Common use of Application of Funds After Default Clause in Contracts

Application of Funds After Default. Except as otherwise herein provided and subject to the rights of senior lienholders, upon the occurrence of an Event of Default hereunder, Beneficiary may, at any time without notice, apply any or all sums or amounts received and held by Beneficiary to pay insurance premiums, Impositions, or either of them, or as rents or income of the Property, or as insurance or condemnation proceeds, and all other sums or amounts received by Beneficiary from or on account of Trustor or the Property, or otherwise, upon any Secured Obligation, in such manner and order as Beneficiary may elect, notwithstanding that such Secured Obligation may not yet be due. The receipt, use or application of any such sum or amount shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust, or any of the rights or powers of Beneficiary or Trustee under the terms of the Transaction Documents, or any of the obligations of Trustor or any guarantor under the Transaction Documents; or to cure or waive any default or notice of default under any of the Transaction Documents; or to invalidate any act of Trustee or Beneficiary.

Application of Funds After Default. Except as otherwise herein provided and subject to the rights of senior lienholdersprovided, upon the occurrence of an Event of Default hereunder, Beneficiary may, at any time without notice, apply any or all sums or amounts received and held by Beneficiary to pay insurance premiums, Impositions, or either of them, or as rents Rents or income of the PropertySecurity, or as insurance or condemnation proceeds, and all other sums or amounts received by Beneficiary from or on account of Trustor or the PropertySecurity, or otherwise, upon against any Secured Obligationindebtedness or Obligation of the Trustor secured hereby, in such manner and order as Beneficiary may elect, notwithstanding that such Secured Obligation may not yet be due. The receipt, use or application of any such sum or amount shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust, or any of the rights or powers of Beneficiary or Trustee under the terms of the Transaction DocumentsLoan Agreement, this Deed of Trust or the Note, or any of the obligations Obligations of Trustor or any guarantor under any other instruments or documents now or hereafter delivered in connection with the Transaction Documents; Loan Agreement or to cure or waive any default or notice of default under the Loan Agreement or any of the Transaction Documentssuch instruments or documents; or to invalidate any act of Trustee or Beneficiary.

Application of Funds After Default. Except as otherwise herein provided and subject to the rights of senior lienholdersprovided, upon the occurrence and during the continuance of an Event of Default hereunder, Beneficiary may, at any time without notice, apply any or all sums or amounts received and held by Beneficiary to pay insurance premiums, Impositions, or either of them, or as rents or income of the PropertyTrust Estate, or as insurance or condemnation proceeds, and all other sums or amounts received by Beneficiary from or on account of Trustor or the PropertyTrust Estate, or otherwise, upon any Secured Obligationindebtedness or obligation of Trustor secured hereby, in such manner and order as Beneficiary may elect, notwithstanding that such Secured Obligation said indebtedness or the performance of said obligation may not yet be due. The receipt, use or application of any such sum or amount shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust, or any of the rights or powers of Beneficiary or Trustee under the terms of the Transaction DocumentsLoan Instruments, or any of the obligations of Trustor or any guarantor under the Transaction DocumentsLoan Instruments; or to cure or waive any default or notice of default under any of the Transaction Documents; Loan Instruments or to invalidate any act of Trustee or Beneficiary.