Common use of Rights and Remedies of Trustee Clause in Contracts

Rights and Remedies of Trustee. on Default under Loan ---------------------------------------------------- Agreement. --------- The Trustee shall have the right in the name of the Issuer to declare any default and exercise any remedy or remedies under the Loan Agreement or any other lease of the Project, including the right to declare the entire rent reserved under such lease immediately due and payable and to take any available proceedings against any party liable upon any such lease for the payment thereof, including any guarantor, if any, of the Users' obligations. In the event of a default by the Users, as defined in the Loan Agreement, or in the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as such principal matures or becomes subject to mandatory redemption and such interest becomes due, the Trustee may, and upon the written request of the Credit Obligor if the Credit Obligor has not dishonored any drafts under the Letter of Credit and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies as may be directed by the Holders of such Bonds for the enforcement of the provisions of such lease and guaranty, if any, and the exercise of any remedies available to the Issuer or the Trustee in the event of such default under such lease and such guaranty; subject, however, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect at any time before action at law or in equity to enforce such right shall have been instituted.

Rights and Remedies of Trustee. on Upon the occurrence and during the continuance of an Event of Default under Loan ---------------------------------------------------- Agreement. --------- The by Mortxxxxx: a. Trustee shall have may take possession of and sell the right Property, or any part thereof requested by Beneficiary to be sold, and in the name connection therewith Mortgagor hereby authorizes and empowers Trustee to take possession of and sell (or in case of the Issuer default of any purchaser to declare resell) the Property, or any default part thereof, all in accordance with the laws or rules of court of the Commonwealth of Virginia relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, Beneficiary and/or Trustee may (A) procure such title reports, surveys, tax histories and exercise appraisals as they deem necessary, and (B) make such commercially reasonable repairs and additions to the Property as they deem advisable, all of which shall constitute "Expenses" (hereinafter defined). In the case of any remedy sale under this Deed of Trust, by virtue of judicial proceedings or remedies under otherwise, the Loan Agreement Property may be sold as an entirety or in parcels, by one sale or by several sales, and any fixtures or collateral encumbered by this Deed of Trust may be sold at the same sale as the Property or in one or more sales, as may be deemed by Trustee to be appropriate and without regard to any right of Mortgagor or any other lease person to the marshaling of the Projectassets, including the right to declare the entire rent reserved under such lease immediately due and payable and to take any available proceedings against any party liable upon any such lease for the payment thereofcash, including any guarantoron credit or for other property, if any, of the Users' obligations. In the event of a default by the Users, as defined in the Loan Agreement, for immediate or in the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as such principal matures or becomes subject to mandatory redemption and such interest becomes due, the Trustee mayfuture delivery, and upon the written request of the Credit Obligor if the Credit Obligor has not dishonored any drafts under the Letter of Credit for such price or prices and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare on such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies terms as may be directed by prudent, having first given such notice prior to the Holders sale of such Bonds for time, place and terms by publication in at least one newspaper published or having general circulation in the enforcement of city or county in which the provisions of such lease Property is located as provided hereinbelow. "Expenses" means all reasonable out-of-pocket costs and guaranty, if any, and the exercise expenses of any remedies available to the Issuer or the Trustee in the event of such default under such lease and such guaranty; subject, however, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect nature whatsoever incurred at any time and from time to time (whether before action at law or after an Event of Default) by Beneficiary or Trustee in equity to enforce such right shall have been institutedexercising or enforcing any rights, powers and remedies provided in this Deed of Trust or any of the other Loan Documents, including, without limitation, reasonable attorneys' fees, court costs, receiver's fees, management fees and reasonable out-of-pocket costs incurred in the repair, maintenance and operation of, or taking possession of, or selling, the Property.

