88100020 - Laserfiche WebLink

Browse

88-100020 r obligation of Mortgagor to pay the entire sum then due, and Mortgagor's failure to pay the entire sum then due shall be and continue to be an Event of Default notwithstanding acceptance of amount on account. SECTION 3.7 Mortgagor - Tenant at Will After Sale. Mortgagor agrees that after any sale hereunder, Mortgagor shall, at the option of the purchaser at such sale, be a mere tenant at the will and sufferance of the purchaser(s) at such sale or sales, and that such purchaser(s) shall be entitled to immediate posses- sion thereof, and that if Mortgagor fails to vacate the Mortgaged Property, or any part thereof immediately at such purchaser's request, such purchaser(s) may, and shall have the right to, file or institute an action in forcible entry and detainer or institute or maintain any other action or suit or exercise any other rights or remedies given landlords under any statute or law. Notwi th- standing the above, however, at the option of any purchaser at such sale, all tenant leases covering the Mortgaged Property or any part thereof in effect at the time of such sale shall remain in full force and effect and such purchaser shall automatically become the "landlord" thereunder vii th all rights and obligations accruing to the landlord thereunder. ARTICLE IV THE TRUSTEE SECTION 4.1 Successor Trustee. In case of the absence, death, di sabi Ii ty, refusal, or fai lure of the Trustee herein named to act, or for any other reason if the holder or holders of the Indebtedness shall so desire, the holder or holders of the Indebtedness are hereby authorized and empowered to name, constitute, and appoint, without any other formality than an appointment and designation in writing properly executed, acknowl- edged and recorded, another trustee in the place and stead of the Trustee herein originally named or in the place and stead of any other trustee later substituted therefor, all of whom successively shall ,~hile so acting have all of the title, rights, powers, and authority and be charged with all of the duties that are conferred or charged upon the Trustee. Any conveyance by such substitute trustee or by any trustee later substituted therefor as aforesaid to the purchaser at any sale as herein provided shall be equally valid and effective. Any such right to appoint a successor or substitute trustee shall exist as often and whenever from any of the said causes any trustee, original or substitute, cannot or will not act hereunder, and any successor or substitute trustee shall not be disqualified from acting in such capacity by reason that said successor trustee has been, is or thereafter shall be an attorney, agent or employee of the Beneficiary. SECTION 4.2 Exculpation of Trustee. The Trustee shall have no duties and shall not be obligated to perform any acts other than those herein expressly set forth or intended except if otherwise required by applicable law. \'li thout -25- L L L r--- -.J .... (