Laserfiche WebLink
201007174 <br />ARTICLE IV <br />Acceleration; Foreclosure <br />4.1 Accelerarion of Secured Obli ations. Upon the occurrence of an Event of <br />Default, subject to applicable law, the entire balance of all or any portion of the Secured <br />Obligations, including all accrued interest, shall, at the option of the Agent, become immediately <br />due and payable. <br />4.2 Foreclosure. Upon the occurrence of an Event of Default, the Agent may <br />foreclose or cause the Trustee to foreclose the lien of this Security Instrument by judicial or <br />nonjudicial proceeding in a manner permitted by applicable law. Ta the maximum extent <br />permitted by applicable law, the Grantor hereby waives any statutory right of redemption in <br />connection with such foreclosure proceeding. <br />4.3 Proceeds of Sale. Following a foreclosure sale, the proceeds of such sale shall, <br />subject to applicable law, be applied in accordance with the Intercreditor Agreement. <br />4.4 Delive of Possession After Foreclosure. In the event there is a foreclosure sale <br />hereunder and at the time of such sale, the Grantor or the Grantor's heirs, devisees, <br />representatives, successors or assigns are occupying or using the Premises, or any part thereof, <br />each and all immediately shall become the tenant of the purchaser at such sale, which tenancy <br />shall be a tenancy from day to day, terminable at the will of either landlord or tenant, at a <br />reasonable rental per day based upon the value of the property occupied, such rental to be due <br />daily to the purchaser; and to the extent permitted by applicable law, the purchaser at such sale, <br />notwithstanding any language herein apparently to the contrary, shall have the sole option to <br />demand possession immediately following the sale or to permit the occupants to remain as <br />tenants at will. In the event the tenant fails to surrender possession of said property upon <br />demand, the purchaser shall be entitled to institute and maintain a summary action for possession <br />of the property (such as an action for forcible detainer) in any court having jurisdiction. <br />ARTICLE V <br />Additional Rights and Remedies of Agent <br />5.1 Ri is U on Maturit or an Event of Default. Upon the occurrence of an Event <br />of Default (after giving effect to any applicable grace or cure periods), the Agent, immediately <br />and without additional notice and without liability therefor to the Grantor and to the extexxt <br />permitted by law, except for its own gross negligence, willful misconduct or breach in bad faith <br />of its obligations hereunder, may do or cause to be done any or all of the following: (a) take <br />physical possession of the Premises; (b) exercise its right to collect the Rents and Profits; <br />(c) enter into contracts for the completion, repair and maintenance of the Improvements thereon; <br />(d) expend loan funds and any income or Rents and Profits derived from the Premises for <br />payment of any taxes, insurance premiums, assessments and charges far completion, repair and <br />maintenance of the Improvements, preservation of the lien of this Security Instrument and <br />satisfaction and fulfillment of any liabilities or obligations of the Grantor arising out of or in any <br />CHART\1182503x1 <br />10 <br />