Common use of Right to Cure Default Clause in Contracts

Right to Cure Default. If default in the performance of any of the covenants of the Mortgagor herein occurs, the Collateral Agent, on behalf of the Mortgagee, may, at its discretion, remedy the same and for such purpose shall have the right to enter upon the Mortgaged Property or any portion thereof without thereby becoming liable to the Mortgagor or any person in possession thereof holding under the Mortgagor. If Collateral Agent shall remedy such a default or appear in, defend, or bring any action or proceeding to protect its interest in the Mortgaged Property or to foreclose this Mortgage or collect the Debt, the costs and expenses thereof (including reasonable attorneys' fees to the extent permitted by law), with interest as provided in this paragraph, shall be paid by the Mortgagor to the Collateral Agent upon demand. All such costs and expenses incurred by the Collateral Agent in remedying such default or in appearing in, defending, or bringing any such action or proceeding shall be paid by the Mortgagor to the Collateral Agent upon demand, with interest (calculated for the actual number of days elapsed between the incurrence thereof and Mortgagor’s reimbursement thereof on the basis of a 360-day year) at a rate per annum equal to 13% plus the rate of cash interest provided in the Notes (herein referred to as the “Default Rate”), provided, however, that the Default Rate shall in no event exceed the maximum interest rate which the Mortgagor may by law pay, for the period after notice from the Collateral Agent that such costs or expenses were incurred to the date of payment to the Collateral Agent. To the extent any of the aforementioned costs or expenses paid by the Collateral Agent after default by the Mortgagor shall constitute payment of (i) taxes, charges or assessments which may be imposed by law upon the Mortgaged Property, (ii) premiums on insurance policies covering the Mortgaged Property, (iii) expenses incurred in upholding the lien of this Mortgage, including, but not limited to, the costs and expenses of any litigation to collect the indebtedness secured by this Mortgage or to prosecute, defend, protect or preserve the rights and the lien created by this Mortgage, or (iv) any amount, cost or charge to which the Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such costs, expenses and amounts, together with interest thereon at the Default Rate, shall be added to the indebtedness secured by this Mortgage and shall be secured by this Mortgage.

Right to Cure Default. If SECTION 44. Except as may be provided elsewhere in this lease agreement, should Landlord default in the performance of any of its obligations under this lease, Tenant agrees that, prior to cancelling this lease or withholding any rent hereunder or making any payments against rent due hereunder (except for emergency repairs), the covenants Tenant shall give the Landlord and Landlord's first mortgagee (provided the Tenant has been notified of the Mortgagor herein occursname and address of same) not less than thirty (30) days' written notice setting forth the default giving rise to such right, sent by certified mail. In the event Landlord and/or Landlord's first mortgagee, as the case may be, within such thirty (30) day period, (a) commences to cure the default which is the subject of such notice and either cures such default within said thirty (30) day period, or, if such default cannot be reasonably cured within thirty (30) days, commences to cure such default and prosecutes such cure diligently through to the completion thereof or (b) commences foreclosure proceedings and prosecutes such foreclosure proceedings diligently through to completion thereof, the Collateral Agent, on behalf of the Mortgagee, may, at its discretion, remedy the same and for such purpose Tenant shall not have the right to enter upon cancel this lease, withhold any rents hereunder or claim any offset against rent due hereunder. The foregoing conditions precedent to Tenant's making payments and/or withholding or offsetting rent shall not apply in any instance where Tenant expends monies in the Mortgaged Property or any portion thereof without thereby becoming liable to the Mortgagor or any person in possession thereof holding under the Mortgagor. If Collateral Agent shall remedy reasonable belief that such a default or appear in, defend, or bring any action or proceeding expenditure is necessary to protect the premises or its interest in the Mortgaged Property possession or right to foreclose this Mortgage or collect the Debt, the costs and expenses thereof (including reasonable attorneys' fees to the extent permitted by law), with interest as provided in this paragraph, shall be paid by the Mortgagor to the Collateral Agent upon demand. All such costs and expenses incurred by the Collateral Agent in remedying such default or in appearing in, defending, or bringing any such action or proceeding shall be paid by the Mortgagor to the Collateral Agent upon demand, with interest (calculated for the actual number of days elapsed between the incurrence thereof and Mortgagor’s reimbursement thereof on the basis of a 360-day year) at a rate per annum equal to 13% plus the rate of cash interest provided in the Notes (herein referred to as the “Default Rate”), provided, however, that the Default Rate shall in no event exceed the maximum interest rate which the Mortgagor may by law pay, for the period after notice from the Collateral Agent that such costs or expenses were incurred to the date of payment to the Collateral Agent. To the extent any possession of the aforementioned costs or expenses paid by the Collateral Agent after default by the Mortgagor shall constitute payment of (i) taxes, charges or assessments which may be imposed by law upon the Mortgaged Property, (ii) premiums on insurance policies covering the Mortgaged Property, (iii) expenses incurred in upholding the lien of this Mortgage, including, but not limited to, the costs and expenses of any litigation to collect the indebtedness secured by this Mortgage or to prosecute, defend, protect or preserve the rights and the lien created by this Mortgage, or (iv) any amount, cost or charge to which the Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such costs, expenses and amounts, together with interest thereon at the Default Rate, shall be added to the indebtedness secured by this Mortgage and shall be secured by this Mortgage.premises. EMINENT DOMAIN

