Common use of Curing Clause in Contracts

Curing. Lender shall have the right, but shall not have the obligation, to exercise Borrower’s rights under the First Mezzanine Borrower Company Agreement (a) to cure a Mortgage Loan Default, or Senior Mezzanine Loan Default, (b) to cure a Mortgage Loan Event of Default, or Senior Mezzanine Loan Event of Default, (c) to satisfy any Liens, claims or judgments against the Properties (except for Liens permitted by the Mortgage Loan Documents or Senior Mezzanine Loan Documents), (d) to satisfy any Liens, claims or judgments against the Senior Mezzanine Collateral, in the case of either (a), (b) or (c), unless Borrower, Senior Mezzanine Borrower or Mortgage Borrower shall be diligently pursuing remedies to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs incurred by Lender in connection with curing any such Mortgage Loan Default, Senior Mezzanine Loan Default, Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default or satisfying any Liens, claims or judgments against any of the Properties or the Senior Mezzanine Collateral.

Curing. Lender shall have the right, but shall not have the obligation, to exercise Borrower’s rights under the First applicable Senior Mezzanine Borrower Company Agreement (a) to cure a Mortgage Loan Default, Default or Senior Mezzanine Loan Default, (b) to cure a Mortgage Loan Event of Default, Default or Senior Mezzanine Loan Event of Default, (c) to satisfy any Liens, claims or judgments against the Properties (except for Liens permitted by the Mortgage Loan Documents or Senior Mezzanine Loan Documents), (d) to satisfy any Liens, claims or judgments against the Senior Mezzanine Collateral, in the case of either (a), (b) or (c), ) unless Borrower, Senior Mezzanine Borrower or Mortgage Borrower shall be diligently pursuing remedies to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs incurred by Lender in connection with curing any such Mortgage Loan Default, Senior Mezzanine Loan Default, Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default or satisfying any Liens, claims or judgments against any of the Properties or the Senior Mezzanine Collateral.

Curing. Lender shall have the right, but shall not have the obligation, to exercise Borrower’s rights under the First Mezzanine Borrower Company Agreement Loan Documents (a) to cure a Mortgage Mezzanine A Loan Default, or Senior Mezzanine Loan Default, (b) to cure a Mortgage A Loan Event of Default, Mortgage Loan Default or Senior Mezzanine Mortgage Loan Event of Default, Default and (cb) to satisfy any Liens, claims or judgments against the Properties Mezzanine A Collateral (except for liens permitted by the Mezzanine A Loan Documents) and the Property (except for Liens permitted by the Mortgage Loan Documents or Senior Mezzanine Loan Documents), (d) to satisfy any Liens, claims or judgments against the Senior Mezzanine Collateral, in the case of either (a), (b) or (cb), unless Borrower, Senior Mezzanine Borrower A Borrower, or Mortgage Borrower shall be diligently pursuing remedies to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs incurred by Lender in connection with curing any such Mortgage Mezzanine A Loan Default, Senior Mezzanine Loan A Event of Default, Mortgage Loan Event of Default or Senior Mezzanine Mortgage Loan Event of Default or satisfying any Liens, claims or judgments against any of the Properties Property or the Senior Mezzanine A Collateral.

Curing. Lender shall have the right, but shall not have the obligation, to exercise Borrower’s rights under the First Mezzanine Mortgage Borrower Company Agreement and the Maryland Owner Company Agreement (a) to cure a Mortgage Loan Default, Default or Senior Mezzanine Loan Default, (b) to cure a Mortgage Loan Event of Default, or Senior Mezzanine Loan Event of Default, Default and (cb) to satisfy any Liens, claims or judgments against the Properties (except for Liens permitted by the Mortgage Loan Documents Documents), in the case of either (a) or (b), unless Borrower or Mortgage Borrower shall be diligently pursuing remedies to cure to Lender’s sole satisfaction and (b) Senior Mezzanine Borrower Company Agreement (a) to cure a Senior Mezzanine Loan Default or Senior Mezzanine Loan Documents), Event of Default and (db) to satisfy any Liens, claims or judgments against the Senior Mezzanine CollateralCollateral (except for Liens permitted by the Senior Mezzanine Loan Documents), in the case of either (a), (b) or (cb), unless Borrower, Borrower or Senior Mezzanine Borrower or Mortgage Borrower shall be diligently pursuing remedies to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs incurred by Lender in connection with curing any such Mortgage Loan Default or Mortgage Loan Event of Default, Senior Mezzanine Loan Default, Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default or satisfying any Liens, claims or judgments against any of the Properties Individual Property or the Senior Mezzanine Collateral.

