Short term deed of trust and assignment of rents
Declare the Indebtedness to be immediately due and payable, without further notice, presentment, protest, notice of intent to short term, notice of acceleration, demand or action of any nature whatsoever each of which hereby is expressly waived by Borrower except as provided in the Loan Agreementwhereupon the same shall become immediately due and payable.
Enter the Property and take exclusive possession thereof and of all books, records and accounts relating thereto. At any trust and sale by virtue of any judicial proceedings or any other legal right, learn more here or recourse including power of sale, the title to and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by click, Borrower shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Borrower, and against all other persons claiming or to claim the property sold or any part thereof, by, through or under Borrower.
Lender may be a purchaser at such sale and if Lender is the highest bidder, learn more here credit the portion of the purchase price that would be distributed to Lender against the Indebtedness in lieu of paying cash.
Borrower acknowledges that this Security Instrument and a number of other Loan Documents and those documents required by the Loan Documents together secure the Indebtedness. It's similar to a mortgage, but differs in that mortgages only include two parties borrower and lender. Borrower hereby acknowledges and agrees that payment of any Rents by a person to Lender as hereinabove provided shall constitute payment by such person, as fully and with the same effect as if such Rents had been paid to Borrower. Many thanks. Exercise all other rights, remedies and recourses granted under the Loan Documents or otherwise available at law or in equity including an action for specific performance of any covenant contained in the Loan Documents, or a judgment on the Notes either before, during or after any proceeding to enforce this Security Instrument.
Prior to, concurrently with, persuasive debate topics for students subsequent to the institution of go here proceedings, make application to a court of competent jurisdiction for, and to the extent permitted by applicable law learn more here from such court as a matter of strict right and without notice to Borrower or anyone claiming under Borrower or regard to the value of the Property or the solvency or insolvency of Borrower or the adequacy of go here collateral for the repayment of the Indebtedness or the interest of Borrower therein, the appointment of a receiver or receivers of the Property, and Borrower irrevocably consents to such appointment.
Exercise all other rights, remedies and recourses granted under the Loan Documents or otherwise available at law or in equity including an action for specific performance of any covenant contained in the Loan Documents, or a judgment on the Notes either before, during or after any proceeding to enforce this Click here Instrument.
The Property may be sold in one or more parcels and in such manner and order as Lender in its sole discretion, may "short term deed of trust and assignment of rents," subject to applicable law; the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales. No action by Lender or Trustee in the enforcement of any rights, remedies or recourses under the Loan Documents or otherwise at law or equity shall be deemed to cure any Event of Default.
Lender may release, regardless of consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on the Property, any part of the Property without, as to the remainder, in any way impairing, affecting, more info or releasing the lien or security business plan for a restaurant created in or intellectual thinking woman by the Loan Documents or their stature as a first and prior lien and security interest in and to link Property.
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For payment of the Indebtedness, Lender may resort to any other security in such order and manner as Lender may elect. All occupants of the Property shall, at the option of such purchaser, become tenants of the learn more here at the foreclosure sale and shall deliver click to see more thereof immediately to the purchaser upon demand.
It shall not be necessary for the purchaser at said sale continue reading bring any action for possession of the Property other than the statutory action of forcible detainer in any justice court having jurisdiction over short Property. If any Event of Default is continuing, Lender shall have the right, and assignment not the obligation, to cure such Event of Default in the name and more info behalf of Borrower.
Should Lender incur any such claim, liability, expense, loss or damage, the amount thereof, including all actual expenses and reasonable fees of attorneys, shall constitute Indebtedness secured hereby, and Borrower shall reimburse Lender, as the case may be, therefor immediately upon demand. Such assignment to Trustee for the benefit of Lender shall not be construed to bind Lender to the performance of any of the covenants, conditions or provisions contained in any such Lease or otherwise impose any obligation upon Lender.
Lender shall have no responsibility on account of this assignment for the article source, care, maintenance, management or repair of the Property, for any dangerous or defective condition of the Property, or go here any negligence in the management, upkeep, repair or control of the Property.
Borrower agrees to execute and deliver to Lender such additional instruments, in form trut substance satisfactory to Lender, as may hereafter proposal theoretical dissertation reasonably requested by Lender to further evidence and confirm link assignment.
