200511357 - Laserfiche WebLink

Browse

200511357 actually been met by application of such Impounds. Upon any assignment of this Security Instrument, Lender shall assign all Impounds in its possession to Lender's assignee, whereupon Lender and Trustee shall be released from all liability with respect to such Impounds. Within 60 days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Lender may elect, Lender shall pay to Borrower all Impounds in its possession, and no other party shall have any right or claim thereto. "Costs" means (i) all taxes and other liabilities payable by Borrower under Section 6.9, (ii) all insurance premiums payable by Borrower under Section 6.10, (iii) all other costs and expenses for which Impounds are required under the Note, and/or (iv) all other amounts that will be required to preserve the value of the Property. Borrower shall deliver to Lender, promptly upon receipt, all bills for Costs for which Lender has required Post-Default Impounds. 6.13 DEFENSE AND NOTICE OF LOSSES, CLAIMS AND ACTIONS. Borrower shall protect, preserve and defend the Property and title to and right of possession of the Property, the security of this Security Instrument and the rights and powers of Lender and Trustee hereunder at Borrower's sole expense against all adverse claims, whether the claim: (a) is against a possessory or non-possessory interest; (b) arose prior or subsequent to the Effective Date; or (c) is senior or junior to Borrower's or Lender's rights. Borrower shall give Lender and Trustee prompt notice in writing of the assertion of any claim, of the filing of any action or proceeding, of the occurrence of any damage to the Property and of any condemnation offer or action. 6.14 RIGHT OF INSPECTION. Lender and its independent contractors, agents and employees may enter the Property from time to time at any reasonable time for the purpose of inspecting the Property and ascertaining Borrower's compliance with the terms of this Security Instrument. Lender shall use reasonable efforts to assure that Lender's entry upon and inspection of the Property shall not materially and unreasonably interfere with the business or operations of Borrower or Borrower's tenants on the Property. 6.15 DUE ON SALE/ENCUMBRANCE. a. Definitions. The following terms shall have the meanings indicated: "Restricted Party" shall mean each of (i) Borrower, (ii) any entity obligated under any guaranty or indemnity made in favor of Lender in connection with the Loan and (iii) any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner of Borrower, or any entity obligated under a guaranty or indemnity made in favor of Lender in connection with the Loan. "Transfer" shall mean any sale, installment sale, exchange, mortgage, pledge, hypothecation, assignment, encumbrance or other transfer, conveyance or disposition, whether voluntarily, involuntarily or by operation of law or otherwise. b. Property Transfers. (i) Prohibited Property Transfers. Borrower shall not cause or permit any Transfer of all or any part of or any direct or indirect legal or beneficial interest in the Property or the Collateral (collectively, a "Prohibited Property Transfer"), including, without limitation, (A) a Lease or all or a material part of the Property for any purpose other than actual occupancy by a space tenant; and (B) the Transfer of all or any part of Borrower's right, title and interest in and to any Leases or Payments. Oi) Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer: (A) a Transfer which is expressly permitted under the Note; (B) a Lease which is permitted under Article 3; and (C) the sale of inventory in the ordinary course of business. c. Equity Transfers. 17 12442505