Common use of Rights and Remedies of Beneficiary Clause in Contracts

Rights and Remedies of Beneficiary. If an Event of Default occurs, the Beneficiary shall have all of the rights afforded it at law or in equity, including, without limitation, the Beneficiary may, at its option and without demand, notice or delay, do one or more of the following: (a) Upon the occurrence of an Event of Default, at the request of Beneficiary, Trustee, or his successor in trust, is hereby authorized and empowered, upon giving notice by three publications in any newspaper, daily or weekly, of general circulation, published in the county or counties wherein the Property is located, the first of which publications shall be at least twenty (20) days previous to any sale, to sell the Property, or any part thereof, at the front door of the Xxxxxx County Courthouse to the highest bidder for cash, at public outcry, free from the equity or statutory right of redemption, homestead, dower, courtesy, rights by virtue of marriage, exemption rights, and all other rights and interest of Grantor, all of which are expressly waived. The Trustee or his successor in trust is further authorized and empowered to execute and deliver a deed to the purchaser at such sale. Beneficiary may bid at any such sale, but Beneficiary shall not be required to present cash at the sale except to the extent, if any, by which Beneficiary’s bid exceeds the amount of the Obligations. The purchaser at such sale shall be entitled to immediate possession of the Property upon the delivery to purchaser by Trustee of a deed for the Property. Prior to such sale, Trustee may enter and take possession of the Property, in which case Trustee shall be accountable only for net rents actually received by Trustee. In the event of sale hereunder, the proceeds will be applied by Trustee as follows: FIRST – to pay all costs and charges of executing or enforcing this trust, including attorney’s fees and expenses of any litigation which may arise on account of the execution and enforcement of this trust; SECOND – to pay the Obligations, or any balance thereof then remaining unpaid; then in the event Letters of Credit are outstanding, proceeds in an amount equal to the L/C Coverage Requirement (as defined in the Credit Agreement) shall be held in an account with the Beneficiary as security for the Grantor’s reimbursement obligations in connection with such Letters of Credit; THIRD – the remainder to be paid to such parties as are legally entitled to it. In the event of a sale of said Property under and by virtue of this trust, Grantor and all persons holding under Grantor shall be and become tenants at will of the purchaser of the Property from and after the execution and delivery of a deed to the purchaser, and shall pay the purchaser the reasonable rental value of the Property after the sale. Grantor’s tenancy shall be terminated at the option of purchaser upon five (5) days’ written notice. If Grantor unsuccessfully challenges the validity of any such sale carried out pursuant to the terms of this Deed of Trust, Grantor shall pay the reasonable attorney’s fees and other legal expenses incurred by Beneficiary and Trustee in defending the validity of the sale. (b) In addition, upon the occurrence of an Event of Default, Beneficiary shall have the right to pursue all rights and remedies available to it hereunder, under the other Loan Documents, or at law or in equity, including, without limitation, the right to institute appropriate proceedings of foreclosure in equity or at law. (c) The Beneficiary may, in its sole and absolute discretion collect any or all of the Rents, including any Rents past due and unpaid. The Beneficiary may exercise any right under this subsection (c), whether or not the Beneficiary shall have entered into possession of any of the Property, and nothing herein contained shall be construed as constituting the Beneficiary a “mortgagee in possession,” unless the Beneficiary shall have entered into and shall continue to be in actual possession of the Property. (d) The Beneficiary shall have the right, in connection with the exercise of its remedies hereunder, to the appointment of a receiver to take possession and control of the Property or to collect the Rents, without notice and without regard to the adequacy of the Property to secure the Obligations. A receiver while in possession of the Property shall have the right to make repairs and to make improvements necessary or advisable in its or his opinion to preserve the Property, or to make and keep them rentable to the best advantage, and the Beneficiary may advance moneys to a receiver for such purposes. Any moneys so expended or advanced by the Beneficiary or by a receiver shall be added to and become a part of the Obligations secured by this Instrument.

