Remedies of Lender. (a) Upon the occurrence of an Event of Default, the License and Grantor’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents collected by Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither the entering upon and taking possession of the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender. (b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise. (c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 2 contracts
Samples: Assignment of Rents (Hartman Short Term Income Properties XX, Inc.), Assignment of Rents (Hartman Short Term Income Properties XX, Inc.)
Remedies of Lender. Upon an event of default described above in this Article VII, Lender shall, prior to exercising the remedies described herein, provide Borrower with written notice specifying in reasonable detail the event of default which has occurred and stating that it intends to exercise remedies provided in this Section. Borrower shall then have five (a5) Upon days in the occurrence case of an a monetary default, and twenty (20) days in the case of a non-monetary default, after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, the License and Grantor’s relationship as Xxxxxx’s Agent then Lender may immediately by notice to collect Rents shall automatically terminate without Borrower declare all or any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination portion of the Licenseoutstanding principal amount under the Note and other obligations to be due and payable whereupon the full unpaid amount under the Note and other obligations which shall be so declared due and payable shall be and become immediately due and payable, all Rents collected without further notice, demand or presentment, except as may be required by applicable law. Lender is further authorized, after the passage of the particular cure period, to perform or cause to be performed such act or take such action or pay such money that Lender deems necessary or desirable to cure such event of default, and any expenses so incurred by Lender and any money so paid by the Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither a demand obligation owing by Borrower to the entering Lender and the Lender, upon and taking possession making such payment, shall be subrogated to all of the Mortgaged Property rights of the person receiving such payment. Each amount due and owing by Borrower to the Lender pursuant to this Agreement or Xxxxxx’s collection any other Loan Document shall bear interest from the date of Rents and notice to Borrower of such expenditure or payment or other occurrence which gives rise to such amount being owed to the application thereof under Section 3.3 shall cure or waive any Event Lender until paid equal to the prime rate of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance interest quoted by Xxxxxx, at any time or J.X. Xxxxxx Cxxxx Bank from time to time, to collect said Rents plus three percent (3%) per annum, and all such amounts together with such interest thereon shall not in any manner impair the subsequent enforcement by Xxxxxx become part of the rightobligations evidenced by the Note and deemed secured by the Security Agreement-Pledges and all other Loan Documents described or contemplated by this Agreement as security for the obligations of Borrower and its subsidiaries. Upon demand, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender.
(b) In addition, upon after the occurrence of an Event event of Defaultdefault, LenderBorrower and its other subsidiaries shall reimburse Lender for all reasonable amounts expended (including the fees and out-of-pocket expenses of counsel) in connection therewith, as a result of or in connection with its exercise of remedies, together with interest on such amounts at its optionthe Note default interest rate from the date incurred until reimbursed. Further upon an event of default as described hereinabove and the expiration of any applicable cure period provided as set forth hereinabove, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) shall be entitled to exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, in accordance with the terms set forth therein and cumulative and none shall be given effect to the exclusion of the othersin accordance with applicable law then in effect.
Appears in 2 contracts
Samples: Loan Agreement (Superior Drilling Products, Inc.), Loan Agreement (Superior Drilling Products, Inc.)
Remedies of Lender. Upon an event of default described above in this Article VII, Lender shall, prior to exercising the remedies described herein, provide Borrower with written notice specifying in reasonable detail the event of default which has occurred and stating that it intends to exercise remedies provided in this Section. Borrower shall then have five (a5) Upon days in the occurrence case of an a monetary default, and twenty (20) days in the case of a non-monetary default, after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, the License and Grantor’s relationship as Xxxxxx’s Agent then Lender may immediately by notice to collect Rents shall automatically terminate without Borrower declare all or any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination portion of the Licenseoutstanding principal amount under the Note and other obligations to be due and payable whereupon the full unpaid amount under the Note and other obligations which shall be so declared due and payable shall be and become immediately due and payable, all Rents collected without further notice, demand or presentment, except as may be required by applicable law. Lender is further authorized, after the passage of the particular cure period, to perform or cause to be performed such act or take such action or pay such money that Lender deems necessary or desirable to cure such event of default, and any expenses so incurred by Lender and any money so paid by the Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither a demand obligation owing by Borrower to the entering Lender and the Lender, upon and taking possession making such payment, shall be subrogated to all of the Mortgaged Property lights of the person receiving such payment. Each amount due and owing by Borrower to the Lender pursuant to this Agreement or Xxxxxx’s collection any other Loan Document shall bear interest from the date of Rents and notice to Borrower of such expenditure or payment or other occurrence which gives rise to such amount being owed to the application thereof under Section 3.3 shall cure or waive any Event Lender until paid equal to the prime rate of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance interest quoted by Xxxxxx, at any time or J.X. Xxxxxx Cxxxx Bank from time to time, to collect said Rents plus three percent (3%) per annum, and all such amounts together with such interest thereon shall not in any manner impair the subsequent enforcement by Xxxxxx become part of the right, power, obligations evidenced by the Note and authority herein granted to Xxxxxx. Nothing contained herein, nor deemed secured by the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed Deeds of Trust, to any such tenancythe Security Agreement-Pledges and all other Loan Document described or contemplated by this Agreement as security for the obligations of Borrower and its subsidiaries. Upon demand, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender.
(b) In addition, upon after the occurrence of an Event event of Defaultdefault, LenderBorrower and its other subsidiaries shall reimburse Lender for all reasonable amounts expended (including the fees and out-of-pocket expenses of counsel) in connection therewith, as a result of or in connection with its exercise of remedies, together with interest on such amounts at its optionthe Note default interest rate from the date incurred until reimbursed. Further upon an event of default as described hereinabove and the expiration of any applicable cure period provided as set forth hereinabove, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) shall be entitled to exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, in accordance with the terms set forth therein and cumulative and none shall be given effect to the exclusion of the othersin accordance with applicable law then in effect.
Appears in 2 contracts
Samples: Loan Agreement (Superior Drilling Products, Inc.), Loan Agreement (Superior Drilling Products, Inc.)