Right to Cure Default. If default in the performance of any of the covenants of the Mortgagor herein occurs, the Collateral Agent, on behalf of the Mortgagee, may, at its discretion, remedy the same and for such purpose shall have the right to enter upon the Mortgaged Property or any portion thereof without thereby becoming liable to the Mortgagor or any person in possession thereof holding under the Mortgagor. If Collateral Agent shall remedy such a default or appear in, defend, or bring any action or proceeding to protect its interest in the Mortgaged Property or to foreclose this Mortgage or collect the Debt, the costs and expenses thereof (including reasonable attorneys' fees to the extent permitted by law), with interest as provided in this paragraph, shall be paid by the Mortgagor to the Collateral Agent upon demand. All such costs and expenses incurred by the Collateral Agent in remedying such default or in appearing in, defending, or bringing any such action or proceeding shall be paid by the Mortgagor to the Collateral Agent upon demand, with interest (calculated for the actual number of days elapsed between the incurrence thereof and Mortgagor’s 's reimbursement thereof on the basis of a 360-day year) at a rate per annum equal to 135% plus the rate of cash interest provided in the Notes (herein referred to as the “Default Rate”"DEFAULT RATE"), provided, however, that the Default Rate shall in no event exceed the maximum interest rate which the Mortgagor may by law pay, for the period after notice from the Collateral Agent that such costs or expenses were incurred to the date of payment to the Collateral Agent. To the extent any of the aforementioned costs or expenses paid by the Collateral Agent after default by the Mortgagor shall constitute payment of (i) taxes, charges or assessments which may be imposed by law upon the Mortgaged Property, (ii) premiums on insurance policies covering the Mortgaged Property, (iii) expenses incurred in upholding the lien of this Mortgage, including, but not limited to, the costs and expenses of any litigation to collect the indebtedness secured by this Mortgage or to prosecute, defend, protect or preserve the rights and the lien created by this Mortgage, or (iv) any amount, cost or charge to which the Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such costs, expenses and amounts, together with interest thereon at the Default Rate, shall be added to the indebtedness secured by this Mortgage and shall be secured by this Mortgage.

Right to Cure Default. If default in the performance of any of the --------------------- covenants of the Mortgagor herein occurs, the Collateral Agent, on behalf of the Mortgagee, Mortgagee may, at its discretion, remedy the same and for such purpose shall have the right to enter upon the Mortgaged Property or any portion thereof without thereby becoming liable to the Mortgagor or any person in possession thereof holding under the Mortgagor. If Collateral Agent Mortgagee shall remedy such a default or appear in, defend, or bring any action or proceeding to protect its interest in the Mortgaged Property or to foreclose this Mortgage or collect the Debt, the costs and expenses thereof (including reasonable attorneys' fees to the extent permitted by law), with interest as provided in this paragraph, shall be paid by the Mortgagor to the Collateral Agent Mortgagee upon demand. All such costs and expenses incurred by the Collateral Agent Mortgagee in remedying such default or in appearing in, defending, or bringing any such action or proceeding shall be paid by the Mortgagor to the Collateral Agent Mortgagee upon demand, with interest (calculated for the actual number of days elapsed between the incurrence thereof and Mortgagor’s 's reimbursement thereof on the basis of a 360-day year) at a rate per annum equal to 135% plus the rate of cash interest provided in the Notes Note (herein referred to as the “"Default Rate”"), provided, however, that the Default Rate shall in no event exceed the maximum interest rate which the Mortgagor may by law pay, for the period after notice from the Collateral Agent Mortgagee that such costs or expenses were incurred to the date of payment to the Collateral AgentMortgagee. To the extent any of the aforementioned costs or expenses paid by the Collateral Agent Mortgagee after default by the Mortgagor shall constitute payment of (i) taxes, charges or assessments which may be imposed by law upon the Mortgaged Property, (ii) premiums on insurance policies covering the Mortgaged Property, (iii) expenses incurred in upholding the lien of this Mortgage, including, but not limited to, the costs and expenses of any litigation to collect the indebtedness secured by this Mortgage or to prosecute, defend, protect or preserve the rights and the lien created by this Mortgage, or (iv) any amount, cost or charge to which the Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; then, and in each such event, such costs, expenses and amounts, together with interest thereon at the Default Rate, shall be added to the indebtedness secured by this Mortgage and shall be secured by this Mortgage.