Common use of Right to Remedy Defaults Clause in Contracts

Right to Remedy Defaults. (a) If Mortgagor should fail to pay corporate taxes, Taxes, sums due under any Permitted Lien against the Mortgaged Property, or insurance premiums, or any sums payable by Mortgagor pursuant to the Leases, or fail to make necessary repairs to the Mortgaged Property, or permit waste to the Mortgaged Property, shall otherwise fail to perform its obligations under this Mortgage, Mortgagee, at its election, after giving Mortgagor three (3) business days' notice of such failure (except in an emergency in which case no such notice shall be required), shall have the right to make any payment or expenditure and to take any action which Mortgagor should have made or taken, or which Mortgagee deems advisable to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of Mortgagee's rights or remedies available hereunder or otherwise, at law or in equity. Such payment by Mortgagee shall not release Mortgagor from Mortgagor's obligations or constitute a waiver of Mortgagor's default under this Mortgage. (b) Mortgagee in making any payment authorized by this Paragraph: (i) relating to Taxes and corporate taxes, may do so according to any bill, statement or estimate procured from the appropriate publi▇ ▇ffice without inquiry into the accuracy of such bill, statement or estimate or into the validity of the Tax or c▇▇▇▇ thereof; or (ii) for the purchase, discharge, compromise or settlement of any other Lien, may do so without inquiry as to the validity or amount of any claim for lien which may be asserted; or (iii) for the payment of any sums to cure any default under the Leases, may do so without inquiry as to the validity or amount of any claimed default thereunder. In exercising its rights hereunder Mortgagee may, but need not, make full or partial payments on any Lien, if any, and purchase, discharge, compromise or settle any tax lien or other Lien or title or claim thereof, or redeem from any tax sale or forfeiture effecting the Mortgaged Property or contest any tax. Such payments will be deemed made by Mortgagee at Mortgagor's request and Mortgagee shall be subrogated to any and all rights and liens held by the owner or holder of any Lien, irrespective of whether such Lien is released or satisfied. (c) All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due immediately from Mortgagor to Mortgagee, shall be secured by this Mortgage and the lien therefore shall relate back to the date of this Mortgage, and such sums, as well as costs, shall bear interest at the default rate specified by Term Loan B Note from the date of payment by Mortgagee until the date of repayment to Mortgagee.

Right to Remedy Defaults. (a) If Mortgagor should fail to pay corporate taxes, Taxes, sums due under any Permitted Lien against the Mortgaged PropertyFirst Mortgage, or insurance premiums, or any sums payable by Mortgagor pursuant to the Leases, or fail to make necessary repairs to the Mortgaged Property, or permit waste to the Mortgaged Property, or shall otherwise fail to perform its obligations under this Mortgage, Mortgagee, at its election, after giving Mortgagor three ten (310) business days' ’ notice of such failure (except in an emergency in which case no such notice shall be required), shall have the right to make any payment or expenditure and to take any action which Mortgagor should have made or taken, or which Mortgagee deems advisable to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of Mortgagee's ’s rights or remedies available hereunder or otherwise, at law or in equity. Such payment by Mortgagee shall not release Mortgagor from Mortgagor's ’s obligations or constitute a waiver of Mortgagor's ’s default under this Mortgage. (b) Mortgagee in making any payment authorized by this ParagraphSection: (i) relating to Taxes and corporate taxes, may do so according to any billbi▇▇, statement or estimate procured from the appropriate publi▇ ▇ffice public office without inquiry into the accuracy of such billbi▇▇, statement or estimate or into the validity of the Tax or c▇▇▇▇ claim thereof; or (ii) for the purchase, discharge, compromise or settlement of any other Lien, may do so without inquiry as to the validity or amount of any claim for lien which may be asserted; or (iii) for the payment of any sums to cure any default under the Leases, may do so without inquiry as to the validity or amount of any claimed default thereunder, unless as to any of the foregoing in clauses (i), (ii) or (iii), Mortgagor shall be contesting the same by appropriate legal proceedings diligently and in good faith and if: (1) Mortgagor notifies Mortgagee of the commencement of such proceedings (2) the Mortgaged Property is not in danger of being sold or forfeited; and (3) Mortgagor deposits with Mortgagee reserves sufficient to pay the contested amounts, if reasonably requested by Mortgagee. In exercising its rights hereunder Mortgagee may, but need not, make full or partial payments on any Lien, if any, and purchase, discharge, compromise or settle any tax lien or other Lien or title or claim thereof, or redeem from any tax sale or forfeiture effecting the Mortgaged Property or contest any tax. Such payments will be deemed made by Mortgagee at Mortgagor's ’s request and Mortgagee shall be subrogated to any and all rights and liens Hens held by the owner or holder of any Lien, irrespective of whether such Lien is released or satisfied. (c) All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due immediately from Mortgagor to Mortgagee, shall be secured by this Mortgage and the lien therefore shall relate back to the date of this Mortgage, and such sums, as well as costs, shall bear interest at the highest applicable default rate specified by Term Loan B under the Note from the date of payment by Mortgagee until the date of repayment to Mortgagee.