|
200405743
<br />5. Remedies upon Default. Immediately upon the occurrence of an Event of Default
<br />under the Deed of Trust and the expiration of any applicable cure period, Assignee is hereby
<br />expressly and irrevocably authorized to enter and take possession of the Premises by actual
<br />physical possession, or by written notice served personally upon, or sent by registered or
<br />certified mail, postage prepaid, to Assignor, as Assignee may elect, and no further authorization
<br />shall be required. Following any such entry and taking of possession, Assignee may:
<br />A. Manage and operate the Premises or any part thereof;
<br />B. Lease any part or parts of the Premises for such periods of time, and upon
<br />such terms and conditions as Assignee may, in its discretion, deem proper;
<br />C. Enforce any of the Leases;
<br />D. Demand, collect, sue for, attach, levy, recover, receive, compromise and
<br />adjust, and make, execute and deliver receipts and releases for all Rents that may then or
<br />may thereafter become due, owing or payable with respect to the Premises, or any part
<br />thereof, from any present or future lessees, tenants, subtenants or occupants thereof;
<br />E. Institute, prosecute to completion or compromise and settle, all summary
<br />proceedings and actions for rents or for removing any and all lessees, tenants, subtenants
<br />or occupants of the Premises or any part or parts thereof;
<br />F. Enforce or enjoin or restrain the violation of any of the terms, provisions
<br />and conditions of any of the Leases;
<br />G. Make such repairs and alterations to the Premises as Assignee may, in its
<br />discretion, deem proper;
<br />H. Pay from and out of the Rents collected or from or out of any other funds,
<br />the insurance premiums and any other taxes, assessments, water rates, sewer rates or
<br />other governmental charges levied, assessed or imposed against the Premises or any
<br />portion thereof, and also any and all other charges, costs and expenses which it may deem
<br />necessary or advisable for Assignee to pay in the management or operation of the
<br />Premises, including (without limiting the generality of any rights, powers, privileges and
<br />authorities conferred in this Assignment) the costs of such repairs and alterations,
<br />commissions for renting the Premises, or any portions thereof, and legal expenses in
<br />enforcing claims, preparing papers or for any other services that may be required; and
<br />I. Generally, do, execute and perform any other act, deed, matter or thing
<br />whatsoever that ought to be done, executed and performed in and about or with respect to
<br />the Premises as fully as Assignor might do.
<br />Assignee shall apply the net amounts of any Rents received by it from the Premises, after
<br />payment of proper costs and charges (including any loss or damage hereinafter referred to in
<br />Section 8 hereof) to the reduction and payment of the indebtedness evidenced by the Note and
<br />132852,doc 3
<br />
|