New Sublease. 3 In the event of any termination of this Sublease of which City has received written notice by reason of a surrender, cancellation, or termination by RIDA, or as a result of the rejection or disaffirmance of this Sublease pursuant to bankruptcy law or other Law affecting creditors rights, or as a result of any other termination of this Sublease for any 3 Conform to Ground Lease. reason, excluding in all cases a termination under Sections 5.1(d) or 5.2(b), then City shall deliver notice to each Permitted Lender that this Sublease has been terminated or rejected, as applicable. The notice shall include a statement of all Rent that would be due under this Sublease but for the termination hereof or the rejection of this Sublease, as applicable, and all other Events of Default, or breaches under this Sublease, that are then known to City, without the duty of inquiry; provided that in no event shall such notice prevent or estop City from asserting other breaches under this Sublease or Events of Default that become known to City after the time the notice is sent to the Permitted Lender. The Permitted Mortgage Lender or any Permitted Mezzanine Lender or SPE Lender Affiliate (defined below) nominated by the first priority Permitted Mortgage Lender (a “New Tenant”) shall then have the option, to be exercised within seventy-five (75) days following receipt of such notice of termination or rejection, as applicable, to enter into a new lease (“New Sublease”) with City (the period of time during which any Permitted Lender may require a New Sublease, the “New Lease Period”),, in each case, on the following terms and conditions:
Appears in 1 contract
Sources: Sublease Agreement
New Sublease. 3 In the event of any termination of this Sublease of which City has received written notice by reason of a surrender, cancellation, or termination by RIDA, excluding any termination under Sections 5.1(d) or 5.2(b), or as a result of the rejection or disaffirmance of this Sublease pursuant to bankruptcy law or other Law affecting creditors rights, or as a result of any other termination of this Sublease for any 3 Conform to Ground Lease. reason, excluding in all cases a termination under Sections 5.1(d) or 5.2(b), then City shall deliver notice to each Permitted Lender that this Sublease has been terminated or rejected, as applicable. The notice shall include a statement of all Rent that would be due under this Sublease but for the termination hereof or the rejection of this Sublease, as applicable, and all other Events of Default, or breaches under this Sublease, that are then known to City, without the duty of inquiry; provided that in no event shall such notice prevent or estop City from asserting other breaches under this Sublease or Events of Default that become known to City after the time the notice is sent to the Permitted Lender. The Permitted Mortgage Lender or any Permitted Mezzanine Lender or SPE Lender Affiliate (defined below) nominated by the first priority Permitted Mortgage Lender (a “New Tenant”) shall then have the option, to be exercised within seventy-five (75) days following receipt of such notice of termination or rejection, as applicable, to enter into a new lease (“New Sublease”) with City (the period of time during which any Permitted Lender may require a New Sublease, the “New Lease Period”),City, in each case, on the following terms and conditions:
Appears in 1 contract
Sources: Sublease Agreement