Common use of Certain Rights of Lender Clause in Contracts

Certain Rights of Lender. (a) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, with written notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including obtaining such insurance coverage as Lender in its reasonable discretion deems appropriate. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Mortgage and shall bear interest at the Default Rate; (b) Borrower shall assign the Policies or proofs of insurance to Lender, in such manner and form that Lender and its successors and assigns shall at all times have and hold the same as security for the payment of the Loan. Lender shall be named as “Mortgagee” and “Loss Payee” on all Property Policies and as “Additional Insured” on any Liability Policy. If Borrower elects to obtain any insurance which is not required under this Agreement, all related insurance policies shall be endorsed in compliance with this Section 12.6(b), and such additional insurance shall not be canceled without prior notice to Lender. From time to time upon Lender’s request, Borrower shall identify to Lender all insurance maintained by Borrower with respect to the Property. The proceeds of Policies coming into the possession of Lender shall not be deemed trust funds, and Lender shall be entitled to apply such proceeds as provided in Article 12 of this Agreement; and (c) Borrower shall give immediate written notice of any loss to the insurance carrier and to Lender. Borrower hereby irrevocably authorizes and empowers Lender, as attorney in fact for Borrower coupled with an interest, to notify any of Borrower’s insurance carriers to add Lender as a loss payee, mortgagee insured or additional insured, as the case may be, to any policy maintained by Borrower (regardless of whether such policy is required under this Agreement), to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such Policies, to collect and receive insurance proceeds, and to deduct therefrom Lender’s reasonable expenses incurred in the collection of such proceeds. Nothing contained in this Section 12.6(c), however, shall require Lender to incur any expense or take any action hereunder.

Certain Rights of Lender. (a) If at The parties agree that the Deposit Bank shall pay over to the Lender all amounts deposited in any time account maintained hereunder on demand, without notice to the Borrower, provided, that in making such demand, the Lender gives notice to the Deposit Bank, in writing, signed by the Lender or an authorized agent thereof, that an Event of Default under the Loan Agreement has occurred and is not in receipt of written evidence that all insurance required hereunder is in full force and effect, continuing. Lender shall have the rightgive to Borrower a copy of any such notice given to Deposit Bank, with written provided that failure to give any such copy shall not affect any such notice to BorrowerDeposit Bank. Notwithstanding the foregoing, the Borrower shall not be deemed to have waived any rights the Borrower may have against the Lender if it is determined that the Lender acted improperly. (b) Lender may exercise in respect of the Collateral all rights and remedies available to Lender hereunder or under the other Loan Documents or otherwise available at law or in equity. Without limiting the generality of the foregoing or the provisions of paragraph (a) above, upon the occurrence and during the continuance of an Event of Default, Borrower acknowledges and agrees that it will have no further right to request or otherwise require Lender to disburse funds from the Clearing Account, the Cash Collateral Account or the Tax and Insurance Impound Fund Account in accordance with the terms of this Agreement, it being agreed that Lender may, at its option, (i) direct the Deposit Bank to continue to hold the funds in the Cash Collateral Account and the Tax and Insurance Impound Fund Account and/or (ii) continue from time to time to apply all or any portion of the funds held in the Cash Collateral Account or Tax and Insurance Impound Fund Account to any payment(s) which such funds could have been applied to prior to such Event of Default (or to pay Operating Expenses directly), to take the extent and in such action as Lender deems necessary to protect its interest in the Property, including obtaining such insurance coverage order and manner as Lender in its reasonable sole discretion deems appropriate. All premiums incurred by Lender may determine, and/or (iii) direct that the Deposit Bank or Clearing Bank from time to time disburse all or any portion of the funds held in connection with such action the Cash Collateral Account or in obtaining such insurance the Tax and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured Insurance Impound Fund Account or other Collateral then or thereafter held by the Mortgage and shall bear interest at the Default Rate; (b) Borrower shall assign the Policies Deposit Bank or proofs of insurance Clearing Bank, as applicable, to Lender, in which event Lender may apply the funds held in the Cash Collateral Account, the Tax and Insurance Impound Fund Account or other Collateral to the Obligations in any order and in such manner as Lender may determine in its sole discretion. (c) Upon the occurrence and form that during the continuance of any Event of Default, Lender and its successors and assigns shall may, at all times have and hold the same as security for the payment of the Loan. Lender shall be named as “Mortgagee” and “Loss Payee” on all Property Policies and as “Additional Insured” on any Liability Policy. If Borrower elects to obtain any insurance which is not required under this Agreement, all related insurance policies shall be endorsed in compliance with this Section 12.6(b), and such additional insurance shall not be canceled without prior notice to Lender. From time or from time to time time, collect, appropriate, redeem, realize upon Lender’s request, Borrower shall identify to Lender all insurance maintained by Borrower or otherwise enforce its rights with respect to the PropertyCollateral, without notice to Borrower and without the need to institute any legal action, make demand, exhaust any other remedies or otherwise proceed to enforce its rights. (d) No failure on the part of Lender to exercise, and no delay in exercising, any right under this Agreement or the Loan Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right under this Agreement or the other Loan Documents. The proceeds of Policies coming into the possession of Lender shall not be deemed trust funds, and Lender shall be entitled to apply such proceeds as remedies provided in Article 12 of this Agreement; and (c) Borrower shall give immediate written notice , the Note, the Loan Agreement and the other Loan Documents are cumulative and not exclusive of any loss to the insurance carrier and to Lender. Borrower hereby irrevocably authorizes and empowers Lender, as attorney remedies provided at law or in fact for Borrower coupled with an interest, to notify any of Borrower’s insurance carriers to add Lender as a loss payee, mortgagee insured or additional insured, as the case may be, to any policy maintained by Borrower (regardless of whether such policy is required under this Agreement), to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such Policies, to collect and receive insurance proceeds, and to deduct therefrom Lender’s reasonable expenses incurred in the collection of such proceeds. Nothing contained in this Section 12.6(c), however, shall require Lender to incur any expense or take any action hereunderequity.

Certain Rights of Lender. (a) If at The parties agree that the Deposit Bank shall pay over to the Lender all amounts deposited in any time Lender is not in receipt of written evidence that all insurance required account maintained hereunder is in full force and effecton demand, Lender shall have the right, with written without notice to the Borrower, provided, that in making such demand, the Lender gives notice to take such action as the Deposit Bank, in writing, signed by the Lender deems necessary or an authorized agent thereof, that an Event of Default under the Loan Agreement has occurred and is continuing. Notwithstanding the foregoing, the Borrower shall not be deemed to protect have waived any rights the Borrower may have against the Lender if it is determined that the Lender acted improperly. (b) Lender may exercise in respect of the Collateral all rights and remedies available to Lender hereunder or under the other Loan Documents or otherwise available at law or in equity. Without limiting the generality of the foregoing or the provisions of paragraph (a) above, upon the occurrence and during the continuance of an Event of Default, Borrower acknowledges and agrees that it will have no further right to request or otherwise require Lender to disburse funds from the Clearing Account, the Cash Collateral Account or the Tax and Insurance Impound Fund Account in accordance with the terms of this Agreement, it being agreed that Lender may, at its interest option, (i) direct the Deposit Bank to continue to hold the funds in the PropertyCash Collateral Account and the Tax and Insurance Impound Fund Account and/or (ii) continue from time to time to apply all or any portion of the funds held in the Cash Collateral Account or Tax and Insurance Impound Fund Account to any payment(s) which such funds could have been applied to prior to such Event of Default (or to pay Operating Expenses directly), including obtaining to the extent and in such insurance coverage order and manner as Lender in its reasonable sole discretion deems appropriate. All premiums incurred by Lender may determine, and/or (iii) direct that the Deposit Bank or Clearing Bank from time to time disburse all or any portion of the funds held in connection with such action the Cash Collateral Account or in obtaining such insurance the Tax and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured Insurance Impound Fund Account or other Collateral then or thereafter held by the Mortgage and shall bear interest at the Default Rate; (b) Borrower shall assign the Policies Deposit Bank or proofs of insurance Clearing Bank, as applicable, to Lender, in which event Lender may apply the funds held in the Cash Collateral Account, the Tax and Insurance Impound Fund Account or other Collateral to the Obligations in any order and in such manner as Lender may determine in its sole discretion. (c) Upon the occurrence and form that during the continuance of any Event of Default, Lender and its successors and assigns shall may, at all times have and hold the same as security for the payment of the Loan. Lender shall be named as “Mortgagee” and “Loss Payee” on all Property Policies and as “Additional Insured” on any Liability Policy. If Borrower elects to obtain any insurance which is not required under this Agreement, all related insurance policies shall be endorsed in compliance with this Section 12.6(b), and such additional insurance shall not be canceled without prior notice to Lender. From time or from time to time time, collect, appropriate, redeem, realize upon Lender’s request, Borrower shall identify to Lender all insurance maintained by Borrower or otherwise enforce its rights with respect to the PropertyCollateral, without notice to Borrower and without the need to institute any legal action, make demand, exhaust any other remedies or otherwise proceed to enforce its rights. (d) No failure on the part of Lender to exercise, and no delay in exercising, any right under this Agreement or the Loan Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right under this Agreement or the other Loan Documents. The proceeds of Policies coming into the possession of Lender shall not be deemed trust funds, and Lender shall be entitled to apply such proceeds as remedies provided in Article 12 of this Agreement; and (c) Borrower shall give immediate written notice , the Note, the Loan Agreement and the other Loan Documents are cumulative and not exclusive of any loss to the insurance carrier and to Lender. Borrower hereby irrevocably authorizes and empowers Lender, as attorney remedies provided at law or in fact for Borrower coupled with an interest, to notify any of Borrower’s insurance carriers to add Lender as a loss payee, mortgagee insured or additional insured, as the case may be, to any policy maintained by Borrower (regardless of whether such policy is required under this Agreement), to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such Policies, to collect and receive insurance proceeds, and to deduct therefrom Lender’s reasonable expenses incurred in the collection of such proceeds. Nothing contained in this Section 12.6(c), however, shall require Lender to incur any expense or take any action hereunderequity.