99105138 - Laserfiche WebLink

Browse

� �' 99- i�513� (a) Beneficiary shall be entitled to all compensation, awards and other payments or relief therefor. All such compensation, awards, damages, rights of action and proceeds awarded to Grantor (the "Proceeds") are hereby assigned to Beneficiary and Grantor agrees to execute such further assignments of the Proceeds as Beneficiary may require. (b) Beneficiary shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings in connection with such Condemnation. Beneficiary shall also be entitled to make any compromise or settlement in connection with such Condemnation; provided, however, that the Proceeds shall be disposed of as herein provided. (c) In the event the Proceeds are applied to any indebtedness secured hereby, Beneficiary shall have the option, in its sole and absolute discretion, to apply all the Proceeds, after deducting therefrom all costs and expenses (regardless of the particular nature thereof and whether incurred with or without suit) , including reasonable attorneys' fees, incurred by it in connection with the Proceeds upon any indebtedness secured hereby and in such order as Benef iciary may determine, or to apply the Proceeds after such deductions for the restoration of the Premises upon such conditions as Beneficiary may determine. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. 1. 15 Additional Securitv. That in the event Beneficiary at any time holds additional security for any of the obligations secured hereby, it may enforce the sale thereof or otherwise realize upon the same, at its option, either before or concurrently herewith or after a sale is made hereunder. 1. 16 Successors and Assigns. That this Deed applies to, inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The term "Beneficiary" shall mean the owner and holder of the Note, whether or not named as Beneficiary herein. 1. 17 Inspections. That Beneficiary, or its agents, representatives or workmen, are authorized to enter at any reasonable time upon or in any part of the Premises for the purpose of inspecting the same and for the purpose of performing any of the acts it is authorized to perform under the terms of any of the Loan Instruments. 1. 18 Liens. To pay and promptly discharge, at Grantor' s cost and expense, all liens, encumbrances and charges upon the Premises, or any part thereof or interest therein. Grantor shall have the right to contest in good faith the validity of any such lien, encumbrance or charge, provided Grantor shall first deposit with Beneficiary a bond or other security satisfactory to Beneficiary in such amounts as Beneficiary shall reasonably require or affirmative title insurance against such claim, and provided further that Grantor shall thereafter diligently proceed to cause such lien, encumbrance or charge to be removed and discharged. If Grantor shall fail to discharge any such lien, encumbrance or charge, then, in addition to any other right or remedy of Beneficiary, Beneficiary may, but shall not be obligated to, discharge the same, either by paying the amount claimed to be due, or by procuring the discharge of such lien by depositing in court a bond or the amount claimed or otherwise giving security for such claim, or in such manner as is or may be prescribed by law. 1. 19 Beneficiary' s Powers. That without affecting the liability of any other person liable for the payment of any obligation herein mentioned, and without affecting the lien or charge of this Deed upon any portion of the Property not then or -12-