Right and Time to Cure. (a) Each Recognized Mortgagee shall have a period of (i) ten (10) days more, in the case of any default in the payment of Charges, and (ii) thirty (30) days more, in the case of any other default of Tenant’s Obligations, than is given Tenant under the provisions of this Lease, to remedy such a default, which periods shall begin to run upon the giving of the notice to the Recognized Mortgagee specifying such default. In addition, with respect to defaults for which possession of the Demised Premises is required to cure such default, or in the case of defaults that are not reasonably susceptible of being cured by a Recognized Mortgagee (such as the bankruptcy of Tenant), the period to remedy such defaults shall be extended for such time as is necessary for a Recognized Mortgagee to promptly institute foreclosure proceedings, and thereafter, subject to Unavoidable Delay, continuously prosecute the foreclosure proceedings with reasonable diligence and continuity to obtain possession and, upon obtaining possession of the Demised Premises, promptly commence to cure the default (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee) and prosecute such cure to completion with diligence and continuity, subject to Unavoidable Delay. With respect to defaults not reasonably susceptible to cure by the Recognized Mortgagee, the completion of such foreclosure proceeding shall be deemed to remedy such defaults. (b) No Recognized Mortgagee shall be entitled to the additional remedy periods provided in clause (ii) of Section 31.2(a) hereof unless within thirty (30) days after the giving of the notice referred to in Section 31.2(a) hereof such Recognized Mortgagee delivers to Landlord a written commitment to cure or cause to be cured such defaults (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee). At any time within thirty (30) days after the delivery of the aforementioned commitment, such Recognized Mortgagee may notify Landlord, in writing, that it no longer intends to cure a default, and, in such event the liability of such Recognized Mortgagee for the period prior to delivery of such notice shall be limited as set forth in Section 17.4 hereof as if “Recognized Mortgagee” were “Tenant” and the Recognized Mortgagee shall have no further liability under such commitment from and after the date on which it delivers such notice to the Landlord. Thereupon the Recognized Mortgagee shall have no further right to cure and, subject to Section 31.7 hereof, Landlord shall have the right to terminate this Lease and to take any other action permitted under this Lease it deems appropriate by reason of any Event of Default, and, upon any such termination, the provisions of Section 31.6 hereof shall apply.
Appears in 2 contracts
Samples: Sublease Agreement (New York Times Co), Sublease Agreement (New York Times Co)
Right and Time to Cure. (a) Each Recognized Mortgagee shall have a period of (i) ten (10) days more, in the case of any default in the payment of Charges, and (ii) thirty (30) days more, in the case of any other default of Tenant’s Obligations, than is given Tenant under Subject to the provisions of this LeaseSection 11.13, to remedy such a default, which periods shall begin to run upon the giving of the notice to either the Recognized Mortgagee specifying such default. In addition, with respect to defaults for which possession of the Demised Premises is required to cure such default, or in the case of defaults that are not reasonably susceptible of being cured by a Recognized Mortgagee (such as the bankruptcy of Tenant), the period to remedy such defaults shall be extended for such time as is necessary for a Recognized Mortgagee to promptly institute foreclosure proceedings, and thereafter, subject to Unavoidable Delay, continuously prosecute the foreclosure proceedings with reasonable diligence and continuity to obtain possession and, upon obtaining possession of the Demised Premises, promptly commence to cure the default (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee) and prosecute such cure to completion with diligence and continuity, subject to Unavoidable Delay. With respect to defaults not reasonably susceptible to cure by the Recognized Mortgagee, Mezzanine Lender shall have the completion of such foreclosure proceeding shall be deemed to remedy such defaults.