Remedies of Lender. (a) Upon If an Event of Default:
(i) described in Sections 8.1.2, 8.1.3, 8.1.6, or 8.1.7 (other than in respect of a payment) shall have occurred, Lender may provide Borrower with written notice specifying in reasonable detail the Event of Default which has occurred and stating that it intends to exercise remedies provided in this Section. Borrower shall then have 30 days after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, then Lender may immediately by notice to Borrower reduce the Commitment Amount and the Maximum Commitment Amount to zero and/or declare all or any portion of the outstanding principal amount under the Note and other Obligations to be due and payable whereupon the full unpaid amount under the Note and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment;
(ii) described in Section 8.1.9 shall have occurred, then the outstanding principal amount under the Note and all other Obligations shall automatically be and become immediately due and payable, without notice or demand;
(iii) described in Section 8.1.11 shall have occurred, and if Lender shall have paid or incurred a Reimbursable Expense in connection therewith, Lender shall notify Borrower in writing of such payment(s), and if Borrower does not fully reimburse Lender within ten (10) days of receipt of such notice, Lender shall be entitled by notice to Borrower to declare all or any portion of the outstanding principal amount under the Note and other Obligations to be due and payable whereupon the full unpaid amount under the Note and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment.
(iv) described in Section 8.1 (other than in Sections 8.1.2, 8.1.3, 8.1.6, 8.1.7, 8.1.9, or 8.1.11) shall have occurred, then Lender may by notice to Borrower declare all or any portion of the outstanding principal amount under the Note and other Obligations to be due and payable whereupon the full unpaid amount of the Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment.
(b) After the occurrence of an Event of Default, the License and Grantorin addition to Lender’s relationship as Xxxxxx’s Agent right to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the Licenserecover damages, all Rents collected by Lender shall be applied as remedies set forth in Section 3.3 of this Assignment. Neither 8.2(a) and all other remedies available to Lender at law or in equity, or pursuant to the entering upon Loan Documents, including, without limitation, the Mortgage, the Security Agreement, and taking possession the Pledge Agreements, Lender may (but is not obligated or required to) exercise any or all of the Mortgaged Property following remedies:
(i) perform or Xxxxxxcause to be performed or pay at Borrower’s collection expense the act or matter the failure of Rents and which resulted in the application thereof under Section 3.3 shall cure or waive any Event of Default Default, in which event Lender may expend funds for such purpose;
(ii) take any and all actions necessary to protect its collateral including, without limitation, taking any legal actions or paying any amounts or settling any claims;
(iii) apply any amounts deposited in the Collateral Account as a prepayment on the Note pursuant to Section 3.1;
(iv) after written notice to Borrower, exercise all rights of defaultBorrower, if anyits Subsidiaries and any other Obligor with respect to the possession, nor invalidate any action under such notice. Failure operation and development of some or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx all of the rightSubject Interests, powerincluding, without limitation, the right to operate some or all of the Subject Interests;
(v) exercise the right to notify the purchasers of the Subject Hydrocarbons to make direct payment to Lender;
(vi) have the use, in connection with operating the Subject Interests, of any or all of the Property, equipment, machinery and facilities of Borrower, its Subsidiaries or any other Obligor located thereon or used in connection therewith as then may be useful or appropriate for the production, treating, storing, and authority herein granted transporting of Subject Hydrocarbons and Borrower, its Subsidiaries and each other Obligor hereby grant Lender a non-exclusive easement and license to Xxxxxx. Nothing contained hereinuse any and all such property, nor equipment, machinery and facilities in the exercise event of any rightsuch occurrence;
(vii) Lender may on behalf of and for the account of Borrower and its Subsidiaries, power, sell or authority herein granted utilize all of the Subject Hydrocarbons and apply the proceeds thereof attributable to Lender shall be or shall be construed to be, an affirmation by Lender interest of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as Borrower and its Subsidiaries therein to the Rents, costs and expenses of the Mortgaged Property, or operation and development of the Subject Interests and to reimburse Lender for any collateral given amounts so expended by Grantor to Lender.;
(bviii) In addition, upon in the event of the occurrence of an Event of Default, LenderLender may request and require Borrower or any of its Subsidiaries to resign as record title operator of the Subject Interests, at including, without limitation, under the Cxxxxx Joint Operating Agreement and take all actions necessary to replace Borrower or such Subsidiary as record title operator including, without limitation, replacing Borrower or such Subsidiary as record title operator with Lender or any of its optionAffiliates or any third-party, may and Borrower and its Subsidiaries agree (i) complete any construction on to cooperate fully in each and every way in connection with the Mortgaged Property in such manner and form replacement of the operator of the Subject Interests, including, without limitation, agreeing to withdraw as Lender deems advisable; record title operator of the Subject Interests, (ii) exercise all rights to vote for and powers otherwise support Lender’s designated interim record title operator until a successor record title operator is elected pursuant to the terms and provisions of Grantor, including the right to demand, sue for, collect, any joint operating agreement and receive all Rents; (iii) require Grantor to pay monthly in advance vote for and otherwise support Lender’s choice as record title operator pursuant to Lender the fair terms and reasonable rental value for Grantor’s use and occupancy provisions of any part joint operating agreement; provided that Borrower and its Subsidiaries shall remain obligated for all obligations, costs and expenses arising from serving as record title operator of the Mortgaged PropertySubject Interests, or require Grantor to vacate and surrender such possession of including, without limitation, under the Mortgaged Property to Lender Cxxxxx Joint Operating Agreement; and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Upon demand, after the occurrence of an Event of Default, Borrower shall reimburse Lender may take for all reasonable amounts expended (including the fees and out-of-pocket expenses of counsel in connection therewith, breakage and rescheduling costs and pipeline service costs) by Lender (such expended amounts to be included as Reimbursable Expenses) as a result of or in connection with its exercise of remedies, together with interest on such amounts at the Default Rate from the date incurred until reimbursed.
(d) The rights provided for in this Agreement and the other Loan Documents are cumulative and are not exclusive of any action to recover any of the Indebtednessother rights, to resort to any security for the repayment of the Indebtednesspowers, privileges or remedies provided by Applicable Law or in equity, or to enforce under any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment other instrument, document or agreement, including, the Loan Documents shall be separateDocuments, distinct, and cumulative and none shall be given effect to the exclusion of the othersnow existing or hereafter arising.
