Common use of Power of Sale and Foreclosure Clause in Contracts

Power of Sale and Foreclosure. In the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect to any Property, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor in such notice of sale, either as a whole, or in parts and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULT, and (ii) upon the occurrence of any Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, or against the Lessee on a recourse basis for the Property Cost, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any Property, or for the enforcement of any other appropriate legal or equitable remedy.

Power of Sale and Foreclosure. In the event that a court of ----------------------------- competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect as is the intent of the parties pursuant to any PropertySection 7.1, and subject to the availability of such remedy under applicable ----------- law, then the Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to against the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, Default the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTLESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, or against the Lessee on a recourse basis for the Property CostAsset Termination Value, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Property, or for the enforcement of any other appropriate legal or equitable remedy. The parties hereto intend that, in addition to any other debt or obligation secured by the Lien granted pursuant to this Section 17.4, such Lien shall secure unpaid ------------ balances of Rent and Supplemental Rent and other extensions of credit made by the Lessor to the Lessee after this Lease is delivered to the appropriate recording offices of Colorado, whether made pursuant to an obligation of the Lessee or otherwise, and such Rent and Supplemental Rent shall be secured to the same extent as if such future payment obligations of Rent and Supplemental Rent were on account of obligatory advances to be made under a construction (i) the maximum principal sum permitted by the laws of Colorado; or (ii) Fifty-five Million Dollars ($55,000,000) together with interest thereon calculated at the rates provided in the Participation Agreement.

Power of Sale and Foreclosure. In the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect to any Property, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, Master Lease after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor in such notice of sale, either as a whole, or in parts and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULT, and (ii) upon the occurrence of any Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, or against the Lessee on a recourse basis for the Property Cost, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any Property, or for the enforcement of any other appropriate legal or equitable remedy.

Power of Sale and Foreclosure. In (a) As it is the event intent of the parties pursuant to ARTICLE XXIV that a court of competent jurisdiction rules that the transaction reflected in this Lease constitutes shall constitute a mortgage, deed of trust or other secured financing with respect to any Propertyas described therein, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien Lien, and Xxxxxx does hereby irrevocably warrant, grant, bargain, sell, transfer, convey and assign the Leased Property to the Lessor Public Trustee of Arapahoe County, Colorado ("DEED OF TRUST TRUSTEE") IN TRUST FOREVER WITH POWER OF SALE for the benefit and security of the Lessor and the Lenders Lessor, to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by lawObligations, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, to direct Deed of Trust Trustee, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Leased Property at the time and place of sale fixed by the Lessor Deed of Trust Trustee in such notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor it may elect, at auction to the highest bidder for cash in lawful money of the United States of America payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR DEED OF TRUST TRUSTEE TO TAKE SUCH THE LEASED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTDEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising directing Deed of Trust Trustee to exercise any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Leased Property, or against the Lessee on a recourse basis for the Lease Balance and all accrued and unpaid interest on the Loans, all accrued and unpaid Yield on the Certificate Amounts, and all other amounts owing by Lessee under the Operative Documents with respect to the Leased Property Costor pursuant to the Operative Documents, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Leased Property, or for the enforcement of any other appropriate legal or equitable remedy. (b) Should Lessor elect to foreclose by exercise of the power of sale herein contained, Lessor shall notify Deed of Trust Trustee in the manner then required by law and shall deposit with Deed of Trust Trustee this Lease and the Instruments and such receipts and evidence of expenditures made and secured hereby as Deed of Trust Trustee may require. Upon receipt of such notice of Lessor and at the direction of Lessor, Deed of Trust Trustee shall cause to be recorded, published and delivered such notices of default and notices of sale as may then be required by law and by this Lease. Deed of Trust Trustee shall, only at the direction of Lessor and without demand on Lessee, after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell the Leased Property at the time and place of sale fixed by it in such notice of sale, either as whole or in separate lots or parcels or items as Lessor shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale, or as otherwise may then be required by law. Deed of Trust Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Lessee, Deed of Trust Trustee or Lessor, may purchase at such sale. Deed of Trust Trustee may in the manner provided by law postpone sale of all or any portion of the Leased Property. (c) After deducting all costs, fees and expenses of Deed of Trust Trustee and of the trust created hereby, including costs of evidence of title in connection with sale and the payment of the Deed of Trust Trustee's fees actually incurred not to exceed the amount which may be provided for in this Lease, Deed of Trust Trustee shall apply the proceeds of sale, subject to Section 5.3 of the Participation Agreement, in the following priority, to payment of: (i) first, all sums expended under the terms hereof, not then repaid, with accrued interest at the Overdue Rate; (ii) second, other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. (d) Subject to Applicable Laws, Deed of Trust Trustee may postpone sale of all or any portion of the Leased Property and the other Teletech Collateral by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement or subsequently noticed sale, and without further notice make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. (e) Upon the occurrence of an Event of Default hereunder, Lessor may proceed, in any sequence: (i) to exercise its rights hereunder with respect to all or any portion of the Leased Property and the other Teletech Collateral; and (ii) to exercise its rights with respect to all or any portion of the Leased Property and the other Teletech Collateral which is personal property in accordance with the provisions of the UCC (defined below). (f) Subject always to the then existing rights, if any, of the Lessee under the Lease, Lessor may proceed to exercise all rights, privileges and remedies of Lessor under the Lease and may exercise all such rights and remedies either in the name of Lessee or in the name of Lessor for the use and benefit of Lessor.

