Floating Rate. Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3 of the Security Instrument and the amount of all security deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding.
Appears in 6 contracts
Samples: Multifamily Note (Steadfast Income REIT, Inc.), Multifamily Note (Steadfast Income REIT, Inc.), Multifamily Note (Steadfast Income REIT, Inc.)
