Common use of CERTAIN DEFAULT Clause in Contracts

CERTAIN DEFAULT. In the event a default by Tenant occurs~in the performance or observance of any term, covenant, condition, or agreement on Tenant's part to be performed under this Lease (other than a term covenant, condition or agreement requiring the payment of a sum of money) which cannot practicably be cured by the Leasehold Mortgagee without taking possession of the Leased Premises (or if such default is of such a nature that the same is not susceptible of being cured by the Leasehold Mortgagee), then Landlord shall not serve a notice of election to terminate this Lease pursuant to the terms of Paragraph 17.2(a), or otherwise terminate the leasehold estate or any other estate, right, title or interest of Tenant hereunder by reason of such default without allowing the Leasehold Mortgagee reasonable time within which: (a) In the case of a default which cannot practically be cured by the Leasehold Mortgagee without taking possession of the Leased Premises, to obtain possession of the Leased Premises as mortgagee (through the appointment of a receiver of otherwise), and, upon obtaining possession, to commence promptly and diligently prosecute to completion such action as may be necessary to cure such default. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage; and (b) In the case of a default which is not susceptible of being cured by the Leasehold Mortgagee, to commence promptly and diligently prosecute to completion foreclosure proceedings or to acquire Tenant's estate hereunder, either in its own name or through a nominee, by-assignment in lieu of foreclosure. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage. The Leasehold Mortgagee shall not be required to continue to proceed to obtain possession, or to continue in possession as mortgagee, of the Leased Premises pursuant to clause (i) above, or to continue to prosecute foreclosure proceedings pursuant to clause (ii) above, if and when such default shall be cured. Nothing herein shall preclude Landlord from exercising any of its rights or remedies with respect to any other default by Tenant during any period when Landlord shall be forebearing termination of this Lease as above provided, but in such event the Leasehold Mortgagee shall have all of the rights and protections hereinabove provided for. If the Leasehold Mortgagee, or its nominee, or a purchaser at a foreclosure sale, shall acquire title to Tenant's leasehold estate hereunder, and shall cure all defaults of Tenant hereunder which can be cured by the Leasehold Mortgagee, or by such purchaser, as the case may be, then the defaults of any prior holder of Tenant's leasehold estate or any other estate, right, title or interest hereunder which are not susceptible of being cured by the Leasehold Mortgagee (or by such purchaser) shall no longer be deemed to be defaults hereunder.

CERTAIN DEFAULT. In the event a default by Tenant occurs~occurs in the performance or observance of any term, covenant, condition, or agreement on Tenant's part to be performed under this Lease (other than a term term, covenant, condition or agreement requiring the payment of a sum of money) which cannot practicably be cured by the Leasehold Mortgagee without taking possession of the Leased Premises (or if such default is of such a nature that the same is not susceptible susceptible, of being cured by the Leasehold Mortgagee), then Landlord shall not serve a notice of election to terminate this Lease pursuant to the terms of Paragraph 17.2(a), or otherwise terminate the leasehold estate or any other estate, right, title or interest of Tenant hereunder by reason of such default without allowing the Leasehold Mortgagee reasonable time within which: (a) In the case of a default which cannot practically be cured by the Leasehold Mortgagee without taking possession of the Leased Premises, to obtain possession of the Leased Premises as mortgagee (through the appointment of a receiver of otherwise), and, upon obtaining possession, to commence promptly and diligently prosecute to completion such action as may be necessary to cure such default. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, cure and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage; and (b) In the case of a default which is not susceptible of being cured by the Leasehold Mortgagee, to commence promptly and diligently prosecute to completion foreclosure proceedings or to acquire Tenant's estate hereunder, either in its own name or through a nominee, by-by assignment in lieu of foreclosure. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage. The Leasehold Mortgagee shall not be required to continue to proceed to obtain possession, or to continue in possession as mortgagee, of the Leased Premises pursuant to clause (i) above, or to continue to prosecute foreclosure proceedings pursuant to clause (ii) above, if and when such default shall be cured. Nothing herein shall preclude Landlord from exercising any of its rights or remedies with respect to any other default by Tenant during any period when Landlord shall be forebearing termination of this Lease as above provided, but in such event the Leasehold Mortgagee shall have all of the rights and protections hereinabove provided for. If the Leasehold Mortgagee, or its nominee, or a purchaser at a foreclosure sale, shall acquire title to Tenant's leasehold estate hereunder, and shall cure all defaults of Tenant hereunder which can be cured by the Leasehold Mortgagee, or by such purchaser, as the case may be, then the defaults of any prior holder of Tenant's leasehold estate or any other estate, right, title or interest hereunder which are not susceptible of being cured by the Leasehold Mortgagee (or by such purchaser) shall no longer be deemed to be defaults hereunder.

