|
2015020Th
<br />affected by Beneficiary's election and the failure to do so shall not constitute a breach by Trustor
<br />of its obligation to maintain the Mortgaged Property set forth in Section 1.04 hereof.
<br />Trustor hereby assigns and transfers to Beneficiary, and agrees to execute such further
<br />assignments of, all such proceeds, judgments, decrees and awards as Beneficiary may request.
<br />Beneficiary is hereby authorized, in the name of Trustor, to execute and deliver valid
<br />acquittances for, and to appeal from, any such judgment, decree or award. Beneficiary shall not
<br />be, in any event or circumstance, liable or responsible for failure to collect or exercise diligence
<br />in the collection of any proceeds, judgments, decrees or awards.
<br />Section 1.16. Additional Security. In the event Beneficiary at any time holds
<br />additional security for any of the Secured Obligations, it may enforce the sale thereof or
<br />otherwise realize upon the same, at its option, either before, concurrently with or after any sale is
<br />made hereunder.
<br />Section 1.17. Additional Indebtedness. The Trustor shall not further encumber the
<br />Mortgaged Property or any portion thereof (including, without limitation, secured transactions
<br />under the UCC) without the prior written consent of Beneficiary.
<br />Section 1.18. Successors and Assigns. This Deed of Trust applies to, inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors,
<br />successors and assigns. The covenants and agreements of Trustor contained herein shall apply to
<br />and be binding upon any successor owner of the Mortgaged Property or any part thereof.
<br />Section 1.19. Inspections. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Mortgaged Property for the
<br />purpose of inspecting the same and all books, records and documents relating thereto, and for the
<br />purpose of performing any of the acts it is authorized to perform under the terms of any of the
<br />Loan Documents.
<br />Section 1.20. Liens. Trustor shall pay and promptly discharge, at Trustor's cost and
<br />expense, all liens, encumbrances and charges upon the Mortgaged Property, or any part thereof
<br />or interest therein. Trustor shall have the right to contest in good faith the validity of any such
<br />lien, encumbrance or charge, provided Trustor shall first deposit with Beneficiary a bond or other
<br />security reasonably satisfactory to Beneficiary in such amounts as Beneficiary shall require but
<br />not more than 150% of the amount of the claim plus costs (including reasonable attorneys' fees)
<br />and interest and provided further that Trustor shall thereafter diligently proceed to cause such
<br />lien, encumbrance or charge to be removed and discharged. If Trustor shall fail so to discharge
<br />any such lien, encumbrance or charge, then, in addition to any other right or remedy of
<br />Beneficiary, Beneficiary may, but shall not be obligated to, discharge the same, either, by paying
<br />the amount claimed to be due, or by procuring the discharge of such lien, either, by depositing in
<br />court a bond in the amount claimed or otherwise giving security for such claim, or in such
<br />manner as is or may be prescribed by law. Any cost incurred by Beneficiary in connection with
<br />any such payment or discharge shall be secured hereby and shall be immediately due and
<br />payable upon notice or demand to Trustor.
<br />13
<br />
|