Common use of Curing Defaults Clause in Contracts

Curing Defaults. (a) If Sublessee shall be in default in the performance of any of its obligations hereunder beyond any applicable notice and cure period, Sublessor, without any obligation to do so, in addition to any other rights it may have in law or equity, may elect (but shall not be obligated) to cure such default after the applicable cure period at any time after delivery of five (5) business days’ notice to Sublessee. Sublessee shall reimburse Sublessor, upon demand for one hundred percent (100%) of all costs and expenses paid or incurred by Sublessor in curing such default, and interest thereon from the respective dates of Sublessor’s making the payments and incurring such costs, at the lesser of (i) the prime rate announced by Bank of America NT&SA from time to time (the “Prime Rate”) plus two percent (2%), or (ii) the maximum amount allowed by law, which sums and costs together with interest thereon shall be deemed Additional Rent payable promptly upon being billed therefor. (b) If Sublessor shall be in default in the performance of any of its obligations under the Master Lease beyond any applicable notice and cure period, Sublessee, without any obligation to do so, in addition to any other rights it may have in law or equity, may elect (but shall not be obligated) to cure such default after the applicable cure period at any time after delivery of five (5) business days’ notice to Sublessor. Sublessor shall reimburse Sublessee, upon demand for one hundred percent (100%) of all costs and expenses paid or incurred by Sublessee in curing such default, and interest thereon from the respective dates of Sublessee’s making the payments and incurring such costs, at the lesser of (i) the Prime Rate plus two percent (2%), or (ii) the maximum amount allowed by law, which sums and costs together with interest thereon shall be payable promptly upon being billed therefor.

Curing Defaults. (a) 27.01. If Sublessee Tenant shall be in default in the performance of any of its Tenant’s obligations hereunder beyond any applicable notice and cure periodunder this Lease, Sublessor, Landlord without any obligation to do so, in addition to any other rights it may have in law or equitythereby waiving such default, may elect (but shall not be obligatedobligated to) to cure perform the same for the account and at the expense of Tenant, immediately and without notice in a case of emergency, and in any other case only if such default continues after the expiration of the applicable grace period, if any. If Landlord effects such cure period by bonding any lien which Tenant is required to bond or otherwise discharge, Tenant shall obtain and substitute a bond for Landlord’s bond at its sole cost and expense and reimburse Landlord for the reasonable out-of-pocket cost of Landlord’s bond. 27.02. Bills for any time expenses incurred by Landlord in connection with any such performance by it for the account of Tenant as permitted in Section 27.01 or in recovering possession of the Premises after delivery default by Tenant beyond all applicable notice and grace periods or upon the expiration or sooner termination of this Lease, and interest on all sums advanced by Landlord under this Section 27.02 and/or Section 27.01 hereof (at the Interest Rate or the maximum rate permitted by law, whichever is less) may be sent by Landlord to Tenant monthly, or immediately, at its option, and such amounts shall be due and payable as Additional Charges within thirty (30) days after rendition of such bills, provided such bills are accompanied by invoices and other appropriate evidence. (a) For the purposes of this Section 27.03 a default by Landlord in the performance of any obligation that it may have under this Lease which involves the complete and total failure by Landlord to deliver any one of the essential services as are enumerated in Article 15 hereof, such as HVAC, electricity, water, elevator service and cleaning to more than half of the Premises, and which default is of such a nature that the cure thereof involves the performance of work or rendition of services solely within the confines of the Premises is hereinafter called a “Self-Help Default”. With respect to Self-Help Defaults occurring during the term of this Lease, the “first notice period” as such term is utilized herein, shall be fifteen (15) days and the “second notice period”, as such term is utilized herein, shall be five (5) business days. For all purposes under this Section 27.03, a notice shall be deemed given upon receipt by Landlord. If Landlord commits a Self-Help Default, Tenant may give to Landlord notice thereof, and Landlord shall have the first notice period within which to cure such Self-Help Default or if such Self-Help Default is of such a nature that the same cannot with reasonable diligence be cured within the first notice period, then the first notice period shall be deemed extended by such period as may be required with the application of reasonable diligence to cure such Self-Help Default, provided Landlord has commenced the cure of such Self-Help Default within the first notice period and thereafter diligently prosecutes the same completion. If landlord fails during the first notice period to cure any such Self-Help Default or initiate the cure thereof if the same is of such a nature that