Power of Sale and Foreclosure. (a) In the event that a court of competent jurisdiction rules that this Master Lease constitutes a mortgage, deed of trust or other secured financing with respect to any Propertythe Property as is the intent of the parties pursuant to Article XXV, then the Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Loans and Equity Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to Improvements on the Lease Balance)Land, together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property the Lessee Interest WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property Lessee Interest at the time and place of sale fixed by the Lessor in such notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH PROPERTY THE LESSEE INTEREST AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTLESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the PropertyLessee Interest, or against the Lessee on a recourse basis for the Property CostLease Balance, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any Propertythe Lessee Interest, or for the enforcement of any other appropriate legal or equitable remedy. (b) Without limiting any other remedies set forth herein, and notwithstanding anything to the contrary contained herein but subject to the notice provisions specifically set forth in Section 16.2, the Lessee and the Lessor agree that upon default by Lessee in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Lessor may declare all sums secured hereby immediately due and payable by written notice of default and of election to cause to be sold the Lessee Interest, which notice Lessor shall cause to be filed for record. After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then required by law, Lessor, without demand on Lessee, may sell the Lessee Interest at the time and place fixed by it in said notice of sale, Master Lease either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Lessor may postpone sale of all or any portion of the Lessee Interest by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Lessor shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any Person, including Lessee or Lessor, may purchase at such sale. After deducting all costs, fees and expenses of Lessor, including cost of evidence of title in connection with sale, Lessor shall apply the proceeds of sale to payment of all sums expended in enforcement of its right hereunder with accrued interest at the amount allowed by law in effect at the date hereof and the remainder to the Person or Persons legally entitled thereof. WARNING: THIS MASTER LEASE CONTAINS A POWER OF SALE AND UPON DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT AND THE SALE OF THE LESSEE INTEREST IN CONNECTION THEREWITH, NO HEARING IS REQUIRED AND THE ONLY NOTICE REQUIRED IS TO PUBLISH NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE LESSEE INTEREST. Upon the occurrence of a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Lessee Interest or against the Lessee on a recourse basis for the Lease Balance, or for the specific performance of any covenant or agreement contained herein or in any Lease Supplement or any other Operative Document in aid of the execution of any power granted herein or in any Lease Supplement or in any other Operative Document, or for the appointment of a receiver pending any foreclosure hereunder or the sale of the Lessee Interest, or for the enforcement of any other appropriate legal or equitable remedy. The Lessee shall have all rights available to a mortgagor under the laws of the jurisdiction in which the Lessee Interest is located.

