Lease Defaults. Seller shall have the right, at any time prior to the expiration of the Feasibility Period, to terminate a Lease or pursue any other available remedies upon the occurrence of a material default by a Tenant, except that Seller agrees before terminating a Lease or instituting any such proceedings to notify Purchaser to that effect, including a reasonable explanation of the events and circumstances which constitute such default and Seller's intended course of action in respect thereto (in each instance, a "Tenant Default Notification"), and Seller shall thereafter keep Purchaser reasonably informed about the actions taken by Seller with respect to such default.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement (Glimcher Realty Trust)