it cannot with reasonable diligence be cured within the first notice period and fails thereafter to cure the same diligently, Tenant may give to Landlord a second notice announcing its intention to cure Landlord’s Self-Help Default (should Landlord fail to do so) and the date following the day on which Landlord receives such notice shall be the first day of the second notice period. If Landlord fails to cure such Self-Help Default’ within the second notice period, or if such Self-Help Default is of such a nature that the same cannot with reasonable diligence be cured within the second notice period and Landlord fails to Sublesseecommence to cure the same within the second notice period and fails thereafter to continue to cure the same diligently, then Tenant may, utilizing reputable and experienced contractors and personnel engaged by it for such purpose perform such work within the Premises as may be required and may be prudently performed under the circumstances to effect the cure of such Self-Help Default. Sublessee To the extent that Tenant incurs any cost or expense for the performance of any work required to cure Landlord’s Self-Help Default as aforesaid, Tenant shall submit copies of relevant invoices together with proof of payment thereof, and Landlord shall reimburse SublessorTenant for such costs within thirty (30) days after submission of such invoices and proof. To the extent that Tenant invokes any of its rights hereunder and incurs any cost or expense for which it is entitled to reimbursement hereunder, upon demand for one hundred percent (100%) of all such costs and or expenses paid or shall be incurred by Sublessor Tenant acting reasonably under the circumstances and to the extent practicable, competitively. Tenant shall also be entitled to reimbursement in curing such default, and interest thereon from the respective dates of Sublessor’s making manner set forth in this subsection 27.03(a) for any reasonable cancellation penalties that Tenant shall incur in connection with any service or repair contracts that Tenant shall have entered into in order to exercise the payments and incurring such costs, at the lesser of rights granted to Tenant pursuant to this Section 27.03; provided: (i) the prime rate announced by Bank of America NT&SA from time to time (the “Prime Rate”) plus two percent (2%such contract(s), or under the circumstances, are both reasonable and commercially competitive, (ii) Tenant exercised reasonable effort to avoid or minimize such penalties and (iii) such cancellation penalties were not incurred as a result of any unreasonable or careless action on the maximum amount allowed part of Tenant (e.g., Tenant’s failure to cancel any such contract(s) promptly following Landlord’s rendition to Tenant of a Performance Notice, as the same is hereinafter defined). If Landlord fails to reimburse Tenant for any sums incurred by lawTenant as permitted under this Section 27.03 within the thirty (30) day period provided herein, which sums and costs together Tenant may thereafter recover such expenditures with interest thereon at the Interest Rate against the Letter of Credit (as hereinafter defined) until Tenant has been fully reimbursed with interest, but in no event shall Tenant be permitted to offset the same against or deduct the same from the Fixed Rent or Additional Charges Payable under this Lease. Notwithstanding any other provision contained in this Section 27.03, with respect to any Successor Landlord, the first notice period shall be thirty (30) days with respect to Self-Help Defaults, and the second notice period shall be fifteen (15) days. To the extent that Landlord’s failure to cure or initiate the cure of any Self-Help Default shall result from circumstances contemplated by Section 35.04 hereof, Landlord shall be deemed Additional Rent payable promptly upon being billed thereforto be acting diligently as contemplated by this Section 27.03. (b) If Sublessor shall be in default in the performance of any of its obligations under the Master Lease beyond any applicable notice and cure period, Sublessee, without any obligation to do so, in addition to any other rights it may have in law or equity, may elect (but shall not be obligated) to cure such default after the applicable cure period at any time after delivery Tenant exercises its right to cure a Self-Help Default with respect to the rendition of five any continuing service or utility or other activity Landlord shall elect to assume or resume the performance thereof, Landlord shall give notice (5) business days’ notice to Sublessor. Sublessor shall reimburse Sublessee, upon demand for one hundred percent (100%hereinafter called the “Performance Notice”) of all costs its willingness and expenses paid readiness to do so and Tenant shall discontinue the rendition or incurred by Sublessee performance thereof as of a time and date as to which Landlord and Tenant shall agree in curing such defaultorder to facilitate coordination thereof, and interest thereon but in no event more than thirty (30) days from the respective dates date of Sublessee’s making the payments and incurring such costs, at the lesser of (i) the Prime Rate plus two percent (2%), or (ii) the maximum amount allowed by law, which sums and costs together with interest thereon shall be payable promptly upon being billed thereforPerformance Notice.