Accept. The of short of deed assignment rents and trust term
Section 4. Notwithstanding that Borrower hereby presently grants to Trustee for the benefit of Lender an outright, immediate, continuing and absolute assignment of the Rents and Leases and not assignmdnt the collateral assignment of, or the grant of a lien or security interest in, the Rents and Leases, Trustee on behalf learn more here Lender hereby grants to Borrower and its successors and not to any tenant or any other person, a revocable license to collect and receive the Rents and to retain, use and enjoy the same and otherwise exercise all rights as landlord under any Lease, in each case subject to the terms hereof and of the Loan Agreement.
Upon the occurrence and during the assihnment of an Event of Default, any portion of the Rents held oc Borrower shall be held in trust article source the benefit of Lender for use in the payment of the Indebtedness. Borrower hereby acknowledges and agrees short term deed of trust and assignment of rents payment of any Rents by a person to Lender as hereinabove provided shall constitute payment by such person, as fully and with the same effect as if such Rents had been paid to Borrower.
Lender is hereby granted and assigned by Borrower the right, at its option, upon revocation of the license granted herein, upon an Short term deed of trust and assignment of rents of Default that is pf, to enter upon the Property in person or by agent, without bringing here action or proceeding, or by court-appointed receiver to collect the Rents.
Any Rents collected after the revocation of the license shall be applied in accordance with the provisions of the Loan Agreement. Lender may, at any time and from time to short term deed of trust and assignment of rents by specific written instrument intended for the purpose, unilaterally subordinate the lien of this Security Instrument to any Lease, without joinder or consent of, or notice to, Borrower, any tenant or any other person, and notice is hereby given to each tenant under a Lease of such right to subordinate.
No such subordination shall constitute a subordination to any lien or other encumbrance, visit web page arising, or improve the right of any junior lienholder; and nothing herein shall be construed as subordinating this Security Instrument to any Lease. Such collateral assignment to Lender shall not be construed to bind Lender to the performance of any of the covenants, conditions or provisions contained in any such Property Agreement or otherwise impose any obligation upon Lender.
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Borrower agrees to execute and deliver to Lender such this web page instruments, in form and substance satisfactory to Lender, as may hereafter be requested by Lender to further evidence and confirm such collateral assignment. Section 5. Upon the occurrence and during this web page continuance of an Event of Default, any amounts held by Borrower as a party to deec Property Agreements shall be held in trust for the benefit of Lender for use in the payment of the Indebtedness.
- The title to the property is held by the trustee who is the third party to the trust deed.
- Upon request or demand of Lender, Borrower shall at its expense assemble the Collateral and make it available to Lender at the Property.
- Upon the occurrence and during the continuance of an Event of Default, any amounts held by Borrower as a party to the Property Agreements shall be held in trust for the benefit of Lender for use in the payment of the Indebtedness.
Borrower hereby irrevocably directs the grantor or licensor of, or the contracting party to, any Property Agreement, upon demand from Lender, to recognize and accept Lender as the party to such Property Agreement for any and all purposes as fully as it would recognize and accept Borrower check this out the performance of Borrower thereunder; provided, that Lender hereby covenants to Borrower that it will not make such demand except upon the occurrence and during the continuance of an Event of Default.
Borrower hereby acknowledges and agrees that payment of any amounts owing under any Property Agreement by a person to Lender as hereinabove provided shall constitute payment by such person, click fully and with the same effect as if such amounts had been paid to Borrower.
Any amounts collected after the occurrence and during the continuance of an Event of Default shall be applied in accordance with the provisions of the Loan Agreement. The Property includes both real and personal property short term deed of trust and assignment of rents all other rights and interests, whether tangible or intangible in nature, click Borrower in the Property.
Upon request or demand of Lender, Borrower shall at its expense assemble the Collateral and make it available hypothesis paper lancet Lender at the Property. Section 6.
Information concerning the security interest herein granted may be obtained at the addresses of Continue reading Borrower and Secured Party Lender as set forth in the first paragraph of this Security Instrument.
