Reso 1998-026 to 030 - Laserfiche WebLink

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Notwithstanding anything to the contrary contained herein, in the event Tenant shall default in the performance of any terms, covenants, agreements and conditions of a Leasehold Mortgage, Landlord shall have the right, but not the obligation, to cure such default and the Leasehold Mortgagee shall accept any such performance by Landlord as though the same had been done or performed by Tenant. In case of a monetary default by Tenant under its Leasehold Mortgage, the Leasehold Mortgagee will not initiate foreclosure proceedings by reason thereof unless the Leasehold Mortgagee shall have served a notice of such default upon Landlord and the default continues for a period of fifteen (15) days beyond any cure period granted to Tenant, it being the intent hereof and the understanding of the parties that Landlord shall be allowed up to, but not in excess of, fifteen (15) days in addition to any time, if any, granted to Tenant to cure any monetary default of Tenant under the terms of a Leasehold Mortgage. In the case of any nonmonetary default by Tenant under a Leasehold Mortgage, Leasehold Mortgagee will not initiate foreclosure proceedings by reason thereof unless such nonmonetary default has continued beyond the grace period available to Tenant for curing said default, and then only after the Leasehold Mortgagee shall have given to Landlord sixty (60) days after the expiration of Tenant's grace period for curing such default within which either: (i) to commence to cure such default, if such default can be cured by Landlord without Landlord obtaining possession of the Leased Premises within said sixty (60) day period, and, thereafter, diligently proceed to cure such default; or LEASE BETWEEN CITY OF SAN LEANDRO AND SAN FRANCISCO BAY CONFERENCE RESORT PAGE 86 2574001\313983.8