(b) No Recognized Mortgagee shall be entitled to the additional remedy periods provided in clause (ii) of Section 31.2(a) hereof unless within thirty (30) days after the giving of the notice referred to in Section 31.2(a) hereof such Recognized Mortgagee delivers to Landlord a written commitment right to cure or cause to be cured such defaults the Event(s) of Default set forth in the Notice of Failure to Cure. The Recognized Mortgagee and the Recognized Mezzanine Lender shall have a concurrent period of ninety (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee). At any time within thirty (3090) days after the delivery receipt of the aforementioned commitmentNotice of Failure to Cure (the “Cure Period”) which, such Recognized Mortgagee may notify Landlordfor the avoidance of doubt, shall not be extended pursuant to the provisions of Section 25.1(b)), in writing, that it no longer intends to cure a default, and, in such event the liability of such Recognized Mortgagee for the period prior to delivery of such notice shall be limited as set forth in Section 17.4 hereof as if “Recognized Mortgagee” were “Tenant” and the Recognized Mortgagee shall have no further liability under such commitment from and after the date on which it delivers such notice to the Landlord. Thereupon the Recognized Mortgagee shall have no further right to cure and, subject to Section 31.7 hereof, Landlord shall have the right to terminate this Lease and to take any other action permitted under this Lease it deems appropriate by reason case of any Event of Default, andto (1) cure the Event of Default referred to in the Notice of Failure to Cure or (2) cause it to be cured, upon any such termination, subject to the provisions of Section 31.6 hereof 25.1(b). Nothing contained herein shall apply.be construed as imposing any obligation upon (x) the Recognized Mortgagee or the Recognized Mezzanine Lender to so perform or comply on behalf of Tenant or (y) Owner to notify the Recognized Mortgagee of whether the Recognized Mezzanine Lender cured (or caused to be cured) any such Event(s) of Default or to notify the Recognized Mezzanine Lender of whether the Recognized Mortgagee cured (or caused to be cured) any such Event(s) of Default. Anything contained in this Lease to the contrary notwithstanding, Owner shall have no right to terminate this Lease prior to the delivery of a Notice of Failure to Cure or following the delivery of a Notice of Failure to Cure if, within the Cure Period, (x) the Recognized Mortgagee complies with clauses (i), (ii) and (iii) below, or (y) the Recognized Mezzanine Lender complies with clauses (i), (ii) and
Appears in 2 contracts
Samples: Ground Lease Agreement, Ground Lease Agreement
Right and Time to Cure. (a) Each Subject to the provisions of Section 11.6 hereof, each Recognized Mortgagee shall have a period of (i) ten fifteen (1015) days more, in the case of any default a Default in the payment of ChargesRental, and (ii) thirty sixty (3060) days more, in the case of any other default of Tenant’s ObligationsDefault, than is given Tenant under the provisions of this Lease, Lease to remedy such a defaultthe Default, which periods shall begin cause it to run upon the giving of the notice to the Recognized Mortgagee specifying such default. In addition, with respect to defaults for which possession of the Demised Premises is required to cure such defaultbe remedied, or in the case of defaults that are not reasonably susceptible of being cured by a Recognized Mortgagee (such as the bankruptcy of Tenant), the period cause action to remedy such defaults shall be extended for such time as is necessary for a Recognized Mortgagee to promptly institute foreclosure proceedings, and thereafter, subject to Unavoidable Delay, continuously prosecute the foreclosure proceedings with reasonable diligence and continuity to obtain possession and, upon obtaining possession of the Demised Premises, promptly commence to cure the default (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee) and prosecute such cure to completion with diligence and continuity, subject to Unavoidable Delay. With respect to defaults not reasonably susceptible to cure by the Recognized Mortgagee, the completion of such foreclosure proceeding shall be deemed to remedy such defaults.
(b) No Recognized Mortgagee shall be entitled to the additional remedy periods provided Default mentioned in clause (ii) of Section 31.2(a24.1(e) hereof unless within thirty (30) days after the giving of the notice referred to in Section 31.2(a) hereof be commenced provided such Recognized Mortgagee delivers to Landlord Landlord, within ten (10) days after the expiration of the time given to Tenant pursuant to the provisions of this Lease to remedy the event or condition which would otherwise constitute a Default hereunder, its written commitment agreement to cure or cause to be cured such defaults take the action described in clauses (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee)i) and (ii) herein. At any time within thirty (30) days after the delivery of the aforementioned commitmentagreement, the holder of such Recognized Mortgagee Mortgage may notify Landlord, in writing, that it no longer intends to cure a defaulthas relinquished possession of the Premises or that it will not institute foreclosure proceedings or, if such proceedings shall have been commenced, that it has discontinued such proceedings, and, in such either event the liability of the holder of such Recognized Mortgagee Mortgage for the period prior to delivery of such notice notice, shall be limited as set forth in Section 17.4 42.10 hereof as if “"Recognized Mortgagee” " were “"Tenant” " and the Recognized Mortgagee shall have no further liability under such commitment agreement from and after the date on which it delivers such notice to the Landlord. Thereupon the Recognized Mortgagee shall have no further right to cure and, subject to Section 31.7 hereofThereupon, Landlord shall have the unrestricted right to terminate this Lease and to take any other action permitted under this Lease it deems appropriate by reason of any Event of DefaultDefault which occurred prior to Landlord's delivery to Tenant of notice of the termination of this Lease, and, upon any such termination, the provisions of Section 31.6 11.4 hereof shall apply.
