SR 05:219 - Laserfiche WebLink

(5) Any default under this Lease which by its nature cannot be remedied by any Lender shall be deemed to be remedied if (i) within ninety (90) days after receiving written notice from the Lessor describing the default, or prior thereto, any Lender shall have acquired the Lessee's leasehold estate or commenced foreclosure or other appropriate proceedings, (ii) the Lender shall diligently prosecute any such proceedings to completion, (iii) the Lender shall have fully cured any default in the payment of any monetary obligations of the Lessee under this Lease which does not require possession of the Land, and (iv) after gaining possession of the Land, the Lender shall perform all other obligations of the Lessee under this Lease capable of performance by the Lender when the obligations are due. (6) If the Lenders are prohibited, stayed or enjoined by any bankruptcy, insolvency or other judicial proceedings involving the Lessee from commencing or prosecuting foreclosure or other appropriate proceedings, the times specified for commencing or prosecuting such foreclosure or other proceedings shall be extended for the period of such prohibition; provided that any Lender shall have fully cured any default in the payment of any monetary obligations of the Lessee under this Lease and shall continue to pay currently such monetary obligations when the same fall due; provided, further, that such Lender shall not interfere with the Lessor's efforts to seek compliance by the Lessee with any non-monetary obligation under this Lease. (7) The Lessor shall mail or deliver to any Lenders which have any outstanding Other Loan, whose addresses will be provided to Lessor by Lessee, a duplicate copy of all notices which the Lessor may from time to time give to the Lessee pursuant to this Lease. No notice by the Lessor to the Lessee under this Lease shall be effective unless and until a copy of the notice shall have been mailed or delivered such Lenders as set forth in this Section. (8) In the event any Lender becomes the Lessee under this Lease by means of foreclosure or deed in lieu of foreclosure or pursuant to any new lease obtained under subsection (9) below, that Lender shall be personally liable under this Lease or such new lease only for the period of time that the Lender remains the Lessee under this Lease, and that the Lender's right to assign this Lease or such new lease shall be subject to the restrictions set forth in this Lease. Nothing in this Section shall be construed to obligate any Lender to remedy any default of the Lessee, and any failure of any Lender to complete any such cure after commencing the same shall not give rise to any liability of any Lender to the Lessor or the Lessee. (9) In the event a Lender, its designee or another purchaser in foreclosure proceedings becomes the legal owner of the leasehold estate, and upon written request by the Lender given within sixty (60) days after becoming the legal owner of the leasehold estate, the Lessor shall enter into a new lease of the Land with or the Lender, or its nominee, purchaser, assignee or transferee, for the remainder of the Lease Term with the same agreements, covenants, reversionary interests and conditions (except for any requirements which have been fulfilled by the Lessee prior to termination) as are contained in this Lease and with priority equal to this Lease; provided. however, that the Lender shall promptly cure any defaults by the Lessee susceptible to cure by the Lender.. 144\105\151233.23 15