200011183 - Laserfiche WebLink

Browse

200011183 application thereof as aforesaid, shall not waive or cure any default or notice of default hereunder, or invalidate any act done pursuant to such notice. Nor shall the receipt and acceptance of the Rents and Profits, with or without entry and possession by the Beneficiary and their application on the indebtedness secured hereby, constitute a waiver of any other right which the Trustee or Beneficiary may have under the Credit Agreement or this Deed of Trust, or under the laws of the Governing Jurisdiction, nor shall it constitute a waiver of any breach or declaration of default or notice of such breach or default on any other right or act in connection with the exercise of the power of sale contained in this Deed of Trust, nor shall it invalidate any act done pursuant to a written notice of default and election to sell which shall have been filed for record, which shall be cumulative with all such other rights and remedies. Trustor also assigns to Beneficiary, as further security for the performance of the obligations secured hereby, all prepaid rents and all monies which may have been or any hereafter be deposited with Trustor by any lessee or tenant of the Property, to secure the payment of any rent or damages, and upon default in the performance of any of the provisions hereof, Trustor agrees to deliver such rents and deposits to Beneficiary. Delivery of written notice of Beneficiary's exercise of the rights granted herein, to any tenant occupying the Premises shall be sufficient to require said lessee or tenant to pay said rent to the Beneficiary until further notice. Nothing contained in this Section 1.06(a) or elsewhere in this Deed of Trust shall be construed to make Beneficiary a mortgagee in possession unless and until Beneficiary actually takes possession of the Property either in person or through an agent or receiver. (b) Without the prior written consent of Beneficiary being first had and obtained, Trustor will not (i) execute an assignment of any of its right, title or interest in the Rents and Profits, or (ii) except where the lessee is in default thereunder, terminate or consent to the cancellation or surrender of any lease of the Property or of any part thereof, now existing or hereafter to be made, or (iii) modify any lease of the Property or any part thereof so as to shorten the unexpired term thereof or so as to decrease the amount of the rent payable thereunder, or (iv) accept prepayments of any installments of rent to become due under any of said leases or prepayments in the nature of security for the performance of the lessee's obligations thereunder, or (v) in any other manner substantially impair the value of the Property or impair the security of this Deed of Trust. (c) Trustor, as attorney -in -fact, for all lessees ofthe Property and all persons with rights of possession to the Property, whether now existing or future, for so long as the lien of this Deed of Trust is outstanding, hereby subordinates all such leasehold, subleasehold and other possessory rights to the Property to the lien of this Deed of Trust so that, in any enforcement by Trustee or Beneficiary of the remedies provided for by law or by this Deed of Trust, neither Trustee nor Beneficiary nor any purchaser of the Property at a foreclosure shall, unless they so elect, be bound by the terms of any lease of the Property and the Property, in such event, may be conveyed free and clear of all rights of any such lessees or other rights of parties -in- possession. n