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<br />84- 0050&8
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<br />tained herein at any and all times after any Default wit.."1out
<br />notice to the Grantor or any other person. The Beneficiary; in
<br />the exercise of the rights and powers conferred upon it l1.ere~y;
<br />shall have full power to use and apply the Rents to the paYlllent
<br />of or on account of the following, in such order as it may--
<br />determine: (a) to the payment of the operating expenses ofthEr,
<br />Premises, inclUding the cost of management and leasing thereof
<br />(which shall include reasonable compensation to the Beneficiary
<br />and its agents or contractors, if management be delegatea,.to,
<br />agents or contractors, and it shall also include lease-
<br />commissions and other compensation and expenses of seeding and
<br />procur~ng tenants and entering into Leases), establiShed claims
<br />for damages. if any, and premiums on insurance hereinab.ove
<br />authorized; (b) to the payment of taxes, charges and special
<br />assessments, t.he costs of all repairs, decorations, renewals,
<br />replacements, alterations, additions, betterments and
<br />improvements of the Collateral, including the cost from time to
<br />tlme of lnstalling, replacing or repairing the Collateral, ando!
<br />placing the Collateral in such condition as will, in the judgment
<br />of the Eenefic:;,ary, make it readily rentable; and (cl to the
<br />payment of any Liabilities.
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<br />2 ~ 6. Fel-sonal ?ropert:."J'> Wh(-:.-~ ~'ler t.here exists a Default
<br />hereunder. the Beneficiary may .,x,'rcise fl0m time to time any-
<br />rJ,ghts and remedies a', ai ::'able ,,0 it under applicable law upon
<br />default In payment of indebtedness, The Grantor shall, promptly
<br />upon re~Jest by the Beneficlary, assemble the Collateral and make
<br />lt avallable to the Beneficiary at such place or places,
<br />reasonably convenlent: for both the Beneficiary and the Grantor,
<br />as the Beneficlary shall deslgnate, Any notification required by
<br />law of In'tended C.lSposJ... tion by the Grantor of any of the Col=
<br />la~eral shall be deemed reasonably and properly given if given at
<br />least five days before such d1Sposi tion, vh thout limiting the
<br />foregoing, whenever there eXlsts a Default hereunder, the
<br />Benef1clary may. wlth respect to so much of the Collateral as is
<br />personal property under appl~,:;able law l to the fullest extent.
<br />perm~t~ea by appl~cable lawf w~thout further notice,
<br />adven:'lsement, heat'lng or process of law of any lund, (i) notify
<br />any person obllgat:ed on the Collateral to perform directly for
<br />tJle Beneflc1ary lts obligat:ons thereunder, (ii) enforce
<br />collectIon of any of the Collateral by suit or otherwise, and
<br />surrender, release or exchange all or any part thereof or
<br />cornpromI5e or extend 01' renew for any period (whether or not
<br />longer than the orlginal perlod) any oblIgations of any nature of
<br />any party wlth respect thereto, (111) endorse any checks, drafts
<br />or other wn tlngs in the name of the Grantor to allow collection
<br />of the Coll atera 1 , ( i v) take control of any proceeds of the
<br />Collateral, (V) enter upon any premises where any of the
<br />Collateral may be located and take possess~on of and remove such
<br />Call ateral, (\'1) sell any or all of the Collateral, free of all
<br />rights and claIms of the Grantor thereIn and thereto, at any
<br />public or private sale, and (vii) Old for and purchase any or all
<br />of the Collateral at any such sale, Any proceeds of any
<br />d:!~P0!;i't.:!.c;; !:-y 'the 3e~eflciary ~f any ~f the Cclla..t.e:;~l :nay he
<br />applied by the BenefiCIary to the payment of expenses In
<br />connection with the Collateral, inc ludlng attorneys' fees and
<br />legal expenses, and any balance of such proceeds shall be applIed
<br />by the Beneficiary toward the payment of such of t.he Liabill tIes
<br />and in such order of applicat~on as the Beneflclary may from tlme
<br />t.o tIme elect, The Beneficlary may exerCIse from t:1me to tlme
<br />any rights and remedIes available t.o It under the DnlioI'm
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