CERTAIN DEFAULT. In the event a default by Tenant occurs~occurs in the performance or observance of any term, covenant, condition, or agreement on Tenant's part to be performed under this Lease (other than a term term, covenant, condition or agreement requiring the payment of a sum of money) which cannot practicably be cured by the Leasehold Mortgagee without taking possession of the Leased Premises (or if such default is of such a nature that the same is not susceptible of being cured by the Leasehold Mortgagee), then Landlord shall not serve a notice of election to terminate this Lease pursuant to the terms of Paragraph 17.2(a), or otherwise terminate the leasehold estate or any other estate, right, title or interest of Tenant hereunder by reason of such default without allowing the Leasehold Mortgagee reasonable time within which: (a) In the case of a default which cannot practically be cured by the Leasehold Mortgagee without taking possession of the Leased Premises, to obtain possession of the Leased Premises as mortgagee (through the appointment of a receiver of otherwise), and, upon obtaining possession, to commence promptly and diligently prosecute to completion such action as may be necessary to cure such default. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage; and (b) In the case of a default which is not susceptible of being cured by the Leasehold Mortgagee, to commence promptly and diligently prosecute to completion foreclosure proceedings or to acquire Tenant's estate hereunder, either in its own name or through a nominee, by-by assignment in lieu of foreclosure. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage. The Leasehold Mortgagee shall not be required to continue to proceed to obtain possession, or to continue in possession as mortgagee, of the Leased Premises pursuant to clause (i) above, or to continue to prosecute foreclosure proceedings pursuant to clause (ii) above, if and when such default shall be cured. Nothing herein shall preclude Landlord from exercising any of its rights or remedies with respect to any other default by Tenant during any period when Landlord shall be forebearing termination of this Lease as above provided, but in such event the Leasehold Mortgagee shall have all of the rights and protections hereinabove provided for. If the Leasehold Mortgagee, or its nominee, or a purchaser at a foreclosure sale, shall acquire title to Tenant's leasehold estate hereunder, and shall cure all defaults of Tenant hereunder which can be cured by the Leasehold Mortgagee, or by such purchaser, as the case may be, then the defaults of any prior holder of Tenant's leasehold estate or any other estate, right, title or interest hereunder which are not susceptible of being cured by the Leasehold Mortgagee (or by such purchaser) shall no longer be deemed to be defaults hereunder.

CERTAIN DEFAULT. In the event a default by Tenant occurs~occurs in the performance or observance of any term, covenant, condition, or agreement on Tenant's part to be performed under this Lease (other than a term term, covenant, condition or agreement requiring the payment of a sum of money) which cannot practicably be cured by the Leasehold Mortgagee without taking possession of the Leased Premises (or if such default is of such a nature that the same is not susceptible of being cured by the Leasehold Mortgagee), then Landlord shall not serve a notice of election to terminate this Lease lease pursuant to the terms of Paragraph 17.2(a), or otherwise terminate the leasehold estate or any other estate, right, title or interest of Tenant hereunder by reason of such default without allowing the Leasehold Mortgagee reasonable time within which: (a) In the case of a default which cannot practically be cured by the Leasehold Mortgagee without taking possession of the Leased Premises, to obtain possession of the Leased Premises as mortgagee (through the appointment of a receiver of otherwise), and, upon obtaining possession, to commence promptly and diligently prosecute to completion such action as may be necessary to cure such default. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage; and (b) In the case of a default which is not susceptible of being cured by the Leasehold Mortgagee, to commence promptly and diligently prosecute to completion foreclosure proceedings or to acquire Tenant's estate hereunder, either in its own name or through a nominee, by-by assignment in lieu of foreclosure. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage. The Leasehold Mortgagee shall not be required to continue to proceed to obtain possession, or to continue in possession as mortgagee, of the Leased Premises pursuant to clause (i) above, or to continue to prosecute foreclosure proceedings pursuant to clause (ii) above, if and when such default shall be cured. Nothing herein shall preclude Landlord Landdlord from exercising any of its rights or remedies with respect to any other default by Tenant during any period when Landlord shall be forebearing termination of this Lease as above provided, but in such event the Leasehold Mortgagee shall have all of the rights and protections hereinabove provided for. If the Leasehold Mortgagee, or its nominee, or a purchaser at a foreclosure sale, shall acquire title to Tenant's leasehold estate hereunder, and shall cure all defaults of Tenant hereunder which can be cured by the Leasehold Mortgagee, or by such purchaser, as the case may be, then the defaults of any prior holder of Tenant's leasehold estate or any other estate, right, title or interest hereunder which are not susceptible of being cured by the Leasehold Mortgagee (or by such purchaser) shall no longer be deemed to be defaults hereunder.