Appears in 1 contract
Remedies of Lender. (a) Upon the occurrence of an any Event of ------------------ Default, Lender may, without notice to or demand upon Borrower, which are expressly waived by Borrower (except for notices or demands otherwise required by applicable Laws to the License extent not effectively waived by Borrower and Grantor’s relationship any notices or demands specified in the Loan Documents), exercise any one or more of the following Remedies as Xxxxxx’s Agent Lender may determine:
(1) Lender may waive the Event of Default or, without waiving, determine, upon terms and conditions satisfactory to collect Rents Lender, to make further Disbursements;
(2) Lender may declare the unpaid principal of the Note and all accrued interest and other amounts payable under the Loan Documents to be immediately due and payable, in which event all such amounts shall automatically terminate immediately be due and payable without any protest, presentment, notice of dishonor, demand or further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings notice of any kind whatsoever to enforce any provision of this Assignment. After the termination of the Licensekind, all Rents collected of which are expressly waived by Borrower;
(3) Lender shall be applied may perform any of Borrower's Obligations in such manner as set forth in Section 3.3 of this Assignment. Neither the entering upon and taking Lender may determine;
(4) Lender may, either directly or through an agent or court- appointed receiver, take possession of the Mortgaged Property Collateral; and
(5) Lender may proceed to protect, exercise and enforce any and all other Remedies provided under the Loan Documents or Xxxxxx’s collection by applicable Laws. All costs, expenses, charges and advances of Rents Lender in exercising any such Remedies shall be payable by Borrower to Lender in accordance with Section 4.9. Each of the Remedies of Lender provided in the Loan Documents is cumulative and not exclusive of, and shall not prejudice, any other Remedy provided in the Loan Documents or by applicable Laws. Each Remedy may be exercised from time to time as often as deemed necessary by Lender, and in such order and manner as Lender may determine. No failure or delay on the part of Lender in exercising any Remedy shall operate as a waiver of such Remedy; nor shall any single or partial exercise of any Remedy preclude any other or further exercise of such Remedy or of any other Remedy. No application thereof under Section 3.3 shall of payments, or any advances or other action by Lender, will cure or waive any Event of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, powerprevent acceleration, or authority herein granted to Lender shall be or shall be construed to becontinued acceleration, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights amounts payable under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separateor prevent the exercise, distinctor continued exercise, and cumulative and none shall be given effect to the exclusion of the othersany Remedies of Lender.
Appears in 1 contract
Remedies of Lender. (a) Upon the occurrence and during the continuance of an Event of Default, Borrower hereby agrees that the License and Grantor’s Borrower's relationship as Xxxxxx’s Lender's Agent to collect Rents shall automatically terminate automatically, and without any further action of any kind or nature by Xxxxxx Lender, terminate, and Xxxxxx that Lender may then give the Lease deliver a Rent Demand to Borrower or deliver a Notice of Enforcement to Lessees. It Borrower agrees that any Rent Demand sent by Lender may be sent to Borrower pursuant to the notice provisions set forth in the Loan Agreement. Borrower shall, within ten days after its receipt of a Rent Demand, deliver to Lender such Rents and Revenues as are described in the Rent Demand and which are in Borrower’s possession or collected thereafter. Except to the extent expressly required by Florida Statutes, Section 607.07, it shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents and Revenues collected by Lender shall be applied as set forth provided for in Section 3.3 4.3 of this Assignment. Neither the entering Entering upon and taking possession of the Mortgaged Property or Xxxxxx’s Property, collection of Rents and Revenues and the application thereof under Section 3.3 as aforesaid shall not cure or waive any Event of Default or notice of default, if any, hereunder nor invalidate any action under act done pursuant to such notice. Failure or discontinuance by XxxxxxLender, at any time or from time to time, to collect said Rents and Revenues shall not in any manner impair the subsequent enforcement by Xxxxxx Lender, of the right, power, power and authority herein granted to Xxxxxxconferred upon Lender. Nothing contained herein, nor the exercise of any right, power, power or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender it of any tenancy, Lease, lease or option, nor an assumption of liability under, nor the subordination of, the Deed lien or charge of Trustthe Lien Instrument, to any such tenancy, Leaselease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the RentsRents and Revenues, with respect to the Mortgaged Property, Property or any collateral given by Grantor Borrower to Lender.. ASSIGNMENT OF RENTS AND REVENUES - Page 12 667204; Miami-Dade County, Florida
(b) In addition, upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of GrantorBorrower, including the right to demand, sue for, collect, collect and receive xxceive all RentsRents and Revenues from the Mortgaged Property and all sums payable under the Assignment Property; and (iiiii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor Borrower to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor Borrower may be evicted by summary proceedings or otherwiseotherwise in accordance with Florida law.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Assignment of Rents and Revenues (Owens Realty Mortgage, Inc.)
Remedies of Lender. (a) Upon the occurrence of any Event of Default, and after the expiration of any applicable cure period, Lender shall at its option be entitled, in addition to and not in lieu of the remedies provided in the Loan Agreement and other Loan Documents, to proceed to exercise any or all of the following remedies:
1. Require Borrower to vacate the Land and Storage Improvements. Borrower agrees that, upon Lender's request in the event of an Event of Default, to immediately vacate the License Land and Grantor’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to LesseesStorage Improvements;
2. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination Enter into possession of the LicenseLand and Storage Improvements;
3. Perform or cause to be performed any and all work and labor necessary to complete the Storage Improvements in accordance with the Plans and Construction Contract;
4. Employ security watchmen to protect the Land and Storage Improvements;
5. Disburse that portion of the Loan proceeds not previously disbursed (including any retainage) to the extent necessary to complete construction of the Storage Improvements in accordance with Plans and Construction Contract, and if the completion requires a larger sum than the remaining undisbursed portion of the Loan, to disburse such additional funds, all Rents collected of which funds so disbursed by Lender shall be applied as set forth in Section 3.3 deemed to have been disbursed to Borrower and shall be secured by the Security Documents. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful attorney-in-fact with full power of this Assignment. Neither substitution to complete the entering upon and taking possession construction of the Mortgaged Property Storage Improvements in the name of Borrower, and hereby empowers Lender as said attorney to take all actions necessary in connection therewith including any Escrow and any funds which may remain unadvanced under the Loan for the purpose of completing the Storage Improvements in the manner called for by the Plans; to make such additions and changes and corrections in the Plans which shall be necessary or Xxxxxx’s collection desirable to complete the Storage Improvements in substantially the manner contemplated by the Plans; to employ such contractors, subcontractors, agents, architects, and inspectors as shall be required for said purposes; to pay, settle or compromise all existing or future bills and claims which are or may be liens against said Land, or may be necessary or desirable for the completion of Rents the Storage Improvements or the clearance of the title to the Land; to execute all applications and certificates in the application thereof under Section 3.3 shall cure or waive name of Borrower which may be required by any Event construction contract and to do any and every act with respect to the construction of Default or notice the Storage Improvements and to take such action and require such performance as it deems necessary. In accordance therewith Borrower hereby assigns and quitclaims to Lender all sums to be advanced hereunder including retainage and any sums in escrow conditioned upon the use of defaultsaid sums, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair for the subsequent enforcement by Xxxxxx completion of the right, power, and authority herein granted to XxxxxxStorage Improvements; and/or
