Common use of Acquisition of Possession Clause in Contracts

Acquisition of Possession. The Permitted Institutional Mortgagee shall, within sixty (60) days after notice of such Tenant non-monetary default, notify the Landlord of its election to proceed with due diligence promptly to acquire possession of the Premises or to foreclose the Permitted Institutional Mortgage or otherwise to obtain ownership of Tenant’s interest in this Lease. Such notice from the Permitted Institutional Mortgagee shall be accompanied by an instrument in writing wherein such Permitted Institutional Mortgagee agrees that: (A) during the period that such Permitted Mortgagee shall be in possession of the Premises and so long as it remains in possession and/or during the pendency of any such foreclosure or other proceedings and until the interest of Tenant in this Lease shall terminate or such proceeding shall be discontinued, it will pay or cause to be paid to the Landlord all sums from time to time becoming due hereunder during such period; and (B) if delivery of possession of the Premises shall be made to such Permitted Institutional Mortgagee, whether voluntarily or pursuant to any foreclosure or other proceedings or otherwise, such Permitted Institutional Mortgagee shall, promptly following such delivery of possession, perform all the covenants and agreements thereafter arising and herein contained on Tenant’s part to be performed (including, but not limited to the Affordability Commitments and the payment of Rent and Additional Rent) except such covenants and agreements which cannot with the exercise of due diligence be performed by such Permitted Institutional Mortgagee. Nothing in this subclause (B) shall be construed to require such Permitted Institutional Mortgagee to perform any of the Tenant’s obligations hereunder accruing after such Permitted Institutional Mortgagee ceases to be in possession.

Acquisition of Possession. The Permitted Institutional Mortgagee shall, within sixty (60) days after notice of such Tenant non-monetary default, notify the Landlord Town of its election to proceed with due diligence promptly to acquire possession of the Premises or to foreclose the Permitted Institutional Mortgage or otherwise to obtain ownership of Tenant’s interest in this Ground Lease. Such notice from the Permitted Institutional Mortgagee shall be accompanied by an instrument in writing wherein such Permitted Institutional Mortgagee agrees that: (A) during the period that such Permitted Mortgagee shall be in possession of the Premises and so long as it remains in possession and/or during the pendency of any such foreclosure or other proceedings and until the interest of Tenant in this Ground Lease shall terminate or such proceeding shall be discontinued, it will pay or cause to be paid to or on behalf of the Landlord Town all sums from time to time becoming due hereunder during such periodperiod and shall comply with all obligations of the Tenant under this Ground Lease; and (B) if delivery of possession of the Premises shall be made to such Permitted Institutional Mortgagee, whether voluntarily or pursuant to any foreclosure or other proceedings or otherwise, such Permitted Institutional Mortgagee shall, promptly following such delivery of possession, perform all the covenants and agreements thereafter arising and herein contained on Tenant’s part to be performed (including, but not limited to the Affordability Commitments and the payment of Rent and Additional Rent) except such covenants and agreements which cannot with the exercise of due diligence be performed by such Permitted Institutional Mortgageeperformed. Nothing in this subclause (B) shall be construed to require such Permitted Institutional Mortgagee to perform any of the Tenant’s obligations hereunder accruing after such Permitted Institutional Mortgagee ceases to be in possession.

Acquisition of Possession. The Permitted Institutional Mortgagee or Investor, as applicable, shall, within sixty (60) days after notice of such Tenant nonNon-monetary defaultMonetary Default, notify the Landlord of its election to proceed with due diligence promptly to acquire possession of the Premises or or, in the case of a Permitted Institutional Mortgagee, to foreclose the Permitted Institutional Mortgage or otherwise to obtain ownership of Tenant’s interest in this Lease. Such notice from the Permitted Institutional Mortgagee or Investor, as applicable, shall be accompanied by an instrument in writing wherein such Permitted Institutional Mortgagee or Investor, as applicable, agrees that: (A) during the period that such Permitted Mortgagee or Investor, as applicable, shall be in possession of the Premises and so long as it remains in possession and/or and/or, in the case of a Permitted Institutional Mortgagee, during the pendency of any such foreclosure or other proceedings and until the interest of Tenant in this Lease shall terminate or such proceeding shall be discontinued, it will pay or cause to be paid to the Landlord all sums from time to time becoming due hereunder during such period; and (B) if delivery of possession of the Premises shall be made to such Permitted Institutional MortgageeMortgagee or Investor, as applicable, whether voluntarily or or, in the case of a Permitted Institutional Mortgagee, pursuant to any foreclosure or other proceedings or otherwise, such Permitted Institutional Mortgagee or Investor, as applicable shall, promptly following such delivery of possession, perform all the covenants and agreements thereafter arising and herein contained on Tenant’s part to be performed (including, but not limited to the Affordability Commitments and the payment of Rent and Additional Rent) except such covenants and agreements which cannot with the exercise of due diligence be performed by such Permitted Institutional MortgageeMortgagee or Investor, as applicable (such as a default under Section 15.1(d)). Nothing in this subclause (B) shall be construed to require such Permitted Institutional Mortgagee or Investor, as applicable, to perform any of the Tenant’s obligations hereunder accruing after such Permitted Institutional Mortgagee or Investor, as applicable, ceases to be in possession.