|
2� 17�29�8
<br /> Lender'S Right to Enter.Lender or Lender's agents shall ha�e the right and access to inspect the Property at
<br /> a11 reasonable times �n arder to attend to Lender's interests and ensure comp�iance w�th the terms af�his
<br /> Security Instrumen�. If the Property, or any part thereof, sha1� require inspection, repair or maintenance
<br /> which�rantor has fai�ed to prQ�ide, Lender, after reasonable nfltice, may enter upon the Property t� effec�
<br /> such obligation; and the cost thereof shall be added ta the Indebt�dness and paid on Lender's demand by
<br /> Grantor.
<br /> ASSIGNMENT �F LEASES AND RENTS. As additiana� security for the paymen�of the Indebtedness and the
<br /> performance af the covenants contazned herein, Crantor hereby assigns and �ransfers over to Lender a�1 rents,
<br /> income and profits �"Rents"} under any presen� or fu�tur� �eases, subleases or licenses of the Property, inc�uding
<br /> any guaranties, extens�ons, amendment� or renewals thereof, fr�m the use of the Froperty. S o lon� as Grantor zs
<br /> not in defau�t, Grantor may recezve, ca�lect and en�oy a�l Rents accruing from the Property,but not more than one
<br /> manth in advance af the due date. Lender may also require �ran�or, tenant and any other us�r of the Property to
<br /> make payments of Rents direct�y to Lender.Hovvever,by receiving any such payments,Lender is not,and sha�l not
<br /> be consi�.ered, an agent for any par�y or entity. Any amounts col�ected may, at Lender's sole discretion,be applied
<br /> to protec� Lender's interest in the Proper�y, �nclud�ng but nat limited to the paymen�t of �a.xes and insurance
<br /> premiums and to the Indebtedness. A� Lender's sole dis�retion, a11 lease�, subleases a�ad licenses must first be
<br /> appro�ed by Lender.
<br /> C�NDEMNATI�N. Gran��r shall give Lender notice of any action taken or threatened to be�aken by private or
<br /> public enti�ies��appropriate the Property or any part thereof,�hrough condemna�ion,eminent domain or any o�her
<br /> ac�ion. Further, Lender shall be permitted to participate or intervene in any of the abo�e described praceedzngs in
<br /> any manner it sha11 at its sole dis�cretion determine. Lender is hereby given fu�� pow�r, right and authority to
<br /> receive and receipt for any and a11 damages awarded as a result af the full or par�ial ta�ing or app�ropria�ion and in
<br /> i�s so�e discretion, to apply said awards to the Indebtedness, whether or not then due or�therwise in accordance
<br /> �vith applicable Iaw. Unless Lender otherwise a�rees in writing, any application of proceeds to the Ind�btedn�ss
<br /> shall not extend or pastpone the due date of the payments due under the Ind�btedness ar change the amount of
<br /> such payments.
<br /> GRANT�R'S ASSURANC'�S. At any time, upon a request of Lender, Grantor v�i�1 execute and de�iver to
<br /> Lender, and if appropriate, cause ta be recorded, such further mortgages, assignments, assignments of leases and
<br /> rents, security agreements, p�edges, financing stat�ments, or such other document as Lender may require, in
<br /> Lend�r's�ole discretian, t�effectua�e, camplete and t�perfect as we��as t�continue to preserve the Indebtedness,
<br /> or the lien or security interest created by this Security Instrument.
<br /> ATT�RNEY-IN-FA�T. �rantor appoints Lender as att�rney-in-fac� on beha�f of�rantor. Tf Grantor fails �o
<br /> fulfi�l any of Gran�or's obligations under this Se�urity Tnstrument or any Re�ated Documents, including those
<br /> obligatzons men�ioned in the preceding paragraph, Lencler as attorney-in-fact may fulfill the obligations w�thout
<br /> natice to�rantor.This power of attorney shall not be affected by the dxsability of the Grantor.
<br /> EVENTS �F DEFAULT. The following events shall cons�itute default under this Security Instrument �each an
<br /> "Event af Defaul�"}:
<br /> �a} Failure to make required payments when du�under Indebtedness;
<br /> �b} Failure to perform or keep any of the covenan�s of this Security Instrumen� or a default under any of
<br /> the Related Documents;
<br /> �c} The making of any oral or uTritten statement or assert�on to Lender that is false or misleading in any
<br /> material respect by Grantor or any person ob�iga�ed on the Indebtedness;
<br /> �d} The death, dissa�ution, insal�ency,bankruptcy or rec�i�ership proceeding of�rantor or�f any person
<br /> �r ent�ty obligated on the Indeb�tedness;
<br /> �e} Any assignment by Grantor for the benef�t of Grantor's creditors;
<br /> �f} A mater�al adverse change occur� in the financial condit�an, ownership or management of�rantor or
<br /> any pers�n obligated on the Indebtedness;or
<br /> �g} Lender deems itself insecure for any reason�vhatsoe�er.
<br /> REMEDIES UN DEFAULT. Upon the occurrence of an Event of.Default, Lender may, without demand or
<br /> notice,pay any or a��taxes, assessments,premiums, and liens required to b�paid by�rantor, effect any insurance
<br /> provided for herein,make such repairs, cause th�abstracts of ti�le or title insurance policy and tax histories of the
<br /> Proper�y to be certi�ed to date, or pr�cure new abstracts af title or title insurance and tax histories in case none
<br /> were furn�shed�o it, and procure title reports covering the Pr�per�y, including sur�eys. The amounts paid fflr any
<br /> such purposes wili be added to�he Indebtedness and wi11 b�ar interest at the rate of in�erest otherwise accruin��n
<br /> the Indebtedness until paid. �n �the event of foreclosure, the abstracts of�it�e nr �it1e insurance shal� become �he
<br /> praperty of Lender. A�l abstracts of title, ti�le insurance, tax hi�tor�es, surveys, and other dacuments pertaining to
<br /> the Indebtedness wi11 remain in Lender's possession unti�the Indebtedness is paid in full.
<br /> IN THE EVENT aF THE SALE�F THIS PR�PERTY UNDER THE PR�CEDURE F(]R FURECL�SURE QF
<br /> A SECURITY INSTRUMEIVT BY ADVERTISEMENT,AS PR�VTDED BY APPLI�ABLE LA�, �R IN THE
<br /> EVENT LENDER EXERCIS ES IT S RI�HT S UNI�ER THE AS S��NMENT �F LEAS ES AND RENT S, THE
<br /> LENDER SHALL FR�VIDE ALL STATUT�RILY REQLIIRED N�TICES �F SALE AND N�TICES C�F
<br /> JUDIC�AL HEAR.IN�S BEF�RE LENDER E�ERCISES ANY �F TTS RIGHTS UNDER THIS
<br /> INSTRUMENT.
<br /> Upon the accurrence of an Event of Defaul�, Ler�der may, w�thout notice unless required by Iaw, and at its option,
<br /> declare the en�ire Indeb�edness due and payable, as it may e1ec�,regardless of�he date or da�es of matur�ty thereof
<br /> and, if permitted by s�ate lavv, is authorized and empowered to cause the Property to be �old at public auction, and
<br /> C�12004-2q 1�Campliance Systems,Inc.3914-D808-2015.12.2,1036
<br /> Commer�ial Real Estate Se�urity Instrurnent-DL4�07 Page 3 of� w�y��.com�liancesystems.com
<br />
|