Rights and Remedies of Beneficiary. If an Event of Default occurs, the Beneficiary shall have all of the rights afforded it at law or in equity, including, without limitation, the Beneficiary may, at its option and without demand, notice or delay, do one or more of the following: (a) Upon the occurrence of an Event of Default, at the request of Beneficiary, Trustee, or his successor in trust, is hereby authorized and empowered, upon giving notice by three publications in any newspaper, daily or weekly, of general circulation, published in the county or counties wherein the Property is located, the first of which publications shall be at least twenty (20) days previous to any sale, to sell the Property, or any part thereof, at the front door of the Xxxxxx Shelby County Courthouse to the highest bidder for cash, at public outcry, free from the equity or statutory right of redemption, homestead, dower, courtesy, rights by virtue of marriage, exemption rights, and all other rights and interest of Grantor, all of which are expressly waived. The Trustee or his successor in trust is further authorized and empowered to execute and deliver a deed to the purchaser at such sale. Beneficiary may bid at any such sale, but Beneficiary shall not be required to present cash at the sale except to the extent, if any, by which Beneficiary’s bid exceeds the amount of the Obligations. The purchaser at such sale shall be entitled to immediate possession of the Property upon the delivery to purchaser by Trustee of a deed for the Property. Prior to such sale, Trustee may enter and take possession of the Property, in which case Trustee shall be accountable only for net rents actually received by Trustee. In the event of sale hereunder, the proceeds will be applied by Trustee as follows: FIRST – to pay all costs and charges of executing or enforcing this trust, including attorney’s fees and expenses of any litigation which may arise on account of the execution and enforcement of this trust; SECOND – to pay the Obligations, or any balance thereof then remaining unpaid; then in the event Letters of Credit are outstanding, proceeds in an amount equal to the L/C Coverage Requirement (as defined in the Credit Agreement) shall be held in an account with the Beneficiary as security for the Grantor’s reimbursement obligations in connection with such Letters of Credit; THIRD – the remainder to be paid to such parties as are legally entitled to it. In the event of a sale of said Property under and by virtue of this trust, Grantor and all persons holding under Grantor shall be and become tenants at will of the purchaser of the Property from and after the execution and delivery of a deed to the purchaser, and shall pay the purchaser the reasonable rental value of the Property after the sale. Grantor’s tenancy shall be terminated at the option of purchaser upon five (5) days’ written notice. If Grantor unsuccessfully challenges the validity of any such sale carried out pursuant to the terms of this Deed of Trust, Grantor shall pay the reasonable attorney’s fees and other legal expenses incurred by Beneficiary and Trustee in defending the validity of the sale. (b) In addition, upon the occurrence of an Event of Default, Beneficiary shall have the right to pursue all rights and remedies available to it hereunder, under the other Loan Documents, or at law or in equity, including, without limitation, the right to institute appropriate proceedings of foreclosure in equity or at law. (c) The Beneficiary may, in its sole and absolute discretion collect any or all of the Rents, including any Rents past due and unpaid. The Beneficiary may exercise any right under this subsection (c), whether or not the Beneficiary shall have entered into possession of any of the Property, and nothing herein contained shall be construed as constituting the Beneficiary a “mortgagee in possession,” unless the Beneficiary shall have entered into and shall continue to be in actual possession of the Property. (d) The Beneficiary shall have the right, in connection with the exercise of its remedies hereunder, to the appointment of a receiver to take possession and control of the Property or to collect the Rents, without notice and without regard to the adequacy of the Property to secure the Obligations. A receiver while in possession of the Property shall have the right to make repairs and to make improvements necessary or advisable in its or his opinion to preserve the Property, or to make and keep them rentable to the best advantage, and the Beneficiary may advance moneys to a receiver for such purposes. Any moneys so expended or advanced by the Beneficiary or by a receiver shall be added to and become a part of the Obligations secured by this Instrument.

Rights and Remedies of Beneficiary. If an Event of Default occurs, the Beneficiary shall have all of the rights afforded it at law or in equity, including, without limitation, the Beneficiary may, at its option and without demand, notice or delay, do one or more of the following: (a) Upon the occurrence of an Event of Default, at the request of Beneficiary, Trustee, or his successor in trust, is hereby authorized and empowered, upon giving notice by three publications in any newspaper, daily or weekly, of general circulation, published in the county or counties wherein the Property is located, the first of which publications shall be at least twenty (20) days previous to any sale, to sell the Property, or any part thereof, at the front door of the Xxxxxx Xxxxxxxxxx County Courthouse to the highest bidder for cash, at public outcry, free from the equity or statutory right of redemption, homestead, dower, courtesy, rights by virtue of marriage, exemption rights, and all other rights and interest of Grantor, all of which are expressly waived. The Trustee or his successor in trust is further authorized and empowered to execute and deliver a deed to the purchaser at such sale. Beneficiary may bid at any such sale, but Beneficiary shall not be required to present cash at the sale except to the extent, if any, by which Beneficiary’s bid exceeds the amount of the Obligations. The purchaser at such sale shall be entitled to immediate possession of the Property upon the delivery to purchaser by Trustee of a deed for the Property. Prior to such sale, Trustee may enter and take possession of the Property, in which case