Application of Rents. Mortgagee shall be entitled to deduct and retain a just and reasonable compensation from monies received hereunder for its services or that of its agents in collecting such monies. Any monies received by Mortgagee hereunder may be applied when received from time to time in payment of any taxes, assessments or other liens affecting the Property regardless of the delinquency, such application to be in such order as Mortgagee may determine. The acceptance of this Mortgage by Mortgagee or the exercise of any rights by it hereunder shall not be, or be construed to be, an affirmation by it of any Lease nor an assumption of any liability under any Lease.
Application of Rents. All Rents collected by Mortgagee or a receiver appointed pursuant to SECTION 8.1(e) of this Mortgage shall be applied as follows:
(a) to payment of all reasonable fees of the receiver approved by the court;
(b) to payment of all tenant security deposits then owing to tenants under any of the Leases pursuant to the provisions of Minnesota Statutes Section 504.20;
(c) to payment of all prior or current real estate taxes and special assessments with respect to the Mortgaged Property, or if this Mortgage or any other Loan Document requires periodic escrow payments for such taxes and assessments, to the escrow payments then due;
(d) to payment of all premiums then due for the insurance required by this Mortgage, or if this Mortgage or any other Loan Document requires periodic escrow payments for such premiums, to the escrow payments then due;
(e) to payment of expenses incurred for normal maintenance of the Mortgaged Property;
(f) if received prior to any foreclosure sale of the Mortgaged Property pursuant to this Mortgage, to the Mortgagee for payment of the Indebtedness, but no such payment made after acceleration of the Indebtedness shall affect such acceleration;
(g) if received during or with respect to the period of redemption after a foreclosure sale of the Mortgaged Property pursuant to this Mortgage:
(i) if the purchaser at the foreclosure sale is not Mortgagee, first to Mortgagee to the extent of any deficiency of the sale proceeds to repay the Indebtedness, second to the purchaser as a credit to the redemption price, but if the Mortgaged Property is not redeemed, then to the purchaser of the Mortgaged Property;
(ii) if the purchaser at the foreclosure sale is Mortgagee, to Mortgagee to the extent of any deficiency of the sale proceeds to repay the Indebtedness and the balance to be retained by Mortgagee as a credit to the redemption price, but if the Mortgaged Property is not redeemed, then to Mortgagee, whether or not any such deficiency exists. The rights and powers of Mortgagee and receivers under this Mortgage and the application of Rents under this Section shall continue until expiration of the redemption period from any foreclosure sale, whether or not any deficiency remains after a foreclosure sale.
Application of Rents. Beneficiary shall be entitled to deduct and retain a just and reasonable compensation from monies received hereunder for its services or that of its agents in collecting such monies. Any monies received by Beneficiary hereunder may be applied when received from time to time in payment of any taxes, assessments or other liens affecting the Property regardless of the delinquency, such application to be in such order as Beneficiary may determine. The acceptance of this Deed of Trust by Beneficiary or the exercise of any rights by it hereunder shall not be, or be construed to be, an affirmation by it of any Lease nor an assumption of any liability under any Lease.
Application of Rents. All costs and expenses incurred by Lender in connection with the Property shall be for Grantors account and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents received by it; however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness. All expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this Assignment, and shall be payable on demand, with interest at the Note rate from date of expenditure until paid.
Application of Rents. Beneficiary, in its sole discretion, may -------------------- apply, or require the application of, all amounts received pursuant to the assignment to the payment of any one or more of the Obligations in any order that Beneficiary may elect.
Application of Rents. All rents, issues and profits and any other sums due under the Leases and with respect to the Property which are collected by Assignee shall be applied by Assignee in such order as Assignee in its sole discretion may elect against: (i) all reasonable costs and expenses, including reasonable attorneys' fees, incurred in connection with the operation of the Property, the performance of Assignor's obligations under the Leases or the collection of the rents thereunder; (ii) all reasonable costs and expenses, including reasonable attorneys' fees, incurred in the collection of any of all of the Secured Obligations, including all reasonable costs, expenses and reasonable attorneys' fees incurred in seeking to realize on or to protect or preserve Assignee's interest in any other collateral securing any or all of the Secured Obligations; and (iii) any or all unpaid principal of and interest on the Secured Obligations.
Application of Rents. Upon such entry, Beneficiary shall, after payment of all property charges and expenses (including, without limitation, reasonable compensation to such managing agent as it may select and employ) and after the accumulation of a reasonable reserve to meet requisite amounts, credit the net amount of the Rents received by it to the Secured Obligations, but the manner of the application of such net income and which items shall be credited shall be determined by the Beneficiary pursuant to the applicable provisions of the PPF Agreement, but in all cases subject to applicable law. Beneficiary shall not be accountable for more monies than it actually receives from the Trust Estate; nor shall it be liable for failure to collect Rents. Beneficiary shall make reasonable efforts to collect Rents, reserving, however, within its own absolute and sole discretion, the right to determine the method of collection and the extent to which enforcement of collection of Rents shall be prosecuted and Beneficiary’s judgment shall be deemed conclusive and reasonable.
Application of Rents. All Rents received by Mortgagee pursuant to this Article 6 shall be applied and disposed of as provided in the Credit Agreement, specifically in Section 9.1.4 of the Credit Agreement.
Application of Rents. (i) Notwithstanding anything herein to the contrary, Rents received by Mortgagee or a receiver during or with respect to a period after a foreclosure sale of the Property shall be applied as follows:
a. If the purchaser at the foreclosure sale is not Mortgagee, first to Mortgagee to the extent of any deficiency of the sale proceeds to repay the indebtedness secured by this Mortgage, second to the purchaser as a credit to the redemption price, but if the Property is not redeemed, then to the purchaser of the Property;
b. If the purchaser at the foreclosure sale is Mortgagee, first to Mortgagee to the extent of any deficiency of the sale proceeds to repay the indebtedness secured by this Mortgage and the balance to be retained by Mortgagee as a credit to the redemption price, but if the Property is not redeemed, then to Mortgagee, whether or not such deficiency exists. The rights and powers of Mortgagee hereunder with respect to Leases and the application of the Rents shall continue and remain in full force and effect both before and after commencement of any action or procedure to foreclose this Mortgage, after any foreclosure sale of Mortgagor’s interest in the Property in connection with the foreclosure of this Mortgage, and until expiration of the period of redemption from any such foreclosure sale, whether or not any deficiency from the unpaid balance of the Indebtedness exists after such foreclosure sale.
Application of Rents. The Operator will collect Rents, parking usage fees and other fees and amounts payable by Occupants or third parties for use of the Premises, and apply this income to the cost of operating the Premises.
