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201400400
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Last modified
8/19/2014 2:25:24 PM
Creation date
1/23/2014 3:16:30 PM
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DEEDS
Inst Number
201400400
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25. Remedies. <br />201400400 <br />Lender upon demand. All such reasonable costs and expenses incurred by Lender in <br />remedying such Event of Default or in appearing in, defending, or bringing any such <br />action or proceeding shall bear interest at the Default Rate, for the period after notice <br />from Lender that such cost or expense was incurred to the date of payment to Lender. <br />All such costs and expenses incurred by Lender together with interest thereon <br />calculated at the above rate shall be deemed to be protective advances hereunder and <br />shall constitute a portion of the Debt and be secured by this Security Instrument and <br />the other Loan Documents and shall be immediately due and payable upon demand by <br />Lender therefor. <br />(b) In order to facilitate Lender's rights under subparagraph (a) above and subject to <br />Lessee's rights under the Lease (provided that no default beyond any applicable notice <br />and/or cure period then exists under the Lease), Borrower hereby further grants to <br />Lender and any agents, employees, contractors, engineers, architects, nominees, <br />attorneys and other representatives of Lender, a license and right of access on, over, <br />through and under the Mortgaged Property in order to exercise any such rights. Such <br />license and right of access is self- effectuating and runs with the land during the <br />duration of this Security Instrument, and shall be binding upon Borrower and all <br />successors and assigns of Borrower. Borrower shall cause the foregoing rights of <br />Lender and such license and right of access to be agreed to by and binding upon all <br />lessees of the Mortgaged Property and all successors and assigns of such lessees. <br />Borrower shall promptly execute, and cause to be executed, any other documents <br />reasonably required by Lender in order to further confirm the foregoing rights of <br />Lender and such license and right of access. For the foregoing purposes, Borrower <br />constitutes and appoints Lender its true and lawful attorney -in -fact with full power of <br />substitution to exercise any such rights in the name of Borrower. Borrower empowers <br />said attorney -in -fact to do any and every act which Borrower might do in its own <br />behalf to fulfill the terms of this Security Instrument, the other Loan Documents and/or <br />the Lease. It is further understood and agreed that the foregoing power of attorney, <br />which shall be deemed to be a power coupled with an interest, cannot be revoked. <br />Borrower specifically agrees that all powers granted to Lender under this Security <br />Instrument may be assigned by Lender to its successors or assigns as holder of the <br />Note. <br />(c) Borrower shall have the right but not the obligation to cure up to three (3) consecutive <br />defaults by Lessee in the payment of monthly Fixed Rent under the Lease within the <br />grace period set forth in the Lease, provided that such right shall be limited to six (6) <br />monthly defaults during the life of the Note, and Borrower shall have the right, but not <br />the obligation, to cure any other default by Lessee within the grace periods set forth in <br />the Lease. <br />24. Right of Entry. Subject to the rights of Lessee under the Lease (provided that no Lease <br />Default then exists), Lender and its agents shall have the right at any time during normal <br />business hours to enter and inspect the Mortgaged Property. <br />
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