Appears in 1 contract
Right and Time to Cure. (a) Each The Recognized Mortgagee shall have a period of sixty (i) ten (1060) days moreafter receipt of the Notice of Failure to Cure, in the case of any default Event of Default, to (1) cure the Event of Default referred to in the Notice of Failure to Cure or (2) cause it to be cured, subject to the provisions of Section 25.1(b). Nothing contained herein shall be construed as imposing any obligation upon any Mortgagee to so perform or comply on behalf of Tenant. Anything contained in this Lease to the contrary notwithstanding, Owner shall have no right to terminate this Lease prior to the delivery of a Notice of Failure to Cure or following the delivery of a Notice of Failure to Cure if, within sixty (60) days after receipt of Owner's Notice of Failure to Cure, any Recognized Mortgagee shall: (i) notify Owner of such Recognized Mortgagee's desire to cure the matter described in such Notice of Failure to Cure; (ii) payor cause to be paid all Rental and/or Impositions then due and in arrears as specified in the Default Notice from Owner to such Recognized Mortgagee (provided, however, that such Recognized Mortgagee shall not be required to payor cause to be paid any amounts payable by Tenant under Section 28.1(b) to the extent such amounts relate to any Lease Year other than the Lease Year for which the most recent Annual Financial Statements have been made available to Owner; provided further, however, in the event that the Recognized Mortgagee (A) provides notice to Owner pursuant to Section 1l.4(b)(i), and (B) files a foreclosure within sixty (60) days of its receipt of the Notice of Failure to Cure and diligently prosecutes such foreclosure, the Recognized Mortgagee's curative obligations with regard to an Event of Default as provided in this Section 1l.4(b)(ii) shall be excused, subject to the provisions of Section 1l.4(b)(iv), which shall be applicable during the pendency of a foreclosure); 51 F:\MlNSKERIC.M.BIPARKONEIPOGROUNDlEASE. EXEC 12.
1. DOC m: I 8938PGZ 419 (iii) cure all Defaults by Tenant in the observance or performance of any term, covenant or condition of this Lease on Tenant's part to be observed or performed (other than the payment of ChargesRental and/or Impositions), or if any such Default is of such a nature that it cannot reasonably be remedied within such sixty (60) day period (but is otherwise reasonably susceptible to cure), Recognized Mortgagee shall, (i) within sixty (60) days after the giving of such Notice of Failure to Cure, advise Owner of such Recognized Mortgagee's intention to institute all steps (and from time to time, as reasonably requested by Owner, such Recognized Mortgagee shall advise Owner of the steps being taken) necessary to remedy such Default (which such steps shall be reasonably designed to effectuate the cure of such Default in a professional manner), and (ii) thirty (30) days more, in the case of any other default of Tenant’s Obligations, than is given Tenant under the provisions of this Lease, thereafter diligently prosecute to completion all such steps necessary to remedy such a defaultthe same, which periods shall begin to run upon the giving it being acknowledged by Owner that, if possession or control of the notice to the Recognized Mortgagee specifying such default. In addition, with respect to defaults for which possession of the Demised Premises is required to effect such cure, the diligent prosecution of a foreclosure of a Recognized Mortgage, and the continuing efforts by such Recognized Mortgagee to effect such cure following completion of such defaultforeclosure, shall constitute a part of the steps necessary to remedy such Default. Nothing in this Lease shall require a Recognized Mortgagee or in the case its Designee or Foreclosure Transferee to cure any default of defaults that are Tenant not reasonably susceptible of being cured by a Recognized Mortgagee such Person (such as the bankruptcy of Tenante.g., defaults stated in Section 25.1(e), the period to remedy such defaults shall be extended for such time as is necessary for a Recognized Mortgagee to promptly institute foreclosure proceedings(1), and thereafter(g), subject to Unavoidable Delay(h), continuously prosecute the foreclosure proceedings with reasonable diligence and continuity to obtain possession and, upon obtaining possession of the Demised Premises, promptly commence to cure the default (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgageej) and prosecute such cure to completion with diligence (k); and continuity, subject to Unavoidable Delay. With respect to defaults not reasonably susceptible to cure by the Recognized Mortgagee, the completion of such foreclosure proceeding shall be deemed to remedy such defaults.
