Lease Default. Trustor shall, at Trustor’s sole cost and expense, give Beneficiary prompt written notice of any Lease Default (defined below). The term “Lease Default” shall mean there shall exist (i) any “Event of Default” as defined in any Lease, or (ii) any default under a Lease by Trustor after the expiration of any applicable notice or cure period, in respect of a covenant, misrepresentation, violation or other occurrence that Beneficiary, in its reasonable discretion, determines to be a material covenant, misrepresentation, violation or occurrence under such Lease.
Appears in 3 contracts
Sources: Deed of Trust (Cole Credit Property Trust III, Inc.), Deed of Trust (Cole Credit Property Trust III, Inc.), Deed of Trust and Security Agreement (Cole Credit Property Trust III, Inc.)