Entry on Mortgaged Property. (i) Demand that Borrower shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and to the extent permitted by law, enter and take possession of all of the Mortgaged Property without the appointment of a receiver, or an application therefor, and exclude Borrower and its agents and employees wholly therefrom, and have joint access with Borrower to the books, papers and accounts of Borrower. (ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Lender, Lender may seek a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgaged Property to Lender, and Borrower hereby specifically covenants and agrees that Borrower shall not oppose, contest or otherwise hinder or delay Lender in any action or proceeding by Lender to obtain such judgment or decree. Borrower shall pay to Lender, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Lender, its attorneys and agents, and all such expenses and compensation shall, until paid, become part of the Indebtedness and shall be secured by this Security Deed. (iii) Upon every such entering upon or taking of possession, Lender may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time, (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property, (B) insure or keep the Mortgaged Property insured, (C) manage and operate the Mortgaged Property and exercise all the rights and powers of Borrower to the same extent Borrower could in its own name or otherwise act with respect to the same, and (D) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its best interest. Anything in this Security Deed to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of the landlord to any Tenant or incur any liability as the result of any exercise by Lender of its rights under this Security Deed, and Lender shall be liable to account only for the Rents actually received by Lender. (iv) Make, modify, enforce, cancel or accept surrender of any Lease, remove and evict any Tenant, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation, covenant and agreement of Borrower contained in any Lease, whether or not Lender takes possession of the Mortgaged Property. (v) Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. Lender shall not be liable to Borrower, anyone claiming under or through Borrower, or anyone having an interest in the Mortgaged Property by reason of anything done or left undone by Lender hereunder. Nothing contained in this Paragraph 6.1(c) shall require Lender to incur any expense or do any act. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting the Rents, any funds expended by Lender for such purposes shall become Indebtedness of Borrower to Lender secured by this Security Deed. Such amounts, together with interest at the Default Rate under the Note and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Lender’s continuance in possession or receipt and application of Rents, Lender shall be entitled to exercise every right provided for in this Security Deed or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this Paragraph 6. 1 (c) may be taken by Lender at such time as Lender is so entitled, without regard to the adequacy of any security for the Indebtedness hereby secured. (vi) In the event that all interest, deposits and principal installments and other sums due under any of the terms, covenants, conditions and agreements of this Security Deed and the other Loan Documents shall be paid and all Events of Default shall be cured, and as a result thereof Lender surrenders possession of the Mortgaged Property to Borrower, the same right herein given to Lender shall continue to exist if any subsequent Events of Default shall occur.
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Entry on Mortgaged Property. (i) Demand that Borrower shall forthwith surrender Grantee is authorized, prior or subsequent to Lender the actual institution of any foreclosure proceedings, to the fullest extent permitted by applicable law, to enter upon the Mortgaged Property, or any part thereof, and to take possession of the Mortgaged PropertyProperty and all books and records relating thereto, and to exercise without interference from Grantor any and all rights which Grantor has with respect to the extent permitted by lawmanagement, enter and take possession of all possession, operation, protection or preservation of the Mortgaged Property without the appointment Property. Grantee shall not be deemed to have taken possession of a receiver, or an application therefor, and exclude Borrower and its agents and employees wholly therefrom, and have joint access with Borrower to the books, papers and accounts of Borrower.
(ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Lender, Lender may seek a judgment or decree conferring except upon Lender the exercise of its right to immediate possession do so, and then only to the extent evidenced by its demand and overt act specifically for such purpose. All costs, expenses and liabilities of every character incurred by Grantee in managing, operating, maintaining, protecting or requiring Borrower to deliver immediate possession of preserving the Mortgaged Property shall constitute a demand obligation of Grantor (which obligation Grantor hereby promises to Lenderpay) to Grantee pursuant to this Deed of Trust. If necessary to obtain the possession provided for above, Grantee may invoke any and Borrower hereby specifically covenants and agrees that Borrower all legal remedies to dispossess Grantor. In connection with any action taken by Grantee pursuant to this Section, Grantee shall not oppose, contest or otherwise hinder or delay Lender in be liable for any action or proceeding loss sustained by Lender Grantor resulting from any failure to obtain such judgment or decree. Borrower shall pay to Lender, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Lender, its attorneys and agents, and all such expenses and compensation shall, until paid, become part of the Indebtedness and shall be secured by this Security Deed.
