FACT THAT MORTGAGEE MAY BE
ENTITLED TO SUCH NOTICE DIRECTLY FROM THE LESSOR.
MORTGAGOR SHALL PROMPTLY
NOTIFY MORTGAGEE OF ANY DEFAULT UNDER THE SUBJECT LEASE BY LESSOR OR GIVING OF
ANY NOTICE BY THE LESSOR TO MORTGAGOR OF SUCH LESSOR'S INTENTION TO END THE TERM
THEREOF OR THE EXERCISE OF AN EARLY TERMINATION RIGHT UNDER THE SUBJECT LEASE.
(E)
TO THE EXTENT THAT MORTGAGEE IS NOT GIVEN THE RIGHT BY THE LESSOR TO CURE
ANY DEFAULTS OF MORTGAGOR UNDER THE SUBJECT LEASE PURSUANT TO THE TERMS THEREOF,
THEN NOTWITHSTANDING ANY OTHER PROVISION OF THIS MORTGAGE, FOLLOWING WRITTEN
NOTICE OF DEFAULT SENT BY THE LESSOR TO MORTGAGOR AND THE COMPLETION OF ONE-HALF
OF MORTGAGOR'S CURE PERIOD WITH RESPECT TO SUCH DEFAULT, MORTGAGEE MAY (BUT
SHALL NOT BE OBLIGATED TO) TAKE ANY SUCH ACTION MORTGAGEE DEEMS REASONABLY
NECESSARY OR DESIRABLE TO CURE, IN WHOLE OR IN PART, ANY FAILURE OF COMPLIANCE
BY MORTGAGOR UNDER THE SUBJECT LEASE; AND UPON THE RECEIPT BY MORTGAGEE FROM
MORTGAGOR OR THE LESSOR UNDER THE SUBJECT LEASE OF ANY WRITTEN NOTICE OF DEFAULT
BY MORTGAGOR AS THE LESSEE THEREUNDER, MORTGAGOR MAY RELY THEREON, AND SUCH
NOTICE AND CONCLUSION OF ONE-HALF OF MORTGAGOR'S CURE PERIOD SHALL CONSTITUTE
FULL AUTHORITY AND PROTECTION TO MORTGAGEE FOR ANY ACTION TAKEN OR OMITTED TO BE
TAKEN IN GOOD FAITH RELIANCE THEREON.
ALL SUMS, INCLUDING REASONABLE ATTORNEYS'
FEES, SO REASONABLY EXPENDED BY THE MORTGAGEE TO CURE OR PREVENT ANY SUCH
DEFAULT, OR EXPENDED TO SUSTAIN THE LIEN OF THIS MORTGAGE OR ITS PRIORITY, SHALL
BE DEEMED SECURED BY THIS MORTGAGE AND SHALL BE PAID BY THE MORTGAGOR ON DEMAND,
WITH INTEREST ACCRUING THEREON AT THE INTEREST RATE.
UPON THE VESTING OF
MORTGAGEE'S RIGHT TO CURE DEFAULTS UNDER THE SUBJECT LEASE AS SET FORTH PURSUANT
TO THIS PARAGRAPH, MORTGAGOR HEREBY EXPRESSLY GRANTS TO MORTGAGEE (SUBJECT TO
THE TERMS OF THE SUBJECT LEASE), AND AGREES THAT MORTGAGEE SHALL, UPON PRIOR
NOTICE TO MORTGAGOR, HAVE, THE ABSOLUTE AND IMMEDIATE RIGHT TO ENTER IN AND UPON
THE LAND AND THE IMPROVEMENTS OR ANY PART THEREOF TO SUCH EXTENT AND AS OFTEN AS
MORTGAGEE, DEEMS REASONABLY NECESSARY OR DESIRABLE IN ORDER TO CURE ANY SUCH
DEFAULT OR ALLEGED DEFAULT BY MORTGAGOR, PROVIDED, THAT, MORTGAGEE AGREES THAT
IT SHALL NOT INTERFERE WITH MORTGAGOR'S BUSINESS CONDUCTED ON THE LAND AND
IMPROVEMENTS AND SHALL COMPLY WITH MORTGAGOR'S REASONABLE SECURITY REQUIREMENTS.
20
(F)
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF ANY EVENT OF DEFAULT, ALL
OPTIONS, ELECTION, CONSENTS AND APPROVAL RIGHTS CONFERRED UPON MORTGAGOR AS
LESSEE UNDER THE SUBJECT LEASE, TOGETHER WITH THE RIGHT OF TERMINATION,
CANCELATION, MODIFICATION, CHANGE, SUPPLEMENT, ALTERATION OR AMENDMENT OF THE
SUBJECT LEASE, ALL OF WHICH HAVE BEEN ASSIGNED FOR COLLATERAL PURPOSES TO
MORTGAGEE, SHALL AUTOMATICALLY VEST EXCLUSIVELY IN AND BE EXERCISABLE SOLELY BY
MORTGAGEE, PROVIDED, THAT, IF THE LESSOR UNDER THE SUBJECT LEASE IS NOT
OBLIGATED TO ACCEPT MORTGAGEE'S EXERCISE OF SUCH OPTIONS, ELECTIONS, CONSENTS
AND APPROVAL RIGHTS, THEN MORTGAGOR SHALL HAVE THE RIGHT TO EXERCISE THE SAME,
SUBJECT TO MORTGAGEE'S CONSENT.
(G)
MORTGAGOR WILL