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200806505
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Last modified
7/29/2008 4:49:25 PM
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7/29/2008 4:49:21 PM
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DEEDS
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200806505
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<br />200806505 <br /> <br />Surface Lease or has acquired, by foreclosure or otherwise, and is holding all of Mortgagor's <br />right, title and interest therein. <br /> <br />Section 2.2. Performance on Mortgagor's Behalf. Mortgagor agrees that, if Mortgagor fails <br />to perform any act or to take any action which hereunder Mortgagor is required to perform or take, or to <br />pay any money which hereunder Mortgagor is required to pay, Administrative Agent, in Mortgagor's <br />name or its own name, may, but shall not be obligated to, perform or cause to be performed such act or <br />take such action or pay such money, and any expenses so incurred by Administrative Agent and any <br />money so paid by Administrative Agent shall be a demand obligation owing by Mortgagor to <br />Administrative Agent (which obligation Mortgagor hereby expressly promises to pay) and <br />Administrative Agent, upon making such payment, shall be subrogated to all of the rights of the person, <br />corporation or body politic receiving such payment. Further, if Mortgagor shall fail to comply with its <br />covenants under any Surface Lease, or upon receipt by Administrative Agent from the lessor of any <br />such lease of notice of any default under any such Surface Lease, Administrative Agent may rely <br />thereon and take any action necessary to cure such default, even though the existence of such default <br />and the nature thereof be questioned or denied by Mortgagor or by any party on behalf of Mortgagor. <br />Mortgagor hereby expressly grants to Administrative Agent and agrees that Administrative Agent shall <br />have the absolute and immediate right to enter upon the Mortgaged Property subject to such Surface <br />Lease or any part thereof to the extent and as often as Administrative Agent in its sole discretion deems <br />necessary or desirable in order to prevent such default or to cure any such default by Mortgagor. <br />Administrative Agent may pay and expend sums of money as Administrative Agent in its sole <br />discretion deems necessary for such purpose, and any money so paid by Administrative Agent shall be <br />a demand obligation owing by Mortgagor to Administrative Agent (which obligation Mortgagor hereby <br />expressly promises to pay) and Administrative Agent, upon making such payment, shall be subrogated <br />to all of the rights of the person, corporation or body politic receiving such payment. Each amount due <br />and owing by Mortgagor to Trustee and/or Administrative Agent pursuant to this Mortgage shall bear <br />interest each day, from the date of such expenditure or payment until paid, at the Default Rate; all such <br />amounts, together with such interest thereon, shall be a part of the secured indebtedness and shall be <br />secured by this Mortgage. <br /> <br />ARTICLE III. <br /> <br />Assignment of Rents. Accounts. and Proceeds <br /> <br />Section 3.1. Assignment. Mortgagor does hereby absolutely and unconditionally assign, <br />transfer and set over to Administrative Agent all rents, issues, profits, revenue, income and other <br />benefits derived from the Mortgaged Properties, or arising from the operation thereof or from any of the <br />Contracts (herein sometimes collectively called the "Rents"), together with the immediate and <br />continuing right to collect and receive such Rents. Mortgagor directs and instructs any and all payors of <br />Rents to pay to Administrative Agent all of the Rents until such time as such payors have been <br />furnished with evidence that all secured indebtedness has been paid and that this Mortgage has been <br />released. Mortgagor agrees that no payors of Rents shall have any responsibility for the application of <br />any funds paid to Administrative Agent. <br /> <br />Section 3.2. Effectuating Payment of Rents to Administrative Agent. Independent ofthe <br />foregoing provisions and authorities herein granted, Mortgagor agrees to execute and deliver any and <br />all instruments that may be requested by Administrative Agent or that may be required by any payor of <br />Rents for the purpose of effectuating payment of the Rents to Administrative Agent. If under any <br />existing agreements, any Rents are required to be paid by the payor to Mortgagor so that under such <br />existing agreements payment cannot be made of such Rents to Administrative Agent, Mortgagor's <br /> <br />505901000016 DALLAS 2307301.3 <br /> <br />15 <br /> <br />[MULTI STATE MORTGAGE] <br />
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