(iii) Upon every such entering upon or taking of possession, Lender may hold, store, use, operate, manage and control let the Mortgaged Property and conduct the business or any part thereof, and, or from time to time, (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase any act or otherwise acquire additional fixtures, personalty and other property, (B) insure or keep omission of Grantee in managing the Mortgaged Property insuredunless such loss is caused by the willful misconduct and bad faith of Grantee (provided that Grantee shall be liable only for loss caused by its own willful misconduct and bad faith), (C) manage and operate nor shall Grantee be obligated to perform or discharge any obligation, duty or liability of Grantor arising under any lease or other agreement relating to the Mortgaged Property and exercise all or arising under any of the rights and powers of Borrower to the same extent Borrower could in its own name Permitted Encumbrances or otherwise act arising. Grantor hereby assents to, ratifies and confirms any and all actions of Grantee with respect to the same, and (D) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its best interest. Anything in this Security Deed to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of the landlord to any Tenant or incur any liability as the result of any exercise by Lender of its rights Mortgaged Property taken under this Security Deed, and Lender shall be liable to account only for the Rents actually received by LenderSection.
(iv) Make, modify, enforce, cancel or accept surrender of any Lease, remove and evict any Tenant, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation, covenant and agreement of Borrower contained in any Lease, whether or not Lender takes possession of the Mortgaged Property.
(v) Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. Lender shall not be liable to Borrower, anyone claiming under or through Borrower, or anyone having an interest in the Mortgaged Property by reason of anything done or left undone by Lender hereunder. Nothing contained in this Paragraph 6.1(c) shall require Lender to incur any expense or do any act. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting the Rents, any funds expended by Lender for such purposes shall become Indebtedness of Borrower to Lender secured by this Security Deed. Such amounts, together with interest at the Default Rate under the Note and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Lender’s continuance in possession or receipt and application of Rents, Lender shall be entitled to exercise every right provided for in this Security Deed or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this Paragraph 6. 1 (c) may be taken by Lender at such time as Lender is so entitled, without regard to the adequacy of any security for the Indebtedness hereby secured.
(vi) In the event that all interest, deposits and principal installments and other sums due under any of the terms, covenants, conditions and agreements of this Security Deed and the other Loan Documents shall be paid and all Events of Default shall be cured, and as a result thereof Lender surrenders possession of the Mortgaged Property to Borrower, the same right herein given to Lender shall continue to exist if any subsequent Events of Default shall occur.
Appears in 1 contract
Samples: Deed of Trust, Assignment, Security Agreement and Financing Statement (Triathlon Broadcasting Co)
Entry on Mortgaged Property. (i) Demand that Borrower shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and to the extent permitted by law, enter and take possession of all of the Mortgaged Property without the appointment of a receiver, or an application therefor, and exclude Borrower and its agents and employees wholly therefrom, and have joint access with Borrower to the books, papers and accounts of Borrower.
(ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Lender, Lender may seek a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgaged Property to Lender, and Borrower hereby specifically covenants and agrees that Borrower shall not oppose, contest or otherwise hinder or delay Lender in any action or proceeding by Lender to obtain such judgment or decree. Borrower shall pay to Lender, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Lender, its attorneys and agents, and all such expenses and compensation shall, until paid, become part of the Indebtedness and shall be secured by this Security Deed.
(iii) Upon every such entering upon or taking of possession, Lender may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time, (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property, (B) insure or keep the Mortgaged Property insured, (C) manage and operate the Mortgaged Property and exercise all the rights and powers of Borrower to the same extent Borrower could in its own name or otherwise act with respect to the same, and (D) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its best interest. Anything in this Security Deed to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of the landlord to any Tenant or incur any liability as the result of any exercise by Lender of its rights under this Security Deed, and Lender shall be liable to account only for the Rents actually received by Lender.
(iv) Make, modify, enforce, cancel or accept surrender of any Lease, remove and evict any Tenant, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation, covenant and agreement of Borrower contained in any Lease, whether or not Lender takes possession of the Mortgaged Property.
(v) Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. Lender shall not be liable to Borrower, anyone claiming under or through Borrower, or anyone having an interest in the Mortgaged Property by reason of anything done or left undone by Lender hereunder. Nothing contained in this Paragraph 6.1(c) shall require Lender to incur any expense or do any act. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting the Rents, any funds expended by Lender for such purposes shall become Indebtedness of Borrower to Lender secured by this Security Deed. Such amounts, together with interest at the Default Rate under the Note and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Lender’s continuance in possession or receipt and application of Rents, Lender shall be entitled to exercise every right provided for in this Security Deed or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this Paragraph 6. 1 (c) may be taken by Lender at such time as Lender is so entitled, without regard to the adequacy of any security for the Indebtedness hereby secured.
