Termination; New Lease. In the event that this Agreement is terminated by the Port for any reason under the terms of this Agreement or on account of a bankruptcy by or against Tenant, the Port shall serve notice to the Leasehold Mortgagee that the Agreement has been terminated. The notice shall include a statement of any and all sums which would at the time be due under this Agreement but for such termination and of all other defaults under this Agreement then known to the Port. Every Leasehold Mortgagee shall thereupon have an option, which must be exercised within forty-five (45) days after the notice, to obtain a new lease (“New Lease”) in accordance with and upon the following terms and conditions:
Appears in 3 contracts
Samples: Ground Lease Agreement, Ground Lease Agreement, Ground Lease Agreement
Termination; New Lease. In the event that this Agreement is terminated by the Port for on account of any reason incurable default under the terms of this Agreement or on account of a bankruptcy by or against Tenant, the Port shall serve notice to the Leasehold Mortgagee that the Agreement has been terminated. The notice shall include a statement of any and all sums which would at the time be due under this Agreement but for such termination and of all other defaults under this Agreement then known to the Port. Every Leasehold Mortgagee shall thereupon have an option, which must be exercised within forty-five (45) days after the notice, to obtain a new lease (“New Lease”) in accordance with and upon the following terms and conditions:
Appears in 1 contract
Samples: Ground Lease Agreement
