Ground Lease Default Sample Clauses
The Ground Lease Default clause defines the circumstances under which a party to a ground lease, typically the tenant, is considered to be in default of their obligations under the lease agreement. This clause outlines specific actions or failures—such as non-payment of rent, unauthorized alterations to the property, or failure to maintain insurance—that would trigger a default. It also typically describes the process for notifying the defaulting party and any grace periods for remedying the default. The core function of this clause is to provide a clear framework for identifying and addressing breaches of the lease, thereby protecting the interests of both landlord and tenant and ensuring the smooth operation of the lease arrangement.
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Ground Lease Default. Notwithstanding anything contained herein, a default by Borrower under a Ground Lease (a “Ground Lease Default”) shall, for all purposes hereunder, constitute a default under the Senior Loan with respect to which Junior Lenders shall have the right to cure in accordance with this Section 15(g) whether or not Senior Lender has cured such Ground Lease Default. In connection with any Ground Lease Default, Senior Lender shall, subject to the limitations and conditions set forth below, comply with each of the following provisions, to the extent applicable:
(i) If Senior Lender shall receive any written notice that a Ground Lease Default has occurred and is continuing or that a Ground Lease has been terminated or rejected in a Proceeding, Senior Lender shall promptly notify each Junior Lender in writing of the same and promptly deliver to each Junior Lender a true and complete copy of each such notice. Further, Senior Lender shall provide such documents and information as each Junior Lender shall reasonably request concerning such Ground Lease Default; provided that, in the event such requested documentation and information is not in the actual possession of Senior Lender, Senior Lender shall only be required to use commercially reasonable efforts to obtain such information and the applicable Junior Lender shall pay all reasonable costs and expenses of Senior Lender incurred in connection with obtaining such requested documentation and information.
(ii) Senior Lender shall, if requested by a Junior Lender, take all commercially reasonable action, to the extent permitted under the defaulted Ground Lease and not done by Borrower, to (A) cure any Ground Lease Default (to the extent such Ground Lease Default is susceptible of cure by Senior Lender), to keep and maintain such Ground Lease in full force and effect and (B) exercise any option to renew or extend such Ground Lease and give written confirmation thereof to each Junior Lender within thirty (30) days after such option is exercised, provided, that the costs and expenses of Senior Lender to take any such actions under this clause (ii) shall be paid pro rata by the Junior Lenders except to the extent such costs and expenses are otherwise allocated to any party other than the Senior Lender (the trust) in the pooling and servicing agreement for the Securitization of the Senior Loan.
(iii) If a Ground Lease terminates or is rejected in a Proceeding and Senior Lender has the right to designate a nominee to assume s...
Ground Lease Default. Any default by any of the Borrowers beyond any applicable grace period shall occur under any Ground Lease or any actual or attempted surrender, termination, modification or amendment of any Ground Lease without Lender's prior written consent. If more than one of the foregoing paragraphs shall describe the same condition or event, then Lender shall have the right to select which paragraph or paragraphs shall apply. In any such case, Lender shall have the right (but not the obligation) to designate the paragraph or 84 paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).
Ground Lease Default. If Borrower fails to comply with any term or condition of the Ground Lease or a default or an event of default occurs under the Ground Lease (subject to any notice and cure rights contained in the Ground Lease);
Ground Lease Default. See §6.21.
Ground Lease Default. If such Borrower shall fail, beyond any applicable notice and grace period permitted to Borrower under any 147 149 Ground Lease, to pay any rent, additional rent or other charge mentioned in or made payable pursuant to any Ground Lease when such rent, additional rent or other charge is due and payable; or if the leasehold estate created by any Ground Lease shall be surrendered or any Ground Lease shall be terminated or cancelled for any reason or under any circumstances whatsoever.
Ground Lease Default. If the Lincolnshire Issuer shall fail, beyond any applicable notice and grace period permitted to the Lincolnshire Issuer under the Ground Lease, to pay any rent, additional rent or other charge mentioned in or made payable pursuant to the Ground Lease when such rent, additional rent or other charge is due and payable (other than where the same is being contested in good faith in accordance with the terms of Section 5.1(b)(ii) hereof); or if the leasehold estate created by the Ground Lease shall be surrendered or the Ground Lease shall be terminated or canceled for any reason or under any circumstances whatsoever.
Ground Lease Default. (i) The Ground Lease is terminated by either party or assigned by Ground Lease Tenant, unless such termination, or assignment is approved in writing in advance by the Required Lenders, or (ii) a default by Ground Lease Tenant occurs under the Ground Lease which default is not cured prior to the expiration of any applicable notice and cure period, or (iii) a default by the Ground Lease Lessor occurs under the Ground Lease which default is not cured prior to the expiration of any applicable notice and cure period and such default is likely to result in a Material Adverse Change, or (iv) any of the terms, covenants or conditions of the Ground Lease shall be modified, changed, supplemented, altered, or amended without Required Lenders’ prior written consent.
Ground Lease Default. Tenant shall fail to observe or perform any covenant, obligation, condition or agreement in any Ground Lease or any Ground Lease shall expire, terminate or otherwise be extinguished; or
Ground Lease Default. A default by Borrower under the ground lease shall constitute a default under this Security Instrument.
Ground Lease Default. In the event of a default by Borrower in the performance of any of its obligations under the Ground Lease, including, without limitation, any default in the payment of any sums payable thereunder, then, in each and every case, Lender may, at its option, cause the default or defaults to be remedied and otherwise exercise any and all of the rights of Borrower thereunder in the name of and on behalf of Borrower. Borrower shall, on demand, reimburse Lender for all advances made and expenses incurred by Lender in curing any such default (including, without limitation, reasonable attorneys' fees and disbursements), together with interest thereon computed at the Default Rate from the date that such advance is made to and including the date the same is paid to Lender.