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Inst 2015153646
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Inst 2015153646
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7/2/2015 2:16:09 PM
Creation date
7/2/2015 2:15:03 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
7/15/2014
Recorded Document Type
Assignment of Rents
Deed of Trust
Retention
PERM
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(b) Receiver. Beneficiary may apply to any court of competent jurisdiction <br /> for, and obtain appointment of, a receiver for the Property. <br /> (c) Entry. Beneficiary, in person, by agent or by court-appointed receiver, <br /> may enter, take possession of, manage and operate all or any part of the Property, and <br /> may also do any and all other things in connection with those actions that Beneficiary may <br /> in its sole discretion consider necessary and appropriate to protect the security of this Deed <br /> of Trust. Such other things may include: taking and possessing copies of all of Trustor's or <br /> the then owner's books and records concerning the Property; entering into, enforcing, <br /> modifying, or canceling Leases on such terms and conditions as Beneficiary may consider <br /> proper; obtaining and evicting tenants; fixing or modifying Rents; collecting and receiving <br /> any payment of money owing to Trustor; completing any unfinished construction; and/or <br /> contracting for and making repairs and alterations. If Beneficiary so requests, Trustor shall <br /> assemble all of the Property that has been removed from the Land and make all of it <br /> available to Beneficiary at the site of the Land. Trustor hereby irrevocably constitutes and <br /> appoints Beneficiary as Trustor's attorney- in-fact to perform such acts and execute such <br /> documents as Beneficiary in its sole discretion may consider to be appropriate in <br /> connection with taking these measures, including endorsement of Trustor's name on any <br /> instruments. Regardless of any provision of this Deed of Trust, Beneficiary shall not be <br /> considered to have accepted any property other than cash or immediately available funds <br /> in satisfaction of any obligation of Trustor to Beneficiary, unless Beneficiary has given <br /> express written notice of Beneficiary's election of that remedy in accordance with UCC <br /> Section 9621, as it may be amended or recodified from time to time. <br /> (d) Cure; Protection of Security. Either Beneficiary or Trustee may cure <br /> any breach or default of Trustor, and if it chooses to do so in connection with any such. <br /> cure, Beneficiary or Trustee may also enter the Property and/or do any and all other things <br /> which it may in its sole discretion consider necessary and appropriate to protect the security <br /> of this Deed of Trust. Such other things may include: appearing in and/or defending any <br /> action or proceeding which purports to affect the security of, or the rights or powers of <br /> Beneficiary or Trustee under, this Deed of Trust; paying, purchasing, contesting or <br /> compromising any encumbrance, charge, lien or claim of lien which in Beneficiary's or <br /> Trustee's sole judgment is or may be senior in priority to this Deed of Trust, such judgment <br /> of Beneficiary or Trustee to be conclusive as among Beneficiary, Trustee and Trustor; <br /> obtaining insurance and/or paying any premiums or charges for insurance required to be <br /> carried hereunder; otherwise caring for and protecting any and all of the Property; and/or <br /> employing counsel, accountants, contractors and other appropriate persons to assist <br /> Beneficiary or Trustee. Beneficiary and Trustee may take any of the actions permitted <br /> under this Subsection 8.2(d) either with or without giving notice to any Person, except for <br /> notices required under applicable law. Any amounts disbursed by Beneficiary pursuant to <br /> this paragraph shall become additional indebtedness secured by this Deed of Trust. <br /> (e) UCC Remedies. Beneficiary may exercise any or all of the remedies <br /> granted to a secured party under the UCC. <br /> (f) Judicial Action. Beneficiary may bring an action in any court of <br /> competent jurisdiction to foreclose this Deed of Trust in the manner provided by law for <br /> foreclosure of mortgages on real property and/or to obtain specific enforcement of any of <br /> 1172395-3 13 <br /> Commercial Rehabilitation Loan Program <br /> Owner Participation and Loan Agreement <br /> Form: 10-20-09 <br />
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