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Inst 2016324623
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Inst 2016324623
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Last modified
6/5/2019 7:34:04 AM
Creation date
1/19/2017 2:06:38 PM
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CM City Clerk-City Council
Document Date (6)
12/13/2016
Recorded Document Type
Deed of Trust
Assignment of Rents
Retention
PERM
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Beneficiary may in its sole discretion consider necessary and appropriate to protect the <br />security of this Leasehold Deed of Trust. Such other things may include: taking and <br />possessing copies of all of Trustor's or the then lessors books and records concerning <br />the Property; entering into, enforcing, modifying, or canceling Leases on such terms and <br />conditions as Beneficiary may consider proper; obtaining and evicting tenants; fixing or <br />modifying Rents; collecting and receiving any payment of money owing to Trustor; <br />completing any unfinished construction; and/or contracting for and making repairs and <br />alterations. If Beneficiary so requests, Trustor shall assemble all of the Property that <br />has been removed from the Land and make all of it available to Beneficiary at the site of <br />the Land. Trustor hereby irrevocably constitutes and appoints Beneficiary as Trustor's <br />attorney- in -fact to perform such acts and execute such documents as Beneficiary in its <br />sole discretion may consider to be appropriate in connection with taking these <br />measures, including endorsement of Trustor's name on any instruments. Regardless of <br />any provision of this Leasehold Deed of Trust, Beneficiary shall not be considered to <br />have accepted any property other than cash or immediately available funds in <br />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 <br />cure any breach or default of Trustor, and if it chooses to do so in connection with any <br />such cure, Beneficiary or Trustee may also enter the Property and/or do any and all <br />other things which it may in its sole discretion consider necessary and appropriate to <br />protect the security of this Leasehold Deed of Trust. Such other things may include: <br />appearing in and/or defending any action or proceeding which purports to affect the <br />security of, or the rights or powers of Beneficiary or Trustee under, this Leasehold Deed <br />of Trust; paying, purchasing, contesting or compromising any encumbrance, charge, <br />lien or claim of lien which in Beneficiary's or Trustee's sole judgment is or may be senior <br />in priority to this Leasehold Deed of Trust, such judgment of Beneficiary or Trustee to be <br />conclusive as among Beneficiary, Trustee and Trustor; obtaining insurance and/or <br />paying any premiums or charges for insurance required to be carried hereunder; <br />otherwise caring for and protecting any and all of the Property; and/or employing <br />counsel, accountants, contractors and other appropriate persons to assist Beneficiary or <br />Trustee. Beneficiary and Trustee may take any of the actions permitted under this <br />Subsection 8.2(d) either with or without giving notice to any Person, except for notices <br />required under applicable law. Any amounts disbursed by Beneficiary pursuant to this <br />paragraph shall become additional indebtedness secured by this Leasehold Deed of <br />Trust. <br />(e) UCC Remedies. Beneficiary may exercise any or all of the <br />remedies 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 Leasehold Deed of Trust in the manner provided <br />by law for foreclosure of mortgages on real property and/or to obtain specific <br />enforcement of any of the covenants or agreements of this Leasehold Deed of Trust. <br />14 <br />
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