201502075 - Laserfiche WebLink

Browse

Section 1.34. Financial Statements. Trustor shall provide Beneficiary, unless otherwise noted below, no later than May 1 of each calendar year: 1. Trustor's current operating and financial statements. 2. No later than November 30, Guarantor's updated financial statement including a cash flow statement and list of contingent liabilities for the previous year. 3. Trustor's and Guarantor's tax returns including all schedules and K- 1' s (if extensions are filed Lender shall be provided with the extensions and the returns when filed but not later than November 1). Trustor shall further provide Beneficiary such other and further fmancial information and data concerning (a) each Guarantor as Beneficiary shall reasonably request from time to time including, interim financial statements, and (b) Trustor and the Mortgaged Property as Beneficiary shall reasonably request from time to time, including, without limitation, periodic operating statements and rent rolls and information necessary to compute debt service coverage. All fmancial data required to be provided hereunder shall be in such form as Beneficiary shall approve. ARTICLE II BENEFICIARY'S POWERS At any time, or from time to time, without liability, therefor, Beneficiary, without affecting the personal liability, if any, of any person for payment of the Secured Obligations or the effect of this Deed of Trust upon the remainder of said Mortgaged Property, may from time to time without notice (i) release any part of said Mortgaged Property, (ii) consent in writing to the making of any map or plat thereof, (iii) join in granting any easement thereon, (iv) join in any extension agreement or any agreement subordinating the lien or charge hereof, (v) release any person so liable, (vi) extend the maturity or alter any of the terms of any Secured Obligations, (vii) grant other indulgences, (viii) take or release any other or additional security for any obligation herein mentioned, (ix) make compositions or other arrangements with debtors in relation thereto, or (x) advance additional funds to protect the security hereof and pay or discharge the Secured Obligations of Trustor hereunder, and all amounts so advanced, with interest thereon at the rate provided by the Promissory Note, shall be secured hereby. ARTICLE III ASSIGNMENT OF RENTS, ISSUES AND PROFITS 201502075 Section 3.01. Assignment of Rents. Trustor hereby absolutely assigns and transfers to Beneficiary all the rents, issues and profits of the Mortgaged Property, and hereby gives to and confers upon Beneficiary the right, power and authority to collect such rents, issues and profits. Trustor irrevocably appoints Beneficiary its true and lawful attorney -in -fact, at the option of Beneficiary at any time and from time to time, to take possession and control of the Mortgaged Property and to demand, receive and enforce payment, to give receipts, releases and satisfaction, and to sue, in the name of Trustor or Beneficiary, for all such rents, issues and profits and apply the same to the Secured Obligations; provided, however, that Trustor shall have a revocable 18