Power of Sale and Foreclosure. In (a) As it is the event intent of the parties pursuant to ARTICLE XXIV that a court of competent jurisdiction rules that the transaction reflected in this Lease constitutes shall constitute a mortgage, deed of trust or other secured financing with respect to any Propertyas described therein, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien Lien, and Lessee does hereby irrevocably warrant, grant, bargain, sell, transfer, convey and assign the Leased Property to the Lessor Deed of Trust Trustee, IN TRUST FOREVER WITH POWER OF SALE for the benefit and security of the Lessor and the Lenders Lessor, to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by lawObligations, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, to direct Deed of Trust Trustee, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Leased Property at the time and place of sale fixed by the Lessor Deed of Trust Trustee in such notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor it may elect, at auction to the highest bidder for cash in lawful money of the United States of America payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR DEED OF TRUST TRUSTEE TO TAKE SUCH THE LEASED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTDEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising directing Deed of Trust Trustee to exercise any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Leased Property, or against the Lessee on a recourse basis for the Lease Balance and all accrued and unpaid interest on the Loans, all accrued and unpaid Yield on the Certificate Amounts, and all other amounts owing by Lessee under the Operative Documents with respect to the Leased Property Costor pursuant to the Operative Documents, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Leased Property, or for the enforcement of any other appropriate legal or equitable remedy. Administrative Agent may elect to commence foreclosure proceedings by way of a trustee's sale pursuant to the provisions of Title 38, Article 38, Colorado Revised Statutes, 1973 as amended, or in any other manner then permitted by law, four weeks public notice having previously been given of the time and place of such sale by advertisement, weekly, in a newspaper of general circulation in the county in which the Leased Property is located, or upon such other notice as may be then be required by law. (b) Should Lessor elect to foreclose by exercise of the power of sale herein contained, Lessor shall notify Deed of Trust Trustee in the manner then required by law and shall deposit with Deed of Trust Trustee this Lease and the Instruments and such receipts and evidence of expenditures made and secured hereby as Deed of Trust Trustee may require. Upon receipt of such notice of Lessor and at the direction of Lessor, Deed of Trust Trustee shall cause to be recorded, published and delivered such notices of default and notices of sale as may then be required by law and by this Lease. Deed of Trust Trustee shall, only at the direction of Lessor and without demand on Lessee, after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell the Leased Property at the time and place of sale fixed by it in such notice of sale, either as whole or in separate lots or parcels or items as Lessor shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale, or as otherwise may then be required by law. Deed of Trust Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Lessee, Deed of Trust Trustee or Lessor, may purchase at such sale. Deed of Trust Trustee may in the manner provided by law postpone sale of all or any portion of the Leased Property. (c) After deducting all costs, fees and expenses of Deed of Trust Trustee and of the trust created hereby, including costs of evidence of title in connection with sale and the payment of the Deed of Trust Trustee's fees actually incurred not to exceed the amount which may be provided for in this Lease, Deed of Trust Trustee shall apply the proceeds of sale, subject to Section 5.3 of the Participation Agreement, in the following priority, to payment of: (i) first, all sums expended under the terms hereof, not then repaid, with accrued interest at the Overdue Rate; (ii) second, other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. (d) Subject to Applicable Laws, Deed of Trust Trustee may postpone sale of all or any portion of the Leased Property and the other Teletech Collateral by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement or subsequently noticed sale, and without further notice make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. (e) Upon the occurrence of an Event of Default hereunder, Lessor may proceed, in any sequence: (i) to exercise its rights hereunder with respect to all or any portion of the Leased Property and the other Teletech Collateral; and (ii) to exercise its rights with respect to all or any portion of the Leased Property and the other Teletech Collateral which is personal property in accordance with the provisions of the UCC (defined below). (f) Subject always to the then existing rights, if any, of the Lessee under the Lease, Lessor may proceed to exercise all rights, privileges and remedies of Lessor under the Lease and may exercise all such rights and remedies either in the name of Lessee or in the name of Lessor for the use and benefit of Lessor.

