Common use of Management of Collateral Clause in Contracts

Management of Collateral. Upon each and every entering into and taking of possession of the Collateral, or part or parts thereof or interests therein, by the Bank through its own actions and by the Bank through those of its agents and other Persons, Bank may directly and through its agents and other Persons, hold, store, use, operate, construct, install, complete, repair, restore, preserve, protect, manage and control all and any part or parts of, and interests in the Collateral, and conduct the business related thereto; and, without limiting the foregoing, from time to time and at any time, the Bank may do and the Bank may have done or direct the doing of any one or more of the following through itself, its agents and such other Persons as Bank deems appropriate under the circumstances: (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements to the Premises and parts thereof, and in connection therewith, purchase and otherwise acquire fixtures, personal property and other types of property; (B) insure and keep the Collateral and parts thereof insured; (C) manage and operate the Collateral and parts thereof, and exercise all the rights and powers of Borrower in its name and otherwise with respect to the same; (D) enter into agreements with others to exercise the powers herein granted Bank, all as Bank from time to time may determine; and (E) collect and receive all the rents, income, proceeds and other benefits from, related to and arising out of the Collateral and each and all parts thereof and interests therein, including those past due, those currently due and those thereafter becoming due. The powers granted to Bank in this Section 8.2 are and the same shall be deemed to be powers coupled with an interest, and cannot be revoked. All sums expended by Bank pursuant to any of the foregoing listed matters shall be deemed to have been disbursed to Borrower, evidenced by the Note and secured by the Security Instrument and all other Loan Documents and shall be deemed a necessary expenditure for the preservation of Bank’s security, whether or not the amounts advanced or expended exceed the maximum amount of advances set forth in the Note and the Security Instrument. Borrower hereby also assigns and quitclaims to Bank all sums undisbursed under the Loan, such assignment and quitclaim to be effective only upon the occurrence of an Event of Default. The assignment and rights contained in this Section 8.2 shall be in addition to, and not in derogation of, the rights of Bank contained in any other Loan Document. In connection with its management of the Collateral as aforesaid, Bank shall apply any monies received by Bank in such priority as Bank may determine, or such priority as may be required under any Applicable Law, to: (1) payment of any and all of the obligations owing to Bank under the Loan Documents, including the Loan; (2) payment of any deposits for taxes, assessments and insurance premiums; (3) payment of the cost of insurance, taxes, assessments and other expenses and charges upon the Collateral or any parts thereof or interest therein, (4) payment of any amounts due and payable on any other Indebtedness of Borrower, whether prior or subsequent to the liens and security interest of Bank, (5) payment of the compensation, disbursements and costs and expenses of the agents, attorneys and other representatives of Bank, (6) payment of any amounts deemed necessary by Bank to otherwise protect and preserve the Collateral and the lien and security interest of Bank and (7) payment of such other amounts as Bank deems necessary to assure to Bank the repayment of the Loan and all other obligations owing to Bank under the Loan Documents.

