|
200403670
<br />ARTICLE 5
<br />REMEDIES AND FORECLOSURE
<br />Section 5.1 Remedies. If an Event of Default exists, Beneficiary may,
<br />at Beneficiary's election and by or through Trustee or otherwise, exercise any or all of the
<br />following rights, remedies and recourses:
<br />(a) To the extent permitted under the Loan Agreement, declare
<br />the Indebtedness to be immediately due and payable, without further notice, presentment,
<br />protest, notice of intent to accelerate, notice of acceleration, demand or action of any
<br />nature whatsoever (each of which hereby is expressly waived by Grantor), whereupon the
<br />same shall become immediately due and payable.
<br />(b) Notify all tenants of the Premises and all others obligated
<br />on leases of any part of the Premises that all rents and other sums owing on leases have
<br />been assigned to Beneficiary and are to be paid directly to Beneficiary, and to enforce
<br />payment of all obligations owing on leases, by suit, ejectment, cancellation, releasing,
<br />reletting or otherwise, whether or not Beneficiary has taken possession of the Premises,
<br />and to exercise whatever rights and remedies Beneficiary may have under any assignment
<br />of rents and leases.
<br />(c) As and to the extent permitted by law, enter the Trust
<br />Property, either personally or by its agents, nominees or attorneys, and take exclusive
<br />possession thereof and thereupon, Beneficiary may (i) use, operate, manage, control,
<br />insure, maintain, repair, restore and otherwise deal with all and every part of the Premises
<br />and conduct business thereat; (ii) complete any construction on the Premises in such
<br />manner and form as Beneficiary deems advisable in the reasonable exercise of its
<br />judgment; (iii) exercise all rights and power of Grantor with respect to the Premises,
<br />whether in the name of Grantor, or otherwise, including, without limitation, the right to
<br />make, cancel, enforce or modify leases, obtain and evict tenants, and demand, sue for,
<br />collect and receive all earnings, revenues, rents, issues, profits and other income of the
<br />Premises and every part thereof, which rights shall not be in limitation of Beneficiary's
<br />rights under any assignment of rents and leases securing the Indebtedness; and (iv)
<br />pursuant to the provisions of the Loan Agreement, apply the receipts from the Premises
<br />to the payment of the Indebtedness, after deducting therefrom all expenses (including
<br />attorneys' fees) incurred in connection with the aforesaid operations and all amounts
<br />necessary to pay the taxes, assessments, insurance and other charges in connection with
<br />the Trust Property, as well as just and reasonable compensation for the services of
<br />Beneficiary, its counsel, agents and employees.
<br />LA/975395.1 8
<br />
|