|
200003148
<br />(a) all damages directly or indirectly arising out of the use,
<br />generation, storage or disposal of Hazardous Materials by
<br />Borrower or any prior owner or operator of the Property , and (b)
<br />all costs of any required or necessary repair, cleanup or
<br />detoxification and the preparation of any closure or other
<br />required plans, whether such action is required or necessary
<br />prior to or following transfer of title to the Property, to the
<br />full extent that such action is attributable, directly or
<br />indirectly, to the presence or use, generation, storage, release,
<br />threatened release or disposal of Hazardous Material by any
<br />person on the Property prior to transfer of title thereto by
<br />Lender. The foregoing warranties and representations, and shall
<br />Borrower's obligations pursuant to the foregoing indemnity,
<br />survive repayment of the Note and reconveyance of this Deed of
<br />Trust.
<br />9. Assignment of Rents; Management of Property. As
<br />additional security hereunder, Borrower hereby assigns to Lender
<br />the rents, issues and profits of the Property, provided that
<br />borrower shall, prior to acceleration under paragraph 11 hereof
<br />or abandonment of the Property, have the ryight to collect and
<br />retain such rents, issues and profits as they become due and
<br />payable. Upon acceleration or abandonment of the Property,
<br />Lender may, either in person or by agent, with or without
<br />bringing any action or proceeding, or by a receiver appointed by
<br />a court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Property, or any part thereof, in
<br />its own name or in the name of the Trustee, and do any acts which
<br />it deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Property, or any p art thereof
<br />or interest therein, increase the income therefrom or protect the
<br />security hereof and, with or without taking possession of the
<br />Property, sue for or otherwise collect the rents, issues and
<br />profits thereof, including those past due and unpaid, and apply
<br />the same, less costs and expenses of operation and collection,
<br />including attorneys' fees, upon any indebtedness secured hereby,
<br />all in such order as Lender may determine. The entering upon and
<br />taking possession of the Property, the collection of such rents,
<br />issues and profits and the application thereof as aforesaid,
<br />shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act done in response to such default
<br />or pursuant to such notice of default and, notwithstanding the
<br />continuance in possession of the Property or the collection,
<br />receipt and application of rents, issues or profits, and Trustee
<br />and Lender shall be entitled to exercise every right provided for
<br />in any of the Loan Instruments or by law upon occurrence of any
<br />Event of Default, including, without limitation, the right to
<br />exercise the power of sale. Further, Lender's rights and
<br />remedies under this paragraph 9 shall be cumulative with, and in
<br />no way a limitation on, Lender's rights and remedies under any
<br />Assignment of Leases and Rents recorded against the Property.
<br />Lender, Trustee and the receiver shall be liable to account only
<br />for those rents actually received.
<br />10. Events of Default. The following shall constitute an
<br />Event of Default under this Deed of Trust:
<br />(a) Failure to pay any installment of principal or
<br />interest or any other sum secured hereby when due, or
<br />failure to pay when due any other indebtedness of Borrower
<br />to Lender;
<br />(b) A breach of or default under any provision
<br />contained in the Note, this Deed of Trust, any of the Loan
<br />Instruments, or any other encumbrance upon the Property,
<br />after giving effect to any applicable cure period contained
<br />therein;
<br />
|