Common use of Right to Perform Tenant Covenants Clause in Contracts

Right to Perform Tenant Covenants. If Tenant fails to perform any of its obligations under this Lease, Landlord, any Superior Lessor or any Superior Mortgagee (each, a “Curing Party”) may perform the same at the expense of Tenant (a) immediately and without notice in the case of emergency or in case such failure may result in a violation of any Law or in a cancellation of any insurance policy maintained by Landlord; provided, that Landlord agrees to provide such notice as is reasonably practicable under the circumstances (which the parties agree may be no notice) in the event of the circumstances described in this clause (a) and (b) in any other case if such failure continues beyond any applicable notice and grace period. If a Curing Party performs any of Tenant’s obligations under this Lease, Tenant shall pay to Landlord (as Additional Charges) the costs thereof (including all reasonable fees and costs, including reasonable legal fees and disbursements, incurred by such Curing Party in connection therewith), together with interest at the Interest Rate from the date incurred by the Curing Party until paid by Tenant, within 30 days after receipt by Tenant of a statement as to the amounts of such costs, accompanied by invoices or other reasonable supporting documentation. If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or otherwise discharge (after the giving of any required notice and the expiration of any applicable grace periods), Tenant shall obtain and substitute a bond for the Curing Party’s bond and shall reimburse the Curing Party for the cost of the Curing Party’s bond. “Interest Rate” means the lesser of (i) the base rate from time to time announced by Citibank, N.A. (or, if Citibank, N.A. shall not exist or shall cease to announce such rate, such other bank in New York, New York, as shall be designated by Landlord in a notice to Tenant) to be in effect at its principal office in New York, New York plus 3% and (ii) the maximum rate permitted by law.

Right to Perform Tenant Covenants. If Tenant fails to perform any of its obligations under this Lease, Landlord, any Superior Lessor or any Superior Mortgagee (each, a “"Curing Party”") may perform the same at the reasonable expense of Tenant (a) immediately and without notice after such notice, if any, as is feasible under the circumstances in the case of emergency or in case such failure may result in a emergency, imminent violation of any Law or in a Law, imminent cancellation of any insurance policy maintained by Landlord; provided, that Landlord agrees imminent threat of danger to provide such notice as is reasonably practicable under the circumstances (which health or safety of persons, imminent risk of civil or criminal liability of Landlord, material adverse affect on the parties agree may be no notice) in Project or any portion thereof or Landlord's interest therein or unreasonable interference with the event use of another tenant's space or the operation of the circumstances described in this clause (a) Building, and (b) in any other case case, if such failure continues beyond any applicable after notice and beyond all applicable grace periodperiods provided in this Lease, and thereafter such failure is not remedied within 10 days after a second notice to Tenant (in which the Curing Party notifies Tenant that the Curing Party will undertake such performance at Tenant's expense). If a Curing Party performs any of Tenant’s 's obligations under this LeaseLease pursuant to the immediately preceding sentence, Tenant shall pay to Landlord such Curing Party (as Additional Charges) the reasonable costs thereof (including all reasonable fees and costs, including reasonable legal fees and disbursements, incurred by such Curing Party in connection therewith)thereof, together with interest at the Interest Rate from the date such costs were incurred by the Curing Party until paid by Tenant, within 30 days after receipt by Tenant of a detailed statement as to the amounts of such costs, accompanied by invoices . "Prime Rate" means an annual interest rate equal to the prime or other reasonable supporting documentation. If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or otherwise discharge (after the giving of any required notice and the expiration of any applicable grace periods), Tenant shall obtain and substitute a bond for the Curing Party’s bond and shall reimburse the Curing Party for the cost of the Curing Party’s bond. “Interest Rate” means the lesser of (i) the base rate from time to time announced by Citibank, N.A. (or, if Citibank, N.A. shall not exist or shall cease to announce such rateexist, such other bank in New York, New YorkYork Clearing House Association member bank, as shall be designated by Landlord in a notice to Tenant) to be in effect at its principal office in New York, New York York. "Interest Rate" means an annual interest rate equal to the lesser of (i) the Prime Rate plus 32% and or (ii) the maximum rate permitted by lawLaw.

Right to Perform Tenant Covenants. If Tenant fails to perform any of its obligations under this Lease, Landlord, Landlord or the holder of any Superior Lessor or any Superior Mortgagee Instrument (each, a “"Curing Party”") may perform the same at the expense of Tenant (a) immediately and without notice in the case of emergency or in case such failure interferes with the use of space by any other tenant in the Building or with the efficient operation of the Building or may result in a violation of any Law or in a cancellation of any insurance policy maintained by Landlord; provided, that Landlord agrees to provide such notice as is reasonably practicable under the circumstances (which the parties agree may be no notice) in the event of the circumstances described in this clause (a) and (b) in any other case if such failure continues beyond any applicable notice and grace periodperiod (for which Landlord shall endeavor to provide at least 24 hours prior notice). If a Curing Party performs any of Tenant’s 's obligations under this Lease, Tenant shall pay to Landlord (as Additional Charges) the out-of-pocket costs thereof (including all reasonable fees and costs, including reasonable legal fees and disbursements, incurred by such Curing Party in connection therewith)thereof, together with interest at the Interest Rate from the date incurred by the Curing Party until paid by Tenant, within 30 days after receipt by Tenant of a statement as to the amounts of such costs, accompanied by invoices or other reasonable supporting documentation. If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or otherwise discharge (after the giving of any required notice and the expiration of any applicable grace periodsLandlord agreeing not to pay a third party in order to effect such cure if Tenant is disputing with such third party in good faith), Tenant shall obtain and substitute a bond for the Curing Party’s 's bond and shall reimburse the Curing Party for the cost of the Curing Party’s 's bond. “"Interest Rate” " means the lesser of (i) the base rate from time to time announced by Citibank, N.A. (or, if Citibank, N.A. shall not exist or shall cease to announce such rateexist, such other bank in New York, New York, as shall be designated by Landlord in a notice to Tenant) to be in effect at its principal office in New York, New York plus 32% and (ii) the maximum rate permitted by law.