Curing. Lender shall have the right, but shall not have the obligation, upon written notice to Borrower to exercise Borrower’s rights under the First Mezzanine 3 Operating Agreement to cause Mezzanine 3 Borrower Company to exercise its rights under the Mezzanine 2 Operating Agreement to cause Mezzanine 2 Borrower to exercise its rights under Mezzanine 1 Operating Agreement to cause Mezzanine 1 Borrower to cause the Mortgage Loan Borrower Operating Agreement, (a) to cure a Mortgage Loan Default, or Senior Mezzanine 1 Loan Default, Mezzanine 2 Loan Default or Mezzanine 3 Loan Default, as applicable, and (b) to cure a Mortgage Loan Event of Default, or Senior Mezzanine Loan Event of Default, (c) to satisfy any Liens, claims or judgments against any Individual Property, the Properties Collateral or the Senior Mezzanine Collateral (except for Liens permitted by the Mortgage Loan Documents, the Loan Documents or the Senior Mezzanine Loan Documents, as applicable), (d) to satisfy any Liens, claims or judgments against the Senior Mezzanine Collateral, in the case of either clause (a), (b) or (cb), unless Borrower, Senior Mezzanine Borrower, Mortgage Loan Borrower or Mortgage Borrower Maryland Owner shall be diligently pursuing remedies so to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case matters to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs reasonably incurred by Lender in connection with curing any such Mortgage Loan Default, Default or Senior Mezzanine Loan Default, Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default or satisfying any such Liens, claims or judgments against any of the Properties or the Senior Mezzanine Collateraljudgments.

Curing. Lender shall have the right, but shall not have the obligation, upon written notice to Borrower to exercise Borrower’s rights under the First Mezzanine 2 Operating Agreement to cause Mezzanine 2 Borrower Company to exercise its rights under the Mezzanine 1 Borrower Operating Agreement to cause Mezzanine 1 Borrower to exercise its rights under the Mortgage Loan Borrower Operating Agreement, (a) to cure a Mortgage Loan Default, Mezzanine 1 Loan Default or Senior Mezzanine 2 Loan Default, as applicable, and (b) to cure a Mortgage Loan Event of Default, or Senior Mezzanine Loan Event of Default, (c) to satisfy any Liens, claims or judgments against any Individual Property, the Properties Collateral or the Other Senior Mezzanine Collateral (except for Liens permitted by the Mortgage Loan Documents, the Loan Documents or the Other Senior Mezzanine Loan Documents, as applicable), (d) to satisfy any Liens, claims or judgments against the Senior Mezzanine Collateral, in the case of either clause (a), (b) or (cb), unless Borrower, Other Senior Mezzanine Borrower, Mortgage Loan Borrower or Mortgage Borrower Maryland Owner shall be diligently pursuing remedies so to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case matters to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs reasonably incurred by Lender in connection with curing any such Mortgage Loan Default, Default or Other Senior Mezzanine Loan Default, Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default or satisfying any such Liens, claims or judgments against any of the Properties or the Senior Mezzanine Collateraljudgments.

Curing. Lender shall have the right, but shall not have the obligation, to exercise Borrower’s rights under the First Mezzanine Borrower Company Operating Agreement and/or the Mortgage Borrower Operating Agreement (a) to cure a Mortgage Loan Default, Default or Senior Mezzanine Loan Default, (b) to cure a Mortgage Loan Event of Default, Mezzanine Loan Default or Senior Mezzanine Loan Event of Default, Default and (cb) to satisfy any Liens, claims or judgments against the Properties Properties, the Mortgage Collateral or the Mezzanine Collateral (except for Liens permitted by the Mortgage Loan Documents or Senior Mezzanine Loan Documents), (d) to satisfy any Liens, claims or judgments against the Senior Mezzanine Collateral, in the case of either (a), (b) or (cb), unless Borrower, Senior Mezzanine Borrower or Mortgage Borrower shall be diligently pursuing remedies to cure the Mortgage Loan Default, the Senior Mezzanine Loan Default, the Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default or to satisfy any such Liens, claims or judgments, in either case to Lender’s sole satisfaction. Borrower shall reimburse Lender on demand for any and all costs incurred by Lender in connection with curing any such Mortgage Loan Default, Senior Mezzanine Loan Default, Default or Mortgage Loan Event of Default or Senior Mezzanine Loan Default or Mezzanine Loan Event of Default or satisfying any Liens, claims or judgments against any of the Properties or the Senior Mezzanine CollateralIndividual Property.