84005068 - Laserfiche WebLink

Browse

84 - 0050'68 r I Beneficiary or expressly parmi tted under the Loan. Agr~e1'lient:. Each such lease shall contain, at the Beneficiary's election,> a provision to the effect that the tenant shall, at the req1.111tst'qf the Beneficiary, deliver to the Beneficiary an instrumen't, ill form and substance satisfactory to the Beneficiary, inwhichtbe tenant agrees that no action taken' by the Beneficiary toenfor~e this Deed by foreclosure, or by accepting a deed in lieu of; f<ire... closure, or by resorting to any other remedies available to the Beneficiary, shall terminate the lease or invalidate any of 'the terms thereof and that tenant wi 11 attorn to the Beneficiary, to the purchaser at. a foreclosure sale, or to a grantee ina vOlun.. tary conveyance, and wll1 recognize such entity as landlord for the balance of the term of the lease. 1.16. !.inan~1al Reporting. Grantor W.111 comply with the requirements of t.he Loan Agreement regarding financial report$'. 1.17, Beneficiarrs Performance, If the Grantor fails to payor perform any of its obligatlons herein contained (including payment. of expenses of foreclosure and court costs), the Beneficiary may (but. need not), as agent or attorney-in. fact of the Grantor, make any payment or perform (or cause to be performed) any obligatlon of the Grantor hereunder, in any form and marr~e~ dee~ed €^pediEnt by thE T-~eficiarYJ and any amount so paid or expended (plus reasonabl- c"?ensatiG~ to the Beneficiary for :. 1:s out-of-pocket ~nd ot-he expenses for each matter for which :t acts under th~s Deed), with interest thereon at the rate appllcable after mat.ur.1ty as provlced in the Note, shall be added to the prlnclpal debt hereby secue'ed and shall re repaid to the Beneflclary upon demand, By way of illust.ration and not .1n limltatlon of the foreg01ng, the Benefic.1ary may (but need not) do all or any of the followlng: make payments of princ.1pal or ~nt.erest:. or 0'!:her amount.s on any l:en~ encumbrance or charge on any of the Collateral; complete construction; make repairs; ccllect rents; prcsecute collection of the Colla~eral or proceeds 1:hereof: purchase, oi scharge, compromIse or settle any tax lien O~ any other lien. encumbrance, sui~, proceeding, title or claim thereof; contes~ any ~ax cr assessment; and redeem from any tax sale or forfe:t.ure ;''iifecting t.he Premises. In making any payment or secunng any performance relatIng 1:0 any Obligation of the Gra~tcr hereunder. t.he EeneflC':.ary shall (as long as it acts In good falt.hl be the so~e Judge of the legalit.y, validity and amount. of any ~len or encull'.brance and of all other matters necessary to be determIned ln sat.l sfact:lon thereof. No such actIon of t.he 5eneflcIary shall ever be consIdered as a waiver of any right aCC1'\11ng 1:0 1 t on account of the occurrence of any mat.ter Whlch const.ltutes a Default Ideflned here.1nafter), 1,18, ~~~~c~~~~. To the ext.ent that the Benef.1ciary, on or aft.er the date hereof, pays any sum due under any provIslon of law or any 1nstrument or document creating any lien prlor or super.1or t.o the llen of thlS Deed, or the Grantor or any other person pays any such sum wi t.h the proceeds of the Loan, the Beneflclary shall have and be entItled to a lien on the Collat.eral equ-al l.n prlorl ty to the llen discharged, and t.he Beneflciary shall be subrogated to, and receIve and enJoy all rlghts and llens possessed, held or enJoyed by, the holder of such 11en, which shall remain ln eXlstence and benefit the Beneflclary 1n securlng the L.1ablllt.1es, The Beneflclary shall be subl-ogated. notw.1 t.hstandlng thell' release oi record. t.o the llE~n of all deeds, trust deeds, superior tItles. vendors' 11ens, l -ll- I L