Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary hereunder, if Beneficiary determines that Grantor has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust or in any of the other Loan Documents and such failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would affect Beneficiary's interest in the Property or Beneficiary's right to enforce its security therein, then Beneficiary may, at its option, with or without notice to Grantor, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust or to remedy the failure of Grantor to perform its covenants and agreements (without, however, waiving any default of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest therein). Grantor agrees to pay on demand all expenses of Beneficiary reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary incurs such expenses until reimbursement thereof by Grantor. Any such expenses so incurred by Beneficiary, together with interest thereon as provided above, shall be additional indebtedness of Grantor secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary in its sole and absolute discretion. Beneficiary is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor or any person in possession holding under Grantor. Grantor hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by Beneficiary, and any and all payments made or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary after the filing by Grantor of a voluntary case or the filing against Grantor of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "Act"), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to Grantor, Beneficiary, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary to incur any expenses, make any appearances or take any actions.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Westcoast Hospitality Corp), Deed of Trust and Security Agreement (Westcoast Hospitality Corp)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Mortgagee hereunder, if Beneficiary Mortgagee determines that Grantor Mortgagor is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust or in any of the other Loan Documents Mortgage and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect BeneficiaryMortgagee's interest in the Property or BeneficiaryMortgagee's right to enforce its security thereinsecurity, then Beneficiary Mortgagee may, at its it option, with or without notice to GrantorMortgagor, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust Mortgage or to remedy the failure of Grantor Mortgagor to perform its covenants and agreements (without, however, waiving any default of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinMortgagor). Grantor Mortgagor agrees to pay on demand all expenses of Beneficiary Mortgagee reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary Mortgagee incurs such expenses until reimbursement thereof by GrantorMortgagor. Any such expenses so incurred by BeneficiaryMortgagee, together with interest thereon as provided above, shall be additional indebtedness of Grantor Mortgagor secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteMortgage. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Mortgagee in its sole and absolute discretion. Beneficiary Mortgagee is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Mortgagor or any person in possession holding under Grantor. Grantor hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by Beneficiary, and any and all payments made or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary after the filing by Grantor of a voluntary case or the filing against Grantor of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "Act"), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to Grantor, Beneficiary, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary to incur any expenses, make any appearances or take any actionsMortgagor.
Appears in 1 contract
Samples: Mortgage and Security Agreement (American International Petroleum Corp /Nv/)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Lender hereunder, if Beneficiary Lender determines that Grantor Borrower is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Security Deed of Trust or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect BeneficiaryLender's interest in the Property or BeneficiaryLender's right to enforce its security thereinsecurity, then Beneficiary Lender may, at its option, with or without notice to GrantorBorrower, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Security Deed of Trust or to remedy the failure of Grantor Borrower to perform its covenants and agreements (without, however, waiving any Event of Default or other default hereunder of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinBorrower). Grantor Borrower agrees to pay on demand all expenses of Beneficiary Lender reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary Lender incurs such expenses until reimbursement thereof by GrantorBorrower. Any such expenses so incurred by BeneficiaryLender, together with interest thereon as provided above, shall be additional indebtedness of Grantor Borrower secured by this Security Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteNotes. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Lender in its sole and absolute discretion. Beneficiary Lender is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Borrower or any person in possession holding under GrantorBorrower. Grantor Borrower hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by BeneficiaryLender, and any and all payments made or costs or expenses incurred by Beneficiary Lender in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor Borrower with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Lender after the filing by Grantor Borrower of a voluntary case or the filing against Grantor Borrower of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978Title 00, as amended Xxxxxx Xxxxxx Xxxx (the "ActBankruptcy Code"), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to GrantorBorrower, BeneficiaryLender, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary Lender to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Samples: Deed to Secure Debt and Security Agreement (Sun Communities Inc)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Lender hereunder, if Beneficiary Lender determines that Grantor Borrower is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Security