Power of Sale and Foreclosure. In the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect as is the intent of the parties pursuant to any PropertySection 7, and subject to the availability of such remedy under Applicable Law, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, Lessor, either by judicial action or through Trustee, may institute and maintain an action for foreclosure of the Lessor shall have the power and authorityProperty, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor or Trustee in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTDEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, Property or against the Lessee on a recourse basis for the Property CostAsset Termination Value, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Property, or for the collection of the Other Rents as provided in Section 7.2(e), or for the enforcement of any other appropriate legal or equitable remedy. (In the event Lessor obtains a judgment against Lessee for the payment in full of Asset Termination Value and Lessee pays the full amount of such judgment, Lessor will promptly thereafter convey its remaining interest in the Property (if any) by the delivery of a deed in the form contemplated in Section 19.1, but such deed will be expressly subject to the rights of any purchaser at any foreclosure sale contemplated by the foregoing provisions.) The parties hereto intend that, in addition to any other debt or obligation secured by the lien and security interests granted pursuant to Section 7.2, such lien and security interests shall secure unpaid balances of Rent and Supplemental Rent and, if and to the extent expressly provided in the documents evidencing the extension of credit, to other extensions of credit made by Lessor to Lessee after this Lease is delivered to the appropriate recording offices of Colorado, whether made pursuant to an obligation of Lessee or otherwise, and such Rent and Supplemental Rent shall be secured to the same extent as if such future payment obligations of Rent and Supplemental Rent were on account of obligatory advances to be made under a construction loan; provided such Lessee Obligations secured hereby at any one time shall not exceed the maximum principal sum permitted by the laws of Colorado. The Net Foreclosure Proceeds of any sale of the Mortgaged Property or any portion thereof pursuant to this Subsection shall be applied to the Lessee Obligations (with an associated reduction in the Asset Termination Value) as of the date of the foreclosure sale. The Lessor shall disburse such proceeds in accordance with Section 13.19 of the Participation Agreement.

Power of Sale and Foreclosure. In Without limiting any other remedies set forth in the Lease, in the event that a court of competent jurisdiction rules that this the Lease constitutes a mortgage, deed of or trust or other secured financing with respect financing, as is the intent of the parties pursuant to any PropertySection 5 and subject to the availability of such remedy under Applicable Law, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, Lessor, either by judicial action or through Trustee, may institute and maintain an action for foreclosure of the Lessor shall have the power and authorityProperty, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor or Trustee in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTDEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, Property or against the Lessee on a recourse basis for the Property CostAsset Termination Value, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Property, or for the collection of the Other Rents as provided in Section 7.2(e) of the Lease or for the enforcement of any other appropriate legal or equitable remedy. (In the event Lessor obtains a judgment against Lessee for the payment in full of Asset Termination Value and Lessee pays the full amount of such judgment, Lessor will promptly thereafter convey its remaining interest in the Property (if any) by the delivery of a deed in the form contemplated in Section 19.1, but such deed will be expressly subject to the rights of any purchaser at any foreclosure sale contemplated by the foregoing provisions.) The parties hereto intend that, in addition to any other debt or obligation secured by the Lien and security interests granted pursuant to Section 5, such lien and security interests shall secure unpaid balances of Rent and Supplemental Rent and, if and to the extent expressly provided in the documents evidencing the extension of credit, to other extensions of credit made by Lessor to Lessee after this Lease is delivered to the appropriate recording offices of Colorado, whether made pursuant to an obligation of Lessee or otherwise, and such Rent and Supplemental Rent shall be secured to the same extent as if such future payment obligations of Rent and Supplemental Rent were on account of obligatory advances to be made under a construction loan; provided such Lessee Obligations secured hereby at any one time shall not exceed the maximum principal sum permitted by the laws of Colorado. The Net Foreclosure Proceeds of any sale of the Mortgaged Property or any portion thereof pursuant to this Subsection shall be applied to the Lessee Obligations (with an associated reduction in the Asset Termination Value) as of the date of the foreclosure sale. Lessor shall disburse such proceeds in accordance with Section 13.19 of the Participation Agreement.

