200500259 - Laserfiche WebLink

Browse

200500259 or the protection of such right or interest of Secured Party, including the employment of independent counsel, the prosecution or defense of litigation, and the compromise and discharge of adverse claims. All reasonable expenditures so made shall be a demand obligation (which obligation Debtor hereby promises to pay) owing by Debtor to Secured Party with interest as provided in the Loan Agreement and the Secured Party shall be subrogated to all rights of the Person receiving such payment. (b) No Transfers or Encumbrances. Reference is made to the Loan Agreement for provisions regarding Defaults upon certain transfers of, and encumbrances against, the Mortgaged Property, Debtor's interest therein, and interests in Debtor. ARTICLE 3 Assignment of Leases and Rents Section 3.1 Assignment. As additional security for the indebtedness secured hereby, Debtor hereby assigns to Trustee all Rents (hereinafter defined) and all of Debtor's rights in and under all Leases (hereinafter defined). Upon the occurrence and during the continuance of a Default hereunder, Trustee shall have the right, power and privilege (but shall be under no duty) to demand possession of the Rents, which demand shall to the fullest extent permitted by applicable law be sufficient action by Trustee to entitle Trustee to immediate and direct payment of the Rents (including delivery to Secured Party of Rents collected for the period in which the demand occurs and for any subsequent period), for application as provided in this Deed of Trust, all without the necessity of any further action by Secured Party, including, without limitation, any action to obtain possession of the Land, Improvements or any other portion of the Mortgaged Property. Debtor hereby authorizes and directs the tenants under the Leases, upon the occurrence and during the continuance of a Default hereunder, to pay Rents to Secured Party upon written demand by Secured Party, without further consent of Debtor, without any obligation to determine whether a default has in fact occurred and regardless of whether Secured Party has taken possession of any portion of the Mortgaged Property, and the tenants may rely upon any written statement delivered by Secured Party to the tenants. Any such payment to Secured Party shall constitute payment to Debtor under the Leases, and Debtor hereby appoints Secured Party as Debtor's lawful attorney -in -fact for giving, and Secured Party is hereby empowered to give, acquittance to any tenants for such payments to Secured Party upon the occurrence and during the continuation of a Default. The assignment contained in this Section shall become null and void upon the release of this Deed of Trust. As used herein (i) "Lease" means each existing or future Lease, sublease (to the extent of Debtor's rights thereunder) or other agreement under the terms of which any person has or acquires any right to occupy or use the Mortgaged Property, or any part thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder, and all extensions, renewals, modifications and replacements of each such lease, sublease, agreement or guaranty; and (ii) "Rents" means all of the rents, revenue, issues, income, profits and proceeds derived and to be derived from the Mortgaged Property or arising from the use or enjoyment of any portion thereof or from any Lease including but not limited to liquidated damages following default under any such Lease, security deposits paid in connection with any such Lease, all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by damage to any part of the Mortgaged Property, all of Debtor's rights to recover monetary amounts from any tenant in bankruptcy including, without limitation, rights of recovery for use and occupancy and damage DEED OF TRUST— Page 6