Deed of Trust or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect BeneficiaryLender's interest in the Property or BeneficiaryLender's right to enforce its security thereinsecurity, then Beneficiary Lender may, at its option, with or without notice to GrantorBorrower, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Security Deed of Trust or to remedy the failure of Grantor Borrower to perform its covenants and agreements (without, however, waiving any Event of Default or other default hereunder of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinBorrower). Grantor Borrower agrees to pay on demand all expenses of Beneficiary Lender reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary Lender incurs such expenses until reimbursement thereof by GrantorBorrower. Any such expenses so incurred by BeneficiaryLender, together with interest thereon as provided above, shall be additional indebtedness of Grantor Borrower secured by this Security Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteNotes. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Lender in its sole and absolute discretion. Beneficiary Lender is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Borrower or any person in possession holding under GrantorBorrower. Grantor Borrower hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by BeneficiaryLender, and any and all payments made or costs or expenses incurred by Beneficiary Lender in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor Borrower with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Lender after the filing by Grantor Borrower of a voluntary case or the filing against Grantor Borrower of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978Xxxxx 00, as amended Xxxxxx Xxxxxx Code (the "ActBankruptcy Code"), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to GrantorBorrower, BeneficiaryLender, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary Lender to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Samples: Deed to Secure Debt and Security Agreement (Sun Communities Inc)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Mortgagee hereunder, if Beneficiary Mortgagee reasonably determines that Grantor Mortgagor is not adequately performing or has failed to perform any of its obligations, ,. covenants or agreements contained in this Deed of Trust Mortgage or in any of the other Loan Documents and such inadequacy or failure is not riot cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect BeneficiaryMortgagee's interest in the Property or BeneficiaryMortgagee's right to enforce its security thereinsecurity, then Beneficiary Mortgagee may, at its option, with or without notice to GrantorMortgagor, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust Mortgage or to remedy the failure of Grantor Mortgagor to perform its covenants and agreements (without, however, waiving any default of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinMortgagor). Grantor Mortgagor agrees to pay on demand all expenses of Beneficiary Mortgagee reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate (as defined in the Note) from and after the date on which Beneficiary Mortgagee incurs such expenses until reimbursement thereof by GrantorMortgagor. Any such expenses so incurred by BeneficiaryMortgagee, together with interest thereon as provided above, shall be additional indebtedness of Grantor Mortgagor secured by this Deed of Trust Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Mortgagee in its sole and absolute discretion. Beneficiary Mortgagee is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Mortgagor or any person in possession holding under GrantorMortgagor. Grantor Mortgagor hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by BeneficiaryMortgagee, and any and all payments made or costs or expenses incurred by Beneficiary Mortgagee in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor Mortgagor with interest thereon at the Default Interest RateRate (as defined in the Note), notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Mortgagee after the filing by Grantor Mortgagor of a voluntary case or the filing against Grantor Mortgagor of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "Act"), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to GrantorMortgagor, BeneficiaryMortgagee, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. , This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary Mortgagee to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Acadia Realty Trust)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Lender hereunder, if Beneficiary Lender determines that Grantor Borrower is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect BeneficiaryLender's interest in the Property or BeneficiaryLender's right to enforce its security thereinsecurity, then Beneficiary Lender may, at its option, with or without notice to GrantorBorrower, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust or to remedy the failure of Grantor Borrower to perform its covenants and agreements (without, however, waiving any Event of Default or other default hereunder of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinBorrower). Grantor Borrower agrees to pay on demand all expenses of Beneficiary Lender reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary Lender incurs such expenses until reimbursement thereof by GrantorBorrower. Any such expenses so incurred by BeneficiaryLender, together with interest thereon as provided above, shall be additional indebtedness of Grantor Borrower secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteNotes. