|
200101124
<br />to make for taxes or other proper charges on the Property, or any part thereof, as well as just
<br />and reasonable compensation for all Beneficiary's employees and other agents (including,
<br />without limitation, reasonable and actual attorneys' fees and management and rental
<br />commissions) engaged and employed, the moneys arising as aforesaid shall be applied to
<br />Indebtedness secured hereby. Whenever all that is due upon the principal of and interest on
<br />the Note and under any of the terms of this Deed of Trust shall have been paid and all
<br />defaults made good, Beneficiary shall surrender possession to Grantor. The same right of
<br />entry, however, shall exist if any subsequent Event of Default shall occur; provided,
<br />however, neither Trustee nor Beneficiary shall be under any obligation to make any of the
<br />payments or do any of the acts referred to in this paragraph.
<br />Appointment of Receiver. In any action to foreclose this Deed of Trust, or if any Event of
<br />Default shall have occurred and be continuing, the Beneficiary shall have the right, with the
<br />irrevocable consent of the Grantor hereby given and evidenced by the execution of this Deed
<br />of Trust, to forthwith obtain appointment of a receiver by any court of competent jurisdiction
<br />ex parte without notice to Grantor, to enter upon and take possession of the Property,
<br />including all bank accounts containing funds associated with the Property and all leases,
<br />contracts, and collateral. The receiver shall have the right in its sole discretion to manage
<br />and operate the Property, including, without limitation, the right to (i) lease the Property or
<br />any portion thereof, (ii) make expenditures for taxes, special assessments, payments required
<br />under ground leases, insurance premiums, utility charges, costs of completing the
<br />construction of unfinished improvements, (iii) make all necessary or proper repairs,
<br />decorating, renewals, replacements, alterations, additions, betterments, and improvements
<br />to the Property that may seem judicious, in the receiver's sole discretion, (iv) pay all costs
<br />associated in any way with the management and operation of the Property, and (v) to perform
<br />such other acts as the court deems appropriate. The receiver shall have the right to receive
<br />all rents and profits from operation of the Property, regardless of whether or not the receiver
<br />has taken possession of the Property, and shall apply the same after payment of the necessary
<br />charges and expenses, against the amounts due under the Note. The receiver shall be
<br />empowered to issue receiver's certificates for funds advanced by the Beneficiary for the
<br />purpose of completing the construction or reconstruction of the Property, its repair or
<br />replacement, and for the purpose of leasing, operating and managing the Property. The
<br />amounts evidence by receiver's certificates shall bear interest at the highest legal rate, but not
<br />to exceed eighteen percent (18 %), and may be added to the cost of redemption in the event
<br />the owners of the Property, Grantor, or some junior lienholder redeems at the foreclosure
<br />sale. In the event any court of competent jurisdiction requires the posting of a bond by the
<br />Beneficiary in connection with the appointment of a receiver, the Grantor hereby agrees and
<br />acknowledges that a bond equal to one (1) month of gross revenues from the Property will
<br />be a sufficient amount.
<br />Judicial Action. Beneficiary may bring an action in any court of competent jurisdiction to
<br />foreclose this instrument or to enforce any of the covenants and agreements hereof. The
<br />Property may be foreclosed in parts or as an entirety.
<br />13
<br />
|