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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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13. <br /> <br />(a) <br /> <br />(b) <br /> <br />(c) <br /> <br />Mortqaqinq of Leasehold Interest. <br /> <br />Provided that Tenant is not in default under this <br />lease, Tenant shall have .the right during the term <br />of this Lease to encumber its leasehold interest in <br />the Demised Premises as security for mortgage <br />financing without the consent of Landlord. Such <br />mortgages or deeds of trust are hereinafter <br />separately and collectively referred to as <br />"Mortgage," and the owners and holders thereof as <br />"Mortgagee." <br /> <br />Landlord. hereby agrees that upon written request of <br />either Tenant or the Mortgagee, Landlord will give <br />to the Mortgagee a copy of all notices from <br />Landlord to Tenant hereunder at the time of giving <br />such notice or communication to Tenant and notice <br />of any rejection of this Lease by any trustee in <br />bankruptcy of Tenant. <br /> <br />Landlord will not exercise any right, power or <br />remedy with respect to any Event of Default except <br />items 12(e) and 12(f), or termination hereunder <br />until the expiration of any grace period provided <br />to Tenant with respect thereto, plus an additional <br />period of fifteen (15) days, within which period <br />the Mortgagee shall give to Landlord written notice <br />that either (i) such default is not susceptible of <br />being corrected and is therefore subject to the <br />provisions of subparagraph 13(d) immediately below, <br />or (ii) the Mortgagee intends to undertake the <br />correction of such default or cause the same to be <br />corrected, and the Mortgagee shall thereafter in <br />the case of any default referred to in the <br />preceding clause (ii) of this subparagraph 13(c) <br />prosecute diligently the correction of such default <br />by exercise on behalf of Tenant of its obligations <br />hereunder; provided, that nothing herein contained <br />shall be construed to require any curative action <br />on the part of Mortgagee and Mortgagee's failure to <br />cure shall not affect the validity or <br />enforceability of Mortgagee's Mortgage on the <br />leasehold interest of Tenant. <br /> <br />In connection with the right to cure herein <br />granted, the Mortgagee may make any payment or <br />perform any act required hereunder to be made or <br />performed by Tenant. Such payment or performance <br />shall have the same effect as if made or performed <br />by Tenant and Tenant shall be released from any <br /> <br />9 <br /> <br /> <br />
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