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Lender in its sole and absolute discretion. Beneficiary Lender is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Borrower or any person in possession holding under GrantorBorrower. Grantor Borrower hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by BeneficiaryLender, and any and all payments made or costs or expenses incurred by Beneficiary Lender in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor Borrower with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Lender after the filing by Grantor Borrower of a voluntary case or the filing against Grantor Borrower of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978Title 11, as amended United States Code (the "ActBankruptcy Code"), Title 11 U.S.C., or after any similar action pursuant to sixxxxx xxxxxx xxxxxxxx xo any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to GrantorBorrower, BeneficiaryLender, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary Lender to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Samples: Deed of Trust (Sun Communities Inc)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Lender hereunder, if Beneficiary Lender determines that Grantor Borrower is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust Mortgage or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect Beneficiary's Lender’s interest in the Property or Beneficiary's Lender’s right to enforce its security thereinsecurity, then Beneficiary Lender may, at its option, with or without notice to GrantorBorrower, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust Mortgage or to remedy the failure of Grantor Borrower to perform its covenants and agreements (without, however, waiving any default Event of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinDefault). Grantor Borrower agrees to pay on demand all expenses of Beneficiary Lender reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate default rate of interest under the Note from and after the date on which Beneficiary Lender incurs such expenses until reimbursement thereof by GrantorBorrower. Any such expenses so incurred by BeneficiaryLender, together with interest thereon as provided above, shall be additional indebtedness of Grantor Borrower secured by this Deed of Trust Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Lender in its sole and absolute discretion. Beneficiary Lender is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Borrower or any person in possession holding under GrantorBorrower. Grantor Borrower hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by BeneficiaryLender, and any and all payments made or costs or expenses incurred by Beneficiary Lender in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor Borrower with interest thereon at the Default Interest Ratedefault rate under the Note, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Lender after the filing by Grantor Borrower of a voluntary case or the filing against Grantor Borrower of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978Xxxxx 00, as amended Xxxxxx Xxxxxx Code (the "Act"“Bankruptcy Code”), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to GrantorBorrower, BeneficiaryLender, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary Lender to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary hereunder, if Beneficiary determines that Grantor is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect Beneficiary's ’s interest in the Property or Beneficiary's ’s right to enforce its security thereinsecurity, then Beneficiary may, at its option, with or without notice to Grantor, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust or to remedy the failure of Grantor to perform its covenants and agreements (without, however, waiving any default of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest therein). Grantor agrees to pay on demand all expenses of Beneficiary reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate (as defined in the Note) from and after the date on which Beneficiary incurs such expenses until reimbursement thereof by Grantor. Any such expenses so incurred by Beneficiary, together with interest thereon as provided above, shall be additional indebtedness of Grantor secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary in its sole and absolute reasonable discretion. Beneficiary is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor or any person in possession holding under Grantor except in the event of Grantor’s gross negligence or willful misconduct. Grantor hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by Beneficiary, and any and all payments made or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor with interest thereon at the Default Interest RateRate (as defined in the Note), notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary after the filing by Grantor of a voluntary case or the filing against Grantor of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "“Act"”), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to Grantor, Beneficiary, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary hereunderLender under this Loan Agreement, if Beneficiary determines that Grantor an Event of Default has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust or in any of the other Loan Documents and such failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would affect Beneficiary's interest in the Property or Beneficiary's right to enforce its security thereinoccurred, then Beneficiary Lender may, at its option, with or without notice to GrantorBorrowers, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust the Security Documents or to remedy the failure of Grantor Borrowers to perform its covenants and their agreements (without, however, waiving any default Default or Event of GrantorDefault); provided. Without limitation of the foregoing, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unlessLender, in Beneficiary's judgmentits discretion, shall have the right, at any delay would potentially further damage time that Borrowers fail to do so, and from time to time, without prior notice (i) to obtain insurance covering any of the Property or Beneficiary's interest therein). Grantor agrees to the extent insurance is required under this Loan Agreement, (ii) to pay for the performance of any of the Obligations, (iii) to discharge taxes or Liens on any of the Property that are in violation of any Loan Document, and (iv) to pay for the maintenance and preservation of the Property. Borrowers agree to pay within five (5) Business Days of demand all expenses of Beneficiary Lender reasonably incurred with respect to the foregoing (including, but not limited to, including reasonable fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary Lender incurs such expenses until reimbursement thereof by GrantorBorrowers. Any such expenses so incurred by BeneficiaryLender, together with interest thereon as provided above, shall be additional indebtedness of Grantor any of Borrowers secured by this Deed of Trust the Security Documents and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteObligations. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Lender in its sole and absolute discretion. Beneficiary Lender is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor any of Borrowers or any person in possession holding under Grantorany of Borrowers. Grantor hereby acknowledges and agrees that the The remedies set forth in this Section 1.20(b) 8.4 shall be exercisable by BeneficiaryLender, and any and all payments made or costs or expenses incurred by Beneficiary Lender in connection therewith shall be secured hereby by the Security Documents and shall beshall, without demand, be immediately repaid by Grantor Borrowers with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Lender after the filing by Grantor any Loan Party of a voluntary case or the filing against Grantor any of Borrowers of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "“Act"”), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law Debtor Relief Law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to Grantorany Loan Party, BeneficiaryLender, any guarantor or indemnitor, the secured indebtedness obligations or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured herebyObligations. This Section 1.20(b) 8.4 shall not be construed to require Beneficiary Lender to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Samples: Term Loan and Security Agreement (Summit Healthcare REIT, Inc)
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary Lender hereunder, if Beneficiary Lender determines that Grantor Borrower is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust Security Instrument or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect Beneficiary's Lender’s interest in the Property or Beneficiary's Lender’s right to enforce its security thereinsecurity, then Beneficiary Lender may, at its option, with or without notice to GrantorBorrower, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust Security Instrument or to remedy the failure of Grantor Borrower to perform its covenants and agreements (without, however, waiving any default of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest thereinBorrower). Grantor Borrower agrees to pay on demand all expenses of Beneficiary Lender reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary incurs Lender has notified Borrowers that Lender has incurred such expenses until reimbursement thereof by GrantorBorrower. Any such expenses so incurred by BeneficiaryLender, together with interest thereon as provided above, shall be additional indebtedness of Grantor Borrower secured by this Deed of Trust Security Instrument and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary Lender in its sole and absolute discretion. Beneficiary Lender is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor Borrower or any person in possession holding under GrantorBorrower. Grantor Borrower hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by BeneficiaryLender, and any and all payments made or costs or expenses incurred by Beneficiary Lender in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor Borrower with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary Lender after the filing by Grantor Borrower of a voluntary case or the filing against Grantor Borrower of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "“Act"”), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to GrantorBorrower, BeneficiaryLender, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary Lender to incur any expenses, make any appearances or take any actions.
Appears in 1 contract
Advances to Protect Property. Without limiting or waiving any other rights and remedies of Beneficiary hereunder, if Beneficiary determines that Grantor is not adequately performing or has failed to perform any of its obligations, covenants or agreements contained in this Deed of Trust Security Instrument or in any of the other Loan Documents and such inadequacy or failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which would might affect Beneficiary's interest in the Property or Beneficiary's right to enforce its security thereinsecurity, then Beneficiary may, at its option, with or without notice to Grantor, make any appearances, disburse or advance any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Deed of Trust Security Instrument or to remedy the failure of Grantor to perform its covenants and agreements (without, however, waiving any default of Grantor); provided, however, Beneficiary may not for a period of thirty (30) days take the foregoing action if Grantor is contesting such action or proceeding (unless, in Beneficiary's judgment, any delay would potentially further damage the Property or Beneficiary's interest therein). Grantor agrees to pay on demand all expenses of Beneficiary reasonably incurred with respect to the foregoing (including, but not limited to, fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Beneficiary incurs has notified Grantors that Beneficiary has incurred such expenses until reimbursement thereof by Grantor. Any such expenses so incurred by Beneficiary, together with interest thereon as provided above, shall be additional indebtedness of Grantor secured by this Deed of Trust Security Instrument and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The necessity for any such actions and of the amounts to be paid shall be determined by Beneficiary in its sole and absolute discretion. Beneficiary is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Grantor or any person in possession holding under Grantor. Grantor hereby acknowledges and agrees that the remedies set forth in this Section 1.20(b) shall be exercisable by Beneficiary, and any and all payments made or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary after the filing by Grantor of a voluntary case or the filing against Grantor of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended (the "Act"), Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to Grantor, Beneficiary, any guarantor or indemnitor, the secured indebtedness or any of the Loan Documents. This indemnity shall survive payment in full of the indebtedness secured hereby. This Section 1.20(b) shall not be construed to require Beneficiary to incur any expenses, make any appearances or take any actions.
Appears in 1 contract