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200102665
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200102665
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Last modified
10/14/2011 2:07:58 AM
Creation date
10/20/2005 8:17:27 PM
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DEEDS
Inst Number
200102665
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200102665 <br />Instrument. Borrower hereby expressly waives all rights to redeem the Property and waives the <br />benefit of all redemption and similar laws now or hereafter in effect. <br />24. WAIVER OF MARSHALING. Notwithstanding the existence of any other security <br />interests in the Property held by Lender or by any other party, Lender shall have the right to <br />determine the order in which any or all of the Property shall be subjected to the remedies provided <br />herein. Lender shall have the right to determine the order in which any or all portions of the <br />indebtedness secured hereby are satisfied from the proceeds realized upon the exercise of the <br />remedies provided herein. Borrower, any party who consents to this Instrument and any party who <br />now or hereafter acquires a security interest in the Property and who has actual or constructive notice <br />hereof hereby waives any and all right to require the marshaling of assets in connection with the <br />exercise of any of the remedies permitted by applicable law or provided herein. <br />25. APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. As part of the <br />consideration for the indebtedness evidenced by the Note, upon Borrower's uncured breach of any <br />covenant or agreement of Borrower in this Instrument, Lender may in person, by agent or by a court <br />appointed receiver, regardless ofthe adequacy ofLender's security, enter upon and take and maintain <br />full control of the Property in order to perform all acts necessary and appropriate for the operation <br />and maintenance thereof including, but not limited to, the execution, lawful cancellation or <br />modification of leases, the collection of all rents and revenues of the Property, the making of repairs <br />to the Property and the execution or termination of contract providing for the management or <br />maintenance of the Property, all on such terms as are deemed best to protect the security of this <br />Instrument. In the event Lender elects to seek the appointment of a receiver for the Property upon <br />Borrower's breach of any covenant or agreement of Borrower in this Instrument, Borrower hereby <br />expressly consents to the appointment of such receiver. Lender or the receiver shall be entitled to <br />receive a reasonable fee for so managing the Property. <br />All rents and revenues collected subsequent to delivery of written notice by Lender to <br />Borrower of the uncured breach by Borrower of any covenant or agreement of Borrower in this <br />Instrument shall be applied first to the costs, if any, of taking control of and managing the Property <br />and collecting the rents, including, but not limited to, reasonable attorney's fees, receiver's fees, <br />premiums on receiver's bonds, costs ofrepairs to the Property, premiums on insurance policies, taxes, <br />assessments and other charges on the Property, and the costs of discharging any obligation or liability <br />of Borrower as lessor or landlord of the Property and then to the sums secured by this Instrument. <br />Lender or the receiver shall have access to the books and records used in the operation and <br />maintenance of the Property and shall be liable to account only for those rents actually received. <br />Lender shall not be liable to Borrower, anyone claiming under or through Borrower or anyone having <br />an interest in the Property by reason of anything lawfully done or left undone by Lender under this <br />paragraph 25. <br />If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and <br />managing the Property and collecting the rents, any funds expended by Lender for such purposes shall <br />become indebtedness of Borrower to Lender secured by this Instrument pursuant to paragraph 8 <br />hereof. Unless Lender and Borrower agree in writing to other terms of payment, such amounts shall <br />be payable upon notice from Lender to Borrower requesting payment thereof and shall bear interest <br />from the date of disbursement at the rate stated in the Note unless payment of interest at such rate <br />1048094.1 14 <br />
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