Protections for Qualified Lenders Sample Clauses

Protections for Qualified Lenders. Nothing herein shall be construed to prohibit, and Lessee is expressly permitted to obtain, a loan or loans that encumber Lessee’s leasehold interest under this Ground Lease but that do not encumber the Land (herein referred to as a “Leasehold Mortgage”). If Lessee obtains one or more Leasehold Mortgages, Lessee shall provide Lessor with written notice identifying the lender and the current notice address of each lender thereunder (each a “Qualified Lender”), and Lessor agrees that, simultaneously with the giving of any notice to Lessee (i) of default, (ii) of termination hereof, (iii) of any manner on which a default may be predicated or claimed, or (iv) of any condition which if continued may lead to a default or termination hereof or the exercise of any other remedies hereunder, Lessor shall give duplicate copies thereof to each Qualified Lender and no such notice to Lessee shall be effective against the Qualified Lender under a Leasehold Mortgage unless a copy of such notice is given to such Qualified Lender in the manner herein provided. Concurrently with Lessee, the Qualified Lender under a Leasehold Mortgage will have the same period, if any, after receipt of the aforesaid notice to remedy the default or cause the same to be remedied, plus twenty (20) additional days thereafter, and Lessor agrees to accept performance by the Qualified Lender under a Leasehold Mortgage as though the same had been done or performed by Lessee. Further, any provisions hereof to the contrary notwithstanding, Lessor will not terminate this Lease by reason of any default without first giving to each Qualified Lender under a Leasehold Mortgage a period of ninety (90) days after the occurrence of such a default within which either (a) to obtain possession of the Premises (including possession by a receiver) and thereafter to cure such default, or (b) to commence foreclosure proceedings in order to acquire Lessee’s interest under this Ground Lease and thereafter prosecute the same with diligence and without unreasonable delay or substantial interruption and, upon acquiring Lessee’s interest under this Ground Lease, fully cure such default, including the payment of all unpaid Net Basic Rent and Impositions. In the event of the termination of this Lease prior to its stated expiration date, Lessor agrees that it will give the Qualified Lender who is holder of the first-position lien Leasehold Mortgage notice of such termination and, at the request of such holder, will enter into...