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200809014
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Last modified
10/27/2008 3:10:01 PM
Creation date
10/27/2008 3:09:59 PM
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DEEDS
Inst Number
200809014
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<br />200809014 <br /> <br />(without being required to do so, and in its sole and absolute discretion) to cause successive sales <br />of portions of the Mortgaged Property to be held. <br /> <br />(d) In the event of any breach of any of the covenants, agreements, tenns or <br />conditions contained in this Deed of Trust, Agent shall be entitled to enjoin such breach and <br />obtain specific perfonnance of any covenant, agreement, term or condition and Agent shall have <br />the right to invoke any equitable right or remedy as though other remedies were not provided for <br />in this Deed of Trust. <br /> <br />(e) It is agreed that if an Event of Defaultshall occur and be continuing, any <br />and all proceeds of the Mortgaged Property received by the Agent shall be held by the Agent for <br />the benefit of the Lenders as collateral security for the Lender Obligations (whether matured or <br />unmatured), and shall be applied in payment of the Lender Obligations in accordance with the <br />terms and provisions of the Credit Agreements. <br /> <br />(f) In the case of an Event of Default whereby the right of foreclosure occurs <br />hereunder, the Trustee, the Agent, if applicable, or the holder of said certificate of purchase shall <br />at once become entitled to the possession, use and enjoyment of the Mortgaged Property, and to <br />the rents, issues and profits thereof from the accruing of such right and during the pendency of <br />foreclosure proceedings and the period of redemption, if any there be: and such possession shall <br />at once be delivered to the Trustee or the Agent, if applicable, or the holder of said certificate of <br />purchase on request, and on refusal, the delivery of such possession may be enforced by the <br />Trustee or the Agent or holder of certificate of purchase by any appropriate civil suit or <br />proceeding, and the Trustee, Agent or holder of certificate of purchase, or any thereof, shall be <br />entitled to a Receiver for said property and of the rents, issues and profits thereof, after such <br />default, including the time covered by foreclosure proceedings and the period of redemption, if <br />any there be, and shall be entitled thereto as a matter of right without regard to the solvency or <br />insolvency of the Mortgagor or of the then owner of said Mortgaged Property and without regard <br />to the value thereof. Such Receiver may be appointed by any court of competent jurisdiction <br />upon ex parte application and without notice ~ notice being hereby expressly waived - and all <br />rents, issues and profits, income and revenue therefrom shall be applied by such Receiver to the <br />payment of the indebtedness hereby secured, according to the law and the orders and directions <br />of the court. <br /> <br />15. Right of Agent to Credit Sale. Upon the occurrence of any sale of all or any <br />portion of the Mortgaged Property made under this Deed of Trust, whether made under the <br />power of sale or by virtue of judicial proceedings or of a judgment or decree of foreclosure and <br />sale, Agent may bid for and acquire the Mortgaged Property or any part thereof. In lieu of <br />paying cash therefor, Agent may make settlement for the purchase price by crediting upon the <br />Lender Obligations or other sums secured by this Deed of Trust, the net sales price after <br />deducting therefrom the expenses of sale and the cost of the action and any other sums that <br />Agent is authorized to deduct under this Deed of Trust. In such event, this Deed of Trust, the <br />Credit Agreements, each Guaranty and any documents evidencing expenditures secured hereby <br />may be presented to the person or persons conducting the sale in order that the amount so used or <br />applied may be credited upon the Lender Obligations as having been paid. <br /> <br />11 <br /> <br />LIBDII 907386\ <br />
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