(vi) In the event that all interest, deposits and principal installments and other sums due under any of the terms, covenants, conditions and agreements of this Security Deed and the other Loan Documents shall be paid and all Events of Default shall be cured, and as a result thereof Lender surrenders possession of the Mortgaged Property to Borrower, the same right herein given to Lender shall continue to exist if any subsequent Events of Default shall occur.6.1
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Entry on Mortgaged Property. (i) Demand that Borrower shall forthwith surrender The Beneficiary is authorized, prior or subsequent to Lender the actual institution of any foreclosure proceedings, to the fullest extent permitted by applicable law, subject to Grantor's rights under any lease, to enter upon the Mortgaged Property, or any part thereof, and to take possession of the Mortgaged PropertyProperty and all books and records relating thereto, and to exercise without interference from Grantor any and all rights which Grantor has with respect to the extent permitted by lawmanagement, enter and take possession of all possession, operation, protection or preservation of the Mortgaged Property without the appointment Property. The Beneficiary shall not be deemed to have taken possession of a receiver, or an application therefor, and exclude Borrower and its agents and employees wholly therefrom, and have joint access with Borrower to the books, papers and accounts of Borrower.
(ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Lender, Lender may seek a judgment or decree conferring except upon Lender the exercise of its right to immediate possession do so, and then only to the extent evidenced by its demand and overt act specifically for such purpose. All costs, expenses and liabilities of every character incurred by the Beneficiary in managing, operating, maintaining, protecting or requiring Borrower to deliver immediate preserving the Mortgaged Property after taking possession of the Mortgaged Property and in preparation for any foreclosure sale shall constitute a demand obligation of Grantor (which obligation Grantor hereby promises to Lenderpay) to the Beneficiary pursuant to this Deed of Trust. If necessary to obtain the possession provided for above, the Beneficiary may invoke any and Borrower hereby specifically covenants and agrees that Borrower all legal remedies to dispossess Grantor. In connection with any action taken by the Beneficiary pursuant to this Section, the Beneficiary shall not oppose, contest or otherwise hinder or delay Lender in be liable for any action or proceeding loss sustained by Lender Grantor resulting from any failure to obtain such judgment or decree. Borrower shall pay to Lender, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Lender, its attorneys and agents, and all such expenses and compensation shall, until paid, become part of the Indebtedness and shall be secured by this Security Deed.
(iii) Upon every such entering upon or taking of possession, Lender may hold, store, use, operate, manage and control let the Mortgaged Property and conduct the business or any part thereof, and, or from time to time, (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase any act or otherwise acquire additional fixtures, personalty and other property, (B) insure or keep omission of the Beneficiary in managing the Mortgaged Property insuredunless such loss is caused by the gross negligence or willful misconduct and bad faith of the Beneficiary, (C) manage and operate nor shall the Beneficiary be obligated to perform or discharge any obligation, duty or liability of Grantor arising under any lease or other agreement relating to the Mortgaged Property and exercise all the rights and powers of Borrower to the same extent Borrower could in its own name or arising under any Permitted Encumbrance or otherwise act arising. Grantor hereby assents to, ratifies and confirms any and all actions of the Beneficiary with respect to the same, and (D) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its best interest. Anything in this Security Deed to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of the landlord to any Tenant or incur any liability as the result of any exercise by Lender of its rights Mortgaged Property taken under this Security Deed, and Lender shall be liable to account only for the Rents actually received by LenderSection.
(iv) Make, modify, enforce, cancel or accept surrender of any Lease, remove and evict any Tenant, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation, covenant and agreement of Borrower contained in any Lease, whether or not Lender takes possession of the Mortgaged Property.
(v) Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. Lender shall not be liable to Borrower, anyone claiming under or through Borrower, or anyone having an interest in the Mortgaged Property by reason of anything done or left undone by Lender hereunder. Nothing contained in this Paragraph 6.1(c) shall require Lender to incur any expense or do any act. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting the Rents, any funds expended by Lender for such purposes shall become Indebtedness of Borrower to Lender secured by this Security Deed. Such amounts, together with interest at the Default Rate under the Note and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Lender’s continuance in possession or receipt and application of Rents, Lender shall be entitled to exercise every right provided for in this Security Deed or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this Paragraph 6. 1 (c) may be taken by Lender at such time as Lender is so entitled, without regard to the adequacy of any security for the Indebtedness hereby secured.
