease, Tenant shall approve and execute any such modifications promptly after request, provided no such modification shall relate to the Rental payable hereunder or the length of the term hereof or otherwise materially alter the rights or obligations of Landlord or Tenant hereunder.

Appears in 1 contract

Samples: Lease Agreement (JMP Group Inc.)

Protection of Lenders. (a) This Tenant agrees that this Lease shall be subject and subordinate at all times to all any ground lease or underlying leases that may now or hereafter exist affecting the Building or the Real Propertylease, or both, and to the first-lien of any mortgage or deed of trust in any amount or amounts whatsoever now or hereafter placed on or against the Building or the Real Property, or both, or on or against Landlord’s interest or estate therein (such mortgages, deeds of trust and leases are referred to herein, collectively, as “Superior Interests”), all without the necessity of any further instrument executed or delivered by or on the part of Tenant for the purpose of effectuating such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further instruments evidencing such subordination of this Lease to any such Superior Interest as may be required by Landlord. Landlord agrees to use good faith efforts to deliver to Tenant from any existing or future Holder (as defined below) a written subordination and non-disturbance agreement in recordable form acceptable to such Holder in its sole discretion providing that so long as Tenant performs all of the terms of this Lease, Tenant’s possession under this Lease shall not be disturbed and Tenant shall not be joined by the Holder in any action or proceeding to foreclose thereunder, except where such is necessary for jurisdictional or procedural reasons. Tenant shall pay all costs for legal services incurred by Landlord in obtaining that subordination and non-disturbance agreement. (b) Notwithstanding the foregoing, in the event of a foreclosure of any such mortgage or deed of trust or other first lien covering the Property, upon and subject to the following terms and conditions. Tenant’s subordination is expressly conditioned on execution and delivery to Tenant by each lessor under a ground lease or underlying lease, and by each mortgagee, lien holder and beneficiary of a deed of trust, of a nondisturbance agreement reasonably acceptable to Tenant. Landlord agrees to provide such nondisturbance agreement(s) from each existing lessor, mortgagee, lien holder and beneficiary within 30 days after the execution of this Lease, failing which Tenant may terminate this Lease by giving notice to Landlord at any time thereafter prior to delivery of such nondisturbance agreement(s), and the delivery of the same shall in any event be a condition to Tenant’s obligation to pay rent under this Lease. The nondisturbance agreement shall be in recordable form and shall recognize Tenant’s rights under this Lease in the event Landlord’s interest is terminated while this Lease is in full force and effect. The nondisturbance agreement shall include a provision to the effect that in the event of a termination of the ground or underlying lease or foreclosure of the mortgage, deed of trust or other action or proceeding for lien in favor of the enforcement thereofsecured party, or upon a sale of any sale thereunderthe property encumbered thereby pursuant to the trustee’s power of sale, or upon a transfer of the Property by deed in lieu of foreclosure, then for so long as there is no material event of default by Tenant under this Lease, this Lease shall continue in full force and effect as a direct lease between the owner or succeeding owner of the Property, as Landlord, and Tenant for the balance of the Lease Term, upon and subject to all of the terms, covenants and conditions of this Lease. The nondisturbance agreement shall not be terminated in any event include any terms that are inconsistent with the terms of this Lease or extinguished, nor shall the that adversely affect Tenant’s rights and possession of Tenant hereunder be disturbed, if no Event of Default then exists or increase Tenant’s obligations under this Lease, and Tenant shall attorn to the person who acquires Landlord’s interest hereunder through any such mortgage or deed of trust. (c) Within ten (10) days after Landlord’s written request, Tenant shall deliver to Landlord, or to any actual or prospective holder of a Superior Interest (“Holder”) that Landlord designates, such financial statements as are reasonably required by such Holder to verify the financial condition of Tenant (or any assignee, subtenant or guarantor of Tenant). Tenant represents and warrants to Landlord and such Holder that each financial statement delivered by Tenant shall be accurate in all material respects as of the date of such statement. All financial statements shall be confidential and used only for the purposes stated herein. (d) If Landlord is in default, Tenant shall accept cure of any default by any Holder whose name and address shall have been furnished to Tenant in writing. Tenant may not exercise any rights or remedies for Landlord’s default unless Tenant gives notice thereof to each such Holder and the default is not cured within thirty (30) days thereafter or such greater time as may be reasonably necessary to cure such default. A default that cannot reasonably be cured within said 30-day period shall be deemed cured within said period if work necessary to cure the default is commenced within such time and proceeds diligently thereafter until the default is cured. (e) If any prospective Holder should require, as a condition of any Superior Interest, a modification of the provisions of this Lease, Tenant shall approve and execute any such modifications promptly after request, provided no such modification shall relate to the Rental payable hereunder or the length of the term hereof or otherwise materially alter the rights or obligations of Landlord or Tenant hereunder.

