Lessor Defaults. The following events shall be defaults with respect to Lessor (each, a “Lessor Default”):
Lessor Defaults. Lessor shall in no event be charged with default in any of its obligations hereunder unless and until Lessor shall have failed to perform such obligations within thirty (30) calendar days or such additional time as is reasonably required to correct any such default after written notice from Lessee to Lessor, specifically describing such failure in reasonable detail. If the holder of the first mortgage covering the Leased Area shall have given written notice to Lessee of the address to which notices to such holder are to be sent, Lessee shall give such holder written notice simultaneously with any notice given to Lessor of any default of Lessor, and if Lessor fails to cure any default asserted in said notice within the time provided above, Lessee shall notify such holder in writing of the failure to cure, and said holder shall have the right but not the obligation, within thirty (30) days after receipt of such second notice, to cure such default before Lessee may take any action by reason of such default. In the case of a default by Lessor, beyond applicable notice and cure periods, Lessee’s sole and exclusive remedies shall be as set forth in this Article 14.3. After any notice and cure period shall have run, Lessee shall have the right to pursue an action at law against Lessor for monetary damages or injunctive relief. In addition, as to Lessor’s repair obligations, after any notice and cure period shall have run, Lessee shall have the right to cure the default and seek reimbursement from Lessor for Lessee’s reasonable third-party costs and expenses.. In no event shall Lessee have the right to terminate this Lease as a result of Lessor’s default unless Lessor’s default constitutes a “constructive eviction” of Lessee’s right to possession of the Leased Area.
Lessor Defaults. Lessee agrees with Lender that effective as of the date of this Agreement: (i) Lessee shall not take any steps to terminate the Lease for any default by Lessor or any succeeding owner of the Mortgaged Premises until after giving Lender written notice of such default, stating the nature of the default and giving Lender thirty (30) days from receipt of such notice to effect cure of the same, or if cure cannot be effected within said thirty (30) days due to the nature of the default, Lender shall have a reasonable time to cure provided that it commences cure within said thirty (30) day period of time and diligently carries such cure to completion; and (ii) notice to Lessor under the Lease (oral or written) shall not constitute notice to Lender.
Lessor Defaults. The term "Lessor Default," whenever used herein, shall mean any of the following events and any such event shall continue to be a the Lessor Default if and for so long as it shall not have been remedied:
Lessor Defaults. If Lessor fails to perform any of its respective obligations or covenants under this Lease, then Lessee shall be entitled to enforce any one or more of the following rights and remedies:
Lessor Defaults. Notwithstanding anything to the contrary contained in this Agreement or any other Operative Agreement, the Lenders agree that so long as each Lessee is performing its obligations under the Leases and no Lease Default or Lease Event of Default has occurred and is continuing, if a Lessor or an Agree SPC is in default of its obligations under a Project Loan Agreement, a Lease, a Development Agreement or a Development Agency Agreement (any of the foregoing defaults, a "Lessor Default"), the Lenders agree not to declare a Default or an Event of Default pursuant to Article IX of the Credit Agreement or Article X of a Project Loan Agreement; provided, however, the Lenders shall not be obligated to refrain from declaring a Default or an Event of Default with respect to a particular Project Loan Agreement where a Lessor Default has occurred with respect to such Property if such Lessor Default (a) is caused by the bankruptcy or similar proceeding being brought by or against a Lessor or Agree SPC (including the occurrence of the events described in Section 10.01(e) of each Project Loan Agreement) or (b) threatens, as determined by the Real Estate Administrative Agent in its sole discretion, the lien priority of the Mortgage or the right of the Owner Trustee to receive payments of Project Loan Basic Rent or Supplemental Rent under any of the Assignment of Leases or the right of the Real Estate Administrative Agent to receive payments of Project Loan Basic Rent or Supplemental Rent under a Reassignment of Leases. Upon the occurrence of either of the events described in clauses (a) or (b) above, the Lessee shall purchase the Project Loan Note and the Mortgage from the Owner Trustee for the amount of all outstanding Project Loan Advances relating to such Property plus all accrued interest and fees. Upon such purchase, the Project Loan Event of Default and the Credit Agreement Event of Default resulting from such events shall be deemed cured. In the event of a Lessor Default which is capable of cure by the related Lessee, the Lessee agrees to attempt diligently to cure such default.
Lessor Defaults. Except in the case of an emergency, in which event immediate action shall be required by Lessor, Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within thirty (30) days after written notice by Lessee to Lessor and to the holder of any mortgage or deed of trust covering the Premises and/or The parking and landscaped area surrounding the Premises whose name and address shall have theretofore been furnished to Lessee in writing; provided, however, that if the nature of Lessor's obligations is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. If the default by Lessor has not been cured within the time limits prescribed herein, Lessee may, along with any other remedies available at law or in equity, terminate the Lease as a result of Lessor's default, or cure the default and offset any claimed amount, plus interest at eighteen percent (18%) per annum (provided, however, that such interest rate shall not exceed the maximum rate allowed by law) against any minimum or additional Rent as it becomes due.
