Common use of Rights of Mortgagees and Assignees Clause in Contracts

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this Agreement, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's rights, powers and duties under this Agreement. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement or cease to perform any of its obligations under this Agreement so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 8 contracts

Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (American Retirement Corp), Lease Agreement (American Retirement Corp)

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Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to the holders of any Mortgagee mortgage on the Premises or holder of whom security interest in or collateral assignment of this Lease who have, in writing, notified Tenant has notice, of their interests (individually a “Mortgagee”) a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each every Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the any Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the a Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Premises to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of If any Mortgagee promptly commences and diligently pursues to cure a default by Landlord which is reasonably capable of being cured by a that Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 4 contracts

Samples: Real Estate Purchase and Sale Contract, Master Lease Agreement (CrossAmerica Partners LP), Lease Agreement (United Rentals Inc /De)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has noticeMortgagee, a copy of any such noticedefault notice in accordance with the terms of the Non-Disturbance Agreement. No notice of default or termination of this Agreement by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this Agreement, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. remedied (including any interest owed thereon by Landlord.) In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's rights, powers and duties under this Agreement. If, in the event of any non-monetary default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement or cease to perform any of its obligations under this Agreement so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 2 contracts

Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Property, to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 2 contracts

Samples: Lease Agreement (CNL Healthcare Trust, Inc.), Lease Agreement (CNL Healthcare Trust, Inc.)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Lawapplicable law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this Agreement, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's rights, powers and duties under this Agreement. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement or cease to perform any of its obligations under this Agreement so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 2 contracts

Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each any Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Premises to the extent necessary to exercise any of Landlord's rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 2 contracts

Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to the holders of any Mortgagee mortgage on the Premises or holder of whom security interest in or collateral assignment of this Lease who have, in writing, notified Tenant has notice, of their interests (individually a "MORTGAGEE") a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each any Mortgagee shall have been furnished a copy of such notice by Tenant. In the event If Landlord fails to cure any default by it under this AgreementLease, then the Mortgagee shall have, at its option, a period of thirty sixty (3060) days after the expiration of any Landlord's cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that If the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, ________________________________________________________________________________ Lease Agreement Property Name Tenant Name City, State 23 and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Premises to the extent necessary to exercise any of Landlord's rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Lease Agreement (Mar Mar Realty Trust)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to the holders of any Mortgagee mortgage on the Leased Property or holder of whom security interest in or collateral assignment of this Lease who have, in writing, notified Tenant has notice, of their interests (individually a "Mortgagee") a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each any Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not unreasonably withhold its consent to a further extension of the foregoing cure period by up to an additional thirty (30) days before Tenant would attempt to terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Ground Lease Agreement (CNL Retirement Properties Inc)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant written notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default Default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has received written notice, a copy of any such notice. No notice of default Default or termination of this Agreement Lease by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default Default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default Default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default Default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of any default Default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the defaultDefault, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee commences to cure within the foregoing thirty (30) day period and is, with due diligence, engaged in the curing of such defaultDefault.

Appears in 1 contract

Samples: Sublease Agreement (CNL Income Properties Inc)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to LandlordLandlord under this Lease, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such noticenotice to each Mortgagee whose identity and address have previously been provided to Tenant. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each Mortgagee shall have been furnished Tenant has delivered a copy of such notice by Tenantto any such Mortgagee. In the event Landlord fails to cure any default by it under this AgreementLease in the manner provided in Section 16.3, the Mortgagee shall have, at its option, a an additional period of thirty (30) days after expiration of any cure period of Landlord thereafter within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose purpose, Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Premises with forty-eight hours prior notice and with an escort from Tenant to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues commences to cure the defaultdefault within the 30-day cure period given to such Mortgagee herein, then notwithstanding that such default has not been cured within such 30-day period, Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee iscontinues, with due diligence, engaged in the curing of to prosecute such defaultcure to completion.

Appears in 1 contract

Samples: Lease (Xencor Inc)

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Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has noticereceived a Notice setting forth the name and address for such Mortgagee, a copy of any such notice. No notice of default or termination of this Agreement by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this Agreement, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this Agreement. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement or cease to perform any of its obligations under this Agreement so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Master Lease Agreement (Care Investment Trust Inc.)

Rights of Mortgagees and Assignees. Provided Tenant shall comply with the terms of any Facility Mortgage, provided Landlord has given Tenant notice of the applicable provisions thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement by Tenant shall be effective until each such Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this Agreement, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this Agreement. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement or cease to perform any of its obligations under this Agreement so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Lease Agreement (Sentio Healthcare Properties Inc)

Rights of Mortgagees and Assignees. Provided Any Mortgagee of Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable LawLaws, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Lease Agreement (CNL Lifestyle Properties Inc)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Property, subject to the terms of Article 18, to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Lease Agreement (CNL Healthcare Properties, Inc.)

Rights of Mortgagees and Assignees. Provided Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to the holders of any Mortgagee mortgage on the Demised Premises or holder of whom a security interest in or collateral assignment of this Lease who have, in writing, notified Tenant has notice, of their interests (individually a “Mortgagee”) a copy of any such notice. No notice of default of Landlord or termination of this Agreement by Lease from Tenant shall be effective against Mortgagee until each Mortgagee shall have been furnished received a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, any Mortgagee shall have until the greater of: (i) the time period provided to Landlord to cure said default; or (ii) thirty days from receipt of the notice of default from Tenant, to cure said default. Furthermore, if Mortgagee promptly commences and diligently pursues to cure a default by Landlord, then Tenant will not terminate this Lease or cease to perform any of its obligations under this Lease so long as the Mortgagee shall haveis, at its optionwith due diligence, a period engaged in the curing of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedieddefault. In the event that the a Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property Demised Premises to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of Mortgagee shall not have any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues obligation to cure the default, then Tenant will not terminate this Agreement or cease to perform any of its obligations under this Agreement so long as the Mortgagee is, with due diligence, engaged in the curing of such Landlord default.

Appears in 1 contract

Samples: Unitary Master Lease Agreement (RumbleOn, Inc.)

Rights of Mortgagees and Assignees. Provided Any Mortgagee of Landlord has given Tenant notice thereof, any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom Tenant has notice, a copy of any such notice. No notice of default or termination of this Agreement Lease by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any default by it under this AgreementLease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any Mortgagee to enter upon the Leased Property to the extent necessary to exercise any of Landlord's ’s rights, powers and duties under this AgreementLease. If, in the event of any default by Landlord which is reasonably capable of being cured by a Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Agreement Lease or cease to perform any of its obligations under this Agreement Lease so long as the Mortgagee is, with due diligence, engaged in the curing of such default.

Appears in 1 contract

Samples: Lease Agreement (CNL Lifestyle Properties Inc)

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