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201300074
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Last modified
12/31/2013 10:45:42 AM
Creation date
1/4/2013 2:32:31 PM
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DEEDS
Inst Number
201300074
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201300074 <br /> is given to Beneficiary in consideration for Beneficiary's (A) making of the Loan and (B) not <br /> requiring Trustor to exercise the option to extend the term of the Site Lease or exercise any purchase <br /> option before the Closing Date,(ii)that it is reasonable for Beneficiary to require the leasehold term <br /> to extend beyond the maturity of the Note;(iii)that if any option is exercised by Beneficiary.Trustor <br /> agrees it is and shall remain solely liable with respect thereto as tenant under the Site Lease and <br /> releases Beneficiary from any and all liability with respect thereto or claims relating thereto. <br /> (c) So long as any portion of the Obligations shall remain unpaid, unless <br /> Beneficiary shall otherwise consent,the fee title to the Land and the leasehold estate therein created <br /> pursuant to the provisions of the Site Lease shall not merge but shall always be kept separate and <br /> distinct, notwithstanding the union of such estates in Trustor, the owner, or in any other person by <br /> purchase, operation of law or otherwise. Beneficiary reserves the right, at any time, to release <br /> portions of the Mortgaged Property,including,but not limited to,the leasehold estate created by the <br /> Site Lease,with or without consideration,at Beneficiary's election,without waiving or affecting any <br /> of its rights hereunder or under the Loan Documents and any such release shall not affect <br /> Beneficiary's rights in connection with the portion of the Mortgaged Property not so released. <br /> (d) So long as any portion of the Obligations remains unpaid, if Trustor shall <br /> become the owner and holder of the fee title to the Land, the lien of this Deed of Trust shall be <br /> spread to cover Trustor's fee title to the Land and said fee title shall be deemed to be included in the <br /> Mortgaged Property. Trustor agrees to execute any and all documents or instruments necessary to <br /> subject its fee title to the Land to the lien of this Deed of Trust,in form and substance satisfactory to <br /> Beneficiary. <br /> (e) Trustor hereby unconditionally assigns,transfers and sets over to Beneficiary <br /> all of Trustor's claims and rights to the payment of damages arising from any rejection by the owner <br /> of the Site Lease under the Debtor Relief Laws. Beneficiary shall have the right to proceed in its <br /> own name or in the name of Trustor in respect of any claim, suit,action or proceeding relating to the <br /> rejection of the Site Lease, including, without limitation, the right to file and prosecute, to the <br /> exclusion of Trustor, any proofs of claim, complaints, motions, applications, notices and other <br /> documents, in any case in respect of the owner under the Debtor Relief Laws. Subject to the <br /> provisions of Section 5.07, this assignment constitutes a present, irrevocable and unconditional <br /> assignment of the foregoing claims,rights and remedies, and shall continue in effect until all of the <br /> Obligations shall have been satisfied and discharged in full. Any amounts received by Beneficiary <br /> as damages arising out of the rejection of the Site Lease as aforesaid shall be applied first to all costs <br /> and expenses of Beneficiary (including, without limitation, attorneys' fees and disbursements) <br /> incurred in connection with the exercise of any of its rights or remedies under this Section 2.15(e). <br /> (f) Trustor shall not,without Beneficiary's prior written consent,elect to treat the <br /> Site Lease as terminated under Section 365(h)(1) of the Bankruptcy Code of the United States(the <br /> "Bankruptcy Code '). Any such election made without Beneficiary's prior written consent shall be <br /> void. <br /> (g) If pursuant to Section 365(h)(1) of the Bankruptcy Code, Trustor seeks to <br /> offset against the Rent reserved in the Site Lease the amount of any damages caused by the <br /> nond performance by the owner of any of the owner's obligations under the Site Lease after the <br /> -13- <br />
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