Foreclosure of Lessee's Rights--Subordination. Beneficiary shall have the right, at its option, to foreclose this Deed of Trust subject to the rights of any lessees of the Property. Beneficiary's failure to foreclose against any lessee shall not be asserted as a claim against Beneficiary or as a defense against any claim by Beneficiary in any action or proceeding. Beneficiary at any time may subordinate this Deed of Trust to any or all of the Leases except that Beneficiary shall retain its priority claim to any condemnation or insurance proceeds.
Appears in 3 contracts
Samples: Business Loan Agreement (Coeur D Alenes Co /Ia/), Deed of Trust (Ids Shurgard Income Growth Partners L P Ii), Business Loan Agreement (Coeur D Alenes Co /Ia/)
Foreclosure of Lessee's Rights--Subordination. Beneficiary shall have the right, at of its option, to foreclose this Deed of Trust subject to the rights of any lessees of the Property. Beneficiary's failure to foreclose against any lessee shall not be asserted as a claim against Beneficiary or as a defense against any claim by Beneficiary in any action or proceeding. Beneficiary at any time may subordinate this Deed of Trust to any or all of the Leases except that Beneficiary shall retain its priority claim to any condemnation or insurance proceeds.
Appears in 3 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing With Assignment of Leases and Rents (Pacific Aerospace & Electronics Inc), Deed of Trust, Security Agreement and Fixture Filing With Assignment of Leases and Rents (Pacific Aerospace & Electronics Inc), Deed of Trust, Security Agreement and Fixture Filing With Assignment of Leases and Rents (Pacific Aerospace & Electronics Inc)
Foreclosure of Lessee's Rights--Subordination. Beneficiary shall will have the right, at its option, to foreclose this Trust Deed of Trust subject to the rights of any lessees lessee(s) of the Property. Beneficiary's ’s failure to foreclose against any lessee shall will not be asserted as a claim against Beneficiary or as a defense against any claim by Beneficiary in any action or proceeding. Beneficiary Beneficiary, at any time time, may subordinate this Trust Deed of Trust to any or all of the Leases lessees, except that Beneficiary shall will retain its priority claim to any condemnation or insurance proceeds.
Appears in 2 contracts
Samples: Line of Credit Trust Deed, Security Agreement, Fixture Filing and Assignment of Leases and Rents, Line of Credit Trust Deed
