201605328 - Laserfiche WebLink

Browse

Section 8.04. Exercise of the Election. If the Election is exercised in favor of Trustor remaining in possession, Trustor's resulting right to possession and use of (and the rents, issues and profits from) the Land and Improvements thereon, as adjusted by the effect of Section 365 of the Bankruptcy Reform Act, shall then be subject to the lien created by this Deed of Trust. Such right to possession and use of the Land and Improvements thereon as so adjusted, however, is not equivalent to Trustor's leasehold estate under the Leasehold Agreement in and to the Land and Improvements thereon as of the date hereof. Trustor agrees, therefore, that rejection of the Leasehold Agreement under the Bankruptcy Reform Act shall constitute an Event of Default under this deed of trust, if, in Beneficiary's reasonable judgment, such rejection shall result in material impairment of the value of the Land and Improvements thereon, and shall entitle Beneficiary to all rights and remedies in this Deed of Trust or the other Loan Documents in the event of the occurrence of an Event of Default. Section 8.05. Failure to Perform Under the Leasehold Agreement. Beneficiary's failure or refusal to perform any act required of Trustor under the Leasehold Agreement shall not affect the rights of Beneficiary to cure any default by Trustor under the Leasehold Agreement or to perform any other act required of Trustor under the Leasehold Agreement. Section 8.06. Right of Entry and Possession. Should Beneficiary exercise its foreclosure remedies under this Deed of Trust or accept an assignment of lease in lieu of foreclosure, in each case with respect to the leasehold estate of Trustor under the Leasehold Agreement alone, Beneficiary shall have the right to enter and possess the Land and Improvements thereon and assume all of Trustor's rights, title, and interests in and to such leasehold estate. Section 8.07. No Amendment or Termination of Leasehold Agreement. If any portion of the Indebtedness secured by this Deed of Trust remains outstanding and secured hereby, Trustor shall not (i) amend or modify any provision of the Leasehold Agreement, or (ii) whether pursuant to a taking or condemnation, destruction of the Improvements situated on the Land or otherwise, terminate the Leasehold Agreement or surrender or accept a surrender of the Trustor's interest in the Land and Improvements thereon without the prior written consent of Beneficiary, which consent shall not be withheld, in the case of an amendment to the Leasehold Agreement, if such amendment does not, in Beneficiary's reasonable judgment, impair the security of this Deed of Trust. FNBO /Nova -Tech Leasehold Deed of Trust DOCS/1660400.5 ARTICLE IX MISCELLANEOUS PROVISIONS 15 201605328 Section 9.01. Integration. The Credit Agreement and the other Loan Documents fully state all of the terms and conditions of the parties' agreement regarding the matters mentioned in or incidental to this Deed of Trust. The Loan Documents also grant further rights to Beneficiary and contain further agreements and affirmative and negative covenants by Trustor which apply to this Deed of Trust and to the Property. Section 9.02. Interpretation. Whenever the context requires, all words used in the singular will be construed to have been used in the plural, and vice versa, and each gender will include any other gender. The captions of the sections of this Deed of Trust are for convenience only and do not define or limit any terms or provisions. The word "include(s)" means