Management of Collateral. Upon each and every entering into and taking of possession of the Collateral, or part or parts thereof or interests therein, by the Bank through its own actions and by the Bank through those of its agents and other Personspersons, Bank may directly and through its agents and other Personspersons, hold, store, use, operate, construct, install, complete, repair, restore, preserve, protect, manage and control all and any part or parts of, and interests in the Collateral, and conduct the business related thereto; and, without limiting the foregoing, from time to time and at any time, the Bank may do and the Bank may have done or direct the doing of any one or more of the following through itself, its agents and such other Persons persons as Bank deems appropriate under the circumstances: (Aa) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements to the Premises Collateral and parts thereof, and in connection therewith, purchase and otherwise acquire fixtures, personal property and other types of property; (Bb) insure and keep the Collateral and parts thereof insured; (Cc) manage and operate the Collateral and parts thereof, and exercise all the rights and powers of Borrower in its name and otherwise with respect to the same; (Dd) enter into agreements with others to exercise the powers herein granted Bank, all as Bank from time to time may determine; and (Ee) collect and receive all the rents, income, proceeds and other benefits from, related to and arising out of the Collateral and each and all parts thereof and interests therein, including those past due, those currently due and those thereafter becoming due. The powers granted to Bank in this Section 8.2 are and the same shall be deemed to be powers coupled with an interest, and cannot be revoked. All sums expended by Bank pursuant to any of the foregoing listed matters shall be deemed to have been disbursed to Borrower, evidenced by the Note and secured by the Security Instrument and all other Loan Documents and shall be deemed a necessary expenditure for the preservation of Bank’s security, whether or not the amounts advanced or expended exceed the maximum amount of advances set forth in the Note and the Security Instrument. Borrower hereby also assigns and quitclaims to Bank all sums undisbursed under the Loan, such assignment and quitclaim to be effective only upon the occurrence of an Event of Default. The assignment and rights contained in this Section 8.2 shall be in addition to, and not in derogation of, the rights of Bank contained in any other Loan Document. ; In connection with its management of the Collateral as aforesaid, Bank shall apply any monies received by Bank in such priority as Bank may determine, or such priority as may be required under any Applicable Requirement of Law, to: (1) payment of any and all of the obligations owing to Bank under the Loan Documents, including the Loan; (2) payment of any deposits for taxes, assessments and insurance premiums; (3) payment of the cost of insurance, taxes, assessments and other expenses and charges upon the Collateral or any parts thereof or interest therein, (4) payment of any amounts due and payable on any other Indebtedness of Borrower, whether prior or subsequent to the liens and security interest of Bank, (5) payment of the compensation, disbursements and costs and expenses of the agents, attorneys and other representatives of Bank, (6) payment of any amounts deemed necessary by Bank to otherwise protect and preserve the Collateral and the lien and security interest of Bank and (7) payment of such other amounts as Bank deems necessary to assure to Bank the repayment of the Loan and all other obligations owing to Bank under the Loan Documents.

Management of Collateral. Upon each and every entering into and taking of possession of the Collateral, or part or parts thereof or interests therein, by the Bank through its own actions and by the Bank through those of its agents and other Personspersons, Bank may directly and through its agents and other Personspersons, hold, store, use, operate, construct, install, complete, repair, restore, preserve, protect, manage and control all and any part or parts of, and interests in the Collateral, and conduct the business related thereto; and, without limiting the foregoing, from time to time and at any time, the Bank may do and the Bank may have done or direct the doing of any one or more of the following through itself, its agents and such other Persons persons as Bank deems appropriate under the circumstances: (Aa) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements to the Premises Collateral and parts thereof, and in connection therewith, purchase and otherwise acquire fixtures, personal property and other types of property; (Bb) insure and keep the Collateral and parts thereof insured; (Cc) manage and operate the Collateral and parts thereof, and exercise all the rights and powers of Borrower in its name and otherwise with respect to the same; (Dd) enter into agreements with others to exercise the powers herein granted Bank, all as Bank from time to time may determine; and (Ee) collect and receive all the rents, income, proceeds and other benefits from, related to and arising out of the Collateral and each and all parts thereof and interests therein, including those past due, those currently due and those thereafter becoming due. The powers granted to Bank in this Section 8.2 are and the same shall be deemed to be powers coupled with an interest, and cannot be revoked. All sums expended by Bank pursuant to any of the foregoing listed matters shall be deemed to have been disbursed to Borrower, evidenced by the Note and secured by the Security Instrument and all other Loan Documents and shall be deemed a necessary expenditure for the preservation of Bank’s security, whether or not the amounts advanced or expended exceed the maximum amount of advances set forth in the Note and the Security Instrument. Borrower hereby also assigns and quitclaims to Bank all sums undisbursed under the Loan, such assignment and quitclaim to be effective only upon the occurrence of an Event of Default. The assignment and rights contained in this Section 8.2 shall be in addition to, and not in derogation of, the rights of Bank contained in any other Loan Document. In connection with its management of the Collateral as aforesaid, Bank shall apply any monies received by Bank in such priority as Bank may determine, or such priority as may be required under any Applicable Requirement of Law, to: (1) payment of any and all of the obligations owing to Bank under the Loan Documents, including the Loan; (2) payment of any deposits for taxes, assessments and insurance premiums; (3) payment of the cost of insurance, taxes, assessments and other expenses and charges upon the Collateral or any parts thereof or interest therein, (4) payment of any amounts due and payable on any other Indebtedness of Borrower, whether prior or subsequent to the liens and security interest of Bank, (5) payment of the compensation, disbursements and costs and expenses of the agents, attorneys and other representatives of Bank, (6) payment of any amounts deemed necessary by Bank to otherwise protect and preserve the Collateral and the lien and security interest of Bank and (7) payment of such other amounts as Bank deems necessary to assure to Bank the repayment of the Loan and all other obligations owing to Bank under the Loan Documents.