Appears in 1 contract

Samples: Triple Net Lease Agreement (Verilink Corp)

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Protection of Lenders. (a) This Lease Promptly upon the request of any Major Lender, Potlatch shall enter into an agreement (a "Lender Protection Agreement") with such Major Lender, in such form as Potlatch and such Major Lender may agree, whereunder the parties agree that: (i) notwithstanding any contrary provision of this Agreement (including Section 9.1), at any time during a Default Period, any Timberlands may be subject and subordinate sold or transferred (including through foreclosure of a mortgage or judgment lien) without Potlatch's consent, upon not less than thirty (30) days' notice to Potlatch; (ii) notwithstanding any contrary provision of this Agreement (including Section 9.2), if, during any Default Period, any of the Timberlands are sold or transferred ("Default Sale Timberlands"), then at all times to all ground or underlying leases that may now or hereafter exist affecting the Building option of the Major Lender or the Real Propertypurchaser or transferee, exercised by written notice ("Release Notice") to Potlatch delivered prior to or both, and to the lien of any mortgage or deed of trust in any amount or amounts whatsoever now or hereafter placed on or against the Building or the Real Property, or both, or on or against Landlord’s interest or estate therein (such mortgages, deeds of trust and leases are referred to herein, collectively, as “Superior Interests”), all without the necessity of any further instrument executed or delivered by or on the part of Tenant for the purpose of effectuating such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further instruments evidencing such subordination of this Lease to any such Superior Interest as may be required by Landlord. Landlord agrees to use good faith efforts to deliver to Tenant from any existing or future Holder (as defined below) a written subordination and non-disturbance agreement in recordable form acceptable to such Holder in its sole discretion providing that so long as Tenant performs all of the terms of this Lease, Tenant’s possession under this Lease shall not be disturbed and Tenant shall not be joined by the Holder in any action or proceeding to foreclose thereunder, except where such is necessary for jurisdictional or procedural reasons. Tenant shall pay all costs for legal services incurred by Landlord in obtaining that subordination and non-disturbance agreement. (b) Notwithstanding the foregoing, in the event of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof, or of any sale thereunder, this Lease shall not be terminated or extinguished, nor shall the rights and possession of Tenant hereunder be disturbed, if no Event of Default then exists under this Lease, and Tenant shall attorn to the person who acquires Landlord’s interest hereunder through any such mortgage or deed of trust. (c) Within ten (10) days after Landlord’s written request, Tenant shall deliver to Landlord, or to any actual or prospective holder of a Superior Interest (“Holder”) that Landlord designates, such financial statements as are reasonably required by such Holder to verify the financial condition of Tenant (or any assignee, subtenant or guarantor of Tenant). Tenant represents and warrants to Landlord and such Holder that each financial statement delivered by Tenant shall be accurate in all material respects as of the date of such statement. All financial statements shall be confidential and used only for the purposes stated herein. (d) If Landlord is in default, Tenant shall accept cure of any default by any Holder whose name and address shall have been furnished to Tenant in writing. Tenant may not exercise any rights or remedies for Landlord’s default unless Tenant gives notice thereof to each such Holder and the default is not cured within thirty (30) days thereafter after the sale or transfer, the Default Sale Timberlands shall cease to be subject to this Agreement, and Potlatch's rights under this Agreement with respect to such greater time as may Default Sale Timberlands shall terminate, effective sixty (60) days after delivery of the Release Notice; and, promptly upon delivery of a Release Notice, Potlatch shall comply with the requirements of Section 9.5 to evidence the release of such Default Sale Timberlands; (iii) Potlatch's security interest pursuant to Section 8.3 with respect to the Timber on any Default Sale Timberlands shall be reasonably necessary subordinate to the rights of the Major Lender or any purchaser or transferee pursuant to clause (ii) above; (iv) the Major Lender shall deliver to Potlatch, simultaneously with delivery to Partnership, any notice demanding performance of any obligation set forth in, or asserting a default by Partnership under, any document or instrument evidencing or pertaining to the indebtedness of Partnership to such Major Lender ("Loan Documents"); and Potlatch shall have the right, but not the obligation, to perform such obligation or cure such default. A asserted default that canon behalf of Partnership; and the Major Lender shall accept such performance or cure as if performed by Partnership; and (v) at any time during a Default Period, Potlatch shall have the right, on not reasonably be cured within said 30-day period less than fifteen (15) days' notice to the Major Lender, to purchase from the Major Lender, and the Major Lender shall be deemed cured within said period if work necessary sell to cure Potlatch, all of Major Lender's right, title and interest in, to and under the default is commenced within such time Loan Documents and proceeds diligently thereafter until the default is curedindebtedness evidenced thereby, for a price equal to the total sum owed by Partnership to the Major Lender under the Loan Documents, including all outstanding principal, accrued and unpaid interest and other fees or costs owing. (eb) If any prospective Holder should requireAt the request of Potlatch or the Major Lender, Partnership shall join as a condition of party to any Superior Interest, a modification of Lender Protection Agreement. (c) Partnership and Potlatch agree that the provisions of this LeaseSection 9.6 shall not be amended or modified in any material respect, Tenant shall approve and execute without the written approval of any such modifications promptly after request, provided no such modification shall relate to the Rental payable hereunder or the length of the term hereof or otherwise materially alter the rights or obligations of Landlord or Tenant hereunderMajor Lender then in existence.

Appears in 1 contract

Samples: Timberland Management and Timber Purchase Agreement (Timberland Growth Corp)

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