6. Nothing contained herein, nor the exercise of Take any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender.
(b) In addition, upon the occurrence of an Event of Default, other action that Lender, at in its optionsole discretion, may (i) complete any construction on deems necessary or advisable under the Mortgaged Property in such manner circumstances to protect and form as preserve the Collateral. Borrower agrees to immediately reimburse Lender deems advisable; (ii) exercise for all rights costs incurred to protect and powers of Grantor, including preserve the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwiseCollateral.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Construction Rider to Loan Agreement (Blue Dolphin Energy Co)
Remedies of Lender. (a) Upon the occurrence and during the continuance of an Event of Default, Borrower hereby agrees that the License and Grantor’s Borrower's relationship as Xxxxxx’s Lender's Agent to collect Rents shall automatically terminate automatically, and without any further action of any kind or nature by Xxxxxx Lender, terminate, and Xxxxxx that Lender may then give the Lease Rent Notice to LesseesLessees under the Leases. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents collected by Lender shall be applied as set forth provided for in Section 3.3 4.3 of this Assignment. Neither the entering Entering upon and taking possession of the Mortgaged Property or Xxxxxx’s Property, collection of Rents and the application thereof under Section 3.3 as aforesaid shall not cure or waive any Event of Default or notice of default, if any, hereunder nor invalidate any action under act done pursuant to such notice. Failure or discontinuance by XxxxxxLender, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx Lender, of the right, power, power and authority herein granted to Xxxxxxconferred upon Lender. Nothing contained herein, nor the exercise of any right, power, power or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender it of any tenancy, Lease, lease or option, nor an assumption of liability under, nor the subordination of, the Deed lien or charge of Trustthe Mortgage, to any such tenancy, Leaselease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, with respect to the Mortgaged Property, Property or any collateral given by Grantor Borrower to Lender.
(b) In addition, upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of GrantorBorrower, including the right to demand, sue forsux xor, collect, collect and receive all RentsRents from the Mortgaged Property and all sums payable under the Assignment Property; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor Borrower to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor Borrower may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Assignment of Rents (Inland Real Estate Income Trust, Inc.)
Remedies of Lender. (a) Upon the occurrence of At any time that an Event of DefaultDefault exists under the Security Instrument, regardless of whether or not the License maturity of the principal of the Note is accelerated, Lender shall have the remedies of a secured party under the Uniform Commercial Code and, at Xxxxxx's option, may exercise any one or more of the rights or remedies set forth in the Note or the Loan Documents. Any requirement of the Uniform Commercial Code for reasonable notice shall be met if the notice is given in accordance with the requirements of Section 11, at least twenty (20) business days prior to the time of the sale, disposition or other event or thing giving rise to the requirement of notice (which period and Grantor’s relationship as Xxxxxx’s Agent method of giving notice is hereby agreed to collect Rents be commercially reasonable). In exercising any of its remedies, Lender may proceed against the items of real property and any items of personal property comprising the Supplemental Collateral separately or together and in any order, without in anyway affecting the availability of Lender's remedies under the Code or of the remedies provided in this Agreement or any other Loan Documents. The right of Lender to be the purchaser for its own account at any sale or other disposition of the Supplemental Collateral shall automatically terminate without not be affected by the fact that Lender is or may be now or at the time of such sale or disposition record titleholder to the Supplemental Collateral, nor shall that fact in any further action manner affect the rights of Lender to sell, dispose of or otherwise deal with the security interest granted in this Agreement. Any and all net proceeds realized by Xxxxxx pursuant to this Section 6, after first deducting all legal or other costs and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents collected expenses incurred by Lender in effecting such realization, shall be applied to pay any or all of the Indebtedness as set forth in Section 3.3 Xxxxxx shall deem proper, with any surplus to be returned to Assignor. Upon full payment and performance of all Indebtedness, obligations and liabilities hereby secured, Xxxxxx agrees to release this Agreement and the lien or charge created hereby. The recorded satisfaction or release of the Security Instrument shall automatically effect the release of this Assignment. Neither the entering upon and taking possession of the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to LenderAgreement.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Combined Security Agreement and Assignment of Rents and Leases
Remedies of Lender. Upon an event of default described -------------------- above in this Article, Lender shall, prior to exercising the remedies described herein, provide Borrower with written notice specifying in reasonable detail the event of default which has occurred and stating that it intends to exercise remedies provided in this Section. Borrower shall then have five (a5) days in the case of a monetary default, and twenty (20) days in the case of a non-monetary default, after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, then Lender may immediately by notice to Borrower declare all or any portion of the outstanding principal amount under the Note and other obligations to be due and payable whereupon the full unpaid amount under the Note and other obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment. Lender is further authorized, after the passage of the particular cure period, to perform or cause to be performed such act or take such action, = or pay such money that Lender deems necessary or desirable to cure such Event of Default, and any expenses so incurred by Lender and any money so paid by the Lender shall be a demand obligation owing by Borrower to the Lender and the Lender, upon making such payment, shall be subrogated to all of the rights of the Person receiving such payment. Each amount due and owing by Borrower to the Lender pursuant to this Amended RCA or any other loan document shall bear interest from the date of notice to Borrower of such expenditure or payment or other occurrence which gives rise to such amount being owed to the Lender until paid at the Note interest rate (as the same may change from time to time as a variable rate) plus nine percent (9%) per annum, and all such amounts together with such interest thereon shall become part of the obligations evidenced by the Note and deemed secured by the Deed(s) of Trust and all other documents described or contemplated by this Amended RCA as security for the obligations of Borrower and its subsidiaries. Upon demand, after the occurrence of an Event of Default, the License and Grantor’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents collected by Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither the entering upon and taking possession of the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice event of default, if anyBorrower shall reimburse Lender for all reasonable amounts expended (including the fees and out-of-pocket expenses of counsel) in connection therewith, nor invalidate any action under as a result of or in connection with its exercise of remedies, together with interest on such notice. Failure or discontinuance by Xxxxxx, amounts at any time or the Note interest rate (as the same may change from time to time, to collect said Rents shall not in any manner impair ) from the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lenderdate incurred until reimbursed.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Revolving Credit Agreement (Petrosearch Energy Corp)