Management of Collateral. Upon each and every entering into and taking of possession of the Collateral, or part or parts thereof or interests therein, by the Bank through its own actions and by the Bank through those of its agents and other Personspersons, Bank may directly and through its agents and other Personspersons, hold, store, use, operate, construct, install, complete, repair, restore, preserve, protect, manage and control all and any part or parts of, and interests in the Collateral, and conduct the business related thereto; and, without limiting the foregoing, from time to time and at any time, the Bank may do and the Bank may have done or direct the doing of any one or more of the following through itself, its agents and such other Persons persons as Bank deems reasonably appropriate under the circumstances: (Aa) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements to the Premises Collateral and parts thereof, and in connection therewith, purchase and otherwise acquire fixtures, personal property and other types of property; (Bb) insure and keep the Collateral and parts thereof insured; (Cc) manage and operate the Collateral and parts thereof, and exercise all the rights and powers of Borrower in its name and otherwise with respect to the same; (Dd) enter into agreements with others to exercise the powers herein granted Bank, all as Bank from time to time may determine; and (Ee) collect and receive all the rents, income, proceeds and other benefits from, related to and arising out of the Collateral and each and all parts thereof and interests therein, including those past due, those currently due and those thereafter becoming due. The powers granted to Bank in this Section 8.2 are and the same shall be deemed to be powers coupled with an interest, and cannot be revoked. All sums expended by Bank pursuant to any of the foregoing listed matters shall be deemed to have been disbursed to Borrower, evidenced by the Note and secured by the Security Instrument and all other Loan Documents and shall be deemed a necessary expenditure for the preservation of Bank’s security, whether or not the amounts advanced or expended exceed the maximum amount of advances set forth in the Note and the Security Instrument. Borrower hereby also assigns and quitclaims to Bank all sums undisbursed under the Loan, such assignment and quitclaim to be effective only upon the occurrence of an Event of Default. The assignment and rights contained in this Section 8.2 shall be in addition to, and not in derogation of, the rights of Bank contained in any other Loan Document. In connection with its management of the Collateral as aforesaid, Bank shall apply any monies received by Bank in such priority as Bank may determine, or such priority as may be required under any Applicable Requirement of Law, to: (1) payment of any and all of the obligations owing to Bank under the Loan Documents, including the Loan; (2) payment of any deposits for taxes, assessments and insurance premiums; (3) payment of the cost of insurance, taxes, assessments and other expenses and charges upon the Collateral or any parts thereof or interest therein, (4) payment of any amounts due and payable on any other Indebtedness of Borrower, whether prior or subsequent to the liens and security interest of Bank, (5) payment of the compensation, disbursements and costs and expenses of the agents, attorneys and other representatives of Bank, (6) payment of any amounts deemed reasonably necessary by Bank to otherwise protect and preserve the Collateral and the lien and security interest of Bank and (7) payment of such other amounts as Bank deems reasonably necessary to assure to Bank the repayment of the Loan and all other obligations owing to Bank under the Loan Documents.