POWER TO FILE NOTICES AND CURE DEFAULTS. Trustor hereby irrevocably appoints Beneficiary and its successors and assigns, as its attorney-in-fact, which agency is coupled with an interest, to perform any obligation of Trustor hereunder upon the occurrence of an event, act or omission which, with notice or passage of time or both, would constitute a Default, provided, however, that: (a) Beneficiary as such attorney-in-fact shall only be accountable for such funds as are actually received by Beneficiary; and (b) Beneficiary shall not be liable to Trustor or any other person or entity for any failure to act under this Section.
Appears in 5 contracts
Samples: Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Security Agreement (KBS Real Estate Investment Trust, Inc.)
POWER TO FILE NOTICES AND CURE DEFAULTS. Trustor hereby irrevocably appoints Beneficiary and its successors and assigns, as its attorney-in-in- fact, which agency is coupled with an interest, to perform any obligation of Trustor hereunder upon the occurrence of an event, act or omission which, with notice or passage of time or both, would constitute a Default, provided, however, that: (ai) Beneficiary as such attorney-in-fact shall only be accountable for such funds as are actually received by Beneficiary; and (bii) Beneficiary shall not be liable to Trustor or any other person or entity for any failure to act under this Section.
Appears in 2 contracts
Samples: Leases and Security Agreement (Protein Design Labs Inc/De), Leases and Security Agreement (Protein Design Labs Inc/De)
POWER TO FILE NOTICES AND CURE DEFAULTS. Trustor hereby irrevocably appoints Beneficiary and its successors and assigns, as its attorney-in-fact, which agency is coupled with an interest, to perform any obligation of Trustor hereunder upon the occurrence of an event, act or omission which, with notice or passage of time or both, would constitute a Default, provided, however, that: (a) Beneficiary as such attorney-in-fact shall only be accountable for such funds as are actually received by Beneficiary; and (b) Beneficiary shall not be liable to Trustor or any other person or entity for any failure to act under this Section; and (c) Beneficiary shall not exercise such right until after the expiration of any applicable notice and cure periods.
Appears in 1 contract
Samples: Leases and Security Agreement (Paladin Realty Income Properties Inc)
