|
200603561
<br />(x) Beneficiary may apply for the appointment of a receiver, trustee,
<br />liquidator or conservator of the Real Estate, without notice and without regard for the
<br />adequacy of the security for the Obligations and without regard for the solvency of
<br />Grantor, any guarantor, indemnitor with respect to the Obligations or of any Person
<br />otherwise liable for the payment of the Obligations;
<br />(xi) the rights granted to Grantor under Section 15 hereof shall automatically
<br />be revoked and Beneficiary may enter into or upon the Real Estate, either personally or
<br />by its agents, nominees or attorneys and dispossess Grantor and its agents and servants
<br />therefrom, without liability for trespass, damages or otherwise and exclude Grantor and
<br />its agents or servants wholly therefrom, and take possession of all books, records and
<br />accounts relating thereto and Grantor agrees to surrender possession of the Real Estate
<br />and of such books, records and accounts to Beneficiary upon demand, and thereupon
<br />Beneficiary may (i) use, operate, manage, control, insure, maintain, repair, restore and
<br />otherwise deal with all and every part of the Trust Property and conduct the business
<br />thereat; (ii) complete any construction on the Real Estate in such manner and form as
<br />Beneficiary deems advisable; (iii) make alterations, additions, renewals, replacements
<br />and improvements to or on the Real Estate; (iv) exercise all rights and powers of Grantor
<br />with respect to the Trust Property, whether in the name of Grantor or otherwise,
<br />including, without limitation, the right to make, cancel, enforce or modify Leases, obtain
<br />and evict tenants, and demand, sue for, collect and receive all Rents of the Real Estate
<br />and every part thereof, (v) require Grantor to pay monthly in advance to Beneficiary, or
<br />any receiver appointed to collect the Rents, the fair and reasonable rental value for the
<br />use and occupation of such part of the Real Estate as may be occupied by Grantor; (vi)
<br />require Grantor to vacate and surrender possession of the Real Estate to Beneficiary or to
<br />such receiver and, in default thereof, Grantor may be evicted by summary proceedings or
<br />otherwise; and (vii) apply the receipts from the Trust Property to the payment of the
<br />Obligations, in such order, priority and proportions as Beneficiary shall deem appropriate
<br />in its sole discretion after deducting therefrom all expenses (including reasonable
<br />attorneys' fees) incurred in connection with the aforesaid operations and all amounts
<br />necessary to pay the taxes, other charges, insurance and other expenses in connection
<br />with the Trust Property, as well as just and reasonable compensation for the services of
<br />Beneficiary, its counsel, agents and employees;
<br />(xii) Beneficiary may exercise any and all rights and remedies granted to a
<br />secured party upon default under the Code (as defined below), including, without limiting
<br />the generality of the foregoing: (i) the right to take possession of the fixtures, the
<br />equipment and any portion of the Trust Property which is personal property (the
<br />"Personal Real Estate "), or any part thereof, and to take such other measures as
<br />Beneficiary may deem necessary for the care, protection and preservation of the fixtures,
<br />the equipment and the Personal Real Estate, and (ii) request Grantor at its expense to
<br />assemble the Equipment and the Personal Real Estate and make it available to
<br />Beneficiary at a convenient place acceptable to Beneficiary. Any notice of sale,
<br />disposition or other intended action by Beneficiary with respect to the Equipment and /or
<br />the Personal Real Estate sent to Grantor in accordance with the provisions hereof at least
<br />five (5) days prior to such action, shall constitute commercially reasonable notice to
<br />Grantor;
<br />
|