Remedies of Lender. (a) Upon or at any time after the occurrence of an Event of Default, . Borrower hereby agrees that Lender shall have the right (in its sole discretion) to terminate the License and Grantor’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lessees under the Leases the Lease Rent Notice to LesseesNotice. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all All Rents collected by Lender shall be applied as set forth provided for in Section 3.3 Article VIII of this Assignmentthe Deed of Trust; provided, however, that if the reasonable costs, expenses, and attorneys' fees shall exceed the amount of Rents collected, the excess shall be added to the Indebtedness, shall bear interest at the Default Rate, and shall be immediately due and payable. Neither the The entering upon and taking possession of the Mortgaged Property or Xxxxxx’s Property, the collection of Rents Rents, and the application thereof under Section 3.3 as aforesaid shall not cure or waive any Event of Default or notice of default, if any, hereunder nor invalidate any action under act done pursuant to such notice. Failure or discontinuance by XxxxxxLender, or Trustee on Lender's behalf, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx Lender, or Trustee on Lender's behalf, of the right, power, power and authority herein granted to Xxxxxxconferred upon Lender. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender Lender, or Trustee on Lender's behalf, shall be be, or shall be construed to be, an affirmation by Lender it of any tenancy, Leaselease, or option, nor an assumption of liability under, nor the subordination of, the lien or charge of the Deed of Trust, to any such tenancy, Leaselease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Leases or Rents, with respect to the Mortgaged Property, Property or any collateral given by Grantor Borrower to Lender.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of GrantorBorrower, including including, without limitation, the right to enter into, negotiate, execute, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue xxx for, collect, collect and receive all RentsRents from the Mortgaged Property and all sums payable under the Assignment Property; (iii) either require Grantor Borrower to pay monthly in advance to Lender Lender, or to any receiver appointed to collect the Rents, the fair and reasonable rental value for Grantor’s the use and occupancy of any such part of the Mortgaged PropertyProperty as may be in possession of Borrower, or require Grantor Borrower to vacate and surrender such possession of the Mortgaged Property to Lender or to such receiver and, in default thereof, Grantor Borrower may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Remedies of Lender. (a) Upon During the occurrence existence of an any Event of Default, Lender shall immediately be entitled to all sums due under the License and Grantor’s relationship as Xxxxxx’s Agent to collect Rents Interest Rate Cap Agreement and, if Lender shall automatically terminate without have accelerated all or any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination part of the LicenseLoan, all Rents collected by Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither have the entering upon right to terminate the Interest Rate Cap Agreement and taking possession of recover the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice of defaultresidual value, if any, nor invalidate of the Interest Rate Cap Agreement, as such residual value may be determined by Lender with the Counterparty and without Assignor's consent thereto. In such event, Assignor hereby authorizes and instructs the Counterparty, without the need for any action under such notice. Failure further instruction or discontinuance by Xxxxxx, at authorization from Assignor or any time or from time to timeother Person, to collect said Rents shall not in any manner impair pay directly to Lender all amounts payable to Assignor under the subsequent enforcement by Xxxxxx Interest Rate Cap Agreement and, upon the request of Lender, to terminate the rightInterest Rate Cap Agreement, powerbut only to the extent Assignor has the right to terminate the Interest Rate Cap Agreement thereunder, and authority herein granted pay the residual value thereof to XxxxxxLender. Nothing contained herein, Neither the Counterparty nor the exercise of any right, power, or authority herein granted to Lender shall be liable for any loss sustained by Assignor resulting from an early termination of the Interest Rate Cap Agreement or from the method selected by Lender and the Counterparty for determining residual value. Written demand by Lender delivered to the Counterparty for the payment of sums under the Interest Rate Cap Agreement shall be construed sufficient evidence of the Counterparty's authority and obligation to bemake all payments under the Interest Rate Cap Agreement to Lender without the necessity of further consent 14961843v.6 by Assignor, an affirmation notwithstanding any notice or claim by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, Assignor or any collateral given Person claiming through Assignor. Assignor shall have no claim or right against the Counterparty for the payment of amounts under the Interest Rate Cap Agreement by Grantor to Lender.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part reason of the Mortgaged Property, or require Grantor to vacate and surrender such possession of Counterparty's compliance with the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwiseprovisions hereof.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Loan Agreement (Hines Real Estate Investment Trust Inc)
Remedies of Lender. (a) Upon If an Event of Default:
(i) described in Sections 9.1(a), (b), (c), (e), (f), or (k) (other than in respect of a payment) shall have occurred, Lender may provide Borrower with written notice specifying in reasonable detail the Event of Default which has occurred and stating that it intends to exercise remedies provided in this Section 9.2. Borrower shall then have 30 days after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, then Lender may immediately by notice to Borrower reduce the Commitment Amount to zero and/or declare all or any portion of the outstanding principal amount under this Agreement and other Obligations to be due and payable whereupon the full unpaid amount under this Agreement and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and Lender may exercise, in addition to other remedies available at law or in equity or pursuant to the other Loan Documents, the remedies set forth in Section 9.2(b);
(ii) in Sections 9.1(h) and 9.1(i) shall have occurred, then the outstanding principal amount under this Agreement and all other Obligations shall automatically be and become immediately due and payable, without notice or demand and Lender may exercise, in addition to other remedies available at law or in equity or pursuant to the other Loan Documents, the remedies set forth in Section 9.2(b); provided, however, that Lender may not exercise such remedies if Borrower or any other Obligor, as the case may be, shall have cured each such Event of Default to the reasonable satisfaction of Lender prior to the time when Lender elects to exercise such remedies;
(iii) described in Section 9.1(k) shall have occurred, and if Lender shall have paid or incurred a Reimbursable Expense in connection therewith, Lender shall notify Borrower in writing of such payment(s), and if Borrower does not fully reimburse Lender within ten (10) days of receipt of such notice, Lender shall be entitled by notice to Borrower to declare all or any portion of the outstanding principal amount under this Agreement and other Obligations to be due and payable whereupon the full unpaid amount under this Agreement and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and Borrower may exercise, in addition to other remedies available at law or in equity or pursuant to the other Loan Documents, its remedies under Section 9.2(b).