(vi) In the event that all interest, deposits and principal installments and other sums due under any of the terms, covenants, conditions and agreements of this Security Deed and the other Loan Documents shall be paid and all Events of Default shall be cured, and as a result thereof Lender surrenders possession of the Mortgaged Property to Borrower, the same right herein given to Lender shall continue to exist if any subsequent Events of Default shall occur.
Appears in 1 contract
Samples: Security Agreement (Arabian American Development Co)
Entry on Mortgaged Property. (i) Demand that Borrower shall forthwith surrender Administrative Lender is authorized, prior or subsequent to Lender the actual institution of any foreclosure proceedings, to the fullest extent permitted by applicable law, to enter upon the Mortgaged Property, or any part thereof, and to take possession of the Mortgaged PropertyProperty and all books and records relating thereto, and to exercise without interference from Grantor any and all rights which Grantor has with respect to the extent permitted by lawmanagement, enter and take possession of all possession, operation, protection or preservation of the Mortgaged Property without the appointment Property. Administrative Lender shall not be deemed to have taken possession of a receiver, or an application therefor, and exclude Borrower and its agents and employees wholly therefrom, and have joint access with Borrower to the books, papers and accounts of Borrower.
(ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Lender, Lender may seek a judgment or decree conferring except upon Lender the exercise of its right to immediate possession do so, and then only to the extent evidenced by its demand and overt act specifically for such purpose. All costs, expenses and liabilities of every character incurred by Administrative Lender in managing, operating, maintaining, protecting or requiring Borrower to deliver immediate possession of preserving the Mortgaged Property shall constitute a demand obligation of Grantor (which obligation Grantor hereby promises to Lender, and Borrower hereby specifically covenants and agrees that Borrower shall not oppose, contest or otherwise hinder or delay pay) to Administrative Lender in any action or proceeding by Lender pursuant to this Mortgage. If necessary to obtain such judgment or decree. Borrower shall pay to Lenderthe possession provided for above, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Lender, its attorneys and agents, and all such expenses and compensation shall, until paid, become part of the Indebtedness and shall be secured by this Security Deed.
(iii) Upon every such entering upon or taking of possession, Administrative Lender may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time, (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property, (B) insure or keep the Mortgaged Property insured, (C) manage and operate the Mortgaged Property and exercise all the rights and powers of Borrower to the same extent Borrower could in its own name or otherwise act with respect to the same, and (D) enter into invoke any and all agreements legal remedies to dispossess Grantor. In connection with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its best interest. Anything in this Security Deed to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of the landlord to any Tenant or incur any liability as the result of any exercise by Lender of its rights under this Security Deed, and Lender shall be liable to account only for the Rents actually received by Lender.
(iv) Make, modify, enforce, cancel or accept surrender of any Lease, remove and evict any Tenant, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation, covenant and agreement of Borrower contained in any Lease, whether or not taken by Administrative Lender takes possession of the Mortgaged Property.
(v) Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. this Section, Administrative Lender shall not be liable for any loss sustained by Grantor resulting from any failure to Borrower, anyone claiming under or through Borrower, or anyone having an interest in let the Mortgaged Property by reason or any part thereof, or from any act or omission of anything done or left undone by Administrative Lender hereunder. Nothing contained in this Paragraph 6.1(c) shall require Lender to incur any expense or do any act. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting unless such loss is caused by the Rentswillful misconduct and bad faith of Administrative Lender, nor shall Administrative Lender be obligated to perform or discharge any funds expended by Lender for such purposes shall become Indebtedness obligation, duty or liability of Borrower to Lender secured by this Security Deed. Such amounts, together with interest at the Default Rate under the Note and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Lender’s continuance in possession or receipt and application of Rents, Lender shall be entitled to exercise every right provided for in this Security Deed or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this Paragraph 6. 1 (c) may be taken by Lender at such time as Lender is so entitled, without regard to the adequacy of any security for the Indebtedness hereby secured.
(vi) In the event that all interest, deposits and principal installments and other sums due Grantor arising under any of the terms, covenants, conditions and agreements of this Security Deed and the lease or other Loan Documents shall be paid and all Events of Default shall be cured, and as a result thereof Lender surrenders possession of agreement relating to the Mortgaged Property or arising under any Permitted Encumbrance or otherwise arising. Grantor hereby assents to, ratifies and confirms any and all actions of Administrative Lender with respect to Borrower, the same right herein given to Lender shall continue to exist if any subsequent Events of Default shall occurMortgaged Property taken under this Section 5.1.