Rights and Remedies of Trustee. on Upon the occurrence of an Event of Default under Loan ---------------------------------------------------- Agreement. --------- The the Trustee shall have the right in the name of the Issuer to declare any default and exercise any remedy or remedies under the Loan Agreement or any other lease of the Project, including the right to declare the entire rent reserved under such lease immediately due and payable and to take may pursue any available proceedings against any party liable upon any such lease for the payment thereof, including any guarantor, if any, of the Users' obligations. In the event of a default by the Users, as defined in the Loan Agreement, or in the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as such principal matures or becomes subject to mandatory redemption and such interest becomes due, the Trustee may, and upon the written request of the Credit Obligor if the Credit Obligor has not dishonored any drafts under the Letter of Credit and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies as may be directed by the Holders of such Bonds for the enforcement of the provisions of such lease and guaranty, if any, and the exercise of any remedies available to the Issuer or the Trustee in the event of such default under such lease and such guaranty; subject, however, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect at any time before action remedy at law or in equity to enforce the payment of the principal of and interest on the Bonds then Outstanding, including, but not limited to, a proceeding in mandamus to enforce any rights on behalf of the Owners or the appointment of a receiver for the protection of the Owners. If an Event of Default shall have occurred, and if requested to do so by the Owners of no less than 25% of the Bonds Outstanding and indemnified as provided in Section 10.01(1) hereof, the Trustee shall be obligated to exercise one or more of the rights and powers conferred by this Article as the Trustee, being advised by counsel, shall deem most expedient in the interests of the Owners. The Trustee shall have the right to compel an immediate accounting with respect to the Pledged Revenues in the event the Pledged Revenues are not transferred to the Trustee in accordance with the terms hereof. No remedy by the terms of this Indenture conferred upon or reserved to the Trustee (or to the Owners) is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given to the Trustee or to the Owners hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power or shall have been institutedbe construed to be a waiver of any such default or Event of Default or acquiescence therein; and every such right and power may be exercised from time to time as often as may be deemed expedient. No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Owners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.

Rights and Remedies of Trustee. on (a) If there shall occur an Event of Default under Loan ---------------------------------------------------- Agreement. --------- The this Security Instrument, then this Security Instrument is subject to foreclosure as provided by law. (b) If one or more of the Events of Default shall occur, the Trustee is then authorized and shall have the right in the name of the Issuer to declare any default and exercise any remedy or remedies under the Loan Agreement or any other lease of the Project, including the right to declare the entire rent reserved under such lease immediately due and payable and to take any available proceedings against any party liable upon any such lease for the payment thereof, including any guarantor, if any, of the Users' obligations. In the event of a default by the Users, as defined in the Loan Agreement, or in the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as such principal matures or becomes subject to mandatory redemption and such interest becomes due, the Trustee may, and upon the written request of the Credit Obligor if the Credit Obligor has not dishonored any drafts under the Letter of Credit and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies as may be directed by the Holders of such Bonds for the enforcement of the provisions of such lease and guaranty, if any, power and the exercise duty at the direction of any remedies available Beneficiary to the Issuer proceed by suit or the Trustee in the event of such default under such lease and such guaranty; subject, however, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect at any time before action suits at law or in equity or by any other appropriate remedy to protect and enforce the rights of Beneficiary whether for specific performance of any covenant or agreement contained herein, or in aid of the execution of any power herein granted, or to enforce payment of the Obligations, or to foreclose this Security Instrument, or to sell the Property under the judgment or decree of a court or courts of competent jurisdiction, or otherwise. Grantor, in accordance with Title 14, Chapter 200 of the Maryland Rules of Procedure, or of any other general or local laws or rules or regulations of the State of Maryland relating to mortgages and deeds of trust including any amendments thereof or supplements thereto which do not materially change or impair the remedy, does hereby declare and assent to the passage of a decree to sell the Property by the equity court having jurisdiction for the sale of the Property and the trustee or trustees appointed by such right decree of court shall have been institutedhave, subject to the terms of the decree of court, the same authority and power to sell on the terms and conditions herein set forth, and for such purposes the word “Trustee” shall be deemed to include the trustee or trustees so appointed. This assent to decree shall not be exhausted in the event the proceeding is dismissed before the Obligations secured hereby are paid in full. In connection with any foreclosure, Beneficiary and/or Trustee may (y) procure such title reports, surveys, tax histories and appraisals as they deem necessary, and (z) make such repairs and additions to the Property as they deem advisable, all of which shall constitute Expenses (hereinafter defined). (c) If one or more of the Events of Default shall occur, the Trustee, at the direction of Beneficiary, shall sell, and in the case of default of any purchaser or purchasers shall resell all the Property as an entirety, or in such parcels and in such order as Beneficiary shall in writing request, or in the absence of such request, as the Trustee may determine, by one sale or by several sales, and any fixtures or collateral encumbered by this Security Instrument may be sold at the same sale as the Property or in one or more sales (Grantor hereby waiving for itself and for any person claiming by or through it application of the doctrines of marshalling of assets), at public auction at some convenient place or places in the jurisdiction in the State of Maryland where the Property is situate, or in such other place or places as may be permitted by law, at such time, in such manner and upon such terms as the Trustee may fix and briefly specify in each notice of sale, which notice of sale shall state the time when, and the place where, the same is to be made, shall contain a brief general description of the property to be sold, and shall be sufficiently given if published once a week for three (3) consecutive weeks prior to such sale in at least one newspaper printed in the English language and customarily published in the place or places where such sale is to take place, or in such other manner as may be required by law and Beneficiary or the Trustee may cause such further public advertisement to be made as they may deem advisable, and any such sale may be adjourned by the Trustee by announcement at the time and place appointed for such sale or for such adjourned sale, and, without further notice or publication, such sale may be made at the time and place to which the same shall be so adjourned. If one or more leases are entered into or recorded subsequent to the recording of this Security Instrument or are otherwise subordinate to this Security Instrument, the Trustee shall sell, at the direction of the Beneficiary, subject to any one or more of such tenancies that are designated and selected by the Beneficiary. For purposes of this Article 21, “Expenses” means all costs and expenses of any nature whatsoever incurred at any time and from time to time (whether before or after an Event of Default) by Beneficiary or Trustee in exercising or enforcing any rights, powers and remedies provided in this Security Instrument or any of the other Loan Documents, including, without limitation, reasonable attorneys’ fees, court costs, receivers’ fees, management fees and costs incurred in the repair, maintenance and operation of, or taking possession of the Property, subject to the terms and provisions contained in the space Leases and the Ground Lease as to the costs for maintenance and repair, or selling, the Property.

Rights and Remedies of Trustee. on Default under Loan ---------------------------------------------------- Agreement. --------- The Trustee shall have Upon the right in the name occurrence of the Issuer to declare any default and exercise any remedy or remedies under the Loan Agreement or any other lease an Event of the Project, including the right to declare the entire rent reserved under such lease immediately due and payable and to take any available proceedings against any party liable upon any such lease for the payment thereof, including any guarantor, if any, of the Users' obligations. In the event of a default by the Users, as defined in the Loan Agreement, or in the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as such principal matures or becomes subject to mandatory redemption and such interest becomes dueDefault, the Trustee may, and upon the written request of the Credit Obligor if the Credit Obligor has not dishonored may pursue any drafts under the Letter of Credit and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies as may be directed by the Holders of such Bonds for the enforcement of the provisions of such lease and guaranty, if any, and the exercise of any remedies available to the Issuer or the Trustee in the event of such default under such lease and such guaranty; subject, however, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect at any time before action remedy at law or in equity to enforce the payment of the principal of and interest on the Bonds then Outstanding, including, but not limited to, a proceeding in mandamus to enforce any rights on behalf of the Owners or the appointment of a receiver for the protection of the Owners. If an Event of Default shall have occurred, and if requested to do so by the Owners of no less than 25% of the Bonds Outstanding and indemnified as provided in Section 9.01(l) hereof, the Trustee shall be obligated to exercise one or more of the rights and powers conferred by this Article, as the Trustee, being advised by counsel, shall deem most expedient in the interests of the Owners. The Trustee shall have the right to compel an immediate accounting with respect to the Revenues in the event the Revenues are not transferred to the Trustee in accordance with the terms hereof. No remedy by the terms of this Indenture conferred upon or reserved to the Trustee (or to the Owners) is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given to the Trustee or to the Owners hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power or shall have been institutedbe construed to be a waiver of any such default or Event of Default or acquiescence therein; and every such right and power may be exercised from time to time as often as may be deemed expedient. No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Owners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.

