Common use of Reinstatement after Event of Default Clause in Contracts

Reinstatement after Event of Default. Notwithstanding the exercise by the Authority of any remedy granted by Section 6.2, unless the Authority shall have sold its leasehold estate in the Leased Property or shall have entered into an agreement providing for the re-letting of the Leased Property for at least one year, if the balance of the Basic Rent shall have been accelerated pursuant to Section 6.2(a) and all overdue Basic Rent, together with any interest thereon, and all Additional Rent shall have been paid, then the County’s default under this Lease Agreement shall be waived without further action by the Authority. Upon such payment and waiver, this Lease Agreement shall be fully reinstated and all Basic Rent payments will be due and payable in accordance with Exhibit A, and the County shall be restored to the use, occupancy and possession of the Leased Property; provided, however, if all or any part of the Leased Property have been re-let for less than one year, the County shall not be restored to the use, occupancy and possession thereof until the end of such lease.

Reinstatement after Event of Default. Notwithstanding the exercise by the Authority Borrower of any remedy granted by Section 6.2, unless the Authority Borrower or its assignee shall have sold its leasehold estate interest in all or any portion of the Leased Property or shall have entered into an agreement providing for the re-letting reletting of the Leased Property for at least one year, if the balance of the Basic Rent shall not have been accelerated pursuant to Section 6.2(a) 6.2 and all overdue Basic Rent, together with any interest thereon, and all Additional Rent shall have been paid, then the County’s 's default under this Lease Agreement shall be waived without further action by the AuthorityBorrower. Upon such payment and waiver, this Lease Agreement shall be fully reinstated and all Basic Rent payments will be due and payable in accordance with Exhibit A, and the County shall be restored to the use, occupancy and possession of the Leased Property; provided, however, if all or any part portion of the Leased Property have has been re-let relet for less than one year, the County shall not be restored to the use, occupancy and possession thereof until the end of such lease.

Reinstatement after Event of Default. Notwithstanding the exercise by the Authority of any remedy granted by Section 6.2, unless the Authority shall have sold its leasehold estate in the Leased Property or shall have entered into an agreement providing for the re-letting of the Leased Property for at least one year, if the balance of the Basic Rent shall have been accelerated pursuant to Section 6.2(a) and all overdue Basic Rent, together with any interest thereon, and all Additional Rent additional rent shall have been paid, then the County’s default under this Lease Agreement shall be waived without further action by the Authority. Upon such payment and waiver, this Lease Agreement shall be fully reinstated and all Basic Rent payments will be due and payable in accordance with Exhibit A, and the County shall be restored to the use, occupancy and possession of the Leased Property; provided, however, if all or any part of the Leased Property have been re-let for less than one year, the County shall not be restored to the use, occupancy and possession thereof until the end of such lease.