201203748 - Laserfiche WebLink

Browse

201203748 or organization) of the owner of the Mortgaged Property or any person obligated to pay any part of the Obligations, except for any merger, dissolution or consolidation of a wholly-owned subsidiary pursuant to which Grantor acquires all of the assets of such subsidiary. (m) Enforceability; Priority. Any Credit Document shall for any reason without Beneficiary's specific written consent cease to be in full force and effect, or shall be declared null and void or unenforceable in whole or in part, or the validity or enforceability thereof, in whole or in part, shall be challenged or denied by any party thereto other than Beneficiary; or the liens, mortgages or security interests of Beneficiary in any of the Mortgaged Property become unenforceable in whole or in part, or cease to be of the priority herein required, or the validity or enforceability thereof, in whole or in part, shall be challenged or denied by Grantor or any person obligated to pay any part of the Obligations. (n) Other Credit Documents. A default or event of default occurs under the Loan Agreement or any Credit Document other than this Deed of Trust, and the same is not remedied within the applicable period of grace (if any) provided in such Credit Document. The enumeration of specific events of default shall not impair the demand nature of any of the Obligations which by its terms or otherwise is payable on demand. ARTICLE 5 - REMEDIES Section 5.1 Certain Remedies. If a default shall occur, Beneficiary may (but shall have no obligation to) exercise any one or more of the following remedies, upon five (5) days prior written notice to Grantor; with a right to cure any default by Grantor during such period (unless a greater notice is required by applicable statute): (a) Acceleration. With respect to any Obligations other than any Obligation which is payable on demand, Beneficiary may at any time and from time to time declare any or all of such Obligations immediately due and payable and such Obligations shall thereupon be immediately due and payable, with presentment, demand, protest, notice or protest, notice of acceleration or of intention to accelerate or any other notice or declaration of any kind, all of which are hereby expressly waived by Grantor. Without limitation of the foregoing, upon the occurrence of a default described in clauses (i), (iii) or (iv) of paragraph (d)(1) or paragraph (d)(2) of Section 4.1 hereof, an Obligations shall thereupon be immediately due and payable, without presentment, demand, protest, notice of protest, declaration or notice of acceleration or intention to accelerate, or any other notice, declaration or act of any kind, all of which are hereby expressly waived by Grantor. (b) Enforcement of Assignment of Rents. From the date of default through the expiration of .the last redemption period following the foreclosure of this Deed of Trust, Beneficiary may: (1) terminate the License and collect and/or sue for the Rents in Beneficiary's own name, give receipts and releases therefor, and after deducting all expenses of collection, including attorneys' fees and expenses, apply the net proceeds thereof to the Obligations in such manner and order as Beneficiary may elect and/or to the operation and management of the Mortgaged Property, including the payment of management, brokerage and attorneys' fees and Bolton Farm - Loan 195618 JM MDAY 1095245 v1 0-0 05/03/2012 Page 20 of 31