PART OF MORTGAGE BORROWER, AS TENANT THEREUNDER, AND
SHALL FAIL TO CURE THE SAME PRIOR TO THE EXPIRATION OF ANY APPLICABLE CURE
PERIOD PROVIDED THEREUNDER, LENDER (SUBJECT TO THE RIGHTS OF MORTGAGE LENDER)
SHALL HAVE THE RIGHT, BUT SHALL BE UNDER NO OBLIGATION, TO PAY ANY SUMS AND TO
PERFORM ANY ACT OR TAKE ANY ACTION AS MAY BE APPROPRIATE TO CAUSE ALL OF THE
TERMS, COVENANTS AND CONDITIONS OF THE GROUND LEASE ON THE PART OF MORTGAGE
BORROWER TO BE PERFORMED OR OBSERVED ON BEHALF OF MORTGAGE BORROWER, TO THE END
THAT THE RIGHTS OF MORTGAGE BORROWER IN, TO AND UNDER THE GROUND LEASE SHALL BE
KEPT UNIMPAIRED AND FREE FROM DEFAULT.
IF THE LANDLORD UNDER THE GROUND LEASE
SHALL DELIVER TO LENDER A COPY OF ANY NOTICE OF DEFAULT UNDER THE GROUND LEASE,
SUCH NOTICE SHALL CONSTITUTE FULL PROTECTION TO LENDER FOR ANY ACTION TAKEN OR
OMITTED TO BE TAKEN BY LENDER, IN GOOD FAITH, IN RELIANCE THEREON.
MORTGAGE
BORROWER SHALL EXERCISE EACH INDIVIDUAL OPTION, IF ANY, TO EXTEND OR RENEW THE
TERM OF THE GROUND LEASE UPON DEMAND BY LENDER MADE AT ANY TIME WITHIN NINETY
(90) DAYS PRIOR TO THE LAST DAY UPON WHICH ANY SUCH OPTION MAY BE EXERCISED, AND
MORTGAGE BORROWER HEREBY EXPRESSLY AUTHORIZES AND APPOINTS LENDER ITS
ATTORNEY-IN-FACT TO EXERCISE ANY SUCH OPTION IN THE NAME OF AND UPON BEHALF OF
MORTGAGE BORROWER SHOULD MORTGAGE BORROWER FAIL TO DO SO, WHICH POWER OF
ATTORNEY SHALL BE IRREVOCABLE AND SHALL BE DEEMED TO BE COUPLED WITH AN
INTEREST.
(B)
OTHER THAN AS PERMITTED BY THIS AGREEMENT, NOTWITHSTANDING
ANYTHING CONTAINED IN EITHER GROUND LEASE TO THE CONTRARY, BORROWER SHALL NOT
CAUSE OR PERMIT MORTGAGE BORROWER TO FURTHER SUBLET ANY PORTION OF APPLICABLE
PROPERTY SUBJECT TO SUCH GROUND LEASE (OTHER THAN AS PERMITTED PURSUANT TO THE
APPLICABLE TERMS AND CONDITIONS HEREOF) WITHOUT PRIOR WRITTEN CONSENT OF
LENDER.
IN ADDITION, (I) ANY SUCH SUBLEASE SHALL NOT TERMINATE OR BE TERMINABLE
BY THE LESSEE THEREUNDER, INCLUDING, BUT NOT LIMITED TO, IN THE EVENT OF ANY
ACTION FOR THE FORECLOSURE OF THE SECURITY INSTRUMENT (UNLESS A JUDGMENT IS
OBTAINED THEREIN AGAINST SUCH SUBLESSEE); AND (II) IN THE EVENT THAT THE GROUND
LEASE IS TERMINATED AS AFORESAID, THE SUBLESSEE UNDER THE SUBLEASE SHALL ATTORN
TO THE LESSOR UNDER THE GROUND LEASE OR TO THE PURCHASER AT THE SALE OF THE
APPLICABLE PROPERTY ON SUCH FORECLOSURE, AS THE CASE MAY BE.
IN THE EVENT THAT
ANY PORTION OF THE APPLICABLE PROPERTY SHALL BE SUBLET PURSUANT TO THE TERMS OF
THIS SUBSECTION, SUCH SUBLEASE SHALL BE DEEMED TO BE INCLUDED IN THE APPLICABLE
PROPERTY.
Section 5.24.
INTEREST RATE CAP AGREEMENT
(A)
PRIOR TO OR CONTEMPORANEOUSLY WITH THE CLOSING DATE, BORROWER
SHALL HAVE OBTAINED THE RATE CAP, WHICH SHALL CONTINUE UNTIL THE END OF THE
INTEREST PERIOD IN WHICH THE MATURITY DATE OF THE LOAN SHALL OCCUR AND HAVE A
NOTIONAL AMOUNT WHICH SHALL NOT AT ANY TIME BE LESS THAN THE OUTSTANDING
PRINCIPAL BALANCE OF THE LOAN.
THE RATE CAP SHALL BE