Common use of Stipulated Conditions Clause in Contracts

Stipulated Conditions. If Mortgagee sends a notice of default to the Lessee because the Lessee has failed to comply with the terms of the Mortgage, the Mortgagee shall, at the same time, send a copy of that notice to the CLT. Upon receiving a copy of the notice of default and within that period of time in which the Lessee has a right to cure such default (the “cure period”), the CLT shall have the right to cure the default on the Lessee’s behalf, provided that all current payments due the Permitted Mortgagee since the notice of default was given are made to the Mortgagee.