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201000151
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Last modified
1/7/2010 4:56:18 PM
Creation date
1/7/2010 4:51:49 PM
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DEEDS
Inst Number
201000151
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2oioooi5i <br />(q) if the Lease is canceled, terminated, abridged, modified or surrendered (other than <br />as provided in the Lease) without the prior written consent of Lender. <br />22. Default Interest. Upon the occurrence of any Event of Default, Borrower shall pay <br />interest on the unpaid principal balance of the Note at the Overdue Rate (as defined in the <br />Note). The Overdue Rate shall be computed from the occurrence of the Event of Default <br />until the earlier of the cure of such default or the actual receipt and collection of the Debt. <br />This charge shall be added to the Debt, and shall be deemed secured by this Security <br />Instrument. This clause, however, shall not be construed as an agreement or privilege to <br />extend the date of the payment of the Debt, nor as a waiver of any other right or remedy <br />accruing to Lender by reason of the occurrence of any Event of Default. If the Overdue <br />Rate is above the maximum rate permitted by applicable law, the Overdue Rate shall be <br />the maximum rate permitted by applicable law. <br />23. Right to Cure Defaults. <br />(a) Subject to the rights of the Lessee under the Lease (provided that no Lease <br />Default then exists), upon the occurrence and during the continuance of any Event <br />of Default, Lender may (itself or by its agents, employees, contractors, engineers, <br />architects, nominees, attorneys or other representatives), but without any <br />obligation to do so and without notice to or demand on Borrower and without <br />releasing Borrower from any obligation hereunder or curing or being deemed to <br />have cured any default hereunder, make or do the same in such manner and to <br />such extent as Lender may deem necessary to protect the security hereof. Subject <br />to the rights of the Lessee under the Lease (provided that no Lease Default then <br />exists), Lender (and its agents, employees, contractors, engineers, architects, <br />nominees, attorneys or other representatives) are authorized to enter upon the <br />Mortgaged Property for such purposes and Lender is authorized to appear in, <br />defend, or bring any action or proceeding reasonably necessary to protect <br />Lender's interest in the Mortgaged Property or to foreclose this Security <br />Instrument or collect the Debt, and the cost and expense thereof (including, <br />without limitation, the Make Whole Fremium, if any, and reasonable attorneys' <br />fees and disbursements to the extent permitted by law), with interest as provided <br />in this paragraph 23, shall constitute a portion of the Debt and shall be due and <br />payable to Lender upon demand. All such reasonable costs and expenses incurred <br />by Lender in remedying such Event of Default or in appearing in, defending, or <br />bringing any such action or proceeding shall bear interest at the Overdue Rate, for <br />the period after notice from Lender that such cost or expense was incurred to the <br />date of payment to Lender. All such costs and expenses incurred by Lender <br />together with interest thereon calculated at the above rate shall be deemed to be <br />protective advances hereunder and shall constitute a portion of the Debt and be <br />secured by this Security Instrument and the other Loan Documents and shall be <br />immediately due and payable upon demand by Lender therefor. <br />(b) In order to facilitate Lender's rights under subparagraph (a) above and subject to <br />Lessee's rights under the Lease (provided that no Lease Default then exists, <br />Borrower hereby further grants to Lender and any agents, employees, contractors, <br />-39- <br />15445229.4.BUSINESS <br />
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