|
200602198
<br />Beneficiary as that term is defined in Section 363 of the Bankruptcy Code; and (d) that the Beneficiary
<br />has valid, effective, perfected, enforceable and "choate" rights in and to the Rents without any further
<br />action required on the part of the Beneficiary to enforce or perfect its rights in and to such cash collateral,
<br />including, without limitation, providing notice to the Grantor under Section 546(b) of the Bankruptcy
<br />Code.
<br />ARTICLE VI
<br />MISCELLANEOUS
<br />Section 6.01. Governing Law. This Deed of Trust shall be governed by the internal laws of
<br />the State without reference to conflicts of law principles. In the event that any provision or clause hereof
<br />conflicts with applicable laws, such conflicts shall not affect other provisions hereof which can be given
<br />effect without the conflicting provision, and to this end the provisions hereof are declared to be severable.
<br />This instrument cannot be waived, changed, discharged or terminated orally, but only by an instrument in
<br />writing signed by the party against whom enforcement of any waiver, change, discharge or termination is
<br />sought. If any conflict shall arise between the terms hereof and the Loan Agreement or the Indenture, the
<br />terms of the Loan Agreement or the Indenture, as applicable, shall govern.
<br />Section 6.02. Waiver of Rights. To the extent permitted by law, the Grantor waives the
<br />benefit of all laws now existing or that hereafter may be enacted (1) providing for any appraisement
<br />before sale of any portion of the Mortgaged Estate, or (2) in any way extending the time for the
<br />enforcement of the collection of the Secured Obligations or creating or extending a period of redemption
<br />from any sale made in collecting the Secured Obligations. To the full extent the Grantor may do so under
<br />the laws of the State, the Grantor agrees that the Grantor will not at any time insist upon, plea, claim or
<br />take the benefit or advantage of any law now or hereafter in force providing for any appraisement,
<br />valuation, stay, extension, redemption or homestead exemption, and the Grantor, for the Grantor, the
<br />Grantor's representatives, successors and assigns, and for any and all persons ever claiming any interest
<br />in the Mortgaged Estate, to the extent permitted by law, hereby waives and releases all rights of
<br />redemption, valuation, appraisement, stay of execution, homestead exemption, notice of election to
<br />mature or declare due the whole of the Secured Obligations and marshaling in the event of foreclosure of
<br />the liens hereby created. If any law referred to in this Section and now in force, of which the Grantor, the
<br />Grantor's heirs, devisees, representatives, successors and assigns or other person might take advantage
<br />despite this Section, shall hereafter be repealed or cease to be in force, such law shall not thereafter be
<br />deemed to preclude the application of this Section. The Grantor expressly waives and relinquishes any
<br />and all rights, remedies and defenses that the Grantor may have or be able to assert by reason of the laws
<br />of the State pertaining to the rights, remedies and defenses of sureties.
<br />Section 6.03. Limitation of Interest. All agreements between the Grantor and the
<br />Beneficiary, whether now existing or hereafter arising and whether written or oral, are expressly limited
<br />so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the
<br />Beneficiary for the use, forbearance, or detention of the money to be loaned pursuant to the Notes or
<br />otherwise, or for the performance or payment of any covenant or obligation contained herein, exceed the
<br />maximum amount permissible under applicable law. If from any circumstance whatsoever fulfillment of
<br />any provision hereof at the time performance of such provision shall be due shall involve transcending the
<br />limit of validity prescribed by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the
<br />limit of such validity, and if from any such circumstance the Beneficiary or holder of the Notes shall ever
<br />receive as interest under the Notes or this Deed of Trust or otherwise anything of value which would
<br />exceed interest at the highest lawful rate, such amount that would be excessive interest shall be applied to
<br />the reduction of the principal amount owing under the Notes or on account of other Secured Obligations
<br />and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of
<br />the Notes and such other Secured Obligations, such excess shall be refunded to the Grantor, or other
<br />-18-
<br />
|