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200609881
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Last modified
3/4/2012 11:23:45 AM
Creation date
11/3/2006 3:25:47 PM
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DEEDS
Inst Number
200609881
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2906®9881 <br />incurred pursuant to such appointment and all such expenses shall be included in <br />the Secured Obligations and shall accrue interest at the Default Rate, unless <br />collection from Grantor of interest at such rate would be contrary to Applicable <br />Law, in which event such amounts shall bear interest at the highest rate which <br />may be collected from Grantor under Applicable Law. <br />(c) Sale or Other Disposition of Mortgaged Property. Grantor waives <br />any right to require the marshaling of any of its assets in connection with any <br />disposition conducted pursuant hereto. In the event all or part of the Mortgaged <br />Property is included at any foreclosure sale conducted pursuant hereto, a single <br />total price for the Mortgaged Property, or such part thereof as is sold, may be <br />accepted by Beneficiary with no obligation to distinguish between the application <br />of such proceeds amongst the property comprising the Mortgaged Property. <br />(d) Collection of Revenues. In connection with the exercise by <br />Beneficiary of the rights and remedies provided for in Paragraph 18(a)(ii): <br />(i) Beneficiary may notify any tenant, lessee or licensee of the <br />Property, either in the name of Beneficiary or Grantor, to make payment <br />of Revenues directly to Beneficiary or Beneficiary's agents, may advise <br />any person of Beneficiary's interest in and to the Revenues, and may <br />collect directly from such tenants, lessees and licensees all amounts due on <br />account of the Revenues; <br />(ii) At Beneficiary's request, Grantor will provide written <br />notification to any or all tenants, lessees and licensees of the Property <br />concerning Beneficiary's interest in the Revenues and will request that <br />such tenants, lessees and licensees forward payment thereof directly to <br />Beneficiary; <br />(iii) Grantor shall hold any proceeds and collections of any of <br />the Revenues in trust for Beneficiary and shall not commingle such <br />proceeds or collections with any other funds of Grantor; and <br />(iv) Grantor shall deliver all such proceeds to Beneficiary <br />immediately upon the receipt thereof by Grantor in the identical form <br />received, but duly endorsed or assigned on behalf of Grantor to <br />Beneficiary. <br />(e) Use and Occupation of Propert y. In connection with the exercise <br />of Beneficiary's rights under Paragraph _18(a)(v), Beneficiary may enter upon, <br />occupy, and use all or any part of the Property and may exclude Grantor from the <br />Land and the Improvements or portion thereof as may have been so entered upon, <br />occupied, or used. In the event Beneficiary manages the Land and the <br />Improvements in accordance with Paragraph 18(aa)(vii) herein, Grantor shall pay <br />to Beneficiary on demand a reasonable fee for the management thereof in addition <br />to the Secured Obligations. Further, Beneficiary may make such alterations, <br />19 <br />MA <br />
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