Eagle Hospitality Trust Issues Pay/Perform or Quit Statutory Notices In Relation To Master Leases
September 18, 2020 – Eagle Hospitality REIT Management Pte. Ltd., manager of Eagle Hospitality Real Estate Investment Trust (REIT), issued statutory notices to Master Leesess in some of their properties.
The statement read:
“Pursuant to such Statutory Notices, each of the applicable Master Lessors has demanded that (where applicable under applicable State law) the applicable Master Lessee pay the outstanding rent and/or perform the defaulted non-rent obligations under the applicable MLA within the stipulated deadline (of between three (3) to fifteen (15) days as required under applicable State law).”
“Upon expiry of the applicable notice period, if the applicable Master Lessee fails to pay and/or quit the defaulted MLA obligations, the applicable Master Lessee is required to quit and peacefully vacate and surrender the applicable property.”
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