Common use of Trustor's Limited License Clause in Contracts

Trustor's Limited License. Provided that no Default or Event of Default (as defined herein) has occurred and is continuing, Trustor shall have the right under a license granted hereby and Beneficiary hereby grants to Trustor a license to collect, but not more than one month in advance (except as regards security and similar deposits and payments of last months' rentals), all of the Rents arising from or out of the Leases or any renewals or extensions thereof, or from or out of the Property or any part thereof. After the occurrence and during the continuance of an Event of Default, Beneficiary shall have the right, but not the obligation, to use and apply any Rents received hereunder in accordance with this Deed of Trust and the Indenture, and Trustor irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by the Beneficiary from or on behalf of Trustor, and Trustor hereby irrevocably agrees that the Beneficiary shall have the continuing exclusive right to apply and to reapply any and all payments received at any time or times after the occurrence and during the continuance of an Event of Default against the Obligations in accordance with this Deed of Trust and the Indenture. If an Event of Default occurs and is continuing, and without the necessity of Beneficiary entering upon and taking and maintaining full control of the Property (by agent, court appointed receiver or otherwise), the license granted hereby shall be deemed revoked and the license shall immediately be revocable by Beneficiary upon which revocation Beneficiary will be entitled to immediate possession of all rents and revenues generated by the Property.

Trustor's Limited License. Provided that no Default or Event of Default (as defined herein) has occurred and is continuing, Trustor shall have the right under a license granted hereby and Beneficiary hereby grants to Trustor a license to collect, but not more than one month in advance (except as regards security and similar deposits and payments of last months' rentals), all of the Rents arising from or out of the Leases or any renewals or extensions thereof, or from or out of the Property or any part thereof. After the occurrence and during the continuance of an Event of Default, Beneficiary shall have the right, but not the obligation, to use and apply any Rents received hereunder in accordance with this Deed of Trust and the Indenture, and Trustor irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by the Beneficiary from or on behalf of Trustor, and Trustor hereby irrevocably agrees that the Beneficiary shall have the continuing exclusive right to apply and to reapply any and all payments received at any time or times after the occurrence and during the continuance of an Event of Default against the Obligations obligations in accordance with this Deed of Trust and the Indenture. If an Event of Default occurs and is continuing, and without the necessity of Beneficiary entering upon and taking and maintaining full control of the Property (by agent, court appointed receiver or otherwise), the license granted hereby shall be deemed revoked and the license shall immediately be revocable by Beneficiary upon which revocation Beneficiary will be entitled to immediate possession of all rents and revenues generated by the Property.