|
<br />200605274
<br />
<br />liability for trespass, damages or otherwise and exclude Borrower and its agents or servants
<br />wholly therefrom, and take possession of all books, records and accounts relating thereto and
<br />Borrower agrees to surrender possession of the Property and of such books, records and accounts
<br />to Lender upon demand, and thereupon Lender may (i) use, operate, manage, control, insure,
<br />maintain, repair, restore and otherwise deal with all and every part of the Property and conduct
<br />the business thereat; (ii) complete any construction on the Property in such manner and form as
<br />Lender deems advisable; (iii) make alterations, additions, renewals, replacements and
<br />improvements to or on the Property; (iv) exercise all rights and powers of Borrower with respect
<br />to the Property, whether in the name of Borrower or otherwise, including, without limitation, the
<br />right to make, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue for,
<br />collect and receive all Rents of the Property and every part thereof; (v) require Borrower to pay
<br />monthly in advance to Lender, or any receiver appointed to collect the Rents, the fair and
<br />reasonable rental value for the use and occupation of such part of the Property as may be
<br />occupied by Borrower; (vi) require Borrower to vacate and surrender possession of the Property
<br />to Lender or to such receiver and, in default thereof, Borrower may be evicted by summary
<br />proceedings or otherwise; and (vii) apply the receipts from the Property to the payment of the
<br />Secured Obligations, in such order, priority and proportions as Lender shall deem appropriate in
<br />its sole discretion after deducting therefrom all expenses (including reasonable attorneys' fees)
<br />incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes,
<br />insurance and other expenses in connection with the Property, as well as just and reasonable
<br />compensation for the services of Lender, its counsel, agents and employees;
<br />
<br />(i) exercise any and all rights and remedies granted to a secured party upon default
<br />under the Uniform Commercial Code, including, without limiting the generality of the foregoing:
<br />(i) the right to take possession of the Fixtures or any part thereof, and to take such other
<br />measures as Lender or Trustee may deem necessary for the care, protection and preservation of
<br />the Fixtures, and (ii) request Borrower at its expense to assemble the Fixtures and make it
<br />available to Lender at a convenient place acceptable to Lender. Any notice of sale, disposition or
<br />other intended action by Lender or Trustee with respect to the Fixtures sent to Borrower in
<br />accordance with the provisions hereof at least five (5) business days prior to such action shall
<br />constitute commercially reasonable notice to Borrower;
<br />
<br />G) apply any sums then deposited or held in escrow or otherwise by or on behalf of
<br />Lender in accordance with the terms of the Loan Agreement, this Security Instrument or any
<br />other Loan Document to the payment of the following items in any order in its uncontrolled
<br />discretion: (i) Taxes ; (ii) Insurance Premiums; (iii) interest on the unpaid principal balance of
<br />the Note; (iv) amortization of the unpaid principal balance ofthe Note; (v) all other sums payable
<br />pursuant to the Note, the Loan Agreement, this Security Instrument and the other Loan
<br />Docliments, including, without limitation, advances made by Lender pursuant to the terms of this
<br />Security Instrument;
<br />
<br />.. (k) apply the undisbursed balance of any deposits or fimds (including, without
<br />limitation, any Net Proceeds Deficiency) held by Lender, together with interest thereon, to the
<br />- paymentbftheObligations in such order, priority and proportions as may be required under the
<br />Loan Agreement or as Lender shall deem to be appropriate in its discretion; or
<br />
<br />. (1) pursue such other remedies as Lender may have under applicable law.
<br />
<br />9
<br />
<br />Nebraska
<br />[TPW: NYLEGAL:505604.2] 20528-00030 05/13/200602:00 PM
<br />
|