|
�oioo9ss9
<br />not in default, Granlor may receive, collect and enjoy all Rezats accruing from the Property, but not more than one
<br />month in advance of the due date. Lender may also require Cirantor, tenant and atay ot�ier u�er of the .F'ropercy tc�
<br />make payments of Rents directly ta Lender. However, by receiving any such paymenCs, Lender is not, and shall not
<br />be considered, an agent for any party or entity. Any amounts collected may, at l,ender's sole discretion, be applied
<br />to protect I�ender's interest in the Property, including but not limited to the payment of taxes and •insurax�ce
<br />premium� and to tlie Indebtedness. At Lender's sol� discretion, all leases, subleases and Iicel�ses must tirst be
<br />approved by Lender.
<br />CONDEMNAI'ION. GranCor shall give Lender notice of any action taken or threatened to be taken by private or
<br />public entities to appropriate the Property or any part th�reof, tl�rough condemnation, eminent domain or any other
<br />action. Further, Lender shall be pennitted to participate or intervene in any of tl�e above described proceedings in
<br />any maruier it shall at its sale discretion determine. Lencier is hereby given full power, right and autl�orily to
<br />receive and receipt for any and all damages awarded as a result of the 1'ull or partial taking ar appropriation and in
<br />its sole discretion, to apply said awards to Che Indebtedness, whether or not �hen due or otherwise in accordance
<br />with applicable law. Unless Le►�der otherwise agrees in writing, any application of proceeds to the lx�debtedness
<br />shall not extend or postpone the due date of the payments duE under tlae Indebtedn�ss or change the amount of
<br />such. payments.
<br />GRANTOR'S ASSUI2ANCES. At any time, upon a cequest of Lender, Grantor will execute a�ad deliver to
<br />Lender, and if appropriate, cause to be recorded, sucli further mortg�ges, assignments, assignTt�en[s of leaties and
<br />rents, security agreements, pledges, fx�ancing statements, or such other documec�t as Lender may require, in
<br />Lender's sole discreliott, Co effechiate, complete and to perfecr as w�ll a5 to continue to prese�ve tt�e IndeUtedness,
<br />or the lien or security interest created by this Security Instrument.
<br />AT'fURNEY-IN-FAC'1'. Grantor appoints Lender as attorney-in-facf on behalf of Grantor. If Grant��r fails to
<br />fulrll any of Grantor's obligations under this Security Iustrument or any Related Documents, including those
<br />obligations mentioned in the preceding paragraph, Lender as attor�iey-in-fact may fulfill the obligations without
<br />notice to Grantpr. This power of attorney shall not be affected by the disability of the Grantor,
<br />EVEN"1'S OF DETAULT. The following events shall constihike delault under thiti Security Inslrument (each an
<br />"Event of Default"):
<br />(a) Failure tc� make required payments when due under Inciebtedne5s;
<br />(b) Pailure to perform or keep any of the covenants of this Security Iustrument or a default under any of'
<br />the Related Documents;
<br />(c) �'he making of any oral or written statement or assertion to Lender that is false oc misleading in any
<br />material respect by Grantor or axay person obligated on the [ndebtedness;
<br />(d) "1'he deaCh, dissolution, insolvency, bankruptcy or receivership proceeding of Craiator or of any person
<br />or entity obligated on the Indebtedness;
<br />(e) Any assignment by Grantor for the bene�t of Grantor's creditors;
<br />(� A material adverse chai�ge occurs in t�ie rnancial conditiozi, ownership or mana�ement of Grantor or
<br />any person obligated on tl�e Indebtedness; or
<br />(g) Lender deems itself insecure for any reason whatsoever.
<br />REMEDIES ON UF,FAULT. Upon the occurrence of an Event of Detault, Lender inay, without demand or
<br />notice, pay any or all taxes, assessments, premiums, and liens requiz to be paid by Grantor, eftect any insuriz�ce
<br />provided for herein, make sucli repairs, cause the abstracts of title oc title insurance policy and tax hititories of tlze
<br />Property to be certified to date, or procure new abstracts of title or title insurance and tax histories in case i►one
<br />wete furnished to it, and procure title repo�ts covering the Property; including surveys. Tl�e acnounts paid for any
<br />such purposes will be added to �he Indebtedness and will bear interest at ttie rate oi' interest otherwise accruing on
<br />the Indebtedness until paid. In the event of foreclosure, the abstracls of title or litle insura��ce ahall beconie tl�e
<br />property of Lender. All abstracts of title, title ii�surance, tax histories, surveys, and oth�r dncuments pertaiziii�g to
<br />the Indebtedness will remain in Lender's possession until the Indebtedness is paid in full.
<br />IN THE EVENT OF TI-IE SALL OF THIS PROY�RTY UNDER THE PROCEDURE FOR FORECLOSUR� OF
<br />A SECURiTY 1.NS1'RUMENT BY ADVERTISEMENT, AS PROViDF.,D BY APPLICAI3.L� LAW, (JR IN TIIE
<br />EVENT LENDER EX�RCISES ITS RIGHTS UNI7ER '1'HE ASSIGNMENT UF LEASES AND R�NTS, THF,
<br />LENU�.EZ SHALL PROVIDE ALL STATUTORILY R�QUIREU NO'I'ICES OF SAI.,F AND NOTICES OF
<br />JUDICIAL HEARINGS BE�ORE LENDER EXERCISES ANY OF ITS RIGHTS UNDER '1'H1S
<br />INSTRUMENT,
<br />Upon the occurrence of an �vent of I:)efault, [�ender may, without notice unless required by law, and ac its option,
<br />declare the entire IndeUtedness due and payable, as it may alect, regardless of the date or dates of maturity thereof
<br />and, if pennitted by state law, is authorized and eznpowered to cause the Property to be sold at public auction, and
<br />to execuCe and deliver to the purchaser or purchasers at such sale any de�ds of conveyance �ood and 5ufficient at
<br />law, pursuant to the statute i�Y such case tnade and provided. 'I'he 'I'rustee shall app�} the proceeds of the 'I'rustee's
<br />sale, lirst, to the costs and expenses of exercising Che power ��f sale and of the sale, gncluding the payment ��f the
<br />Trustee's fees actually incurred; second, to payment of the obligation secured by the trust deed; third, to tlie
<br />�aymex�t of junior tnist deedS, mortgages, ��r other lie�tholders and the halance, if any, to the �erson or pertions
<br />legally ex�titled tl�ereto. 7'he recitals in the 'T.ruste�'s deed shall be .prima facie evidence of the truth of the
<br />statements made in it. If i e�ider chooses to invoke tl�e power of sale, Lez�der or Trustee will pravide notice of sale
<br />pursuant to applicable law. Any such sale or a sale �x�ade pursuant to a judgment or � decree for tt�e foreclosure
<br />hereof �nay, at the option of Lender, be made en masse. The commencemenl of proceedings ta foreclose this
<br />Se�urity instrument in any manner authorized by law shall be deemed as exercise of the above option.
<br />� 20D�-2D10 Conapliancc Systcros, Inc. P947-21�?6 - 2010.p5.36,5
<br />Cnmmercial Real E•stnle Secorily Inslramen[ - ulAn07 f'age 3 of 5 ��ryvw.complinncesystcros.curn
<br />
|