|
<br />200806031
<br />
<br />and replacements to the Improvements, as Beneficiary, in its sole discretion, deems proper or appropriate.
<br />The obligation of Grantor to pay such amounts and all expenses incurred by Beneficiary in the exercise of
<br />its rights hereunder shall be included in the Secured Obligations and shall accrue interest at the Default
<br />Rate.
<br />
<br />(f) Grantor agrees that in case Beneficiary, in the exercise of the power of sale contained
<br />herein or in the exercise of any other rights hereunder given, elects to sell in parts or parcels, said sales
<br />may be held from time to time and that the power shall not be exhausted until all of the Mortgaged
<br />Property not previously sold shall have been sold, notwithstanding that the proceeds of such sales exceed,
<br />or may exceed, the Secured Obligations.
<br />
<br />(g) Upon the occurrence and during the continuance of any Event of Default, Beneficiary
<br />may require Grantor to assemble the Mortgaged Property and make it available to Beneficiary, at
<br />Grantor's sole risk and expense, at a place or places to be designated by Beneficiary which are reasonably
<br />convenient to both Beneficiary and Grantor.
<br />
<br />(h) Without limiting the provisions of Paragraph 6 hereof, Grantor hereby irrevocably
<br />constitutes and appoints Beneficiary as Grantor's true and lawful attorney in fact, exercisable only after
<br />the occurrence of and during the continuance of an Event of Default, to take any action with respect to the
<br />Mortgaged Property to preserve, protect, or realize upon Beneficiary's interest therein, each at the sole
<br />risk, cost and expense of Grantor, but for the sole benefit of Beneficiary. The rights and powers granted
<br />Beneficiary by the within appointment include, but are not limited to, the right and power to: (i)
<br />prosecute, defend, compromise, settle, or release any action relating to the Mortgaged Property; (ii)
<br />endorse the name of Grantor in favor of Beneficiary upon any and all checks or other items constituting
<br />Revenues; (iii) enter into leases or subleases relative to all or a portion of the Land or the Improvements;
<br />(iv) enter into any contracts or agreements relative to, and to take all action deemed necessary in
<br />connection with, the construction of any Improvements on the Land; (v) manage, operate, maintain, or
<br />repair the Land and the Improvements pursuant to Contracts or otherwise; and (vi) exercise the rights of
<br />Grantor under any Property Leases or any Contracts. Beneficiary shall not be obligated to perform any of
<br />such acts or to exercise any of such powers, but if Beneficiary elects so to perform or exercise,
<br />Beneficiary shall not be accountable for more than it actually receives as a result of such exercise of
<br />power, and shall not be responsible to Grantor except for Beneficiary's willful misconduct, gross
<br />negligence or bad faith, as determined by a court of competent jurisdiction by final and nonappealable
<br />judgment. All powers conferred upon Beneficiary by this Deed of Trust, being coupled with an interest,
<br />shall be irrevocable until terminated by a written instrument executed by a duly authorized officer of
<br />Beneficiary .
<br />
<br />(i) If the Mortgaged Property is sold pursuant to the power of sale conferred upon
<br />Trustee hereunder, Trustee shall cause to be filed of record a written notice of default and election to sell
<br />the Mortgaged Property. After the lapse of such time as then may be required by law following
<br />recordation of such notice of default, and notice of sale having been given as then required by law,
<br />Trustee, without demand on Grantor, shall sell the Mortgaged Property, either as a whole or in separate
<br />parcels, and in such order as it or Beneficiary may determine, at public auction to the highest bidder.
<br />Trustee may postpone the sale of all or any portion of the Mortgaged Property by public announcement at
<br />the time and place of sale, and from time to time thereafter may postpone the sale by public
<br />announcement at the time and place fixed by the proceeding postponement. Trustee shall deliver to such
<br />purchaser Trustee's deed conveying any of the Mortgaged Property so sold, but without any covenant or
<br />warranty, express or implied. The recital in such deed of any matters of fact or otherwise shall be
<br />conclusi ve proof of the truthfulness thereof. Any person, induding Grantor, Trustee or Beneficiary, may
<br />purchase at such sale.
<br />
<br />10
<br />
|