(iv) If an Event of Default described in Section 9.1(d) shall have occurred, Lender may provide Borrower with written notice specifying in reasonable detail the Event of Default which has occurred and stating that it intends to exercise remedies provided in this Section 9.2. Borrower shall then have 60 days after receipt of such notice to (A) cure or cause to be cured such default by either (x) making a prepayment in conformity with Section 3.1 in an amount sufficient to eliminate the Collateral Coverage Default, or (y) pledge to Lender additional properties which are acceptable to Lender, in its sole discretion, in an manner and in an amount sufficient to eliminate the Collateral Coverage Default, and (B) provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, then Lender may immediately by notice to Borrower declare all or any portion of the outstanding principal amount under this Agreement and other Obligations to be due and payable whereupon the full unpaid amount under this Agreement and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and Lender may exercise, in addition to other remedies available at law or in equity or pursuant to the other Loan Documents, the remedies set forth in Section 9.2(b).
(v) If an Event of Default shall have occurred, then Lender may by notice to Borrower declare all or any portion of the outstanding principal amount under this Agreement and other Obligations to be due and payable whereupon the full unpaid amount of the Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and Borrower may exercise, in addition to other remedies available at law or in equity or pursuant to the other Loan Documents, its remedies Section 9.2(b).
(b) After the occurrence of an Event of Default, the License and Grantor’s relationship as Xxxxxx’s Agent in addition to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice Lender's right to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the Licenserecover damages, all Rents collected by Lender shall be applied as remedies set forth in Section 3.3 of this Assignment. Neither 9.2(a) and all other remedies available to Lender provided by Applicable Law or in equity or pursuant to the entering upon Loan Documents, including the Debenture and taking possession the Debenture Pledge Agreement, Lender may (but is not obligated or required to) exercise any or all of the Mortgaged following remedies:
(i) perform or cause to be performed or pay at Borrower's expense the act or matter the failure of which resulted in the Event of Default, in which event Lender may expend funds for such purpose;
(ii) take any and all actions necessary to protect the Property or Xxxxxx’s collection of Rents secured by the Debenture and the application thereof other security documents referred to in Section 5.4, including taking any legal actions or paying any amounts or settling any claims;
(iii) apply any amounts deposited in the Collateral Account as a prepayment on the Loans outstanding under this Agreement pursuant to Section 3.3 shall cure 3.1;
(iv) after written notice to Borrower, exercise all rights of Borrower with respect to the possession, operation and development of some or waive any Event of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx all of the rightSubject Interests, powerincluding the right to operate some or all of the Subject Interests;
(v) exercise the right to notify the purchasers of the Subject Hydrocarbons to make direct payment to Lender;
(vi) have the use, in connection with operating the Subject Interests, of any or all of the Property of Borrower located thereon or used in connection therewith as then may be useful or appropriate for the production, treating, storing, and authority herein granted transporting of Subject Hydrocarbons and Borrower hereby grant Lender a non-exclusive easement and license to Xxxxxx. Nothing contained hereinuse any and all such Property in the event of such occurrence;
(vii) Lender may on behalf of and for the account of Borrower, nor sell or utilize all of the exercise Subject Hydrocarbons and apply the proceeds thereof attributable to interest of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as Borrower therein to the Rents, costs and expenses of the Mortgaged Property, or operation and development of the Subject Interests and to reimburse Lender for any collateral given amounts so expended by Grantor to Lender.;
(bviii) In addition, upon in the event of the occurrence of an Event of Default, Lender, at its option, Lender may (i) complete any construction on request and require Borrower to resign as record title operator of the Mortgaged Property in such manner Subject Interests and form take all actions necessary to replace Borrower as Lender deems advisable; (ii) exercise all rights and powers of Grantorrecord title operator, including the right to demand, sue for, collectreplacing Borrower as record title operator with Lender or any of its Affiliates or any third-party, and receive all Rents; Borrower agrees (iiiA) require Grantor to pay monthly cooperate fully in advance each and every way in connection with the replacement of the operator of the Subject Interests, including agreeing to Lender withdraw as record title operator of the fair Subject Interests, (B) to vote for and reasonable rental value for Grantor’s use otherwise support Lender's designated interim record title operator until a successor record title operator is elected pursuant to the terms and occupancy provisions of any part joint operating agreement, and (C) to vote for and otherwise support Lender's choice as record title operator pursuant to the terms and provisions of any joint operating agreement; provided that Borrower -------- ---- shall remain obligated for all obligations, costs and expenses arising from serving as record title operator of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwiseSubject Interests.
(c) Upon demand, after the occurrence of an Event of Default, Borrower shall reimburse Lender may take for all reasonable amounts expended (including the fees and out-of-pocket expenses of counsel (on a solicitor and his own client basis) in connection therewith, the costs incurred by Lender in connection with the rescheduling of committed Hydrocarbon deliveries, the termination of any action existing contracts or agreements and any pipeline service costs) by Lender (such expended amounts to recover be included as Reimbursable Expenses) as a result of or in connection with its exercise of remedies, together with interest on such amounts at the Default Rate from the date incurred until reimbursed.
(d) Upon demand, after the occurrence of an Event of Default, Borrower shall submit an updated Development Plan.
