Common use of Further Extension Clause in Contracts

Further Extension. If at the end of such six (6) month period such Leasehold Mortgagee is complying with this Lease, it shall not then terminate; and the time for completion by such Leasehold Mortgagee of proceedings pursuant to Section 6.06.1 above shall continue so long as such Leasehold Mortgagee is enjoined or stayed and thereafter for so long as such Leasehold Mortgagee proceeds to complete steps to acquire or sell Tenant's interest in this Lease by Foreclosure of the Leasehold Mortgage or by other appropriate means with reasonable diligence and continuity. Nothing in this Section 6.06, however, shall be construed to extend this Lease beyond the Term hereof, as may be extended by any options to extend the Term of this Lease properly exercised by Tenant or a Leasehold Mortgagee in accordance with Section 1.06 of this Lease, nor to require a Leasehold Mortgagee to continue such Foreclosure proceedings after the default has been cured. If the default shall be cured and the Leasehold Mortgagee shall discontinue such Foreclosure proceedings, this Lease shall continue in full force and effect as if Tenant had not defaulted under this Lease.

Appears in 1 contract

Sources: Ground Lease

Further Extension. If at the end of such six (6) six-month period such Leasehold Mortgagee is complying with Section 11.5(a), this Lease, it Lease shall not then terminate; and the time for completion by such Leasehold Mortgagee of proceedings pursuant to Section 6.06.1 11.5(a)(ii) above shall continue so long as such Leasehold Mortgagee is enjoined or stayed and thereafter for so long as such Leasehold Mortgagee proceeds to complete steps to acquire or sell Tenant's ’s leasehold interest in this Lease by Foreclosure of the Leasehold Mortgage or by other appropriate means with reasonable diligence and continuity, provided, however, that notwithstanding anything to the contrary contained herein, all extensions shall expire and this Lease shall terminate upon the expiration of one (1) year following the end of such six (6)-month period referenced in Section 11.5(a) above if any default giving rise to an extension of the term of this Lease remains uncured at the end of such period. Nothing in this Section 6.0611.5(b), however, shall be construed to extend this Lease beyond the Term hereofTerm, as may be extended by any options to extend the Term of this Lease properly exercised by Tenant or a Leasehold Mortgagee in accordance with Section 1.06 of this Lease, nor to require a Leasehold Mortgagee to continue such Foreclosure proceedings after the default has been cured. If the default shall be cured and the Leasehold Mortgagee shall discontinue such Foreclosure proceedings, this Lease shall continue in full force and effect as if Tenant had not defaulted under this Lease.

Appears in 1 contract

Sources: Ground Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.)