Common use of Cure of Defects Clause in Contracts

Cure of Defects. If (i) any legal proceedings are instituted challenging or attacking the validity or priority of this Mortgage or of any rights or Liens created or evidenced hereby with respect to the Mortgaged Property, or (ii) any adverse claim is made against upon the title to any of the Mortgaged Property other than Permitted Liens, Mortgagor will give Mortgagee written notice thereof within three (3) business days after Mortgagor has knowledge of such legal proceedings or adverse claim, and, at Mortgagor’s own cost and expense, Mortgagor will diligently endeavor to cure any defect that may be claimed, and ▇▇▇▇▇▇▇▇▇ will take all necessary and proper steps for the defense of such legal proceedings, including the employment of counsel reasonably acceptable to Mortgagee, the prosecution or defense of litigation and the release or discharge of all adverse claims, and Mortgagee (whether or not named as a party to legal proceedings with respect thereto), is hereby authorized and empowered to take such additional steps as in its reasonable judgment and discretion may be necessary or proper for the defense of any such legal proceedings, including the prosecution or defense of litigation, and the compromise or discharge of any adverse claims made with respect to the Mortgaged Property, and all out-of-pocket expenses so incurred shall be a demand obligation owing by Mortgagor to Mortgagee in accordance with Section 12.03(a) of the Credit Agreement.

Cure of Defects. If (i) any legal proceedings are instituted challenging or attacking the validity or priority of this Mortgage or of any rights or Liens created or evidenced hereby with respect to the Mortgaged Property, or (ii) any adverse claim is made against upon the title to any of the Mortgaged Property other than Permitted Liens, Mortgagor will give Mortgagee written notice thereof within three (3) business days after Mortgagor has knowledge of such legal proceedings or adverse claim, and, at Mortgagor’s own cost and expense, Mortgagor will diligently endeavor to cure any defect that may be claimed, and ▇▇▇▇▇▇▇▇▇ Mortgagor will take all necessary and proper steps for the defense of such legal proceedings, including the employment of counsel reasonably acceptable to Mortgagee, the prosecution or defense of litigation and the release or discharge of all adverse claims, and Mortgagee (whether or not named as a party to legal proceedings with respect thereto), is hereby authorized and empowered to take such additional steps as in its reasonable judgment and discretion may be necessary or proper for the defense of any such legal proceedings, including the prosecution or defense of litigation, and the compromise or discharge of any adverse claims made with respect to the Mortgaged Property, and all out-of-pocket expenses so incurred shall be a demand obligation owing by Mortgagor to Mortgagee in accordance with Section 12.03(a) of the Credit Agreement.