(biv) No Recognized Mortgagee shall be entitled to the additional remedy periods provided in clause (ii) of Section 31.2(a) hereof unless within thirty (30) days after the giving of the notice referred to in Section 31.2(a) hereof if such Recognized Mortgagee delivers to Landlord files a written commitment to cure foreclosure, during the pendency of such foreclosure, pays or cause causes to be cured paid all current monthly Rental and/or Impositions due beginning upon the filing of such defaults (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee). At any time within thirty (30) days foreclosure; provided, however, Percentage Rent shall be due only if, and to the extent that, Project Revenues are sufficient to pay Percentage Rent 'after the delivery payment of the aforementioned commitmentOperating Expenses and Debt Service, such Recognized Mortgagee may notify Landlord, in writing, that it no longer intends to cure a default, and, in such event the liability of such Recognized Mortgagee for the period prior to delivery of such notice shall be limited as set forth in Section 17.4 hereof as if “Recognized Mortgagee” were “Tenant” and the Recognized Mortgagee shall have no further liability under such commitment from provide to Owner a monthly statement setting forth Project Revenues and after Operating Expenses. Notwithstanding the date on which it delivers such notice foregoing provisions of this Section 1l.4(b), following the delivery ofa Notice of Failure to Cure, within five (5) Business Days following the Landlord. Thereupon the written request of any Recognized Mortgagee shall have no further right (which request may be contained in the notice from such Recognized Mortgagee to cure and, subject Owner given pursuant to Section 31.7 hereof1l.4(b)(i)), Landlord Owner shall have deliver to such Recognized Mortgagee a statement certifying the right to terminate aggregate amount of Rental and/or Impositions then due and in arrears hereunder and the estimated per diem increase in such amount, but no such request shall increase any of the time periods provided for in this Lease and to take any other action permitted under this Lease it deems appropriate by reason of any Event of Default, and, upon any such termination, the provisions of Section 31.6 hereof shall apply1l.4(b).
Appears in 1 contract
Samples: Lease Agreement
Right and Time to Cure. Subject to the provisions of Section 11.5 hereof (a) Each a Recognized Mortgagee shall have a period of (i) ten (10) days moreshall, in the case of any default in the payment of Chargeshereunder (other than a Funding Failure Default), and (iib) an Institutional Investor shall, in the case of both a default hereunder (other than a Funding Failure Default) and a default under the Tenant Operating Agreement which results in a Permitted Removal, each have a period of thirty (30) days more, in the case of any other default of Tenant’s Obligations, more than is given Tenant Tenant, under the provisions of this Lease, to remedy such a default, which periods shall begin default or cause it to run upon the giving of the notice to the Recognized Mortgagee specifying such default. In additionbe remedied or, with respect solely to defaults for which possession of the Demised Premises is required to cure such default, or in the case of defaults that are not reasonably susceptible of being cured by a Recognized Mortgagee (such as the bankruptcy of Tenant), the period to remedy such defaults shall be extended for such time as is necessary for a Recognized Mortgagee to promptly institute foreclosure proceedings, and thereafter, subject to Unavoidable Delay, continuously prosecute the foreclosure proceedings with reasonable diligence and continuity to obtain possession and, upon obtaining possession of the Demised Premises, promptly commence to cure the default (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee) and prosecute such cure to completion with diligence and continuity, subject to Unavoidable Delay. With respect to defaults not reasonably susceptible to cure by the Recognized Mortgagee, the completion of such foreclosure proceeding shall be deemed to remedy such defaults.
(b) No Recognized Mortgagee shall be entitled to the additional remedy periods provided in clause (ii) of proceed under Section 31.2(a) hereof unless within thirty (30) days after the giving of the notice referred to in Section 31.2(a) hereof such Recognized Mortgagee delivers to Landlord a written commitment to cure or cause to be cured such defaults (other than a default which is not reasonably susceptible of being cured by a Recognized Mortgagee11.3(d)(ii). At any time within thirty (30) days after commencing to proceed in the delivery manner described in Section 11.3(d)(ii), the holder of the aforementioned commitment, such Recognized Mortgagee Mortgage may notify Landlord, in writing, that it no longer intends to cure a defaulthas relinquished possession of the Premises demised hereunder or that it will not institute foreclosure proceedings or, if such proceedings shall have been commenced, that it has discontinued such proceedings, and, in such either event the liability of such Recognized Mortgagee for the period prior to delivery of such notice shall be limited as set forth in Section 17.4 hereof as if “Recognized Mortgagee” were “Tenant” and the Recognized Mortgagee shall have no further liability under such commitment in connection therewith from and after the date on which it delivers such notice to the Landlord. Thereupon the Recognized Mortgagee shall have no further right to cure and, subject to Section 31.7 hereofThereupon, Landlord shall have the unrestricted right to terminate this Lease and to take any other action permitted under this Lease it deems appropriate by reason of any Event default or “event of Defaultdefault” hereunder which occurred prior to Xxxxxxxx’s delivery of notice of the termination of this Lease, and, upon any such termination, the provisions of Section 31.6 11.4 hereof shall apply.
Appears in 1 contract
Samples: Lease Agreement
