200102665 - Laserfiche WebLink

Browse

200102665 which are given as collateral for the Note. Nothing contained in this paragraph shall (i) preclude Lender from foreclosing the lien of this Instrument or from enforcing any of its rights or remedies under the Loan Documents; (ii) limit the right of Lender to name Borrower as a party defendant in any action brought under Loan Documents so long as execution on any judgement is limited to the Collateral, and (iii) prohibit Lender from pursuing all of its rights and remedies against any guarantor, if any. Notwithstanding the above, the Lender shall have the right to pursue recourse liability against the Borrower and the Responsible Parties jointly, severally and unconditionally, in the event of (a) fraud, waste, misappropriation or misapplication of funds, willful misrepresentation, or willful damage to the Property; (b) the filing of a petition in bankruptcy, whether voluntary or involuntary (and not dismissed within sixty (60) days), or a petition or answer seeking any reorganization, arrangement, composition, liquidation, dissolution, or similar relief under the bankruptcy laws of the United States or under any other similar federal, state, or other statute relating to relief from indebtedness, or a receiver, trustee, of liquidator should be approved with respect to the Borrower, the Property (or any part thereof), or the Collateral; (c) the obligations for environmental liabilities as set forth in the Environmental Indemnity Agreement; (d) collection and receipt ofproceeds and income from the Property which are not paid to Lender pursuant to this Instrument, the Note, or the other Loan Documents or applied to the Property or otherwise paid, distributed, or disbursed in accordance with the trust documents in the ordinary course of business (except to the extent that Borrower did not have the legal right, because of a bankruptcy, receivership or similar judicial proceeding, to direct the disbursement of such sums); (e) an unpermitted sale or transfer as more fully set forth in paragraph 19; (f) failure to allow Lender to inspect the Property or Books, records and contracts of Borrower as to the Property; or (g) failure to apply insurance proceeds, condemnation awards, security deposits from tenants and other sums received by Borrower as owner of the Property and not applied in accordance with the Loan Documents (except to the extent Borrower did not have the legal right because of bankruptcy or similar judicial proceeding, to direct the disbursement of such sums). 28. CURE PERIODS; DEFAULT INTEREST RATE, AND LATE CHARGES. Borrower shall have five (5) calendar days to cure defaults to pay any sum due under the Note, this Instrument or any other Loan Document; and (other than those defaults arising from bankruptcy and other insolvency) fifteen (15) days from the date of notification from Lender to cure performance defaults under the Note, this Instrument or any other Loan Document; provided, however, if such performance default cannot, in good faith, be cured within such fifteen (15) day period, Borrower 1048094.1 16