Power of Sale and Foreclosure. In the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect to any Property, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Leased Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the such Leased Property at the time and place of sale fixed by the Lessor in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE APPLICABLE LEASED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTDEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Leased Property, or against the Lessee on a recourse basis for the Property Cost, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any Property, or for the enforcement of any other appropriate legal or equitable remedy.recourse

Power of Sale and Foreclosure. In To the extent available under Applicable Law, in the event that a court of competent jurisdiction rules that this Master Lease constitutes a mortgage, deed of trust or other secured financing with respect to any PropertyProperty as is the intent of the parties pursuant to ARTICLE XXV, then the Lessor and the each Lessee agree that (i) the each Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Equity Amounts and Loans advanced by the Participants for the acquisition of Land and construction and installation of the Property Improvements located on each of the Properties (corresponding to the Lease Balancevalue of such Properties as indicated on the Appraisal for each such Property), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against each such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property such Properties at the time and place of sale fixed by the Lessor in such notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH PROPERTY THE PROPERTIES AND SELL IT THEM WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the PropertyProperties, or against the any Lessee on a recourse basis for the Property CostLease Balance, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any Propertythe Properties, or for the enforcement of any other appropriate legal or equitable remedy.

Power of Sale and Foreclosure. In As is the event intent of the parties pursuant to Article XXIV that a court of competent jurisdiction rules that the transaction reflected in this Lease constitutes shall constitute a mortgagemortgage financing as described therein, deed of trust or other secured financing with respect to any Property, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereonupon, and all other amounts payable under mortgages and warrants the Operative Documents in connection therewith, against such Property Premises to Agent Lessor WITH POWER OF SALE, to the extent permitted by lawsecure all Obligations, and that, upon the occurrence of any Lease Event of Default, the Agent Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property Premises at the time and place of sale fixed by the Agent Lessor in such notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Agent Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE AGENT LESSOR TO TAKE SUCH PROPERTY THE PREMISES AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTDEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Agent Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the PropertyPremises, or against the Lessee on a recourse basis for the Property CostLease Balance, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any Propertythe Premises, or for the enforcement of any other appropriate legal or equitable remedy.

Power of Sale and Foreclosure. In the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect financing, and subject to any Propertythe availability of such remedy under applicable law, then the Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to against the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, Default the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTLESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, or against the Lessee on a recourse basis for the Property CostAsset Termination Value, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Property, or for the enforcement of any other appropriate legal or equitable remedy.

Power of Sale and Foreclosure. In the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect as is the intent of the parties pursuant to any PropertySection 7.1, and subject to the availability of such remedy under applicable law, then the Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to against the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, Default the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTLESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, or against the Lessee on a recourse basis for the Property CostAsset Termination Value, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Property, or for the enforcement of any other appropriate legal or equitable remedy.