Appears in 1 contract
Samples: Credit Agreement (Lubys Inc)
Entry on Mortgaged Property. (i) Demand that Borrower shall forthwith surrender Holder is authorized, prior or subsequent to Lender the actual institution of any foreclosure proceedings, to the fullest extent permitted by applicable law, to enter upon the Mortgaged Property, or any part thereof, and to take possession of the Mortgaged PropertyProperty and all books and records relating thereto, and to exercise without interference from Grantor any and all rights which Grantor has with respect to the extent permitted by lawmanagement, enter and take possession of all possession, operation, protection or preservation of the Mortgaged Property without the appointment Property. Holder shall not be deemed to have taken possession of a receiver, or an application therefor, and exclude Borrower and its agents and employees wholly therefrom, and have joint access with Borrower to the books, papers and accounts of Borrower.
(ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Lender, Lender may seek a judgment or decree conferring except upon Lender the exercise of its right to immediate possession do so, and then only to the extent evidenced by its demand and overt act specifically for such purpose. All costs, expenses and liabilities of every character incurred by Xxxxxx in managing, operating, maintaining, protecting or requiring Borrower to deliver immediate possession of preserving the Mortgaged Property shall constitute a demand obligation of Grantor (which obligation Grantor hereby promises to Lenderpay) to Holder pursuant to this Mortgage. If necessary to obtain the possession provided for above. Holder may invoke any and all legal remedies to dispossess Grantor. In connection with any action taken by Holder pursuant to this Section, and Borrower hereby specifically covenants and agrees that Borrower Holder shall not oppose, contest or otherwise hinder or delay Lender in he liable for any action or proceeding loss sustained by Lender Grantor resulting from any failure to obtain such judgment or decree. Borrower shall pay to Lender, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Lender, its attorneys and agents, and all such expenses and compensation shall, until paid, become part of the Indebtedness and shall be secured by this Security Deed.
(iii) Upon every such entering upon or taking of possession, Lender may hold, store, use, operate, manage and control let the Mortgaged Property and conduct the business or any part thereof, and, or from time to time, (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase any act or otherwise acquire additional fixtures, personalty and other property, (B) insure or keep omission of Holder in managing the Mortgaged Property insuredunless such loss is caused by the gross negligence, (C) manage and operate willful misconduct, or bad faith of Holder, nor shall Holder be obligated to perform or discharge any obligation, duty or liability of Grantor arising under any lease or other agreement relating to the Mortgaged Property and exercise all the rights and powers of Borrower to the same extent Borrower could in its own name or arising under any Permitted Encumbrance or otherwise act arising. Grantor hereby assents to, ratifies and confirms any and all actions of Holder with respect to the same, and (D) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its best interest. Anything in this Security Deed to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of the landlord to any Tenant or incur any liability as the result of any exercise by Lender of its rights Mortgaged Property taken under this Security Deed, and Lender shall be liable to account only for the Rents actually received by LenderSection.
(iv) Make, modify, enforce, cancel or accept surrender of any Lease, remove and evict any Tenant, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation, covenant and agreement of Borrower contained in any Lease, whether or not Lender takes possession of the Mortgaged Property.
(v) Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. Lender shall not be liable to Borrower, anyone claiming under or through Borrower, or anyone having an interest in the Mortgaged Property by reason of anything done or left undone by Lender hereunder. Nothing contained in this Paragraph 6.1(c) shall require Lender to incur any expense or do any act. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting the Rents, any funds expended by Lender for such purposes shall become Indebtedness of Borrower to Lender secured by this Security Deed. Such amounts, together with interest at the Default Rate under the Note and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Lender’s continuance in possession or receipt and application of Rents, Lender shall be entitled to exercise every right provided for in this Security Deed or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this Paragraph 6. 1 (c) may be taken by Lender at such time as Lender is so entitled, without regard to the adequacy of any security for the Indebtedness hereby secured.
(vi) In the event that all interest, deposits and principal installments and other sums due under any of the terms, covenants, conditions and agreements of this Security Deed and the other Loan Documents shall be paid and all Events of Default shall be cured, and as a result thereof Lender surrenders possession of the Mortgaged Property to Borrower, the same right herein given to Lender shall continue to exist if any subsequent Events of Default shall occur.
Appears in 1 contract
Samples: Deed of Trust (Apartment Investment & Management Co)
