REMAIN UNCURED (I) AS
OF THE DAY PRIOR TO THE EFFECTIVE DATE OF CANCELLATION OF ANY SUCH POLICY OR
COVERAGE AS SET FORTH IN A WRITTEN NOTICE FROM THE APPLICABLE INSURER, OR,
(II) THREE (3) BUSINESS DAYS FROM THE DATE ON WHICH NOTICE OF SUCH FAILURE IS
GIVEN BY LANDLORD, AND
(XIX)
TENANT SHALL FAIL TO RESTORE ANY SECURITY
DEPOSIT THEN BEING HELD PURSUANT TO THE PROVISIONS OF PARAGRAPH 37 TO ITS FULL
AMOUNT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH 37(C) AND SUCH FAILURE
CONTINUES FOR FIVE (5) DAYS AFTER NOTICE THEREOF FROM LANDLORD.
(B)
NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH
22(A) ABOVE, NO NOTICE OR CURE PERIOD SHALL BE REQUIRED IN ANY ONE OR MORE OF
THE FOLLOWING EVENTS: THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER CLAUSE (IV),
(V), (VI), (VII), (VIII), (IX), (X), (XI), (XIII), (XVI), OR (XVII) OF
PARAGRAPH 22(A).
45
(C)
TENANT HEREBY COVENANTS AND AGREES THAT IT
SHALL DELIVER TO LANDLORD, WITHIN THREE (3) BUSINESS DAYS AFTER THE OPTION LAPSE
DATE SHALL OCCUR, THE BENEFICIAL TRANSFER DOCUMENTS DULY EXECUTED BY TENANT (AS
AND WHERE REQUIRED).
IF TENANT SHALL FAIL TO SO EXECUTE AND DELIVER TO LANDLORD
THE BENEFICIAL TRANSFER DOCUMENTS AS AFORESAID WITHIN SUCH THREE (3) BUSINESS
DAY PERIOD, THEN, IN ADDITION TO THE EVENTS OF DEFAULT SET FORTH IN PARAGRAPH
22(A) ABOVE, SUCH FAILURE SHALL CONSTITUTE A LIMITED REMEDY DEFAULT (THE
"LIMITED REMEDY DEFAULT"); PROVIDED THAT LANDLORD'S SOLE REMEDY WITH RESPECT TO
SUCH LIMITED REMEDY DEFAULT SHALL BE THE RIGHT TO FORECLOSE UPON TENANT'S
BENEFICIAL INTEREST IN THE LEASED PREMISES UNDER THE LANDLORD MORTGAGE (WHETHER
BY JUDICIAL FORECLOSURE OR POWER OF SALE), IT BEING EXPRESSLY ACKNOWLEDGED AND
AGREED BY TENANT THAT NO NOTICE OR CURE PERIOD SHALL BE REQUIRED TO BE GIVEN BY
LANDLORD UNDER THIS LEASE PRIOR TO THE COMMENCEMENT OF ANY SUCH REMEDY BY
LANDLORD, THAT SUCH REMEDY SHALL BE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAWS, CUMULATIVE AND CONCURRENT AND NOT EXCLUSIVE OF ANY OTHER REMEDY
THAT LANDLORD MAY BE ENTITLED TO WITH RESPECT TO ANY OTHER EVENT OF DEFAULT
UNDER THIS LEASE AND SHALL BE EXERCISABLE AT THE SOLE DISCRETION OF LANDLORD;
PROVIDED THAT THE FAILURE OF TENANT TO TRANSFER BENEFICIAL TITLE TO THE LEASED
PREMISES HEREUNDER SHALL NOT, BY ITSELF, OPERATE TO TERMINATE THIS LEASE OR
CONSTITUTE A SEPARATE EVENT OF DEFAULT UNDER PARAGRAPH 22(A) HEREOF.
UPON THE
DELIVERY OF THE BENEFICIAL TRANSFER DOCUMENTS AND THE RECORDING OF THE TRUE
ASSIGNMENT AND THE PAYMENT OF ALL APPLICABLE TRANSFER TAXES THEREON, LANDLORD
SHALL RECORD A SATISFACTION OF THE LANDLORD MORTGAGE.
23.
Remedies and Damages upon Default.
(A)
IF AN EVENT OF DEFAULT SHALL HAVE OCCURRED
AND BE CONTINUING BEYOND THE EXPIRATION OF ANY APPLICABLE NOTICE AND/OR CURE
PERIOD, THEN LANDLORD SHALL HAVE THE RIGHT, AT ITS SOLE OPTION, THEN OR AT ANY
TIME THEREAFTER, TO EXERCISE ITS REMEDIES AND TO COLLECT DAMAGES FROM TENANT IN
ACCORDANCE WITH THIS PARAGRAPH 23 WITHOUT FURTHER DEMAND UPON OR NOTICE TO
TENANT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED BELOW IN THIS PARAGRAPH