Common use of DEVELOPMENT FINANCING Clause in Contracts

DEVELOPMENT FINANCING. If during the Term, Lessee elects to develop or otherwise to construct improvements on the Premises, as set forth in Paragraph 10 above, the parties hereto agree as follows: (a) The total cost of the work shall be paid for by Lessee. (b) Notwithstanding anything herein to the contrary, Lessee is hereby given the absolute right without Lessor's consent to mortgage its interest in this Lease for the purpose of securing any loan to be used by Lessee for the development, improvement and operation of the Premises, but Lessor shall not be required to join or participate in said loan, or to accept any personal responsibility for the repayment of same. No such mortgage shall extend to or affect the fee title or the reversionary interest of Lessor in and to the Premises, or the reversionary interest of Lessor in and to any improvements now or hereafter installed upon the Premises. No such mortgage or assignment thereof shall be binding upon the Lessor in the enforcement of its rights under this Lease, but Lessor will provide a copy of any notice of default by Lessee to the mortgage holder and will accept performance by the mortgage holder of any term of this Lease to be performed by Lessee. The mortgage holder shall have thirty (30) days in which to cure any Event of Default by Lessee after the time for Lessee to cure it has expired; provided, however, that if the Event of Default cannot be cured by the payment of money, Lessor will not terminate this Lease if the mortgage holder commences and thereafter diligently pursues to completion foreclosure of its mortgage and pays to Lessor all sums then due and unpaid under the terms of this Lease. The loan documents shall contain a provision allowing, but not obligating, Lessor to cure any default thereunder if Lessee fails to do so. Such mortgage shall provide that a copy of any notice of default served thereunder shall be sent by mail to Lessor at the address given in this Lease for the service of notices hereunder. A duplicate original or certified copy of such mortgage, showing recording data, shall be given to Lessor within ten (10) days after the same is returned from the recorder's office.

DEVELOPMENT FINANCING. If during the Term, term of this lease the Lessee elects to develop do work of development or otherwise to construct improvements on the Premises, as set forth in Paragraph 10 above, the parties hereto agree as follows: (a) The total cost of the work shall be paid for by Lessee. (b) Notwithstanding anything herein to the contrary, Lessee is hereby given the absolute right without Lessor's the Lessors' consent to mortgage its interest in this Lease lease for the purpose of securing any loan to be used by Lessee for the development, development and improvement and operation of the Premises, but Lessor Lessors shall not be required to join or participate in said loan, or to accept any personal responsibility for the repayment of the same. No such mortgage shall extend to or affect the fee title or the reversionary interest of Lessor the Lessors in and to the Premises, or the reversionary interest of Lessor the Lessors in and to any improvements now or hereafter installed upon the said Premises. No such mortgage or assignment thereof shall be binding upon the Lessor Lessors in the enforcement of its their rights under this Leaselease, but Lessor Lessors will provide a copy of any give notice of default by Lessee to the mortgage holder and will accept performance by the mortgage holder of any term of this Lease lease to be performed by Lessee. The mortgage holder shall have thirty (30) days in which to cure any Event of Default default by Lessee after the time for Lessee to cure it has expired; provided, however, that if the Event of Default default cannot be cured by the payment of money, Lessor Lessors will not terminate this Lease lease if the mortgage holder commences and thereafter diligently pursues to completion foreclosure of its mortgage and pays to Lessor the Lessors all sums then due and unpaid under the terms of this Leaselease, as well as all other sums due from Lessee to Lessors under other agreements with respect to which Lessors have given prior written notice to mortgage holders referred to in this subparagraph (b). The loan documents shall contain a provision allowing, but not obligating, Lessor the Lessors to cure any default thereunder if the Lessee fails to do so. Such mortgage shall provide that a copy of any notice of default served thereunder shall be sent by mail to Lessor the Lessors at the address given in this Lease lease for the service of notices hereunder. A duplicate original or certified copy of such mortgage, showing recording data, shall be given to Lessor Lessors within ten (10) days after the same is returned from the recorder's office.