Common use of DEFAULT BY SUBLESSOR Clause in Contracts

DEFAULT BY SUBLESSOR. SUBLESSOR shall not be in default unless SUBLESSOR fails to perform obligations required of SUBLESSOR within a reasonable time, but in no event later that thirty (30) days after written notice by SUBLESSEE to SUBLESSOR and to the holder of any mortgage or deed of trust covering the Premises furnished to SUBLESSEE in writing, specifying wherein SUBLESSOR has failed to perform such obligations; provided, however, that if the nature of SUBLESSOR'S obligation is such that more than thirty (30) days are required for performance, then SUBLESSOR shall not be in default if SUBLESSOR commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion; provided, further, that in the event that SUBLESSOR has defaulted in the payments of a monetary obligation and SUBLESSEE has advanced monies to pay such obligation. SUBLESSOR shall pay SUBLESSEE interest on such monies advanced at a rate of one percent (1%) per month until paid in full. H.