Power of Sale and Foreclosure. In the event that a court of ----------------------------- competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect as is the intent of the parties pursuant to any PropertySection 7.1, and subject to the availability of such remedy under applicable ----------- law, then the Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to against the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance), together with interest thereon, and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, to the extent permitted by law, and that, upon the occurrence of any Lease Event of Default, Default the Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as may be required by law, to sell all or any part of the Property at the time and place of sale fixed by the Lessor in such said notice of sale, either as a whole, or in parts separate lots or parcels or items and in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH THE PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULTLESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of any a Lease Event of Default, the Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Property, or against the Lessee on a recourse basis for the Property CostAsset Termination Value, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of any the Property, or for the enforcement of any other appropriate legal or equitable remedy. The parties hereto intend that, in addition to any other debt or obligation secured by the Lien granted pursuant to this Section 17.4, such Lien shall secure unpaid ------------ balances of Rent and Supplemental Rent and other extensions of credit made by the Lessor to the Lessee after this Lease is delivered to the appropriate recording offices of Colorado, whether made pursuant to an obligation of the Lessee or otherwise, and such Rent and Supplemental Rent shall be secured to the same extent as if such future payment obligations of Rent and Supplemental Rent were on account of obligatory advances to be made under a construction loan; provided such obligations secured hereby at any one time shall not exceed the -------- lesser of: (i) the maximum principal sum permitted by the laws of Colorado; or (ii) one hundred thirty-two million Dollars ($132,000,000) together with interest or Yield thereon calculated at the rates provided in the Participation Agreement.

Power of Sale and Foreclosure. In the event that a court Except as expressly provided in this Lease, for purposes of competent jurisdiction rules that this Lease constitutes a mortgageSection 17.6, deed of trust or other secured financing with respect to any Propertypresentment, then Lessor and the Lessee agree that (i) the Lessee hereby grants a Lien to the Lessor for the benefit of the Lessor and the Lenders to secure all Lessor Amounts and Loans advanced by the Participants for the construction and installation of the Property (corresponding to the Lease Balance)demand, together with interest thereon, protest and all other amounts payable under the Operative Documents in connection therewith, against such Property WITH POWER OF SALE, notices of any kind are hereby expressly waived. In addition (subject to the extent permitted by law, and thatArticle 21 below), upon the occurrence of any Lease Event of Default, the Lessor shall have the power Lessor, as beneficiary, may immediately take such action, without notice or demand, as it deems advisable to protect and authorityenforce its rights against Lessee, as trustor, in and to the extent provided by lawTrust Property, after proper notice and lapse of including the following actions, at such time and in such manner as Lessor may be required determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Lessor: Either in person or by lawagent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to sell the adequacy of its security, enter upon and take possession of the Trust Property or any part thereof, with or without legal action, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Trust Property, or any part thereof (including entering into new leases of all or any part of the Property at Trust Property) and, with or without taking possession of the time Trust Property, xxx for or otherwise collect the rents, issues and place profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of sale fixed by operation and collection including reasonable attorneys' fees, to the Lessor in such notice payment of saleall of Lessee's obligations hereunder (including, either as a wholewithout limitation, the payment of Basic Rent, Supplemental Rent and the Termination Value or in parts and Purchase Option Price) (collectively, the "Lease Payment Obligations"), all in such order as the Lessor may elect, at auction to the highest bidder for cash in lawful money determine. The entering upon and taking possession of the United States payable at the time of sale; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW THE LESSOR TO TAKE SUCH PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULT, and (ii) upon the occurrence of any Lease Event of DefaultTrust Property, the Lessorcollection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in lieu response to such default or pursuant to such notice of or default and, notwithstanding the continuance in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale possession of the Trust Property or the collection, receipt and application of rents, issues or profits, Lessor shall be entitled to exercise every right provided for herein and the other Operative Documents or by law. Bring an action in any court of competent jurisdiction to foreclose on the Trust Property, to appoint a receiver or against the Lessee on a recourse basis for the Property Cost, or for the specific performance of to enforce any covenant or agreement herein contained or in aid of the execution of any power herein grantedcovenants, terms or for conditions hereof and Lessor shall have the appointment of a receiver pending any foreclosure hereunder or the sale of any Propertyright to specific performance, or for the enforcement of injunction and any other appropriate legal equitable right or equitable remedy.remedy as though other remedies were not provided in this Lease. Elect to cause the Trust Property or any part thereof to be sold as follows, Lessee hereby expressly waiving any right which it may have to direct the order in which any of the Trust Property may be sold: