Common use of Entering into Possession Clause in Contracts

Entering into Possession. Upon every such entering and taking of possession, Beneficiary or the Trustee, as applicable, may hold, store, use, operate, manage, control, and maintain the Property and conduct the business thereof, which right shall include, without limitation, the right to (1) make all necessary and proper repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase and otherwise acquire additional fixtures, personalty, and other property as may be necessary to preserve, maintain or restore the value thereof to the condition required herein or in any other Loan Document; (2) insure the Property or keep the Property insured; (3) manage and operate the Property and exercise all the rights and powers of the Grantor, in its name or otherwise, with respect to the Property; and (4) enter into any agreements with respect to the exercise by others of any of the powers herein granted to Beneficiary or the Trustee, all as Beneficiary or the Trustee may from time to time determine to be necessary or desirable. Beneficiary or the Trustee also may collect and receive all of the earnings, income, rents, profits, issues and revenues of the Property or any part thereof, including those past due as well as those accruing thereafter; provided, however, that any amount so received by Beneficiary or the Trustee shall be applied as provided in Section 3.12 hereof. Beneficiary or the Trustee shall not be liable for or by reason of any such entry, taking of possession or removal, or holding, operation or management, except for liability arising out of the gross negligence or willful misconduct of the Beneficiary, the Trustee, or the agents, officers, directors or employees of Beneficiary or the Trustee. All sums expended by Beneficiary or the Trustee pursuant to this Section 3.4.2, including any such amount in excess of the principal amount of the Mortgage Note, shall be deemed to have been advanced to Grantor by the Beneficiary, shall be secured by this Deed of Trust and shall be paid by Grantor to Beneficiary upon demand therefor and, if not so paid within ten (10) days after written demand, shall thereafter bear interest at the Default Interest Rate.

Entering into Possession. If an Event of Default shall have occurred and the entire indebtedness shall have become immediately due and payable in full, the Trustor, upon demand of the Beneficiary, shall forthwith surrender to the Beneficiary or to the Trustee the actual possession of the Mortgaged Property. Upon every such entering and taking of possession, the Beneficiary or the Trustee, as applicable, Trustee may hold, store, use, operate, manage, control, control and maintain the Mortgaged Property and conduct the business thereof, which right shall includeincluding, without limitation, the right to : (1i) make all necessary and proper repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase and otherwise acquire additional fixtures, personalty, personalty and other property as may be necessary to preserve, maintain or restore the value thereof to the condition required herein or in any other Loan Documentproperty; (2ii) insure the Property or keep the Mortgaged Property insured; (3iii) manage and operate the Mortgaged Property and exercise all the rights and powers of the GrantorTrustor, in its name or otherwise, with respect to the Mortgaged Property; and (4iv) enter into any agreements with respect to the exercise by others of any of the powers herein granted to the Beneficiary or the Trustee, all as the Beneficiary or the Trustee may from time to time determine determine, in their sole discretion, to be necessary or desirable. The Beneficiary or the Trustee also may collect and receive all of the earnings, income, rents, profits, issues and revenues of the Mortgaged Property or any part thereof, including those past due as well as those accruing thereafter; providedthereafter and thereupon the Beneficiary may, howeverto the maximum extent permitted by law, that any amount so received apply the receipts from the Mortgaged Property to Trustor's Obligations, after deducting therefrom all expenses (including reasonable attorneys' fees and other charges incurred by the Beneficiary) incurred in connection therewith and all amounts necessary to pay the taxes, assessments, insurance and other charges in connection with the Mortgaged Property, as well as just and reasonable compensation for the services of the Beneficiary, its attorneys, agents and employees. The Beneficiary or the Trustee shall be applied as provided in Section 3.12 hereof. Beneficiary or and the Trustee shall not be liable for or by reason of any such entry, taking of possession or removal, or holding, operation or management, except for liability arising out of that any amount so received by the gross negligence or willful misconduct of the Beneficiary, the Trustee, or the agents, officers, directors or employees of Beneficiary or the TrusteeTrustee shall be applied as provided in this SECTION 14. All sums expended by the Beneficiary or the Trustee pursuant to this Section 3.4.2SECTION 14(A)(II), including any such amount in excess of the principal amount of the Mortgage Note, shall be deemed to have been advanced to Grantor the Trustor by the Beneficiary, shall bear interest until paid at the Default Rate and shall be secured by this Deed of Trust and shall be paid by Grantor to Beneficiary upon demand therefor and, if not so paid within ten (10) days after written demand, shall thereafter bear interest at the Default Interest RateMortgage.