Trustee shall be accountable only for net rents actually received by Trustee. In the event of sale hereunder, the proceeds will be applied by Trustee as follows: FIRST – to pay all costs and charges of executing or enforcing this trust, including attorney’s fees and expenses of any litigation which may arise on account of the execution and enforcement of this trust; SECOND – to pay the Obligations, or any balance thereof then remaining unpaid; then in the event Letters of Credit are outstanding, proceeds in an amount equal to the L/C Coverage Requirement (as defined in the Credit Agreement) shall be held in an account with the Beneficiary as security for the Grantor’s reimbursement obligations in connection with such Letters of Credit; THIRD – the remainder to be paid to such parties as are legally entitled to it. In the event of a sale of said Property under and by virtue of this trust, Grantor and all persons holding under Grantor shall be and become tenants at will of the purchaser of the Property from and after the execution and delivery of a deed to the purchaser, and shall pay the purchaser the reasonable rental value of the Property after the sale. Grantor’s tenancy shall be terminated at the option of purchaser upon five (5) days’ written notice. If Grantor unsuccessfully challenges the validity of any such sale carried out pursuant to the terms of this Deed of Trust, Grantor shall pay the reasonable attorney’s fees and other legal expenses incurred by Beneficiary and Trustee in defending the validity of the sale. (b) In addition, upon the occurrence of an Event of Default, Beneficiary shall have the right to pursue all rights and remedies available to it hereunder, under the other Loan Documents, or at law or in equity, including, without limitation, the right to institute appropriate proceedings of foreclosure in equity or at law. (c) The Beneficiary may, in its sole and absolute discretion collect any or all of the Rents, including any Rents past due and unpaid. The Beneficiary may exercise any right under this subsection (c), whether or not the Beneficiary shall have entered into possession of any of the Property, and nothing herein contained shall be construed as constituting the Beneficiary a “mortgagee in possession,” unless the Beneficiary shall have entered into and shall continue to be in actual possession of the Property. (d) The Beneficiary shall have the right, in connection with the exercise of its remedies hereunder, to the appointment of a receiver to take possession and control of the Property or to collect the Rents, without notice and without regard to the adequacy of the Property to secure the Obligations. A receiver while in possession of the Property shall have the right to make repairs and to make improvements necessary or advisable in its or his opinion to preserve the Property, or to make and keep them rentable to the best advantage, and the Beneficiary may advance moneys to a receiver for such purposes. Any moneys so expended or advanced by the Beneficiary or by a receiver shall be added to and become a part of the Obligations secured by this Instrument.

Rights and Remedies of Beneficiary. If an Event of Default occurs, the Beneficiary shall have all of the rights afforded it in the Loan Documents, at law or in equity, including, without limitation, the Beneficiary may, at its option and without demand, notice or delay, do one or more of the following: (a) Upon Accelerate, and declare due and payable, the occurrence of an Event of DefaultObligations. (1) Beneficiary may, at the request of Beneficiary, by and through Trustee, or his successor in trustotherwise, is hereby authorized and empowered, upon giving notice by three publications in any newspaper, daily sell or weekly, of general circulation, published in the county or counties wherein offer for sale the Property is locatedin such portions, order and parcels as Beneficiary may determine, with or without having first taking possession of same, by delivery to the first Trustee of which publications shall written declaration of default and demand for sale and of written notice of default and of election to cause to be at least twenty (20) days previous to any sale, to sell sold the Property, which notice the Trustee shall cause to be filed for record. Beneficiary also shall deposit with the Trustee this Instrument, the Notes, or any part thereofother documents requested by the Trustee, and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of the notice of default, and notice of sale having been given as then required by law, the Trustee, without demand on the Grantor, shall sell the Property at the time and place fixed by it in the notice of sale, at the front door of the Xxxxxx County Courthouse public auction to the highest bidder for cashcash in lawful money of the United States, payable at public outcry, free from the equity or statutory right time of redemption, homestead, dower, courtesy, rights by virtue of marriage, exemption rights, and all other rights and interest of Grantor, all of which are expressly waivedsale. The Trustee may postpone sale of all or his successor any portion of the Property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement in trust is further authorized and empowered accordance with applicable law. The Trustee shall deliver to execute and deliver a such purchaser its deed to conveying the purchaser Property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the Grantor, the Trustee or Beneficiary may purchase at such sale. Beneficiary may bid at any such saleAfter deducting all costs, but Beneficiary shall not be required to present cash at the sale except to the extent, if any, by which Beneficiary’s bid exceeds the amount of the Obligations. The purchaser at such sale shall be entitled to immediate possession of the Property upon the delivery to purchaser by Trustee of a deed for the Property. Prior to such sale, Trustee may enter and take possession of the Property, in which case Trustee shall be accountable only for net rents actually received by Trustee. In the event of sale hereunder, the proceeds will be applied by Trustee as follows: FIRST – to pay all costs and charges of executing or enforcing this trust, including attorney’s fees and expenses of any litigation which may arise on account of the execution Trustee and enforcement of this trust; SECOND – Instrument, including cost of evidence of title in connection with sale, the Trustee shall apply the proceeds of sale to payment of: (A) all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof, then (B) to pay the Obligations, or any balance thereof then remaining unpaid; then in the event Letters of Credit are outstanding, proceeds in an amount equal to the L/C Coverage Requirement (as defined in the Credit Agreement) shall be held in an account with the Beneficiary as security for the Grantor’s reimbursement obligations in connection with such Letters of Credit; THIRD – and, then (C) the remainder to be paid to such parties as are legally entitled to it. In . (2) With respect to all or any part of the event Property, Beneficiary shall have the right in lieu of a foreclosure by power of sale to foreclose by judicial foreclosure in accordance with and to the full extent provided by California law. (c) After sale of said Property under and by virtue of this trustthe Property, or any portion thereof, Grantor will be divested of any and all persons holding under interest and claim thereto, including any interest or claim to all insurance policies, bonds, loan commitments and other intangible property covered hereby. Additionally, Grantor shall will be and become tenants considered a tenant at will sufferance of the purchaser of the Property, and said purchaser shall be entitled to immediate possession thereof, and if Grantor shall fail to vacate the Property from immediately, the purchaser may and after shall have the execution right, without further notice to Grantor, to go into any justice court in any precinct or county in which the Property is located and delivery file an action in forcible entry and detainer, which action shall lie against Grantor or its assigns or legal representatives, as a tenant at sufferance. This remedy is cumulative of any and all remedies the purchaser may have hereunder or otherwise. (d) Trustee and Beneficiary shall have all rights, remedies and recourses granted in the Loan Documents and available at law or equity and the same (i) shall be cumulative and concurrent; (ii) may be pursued separately, successively or concurrently against Grantor, any Borrower or others obligated under the Obligations, or against the Property, or against any one or more of them at the sole discretion of Beneficiary; (iii) may be exercised as often as occasion therefor shall arise, it being agreed by Grantor that the exercise or failure to exercise any of the same shall in no event be construed as a deed waiver or release thereof or of any other right, remedy or recourse; and (iv) are intended to the purchaserbe, and shall pay be, nonexclusive. (e) To the purchaser the reasonable rental value fullest extent permitted by Section 2953 of the California Civil Code, as amended, and by other applicable law, Grantor hereby irrevocably and unconditionally waives and releases (i) all benefits that might accrue to Grantor by any present or future laws exempting the Property after the sale. Grantor’s tenancy shall be terminated at the option from attachment, levy or sale on execution or providing for any appraisement, valuation, stay of purchaser upon five execution, exemption from civil process, redemption or extension of time for payment; (5ii) days’ written notice. If Grantor unsuccessfully challenges the validity all notices of any such Event of Default (except as may be specifically provided for under the terms hereof), presentment, demand, notice of intent to accelerate, notice of acceleration and any other notice of Beneficiary’s or Trustee’s election to exercise or the actual exercise of any right, remedy or recourse provided for under the Loan Documents; (iii) any right to appraisal or marshalling of assets or a sale carried out pursuant in inverse order of alienation; (iv) the exemption of homestead; and (v) the administration of estates of decedents, or other matter to defeat, reduce or affect the right of Beneficiary under the terms of this Deed of Trust, Grantor shall pay Instrument to sell the reasonable attorney’s fees and other legal expenses incurred by Beneficiary and Trustee in defending Property for the validity collection of the Obligations secured hereby (without any prior or different resort for collection) or the right of Beneficiary, under the terms of this Instrument, to receive the payment of the Obligations out of the proceeds of sale of the Property in preference to every other person and claimant whatever (only reasonable expenses of such sale being first deducted). (f) Beneficiary shall have the right to become the purchaser at any sale of the Property hereunder and shall have the right to be credited on the amount of its bid therefor all of the Obligations due and owing as of the date of such sale. (bg) In addition, upon the occurrence of an Event of Default, Beneficiary shall have the right to pursue all rights and remedies available to it hereunder, under the other Loan Documents, or at law or in equity, including, without limitation, the right to institute appropriate proceedings of foreclosure in equity or at law. (ch) The Beneficiary may, in its sole and absolute discretion collect any or all of the Rents, including any Rents past due and unpaid. The Beneficiary may exercise any right under this subsection (ch), whether or not the Beneficiary shall have entered into possession of any of the Property, and nothing herein contained shall be construed as constituting the Beneficiary a “mortgagee in possession,” unless the Beneficiary shall have entered into and shall continue to be in actual possession of the Property. (di) The Beneficiary shall have the right, in connection with the exercise of its remedies hereunder, to the appointment of a receiver to take possession and control of the Property or to collect the Rents, without notice and without regard to the adequacy of the Property to secure the Obligations. A receiver while in possession of the Property shall have the right to make repairs and to make improvements necessary or advisable in its or his opinion to preserve the Property, or to make and keep them rentable to the best advantage, and the Beneficiary may advance moneys to a receiver for such purposes. Any moneys so expended or advanced by the Beneficiary or by a receiver shall be added to and become a part of the Obligations secured by this Instrument.