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Section 3.8ndtmnat'^" Awar t� wrancs�3
(a) Condemnation Awgrr Grantor assigns all awards and
compensation for any condemnation or Other taking, or any purchase in heu thereol, to
Beneficiary and subject to the provisions of Article 3 of the Loan Agreement,
authorizes 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) JM_rance Fr Grantor assigns to Beneficiary all proceeds
of any insurance policies insuring against toss or damage to the Mortgaged Property.
Subject to the provisions of Article 3 of the Loan Agreement, 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 jointly.
ARTICLE 4
0 D uT AND FORECL050E
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0 Section 4.1 Ssmtdics. ff an Event of Default (as defined in the Loan
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Cn Agreement) exists, Beneficiary may, at Beneficiary s election and by or through
Trustee or otherwise, exercise any ur all of the fO6Owing rights, remedies and
recourses:
(a) Acetkrola. 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 nature whatsoever (each of which
hereby is expressly waved by Grantor), whereupon the same shall become
immediately due and payable-
(b) Entry on Mo gaeed Proo &. Enter the Mortgaged Property
and take exclusive possession thereof and of all books, records and accounts relating
thereto. If Crrentor eemains in possession of the Mortgaged Property after an Evem of
Nfault and without Beneficiary's prior written consent, Beneficiary may invoke any
legal remedies to dispossess Grantor.
(c) 0{trratian of MpILYrw Pro{KC1X• Hold, lease, develop,
manage, operate or otherwise use the Mortgaged Property upon such terms and
conditions as Beneficiary may deem reasonable under 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 an Rmts and othet
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