Rights and Remedies of Trustee. on Default Trustees may act under Loan ---------------------------------------------------- Agreement. --------- The the Deed of Trust jointly, or either Trustee may act separately, and each Trustee shall have full power to exercise all powers and discretions herein grant to Trustees without the right joinder of any other Trustee. If an Event of Default shall exist, then Trustee may take possession of and sell (or in case of the default of any purchaser to resell) the Property, or any part thereof, all in accordance with the laws or rules of court of the District of Columbia relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. This power of sale shall not be exhausted in the name event any proceeding is dismissed before all of the Issuer Debt is satisfied in full. In connection with any foreclosure, Lender and/or Trustee may (y) procure such title reports, surveys, tax histories and appraisals as they deem necessary, and (z) make such repairs and additions to declare the Property as they deem advisable, all of which shall constitute Expenses (as defined below). In the case of any default sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in parcels, by one sale or by several sales, and exercise any remedy fixtures or remedies under collateral encumbered by this Deed of Trust may be sold at the Loan Agreement same sale as the other Property or in one or more sales, as may be deemed by Trustees to be appropriate and without regard to any right of Borrower or any other lease person to the marshalling of assets (Borrower hereby waiving for itself and for any person claiming by or through it, application of the Projectdoctrines of marshalling of assets), including for cash, for credit or for other property, for immediate or future delivery, and for such price or prices and on such terms having first given such notice prior to the right to declare the entire rent reserved under sale of such lease immediately due time, place and payable terms by publication as required by District of Columbia law, and to take any available proceedings against any party liable such other times and by such other methods and upon any such lease for the payment thereof, including any guarantorother terms, if any, as Trustee, in its sole discretion, shall elect. Trustees may cause such further public advertisement to be made as they may deem advisable, in accordance with applicable law, and any such sale may be adjourned by Trustees by announcement at the time and place appointed for such sale or for such adjourned sale, in accordance with applicable law, and, without further notice or publication, such sale may be made at the time and place to which the same shall be so adjourned, in accordance with applicable law. “Expenses” means all reasonable costs, expenses and other amounts of any nature whatsoever incurred and/or paid at any time and from time to time (whether before or after an Event of default) by Lender and/or Trustees in exercising and/or enforcing rights, powers and/or remedies provided in this Deed of Trust and/or any of the Users' obligations. In the event of a default by the Usersother Loan Documents, as defined including, without limitation, attorneys’ fees, court costs, receivers’ fees, management fees, and costs incurred in the Loan Agreementrepair, maintenance and operation of, or in taking possession of, or selling the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as Property. Any sale hereunder may be made at public auction, at such principal matures time or becomes subject to mandatory redemption and times, at such interest becomes due, the Trustee mayplace or places, and upon such terms and conditions and after such previous public notice as Trustees shall elect and as required by the written request laws of the Credit Obligor if District of Columbia. Upon the Credit Obligor has not dishonored any drafts under the Letter of Credit and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies as may be directed by the Holders terms of such Bonds for the enforcement of the provisions of such lease and guarantysale being complied with, if anyTrustees shall convey to, and at the exercise cost of, the purchaser or purchasers the interest of any remedies available to the Issuer or the Trustee Borrower in the event Property so sold, free and discharged of such default under such lease and such guaranty; subjectfrom all estate, howevertitle or interest of Borrower, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect at any time before action at law or in equity equity, such purchaser or purchasers being hereby discharged from all liability to enforce see to the application of the purchase money. Lender and any affiliates thereof may be a purchaser of the Property or of any part thereof or of any interest therein at any public sale thereof, whether pursuant to foreclosure or power of sale or otherwise hereunder, without forfeiting its right to collect any deficiency from Borrower; and Lender may apply upon the purchase price the Debt or any portion thereof secured hereby owing to Lender. Lender or its affiliate, as the case may be, upon any such right purchase, shall have been institutedacquire good title to the properties so purchased, free of the lien of this Deed of Trust and free of all rights of redemption in Borrower and free of all liens and encumbrances subordinate to this Deed of Trust.