Entering into Possession. Upon every such entering and taking of possession, Beneficiary or the Trustee, as applicable, may hold, store, use, operate, manage, control, and maintain the Property and conduct the business thereof, which right shall include, without limitation, the right to (1) make all necessary and proper repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase and otherwise acquire additional fixtures, personalty, and other property as may be necessary to preserve, maintain or restore the value thereof to the condition required herein or in any other Loan Document; (2) insure the Property or keep the Property insured; (3) manage and operate the Property and exercise all the rights and powers of the Grantor, in its name or otherwise, with respect to the Property; and (4) enter into any agreements with respect to the exercise by others of any of the powers herein granted to Beneficiary or the Trustee, all as Beneficiary or the Trustee may from time to time determine to be necessary or desirable. Beneficiary or the Trustee also may collect and receive all of the earnings, income, rents, profits, issues and revenues of the Property or any part thereof, including those past due as well as those accruing thereafter; providedPROVIDED, howeverHOWEVER, that any amount so received by Beneficiary or the Trustee shall be applied as provided in Section 3.12 hereof. Beneficiary or the Trustee shall not be liable for or by reason of any such entry, taking of possession or removal, or holding, operation or management, except for liability arising out of the gross negligence or willful misconduct of the Beneficiary, the Trustee, or the agents, officers, directors or employees of Beneficiary or the Trustee. All sums expended by Beneficiary or the Trustee pursuant to this Section 3.4.2, including any such amount in excess of the principal amount of the Mortgage Note, shall be deemed to have been advanced to Grantor by the Beneficiary, shall be secured by this Deed of Trust and shall be paid by Grantor to Beneficiary upon demand therefor and, if not so paid within ten (10) days after written demand, shall thereafter bear interest at the Default Interest Rate.

Entering into Possession. Upon every such entering and taking of possession, Beneficiary or the Trustee, as applicable, Mortgagee may hold, store, use, operate, manage, control, and maintain the Property and conduct the business thereof, which right shall include, without limitation, the right to (1) make all necessary and proper repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase and otherwise acquire additional fixtures, personalty, and other property as may be necessary to preserve, maintain or restore the value thereof to the condition required herein or in any other Loan Document; (2) insure the Property or keep the Property insured; (3) manage and operate the Property and exercise all the rights and powers of the Grantor, in its name or otherwise, with respect to the Property; and (4) enter into any agreements with respect to the exercise by others of any of the powers herein granted to Beneficiary or the Trustee, all as Beneficiary or the Trustee may from time to time determine to be necessary or desirable. Beneficiary or the Trustee The Mortgagee also may collect and receive all of the earnings, income, rents, profits, issues and revenues of the Property or any part thereof, including those past due as well as those accruing thereafter; provided, however, that any amount so received by Beneficiary or the Trustee Mortgagee shall be applied -------- ------- as provided in Section 3.12 SECTION 3.11 hereof. Beneficiary or the Trustee The Mortgagee shall not be liable for or by reason of any such entry, taking of possession or removal, or holding, operation or management, except for liability arising out of the gross negligence or willful misconduct of the Beneficiary, the Trustee, Mortgagee or the agents, officers, directors or employees of Beneficiary or the TrusteeMortgagee. All sums expended by Beneficiary or the Trustee Mortgagee pursuant to this Section SECTION 3.4.2, including any such amount in excess of the principal amount of the Mortgage Note, shall be deemed to have been advanced to Grantor the Mortgagor by the BeneficiaryMortgagee, shall be secured by this Deed of Trust Mortgage and shall be paid by Grantor the Mortgagor to Beneficiary the Mortgagee upon demand therefor and, if not so paid within ten (10) days after written demand, shall thereafter bear interest at the Default Interest Rate.