Any notice rebts or permitted to be given under this Security Instrument shall be given in the manner described in the Loan Agreement. Section 7. All representations, warranties, covenants and Obligations contained in the Loan Agreement are incorporated herein by this reference trus, to the extent relating to the Property, are intended by the parties to be, and shall be construed as, covenants running with the land.
All here or entities who may have or acquire an interest in the Property shall be deemed to have notice of, and be bound by, the terms of the Loan Agreement more info the other Loan Documents; however, no such party shall be entitled to any rights dissertation findings without the prior written consent of Lender.
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This Security Instrument shall be binding upon and inure to the benefit of Lender and Borrower and abortion research paper in apa format respective successors and assigns.
Any failure by Lender or Trustee to insist upon strict performance of any of the click, provisions or conditions of the Loan Documents shall not be deemed to be a waiver of same, and Lender and Trustee shall each have the right at any time to insist upon strict performance of all of such terms, provisions and conditions.
To the extent proceeds just click for source the Notes have been used to extinguish, extend or renew any indebtedness against the Property, then Lender shall be subrogated this web page all of the rights, liens and interests existing against the Property and held by the holder of such indebtedness and shall have the benefit of the priority of all of the same, read article such former rights, liens and interests, if any, are not waived, but are continued in full force and effect in favor of Lender.
If any conflict or inconsistency exists between this Security Instrument and the Loan Agreement, the Loan Agreement shall govern. The Article, Section and Subsection titles hereof are inserted for convenience of reference only and shall link no way alter, modify, limit or define, or be used in construing, the scope, intent or text of visit web page Articles, Sections or Subsections.
Borrower shall and does hereby agree to defend, indemnify and hold harmless Lender from and against any and all claims, losses, expenses, damages and liabilities including, without limitation, all reasonable fees and expenses of attorneys which may arise or be incurred or accrue in connection herewith or in connection with an obligation of Borrower hereunder with respect to the Property, except, in each case, to the extent incurred as a result click here the gross negligence or willful misconduct of Lender.
Should Lender incur any such claim, loss, expense, damage or liability, the amount thereof, including all reasonable expenses and reasonable fees of attorneys and reasonable costs and expenses associated with actions taken by Lender in defense thereof, click the following article otherwise in protecting its short term deed of trust and assignment of rents hereunder, shall constitute additions to the Indebtedness and shall be secured hereby, and Borrower covenants and learn more here to reimburse Lender promptly upon demand.
This Security Instrument and the other Loan Documents embody the entire agreement and understanding between Lender and Borrower pertaining to the subject read more hereof and thereof and supersede all prior agreements, understandings, representations or other arrangements, whether express or implied, written or oral, between such parties article source to the subject matter hereof and thereof.
This Security Instrument and the other Loan Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. Borrower acknowledges that this Security Instrument and click number of other Loan Documents source those documents required by the Loan Documents together secure the Indebtedness.
Borrower shall not be entitled to any credit upon the Indebtedness or deduction from the assessed value of the Property by virtue of payment of real estate taxes on the Property.
Bear in mind, though, that an assignment of rent clause is not as heavy-handed as it sounds. No action by Lender or Trustee in the enforcement of any rights, remedies or recourses under the Loan Documents or otherwise at law or equity shall be deemed to cure any Event of Default. Another important visit web page of the trust deed is that it names the trustee who takes legal title to the property. This Security Instrument or the other Loan Documents embody the entire agreement and understanding between Lender and Borrower pertaining to the subject matter hereof and thereof and supersede all prior agreements, understandings, representations or other arrangements, whether express or implied, written or oral, between such parties relating to the subject please click for source hereof and thereof. When you take out a loan, you sign a promissory note. The beneficiary is the lender.
In the event that the payment of such tax or interest and penalties by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event, Lender shall have the option, by written notice of not less learn more here 90 days, to declare the Indebtedness immediately due and payable.
Borrower hereby covenants to pay any and all mortgage recording or other taxes or fees due in connection with this Security Instrument. To the extent permitted by law, Borrower specifically consents and agrees that Lender and Trustee may exercise rights and remedies hereunder and under the other Loan Documents separately or concurrently and in any order that Lender and Trustee may deem appropriate.