Common use of Rights of Cure Clause in Contracts

Rights of Cure. Upon the occurrence and during the continuance of an Event of Default (and with respect to any CPLV Lease Default only, after the expiration of the applicable cure period for such CPLV Lease Default in accordance with Section 8.3), Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in such manner and to such extent as Administrative Agent may deem necessary. During the continuance of such an Event of Default, Administrative Agent is authorized to enter upon the Property (subject to the rights of Tenants under their Leases and the rights of CPLV Tenant under the CPLV Lease) for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 8.5, shall constitute a portion of the Debt and shall be due and payable to Administrative Agent upon demand. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. Upon the occurrence and during the continuance of a Mortgage Loan Default or Mezzanine A Loan Default, Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower, Mezzanine A Borrower or Mortgage Borrower and without releasing Mortgage Borrower or Mezzanine A Borrower from any obligation under the Mortgage Loan Documents or Mezzanine A Loan Documents, as applicable, or being deemed to have cured any Mortgage Loan Default or Mezzanine A Loan Default, make, do or perform any obligation of Mortgage Borrower under Mortgage Loan Documents or of Mezzanine A Borrower under Mezzanine A Loan Documents, as applicable, in such manner and to such extent as Administrative Agent may deem necessary. All such costs and expenses incurred by Administrative Agent, Collateral Agent or any Lender in remedying such Mortgage Loan Default, Mezzanine A Loan Default or such failed payment or act shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Administrative Agent and/or Collateral Agent under the Loan Documents and shall be immediately due and payable upon demand by Administrative Agent therefor.

Rights of Cure. Upon the occurrence and during the continuance of an Event of Default (and with respect to any CPLV Lease Default only, after the expiration of the applicable cure period for such CPLV Lease Default in accordance with Section 8.3), Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in such manner and to such extent as Administrative Agent may deem necessary. During the continuance of such an Event of Default, Administrative Agent is authorized to enter upon the Property (subject to the rights of Tenants under their Leases and the rights of CPLV Tenant under the CPLV Lease) for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 8.5, shall constitute a portion of the Debt and shall be due and payable to Administrative Agent upon demand. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. Upon the occurrence and during the continuance of a Mortgage Loan Default or Mezzanine A Loan Default, Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower, Mezzanine A Borrower or Mortgage Borrower and without releasing Mortgage Borrower or Mezzanine A Borrower from any obligation under the Mortgage Loan Documents or Mezzanine A Loan Documents, as applicable, or being deemed to have cured any Mortgage Loan Default or Mezzanine A Loan Default, make, do or perform any obligation of Mortgage Borrower under Mortgage Loan Documents or of Mezzanine A Borrower under Mezzanine A Loan Documents, as applicable, in such manner and to such extent as Administrative Agent may deem necessary. All such costs and expenses incurred by Administrative Agent, Collateral Agent or any Lender in remedying such Mortgage Loan Default, Mezzanine A Loan Default or such failed payment or act shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Administrative Agent and/or Collateral Agent under the Loan Documents and shall be immediately due and payable upon demand by Administrative Agent therefor.

Rights of Cure. Upon the occurrence and during the continuance of an Event of Default (and with respect to any CPLV Lease Default only, after the expiration of the applicable cure period for such CPLV Lease Default in accordance with Section 8.3), Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in such manner and to such extent as Administrative Agent may deem necessary. During the continuance of such an Event of Default, Administrative Agent is authorized to enter upon the Property (subject to the rights of Tenants under their Leases and the rights of CPLV Tenant under the CPLV Lease) for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 8.5, shall constitute a portion of the Debt and shall be due and payable to Administrative Agent upon demand. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. Upon the occurrence and during the continuance of a Mortgage Loan Default, Mezzanine A Loan Default or Mezzanine A B Loan Default, Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower and without releasing Mortgage Borrower Borrower, Mezzanine A Loan Default or Mezzanine A B Borrower from any obligation under the Mortgage Loan Documents, Mezzanine A Loan Documents or Mezzanine A B Loan Documents, as applicable, or being deemed to have cured any Mortgage Loan Default, Mezzanine A Loan Default or Mezzanine A B Loan Default, make, do or perform any obligation of Mortgage Borrower under Mortgage Loan Documents or Documents, of Mezzanine A Borrower under Mezzanine A Loan Documents or of Mezzanine B Borrower under Mezzanine B Loan Documents, as applicable, in such manner and to such extent as Administrative Agent may deem necessary. All such costs and expenses incurred by Administrative Agent, Collateral Agent or any Lender in remedying such Mortgage Loan Default, Mezzanine A Loan Default, Mezzanine B Loan Default or such failed payment or act shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Administrative Agent and/or Collateral Agent under the Loan Documents and shall be immediately due and payable upon demand by Administrative Agent therefor.