(e) The rights provided for in this Agreement and the other Loan Documents are cumulative and are not exclusive of any of the Indebtednessother rights, to resort to any security for the repayment of the Indebtednesspowers, privileges or remedies provided by Applicable Law or in equity, or to enforce under any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment other instrument, document or agreement, including the Loan Documents shall be separateDocuments, distinct, and cumulative and none shall be given effect to the exclusion of the othersnow existing or hereafter arising.
Appears in 1 contract
Remedies of Lender. (a) Upon the occurrence of any Event of Default, and after the expiration of any applicable cure period, Lender shall at its option be entitled, in addition to and not in lieu of the remedies provided in the Loan Agreement and other Loan Documents, to proceed to exercise any or all of the following remedies:
1. Require Borrower to vacate the Land and Expansion Improvements. Borrower agrees that, upon Lender's request in the event of an Event of Default, to immediately vacate the License Land and Grantor’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to LesseesExpansion Improvements;
2. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination Enter into possession of the LicenseLand and Expansion Improvements;
3. Perform or cause to be performed any and all work and labor necessary to complete the Expansion Improvements in accordance with the Plans and Construction Contract;
4. Employ security watchmen to protect the Land and Expansion Improvements;
5. Disburse that portion of the Loan proceeds not previously disbursed (including any retainage) to the extent necessary to complete construction of the Expansion Improvements in accordance with Plans and Construction Contract, and if the completion requires a larger sum than the remaining undisbursed portion of the Loan, to disburse such additional funds, all Rents collected of which funds so disbursed by Lender shall be applied as set forth in Section 3.3 deemed to have been disbursed to Borrower and shall be secured by the Security Documents. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful attorney-in-fact with full power of this Assignment. Neither substitution to complete the entering upon and taking possession construction of the Mortgaged Property Expansion Improvements in the name of Borrower, and hereby empowers Lender as said attorney to take all actions necessary in connection therewith including any Escrow and any funds which may remain unadvanced under the Loan for the purpose of completing the Expansion Improvements in the manner called for by the Plans; to make such additions and changes and corrections in the Plans which shall be necessary or Xxxxxx’s collection desirable to complete the Expansion Improvements in substantially the manner contemplated by the Plans; to employ such contractors, subcontractors, agents, architects, and inspectors as shall be required for said purposes; to pay, settle or compromise all existing or future bills and claims which are or may be liens against said Land, or may be necessary or desirable for the completion of Rents the Expansion Improvements or the clearance of the title to the Land; to execute all applications and certificates in the application thereof under Section 3.3 shall cure or waive name of Borrower which may be required by any Event construction contract and to do any and every act with respect to the construction of Default or notice the Expansion Improvements and to take such action and require such performance as it deems necessary. In accordance therewith Borrower hereby assigns and quitclaims to Lender all sums to be advanced hereunder including retainage and any sums in escrow conditioned upon the use of defaultsaid sums, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair for the subsequent enforcement by Xxxxxx completion of the right, power, and authority herein granted to XxxxxxExpansion Improvements; and/or
6. Nothing contained herein, nor the exercise of Take any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender.
(b) In addition, upon the occurrence of an Event of Default, other action that Lender, at in its optionsole discretion, may (i) complete any construction on deems necessary or advisable under the Mortgaged Property in such manner circumstances to protect and form as preserve the Collateral. Borrower agrees to immediately reimburse Lender deems advisable; (ii) exercise for all rights costs incurred to protect and powers of Grantor, including preserve the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwiseCollateral.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
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Remedies of Lender. Upon an event of default described -------------------- above in this Article, Lender shall, prior to exercising the remedies described herein, provide Borrower with written notice specifying in reasonable detail the event of default which has occurred and stating that it intends to exercise remedies provided in this Section. Borrower shall then have five (a5) days in the case of a monetary default, and twenty (20) days in the case of a non-monetary default, after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such Event of Default. If Borrower does not provide such proper notice and evidence, then Lender may immediately by notice to Borrower declare all or any portion of the outstanding principal amount under the Note and other obligations to be due and payable whereupon the full unpaid amount under the Note and other obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment. Lender is further authorized, after the passage of the particular cure period, to perform or cause to be performed such act or take such action, or pay such money that Lender deems necessary or desirable to cure such Event of Default, and any expenses so incurred by Lender and any money so paid by the Lender shall be a demand obligation owing by Borrower to the Lender and the Lender, upon making such payment, shall be subrogated to all of the rights of the Person receiving such payment. Each amount due and owing by Borrower to the Lender pursuant to this Agreement or any other loan document shall bear interest from the date of notice to Borrower of such expenditure or payment or other occurrence which gives rise to such amount being owed to the Lender until paid at the Note interest rate plus six percent (6%) per annum, and all such amounts together with such interest thereon shall become part of the obligations evidenced by the Note and deemed secured by the Deed(s) of Trust and all other documents described or contemplated by this Agreement as security for the obligations of Borrower and its subsidiaries. Upon demand, after the occurrence of an Event of Default, the License and Grantor’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents collected by Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither the entering upon and taking possession of the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice event of default, if anyBorrower shall reimburse Lender for all reasonable amounts expended (including the fees and out-of-pocket expenses of counsel) in connection therewith, nor invalidate any action under such notice. Failure as a result of or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the connection with its exercise of any rightremedies, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor together with interest on such amounts at the subordination of, Note interest rate from the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lenderdate incurred until reimbursed.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
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Remedies of Lender. (a) Upon the occurrence and during the continuance of an Event of Default, Borrower hereby agrees that the License and Grantor’s Borrower's relationship as Xxxxxx’s Lender's Agent to collect Rents shall automatically terminate automatically, and without any further action of any kind or nature by Xxxxxx Lender, terminate, and Xxxxxx that Lender may then give the Lease deliver a Rent Demand to Borrower or deliver a Notice of Enforcement to Lessees. Borrower agrees that any Rent Demand sent by Lender may be sent to Borrower pursuant to the notice provisions set forth in the Loan Agreement. Borrower shall, within ten days after its receipt of a Rent Demand, deliver to Lender such Rents and Revenues as are described in the Rent Demand. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents and Revenues collected by Lender shall be applied as set forth provided for in Section 3.3 4.3 of this Assignment. Neither the entering Entering upon and taking possession of the Mortgaged Property or Xxxxxx’s Property, collection of Rents and Revenues and the application thereof under Section 3.3 as aforesaid shall not cure or waive any Event of Default or notice of default, if any, hereunder nor invalidate any action under act done pursuant to such notice. Failure or discontinuance by XxxxxxLender, at any time or from time to time, to collect said Rents and Revenues shall not in any manner impair the subsequent enforcement by Xxxxxx Lender, of the right, power, power and authority herein granted to Xxxxxxconferred upon Lender. Nothing contained herein, nor the exercise of any right, power, power or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender it of any tenancy, Lease, lease or option, nor an assumption of liability under, nor the subordination of, the Deed lien or charge of Trustthe Lien Instrument, to any such tenancy, Leaselease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the RentsRents and Revenues, with respect to the Mortgaged Property, Property or any collateral given by Grantor Borrower to Lender.
