HomeMy WebLinkAbout25authorizes Beneficiary to collect and receive such awards and compensation and to
give proper receipts and acquittances therefor, subject to the terms of the Loan
Agreement.
(b) Insurance ProcMs. Grantor assigns to Beneficiary all proceeds
of any insurance policies insuring against loss or damage to the Mortgaged Property.
Subject to the provisions of Article 3 of the Loan Agreemco4 Grantor authorizes
Beneficiary to collect and receive such proceeds and authorizes and directs the issuer
of each of such insurance policies to make payment for all such losses directly to
Beneficiary, instead of to Grantor and Beneficiary• jc uhtly.
ARTICLE 4
DE�'C AND FORE.C1QS-M
Section 4.1 Remedig. If an Event of Default (as defined in the Loan
Agreement) exists, Beneficiary may, at Beneficiary's election and by or through
trustee or otherwise, exercise any or all of the following rights, remedies and
recourses:
(a) A>teratian. Declare the Indebtedness to be immediately due
and payable, without further notice, presentment, protest, notice of intent to accelerate,
notice of acceleration, demand or action of any nano.- whatsoever (each of which
hereby is expressly waived by Grantor), whereupon the same shall become
immediately due and payable.
(b) Entry olt mgEigaged Froaaerty. Enter the Mortgaged Property
and take exclusive possession thereof and of all books, records and accounts relating
thereto. If Grantor remains in possession of the Mortgaged Property after an Event of
Default and without Beneficiary's prior written coasent, Beneficiary may invoke any
legal remedies to dispossess Grantor.
(c) Opy_radon of Morteahged Property. Sold, lease, develop,
manage, operate or otherwise use the Mortgaged property upon such terms and
conditions as Beneficiary may deem reasonable tmder the circumstances (making such
repairs, alterations, additions and improvements and taking other actions, from time to
time, as Beneficiary deems necessary or desirable), and apply all Rents and other
amounts collected by Trustee in connection therewith in accordance with the
provisions of Section 4.7.
(d) Foreclosure and Sale. Sell or offer for sale the Mortgaged
Property, judicially or nonjudicially, in such portions, order and parcels as Beneficiary
may determine, with or without having fast taken possession of same, to the highest
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