|
<br />200512483
<br />
<br />Beneficiary; (b) make full or partial payments of principal or interest on any permitted prior
<br />Dccd of Trust or encumbrance and purchase, discharge, compromise or settle any tax lien or
<br />other prior lien on title or claim thereof, or redeem from any tax sale or forfeiture affecting the
<br />Premises, or contest any Impositions; and (c) complete construction, furnishing and equipping of
<br />the Improvements upon the Premises and rent, operate and manage the Premises and such
<br />Improvements and pay operating costs and expenses, including management fees, of every kind
<br />and nature in connection therewith, so that the Premises and Improvements shall be operational
<br />and usable for their intended purposes. All monies paid for any of the purposes herein
<br />authorized, and all expenses paid or incurred in connection therewith, including reasonable
<br />attorneys' fees, shall constitute Secured Indebtedness, and shall becomc due and payable upon
<br />demand and with interest thereon at the Default Rate. Beneficiary, in making any payment
<br />hereby authorized: (x) f(x the payment of Impositions, may do so according to any bill or
<br />statement, without inquiry into the validity of any tax, asscssment, sale, forfeiture, tax lien or title
<br />or claim thereof; (y) for the purchase, discharge, compromise or settlement of any other prior
<br />lien, may do so without inquiry as to the validity or amount of any claim or lien which may be
<br />asserted; or (z) for the completion of construction, furnishing or equipping of the Improvements
<br />or the Premises or the rental, operation or management of the Premises or the payment of
<br />operating cost and expenses thereof~ may do so in such amounts and to such persons as
<br />Beneficiary may deem appropriate and may enter into such contracts therefor as Beneficiary may
<br />deem appropriate or may perform the same itself.
<br />
<br />4.6 Right of Possession. Following the occurrence of an Event of Default and during
<br />the continuance thereof, Trustor shall, immediately upon Beneficiary's demand, surrender to
<br />Beneficiary, and Beneficiary shall be entitled to take actual possession of the Property or any
<br />part thereof, personally or by its agent or attorneys. Beneficiary may enter upon and take and
<br />maintain possession or may apply to the court in which a f()reclosure is pending to be placed in
<br />possession of all or any part of the Property, together with all documents, books, records, papers,
<br />and accounts of Trustor or the then owner of the Property relating thereto. Beneficiary may
<br />exclude Trustor, such owner, and any agents and servants from the Property. As attorney-in-fact
<br />or agent of Trustor or such owner, or in its own name Beneficiary may hold, operate, manage,
<br />and control all or any part of the Property, either personally or by its agents. Beneficiary shall
<br />have full power to use such measures, legal or equitable, as it may deem proper or necessary to
<br />enforce the payment or security of the rents, issues, deposits, profits, and avails of the Property,
<br />including actions for recovery of rent, actions in forcible detainer, and actions in distress for rent,
<br />all without notice to Trustor.
<br />
<br />4.7 Application of Income Received by Beneficiary. Beneficiary, in the exercise of
<br />the rights and powers hereinabove conferred upon it, shall have full power to use and apply the
<br />avails, rents, issues and proflts of the Property to the payment of or on account of the following,
<br />in such order as Beneficiary may determine: (i) to the payment of the operating expenses of the
<br />Property including cost of management thereof, established claims for damages, if any, and
<br />premiums on insurance hereinabove authorized; (ii) to the payment of taxes and special
<br />assessments now due or which may hereafter become due on the Premises; (iii) to all other items
<br />which may under the terms hereof constitute Secured Indebtedness additional to that evidenced
<br />by the Notes, with interest thereon as provided herein or in the other Loan Documents; and (iv)
<br />to all principal and interest remaining unpaid on the Notes.
<br />
<br />- 12 -
<br />
|