(b) In addition, upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of GrantorBorrower, including the right to demand, sue for, collect, collect and receive xxceive all RentsRents and Revenues from the Mortgaged Property and all sums payable under the Assignment Property; and (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor Borrower to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor Borrower may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtednessotherwise in accordance with Illinois law. 641931; Miami-Dade County, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.Florida
Appears in 1 contract
Samples: Assignment of Rents and Revenues (Owens Realty Mortgage, Inc.)
Remedies of Lender. (a) Upon the occurrence of an Event of Default, the License and GrantorXxxxxxxx’s relationship as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx and Xxxxxx Lender may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings of any kind whatsoever to enforce any provision of this Assignment. After the termination of the License, all Rents collected by Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither the entering upon and taking possession of the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor Borrower to Lender.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of GrantorBorrower, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor Borrower to pay monthly in advance to Lender the fair and reasonable rental value for GrantorBorrower’s use and occupancy of any part of the Mortgaged Property, or require Grantor Borrower to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor Borrower may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, and cumulative and none shall be given effect to the exclusion of the others.
Appears in 1 contract
Samples: Assignment of Rents (Hartman Short Term Income Properties XX, Inc.)
Remedies of Lender. Upon an event of default described above in this Article, Lender shall, prior to exercising the remedies described herein, provide Borrower with written notice specifying in reasonable detail the event of default which has occurred and stating that it intends to exercise remedies provided in this Section. Borrower shall then have five (a5) days in the case of a monetary default, and twenty (20) days in the case of a non-monetary fault, after receipt of such notice to cure or cause to be cured such default and to provide Lender with notice and reasonable documentation that it has cured or cause to be cured such of Default. If Borrower does not provide such proper notice and evidence, then Lender may immediately by notice to Borrower declare all or any portion of the outstanding principal amount under the Note and other obligations to be due and payable whereupon the full unpaid mount under the Note and other obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, except as may be required by applicable law. Lender is further authorized, after the passage of the particular cure period, to perform or cause to be performed such act or take such action or pay such money that Lender deems necessary or desirable to cure such event of default and any expenses so incurred by Lender and any money so paid by the Lender shall be a demand obligation owing by Borrower to the Lender and the Lender, upon making such payment, shall be subrogated to all of the rights of the person receiving such payment. Each amount due and owing by Borrower to the Lender Pursuant to this Agreement or any other Loan Document shall bear interest from the date of notice to Borrower of such expenditure or payment or other occurrence which gives rise to such amount being owed to the Lender until paid at the rate of eighteen percent (18%) per annum, and all such amounts together with such interest thereon shall become part of the obligations evidenced by the Note and deemed secured by the Deed(s) of Trust the Security Agreement/Pledge Agreement(s) and all other Loan Documents described or contemplated by this Agreement as security for the obligations of Borrower and its subsidiaries Upon demand after the occurrence of an Event event of Defaultdefault, Borrower, Philco, and its other subsidiaries, shall reimburse Lender for all reasonable amounts expended (including the License fees and Grantor’s relationship out-of-pocket expenses of counsel) in connection therewith, as Xxxxxx’s Agent to collect Rents shall automatically terminate without any further action by Xxxxxx a result of or in connection with its exercise of remedies, together with interest on such amounts at the Note default interest rate from the date incurred until reimbursed. Further upon an event of default as described hereinabove and Xxxxxx may then give the Lease Rent Notice to Lessees. It shall never be necessary for Lender to institute legal proceedings expiration of any kind whatsoever to enforce any provision of this Assignment. After the termination of the Licenseapplicable cure period provided as set forth hereinabove, all Rents collected by Lender shall be applied as set forth in Section 3.3 of this Assignment. Neither the entering upon and taking possession of the Mortgaged Property or Xxxxxx’s collection of Rents and the application thereof under Section 3.3 shall cure or waive any Event of Default or notice of default, if any, nor invalidate any action under such notice. Failure or discontinuance by Xxxxxx, at any time or from time entitled to time, to collect said Rents shall not in any manner impair the subsequent enforcement by Xxxxxx of the right, power, and authority herein granted to Xxxxxx. Nothing contained herein, nor the exercise of any right, power, or authority herein granted to Lender shall be or shall be construed to be, an affirmation by Lender of any tenancy, Lease, or option, nor an assumption of liability under, nor the subordination of, the Deed of Trust, to any such tenancy, Lease, or option, nor an election of judicial relief, if any such relief is requested or obtained as to the Rents, the Mortgaged Property, or any collateral given by Grantor to Lender.
(b) In addition, upon the occurrence of an Event of Default, Lender, at its option, may (i) complete any construction on the Mortgaged Property in such manner and form as Lender deems advisable; (ii) exercise all rights and powers of Grantor, including the right to demand, sue for, collect, and receive all Rents; (iii) require Grantor to pay monthly in advance to Lender the fair and reasonable rental value for Grantor’s use and occupancy of any part of the Mortgaged Property, or require Grantor to vacate and surrender such possession of the Mortgaged Property to Lender and, in default thereof, Grantor may be evicted by summary proceedings or otherwise.
(c) Lender may take any action to recover any of the Indebtedness, to resort to any security for the repayment of the Indebtedness, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment. The rights and actions of Lender under this Assignment or the Loan Documents shall be separate, distinct, in accordance with the terms set forth therein and cumulative and none shall be given effect to the exclusion of the othersin accordance with applicable law then in effect.
Appears in 1 contract
Samples: Loan Agreement (SD Co Inc)
