HomeMy WebLinkAbout23any amounts owing under the Junior Note or the Junior Deed of Trust in such warmer
and order of preference as Beneficiary in its sole discretion may determine;
(d) to die payment of all amounts owing wuder the Junior Note and
the Junior Deed of?rust in such trance, and order of preference as Beneficiary in its
sole discretion may determine; arJ
(e) the balance, if any, to the payment of the persons legally entitled
thereto.
Section 4.8 The purchaser at any
foreclosure sale pursuant to Section 4,1 shall become the legal owner of the Mortgaged
Property. All occupants of the Mortgaged Property shall, at the option of such
purchaser, become tenants of the, purchaser at the foreclosure sale and shall deliver
possession thereof immediately to the purchaser upon demand. It shall not be
necessary for the purchaser at said sale to bring any action for possession of the
Mortgaged Property other than the statutory action of forcible detainer in anyjttstice
court having jurisdiction over the Mortgaged property.
Secrnn 4.9 Addid! n Y v nee• and Diaburseme.Q t; S osft of
laIlL4L"Mutt.
(a) If any Event of Default exists, Beneficiary shall have the rigbt, but
not the obligation, to cure such Event of Dcfault in the name and on bchalf of Grantor.
All sums advanced and expenses incurred at any time by Beneficiary under this
Section 4.9, or otherwise under this Deed of Trust or any of the other Loan Documents
or applicable law, shall bear interest from the date drat such sum is advanced or
expense incutrcd, to and including the date of reimbursement, computed at the Default
Rate (as defined in the Loan Agreement), and all such sums, together with inttmst
thereon, shall be secured by this Deed of Trust.
(b) Grantor shall pay aB expenses (including reasonable attorneys'
fees and expenses) of or incidental to the perfection and enforcement of this Deed of
Trust and the other Loan Documents, or the enforcement, compromise or settlement of
tha Indebtedness or any claim under this Deed of Trust and the other loan Documents,
and for the curing thereof, or for defending or asserting the rights and claims of
Beneficiary in respect thereof, by litigation or otherwise.
Section 4.16 Neither the enforcement of
any of the remedies under this Article 4, the assignment of the Rents and Lewes under
Article 5, the security interests under Article 6, nor any other remedies afforded to
Beneficiary under the Loan Documents, at law or in equity shall cause Beneficiary or
Trustee to be deemed or construed to be a mortgagee in possession of the Mortgaged
E