Agmt01 Shores Childcare, LLC - Max Keech

Browse Search

Beneficiary's right to Rents is not contingent upon its entering upon or taking possession of the Mortgaged Property. (b) Trustor hereby irrevocably appoints Beneficiary its true and lawful attorney in its name and stead (with or without entering upon or taking possession of the Mortgaged Property as provided in Section 7 hereof) to rent, sublease or let all or any portion of the Mortgaged Property to any party or parties at such rental and upon such terms as Beneficiary shall, in its sole discretion, determine, and to collect all of said Rents arising from or accruing at any time hereafter, and all now due or that may hereafter become due under each and every of the Subleases, written or verbal, or other tenancies existing, or which may hereafter exist on the Mortgaged Property with the same rights and powers and subject to the same immunities, exoneration of liability and rights of recourse and indemnity as Beneficiary would have upon taking possession pursuant to the provisions of Section 7 hereof. (c) Although it is the intention of the parties that the assignment contained in this Section shall be a present absolute assignment, it is expressly understood and agreed, anything herein contained to the contrary notwithstanding, that until an Event of Default shall occur or arise and be continuing, Beneficiary shall not exercise any of the rights or powers conferred upon Beneficiary by this Section, and Trustor shall have the right and license to manage and operate the Mortgaged Property and to collect, subject to the terms and provisions of this Deed of Trust, all Rents owing under the Subleases and to retain, use and enjoy the same. The rights of Beneficiary under this Section shall continue and remain in full force and effect both before and after commencement of any action or proceeding to foreclose this Deed of Trust, after the foreclosure sale in connection with the foreclosure of this Deed of Trust (whether by judicial action or otherwise) and until expiration of any period of redemption from any such foreclosure sale, whether or not any deficiency from the unpaid balance of the indebtedness secured hereby exists after such foreclosure sale. Application of Income Received by Beneficiar,y 10. Beneficiary, in the exercise of the rights and powers hereinabove conferred upon it by Sections 7 and 9 hereof, shall have full power to use and apply the Rents to the payment of or on account of the following, in such order as Beneficiary may determine: (a) to the payment of the operating expenses of the Mortgaged Property, including the cost of the management and leasing thereof (which shall include compensation to Beneficiary and its agents or representatives, and shall include lease commissions and other compensation and expenses of seeking and procuring tenants and entering into leases), established claims for damages, if any, and premiums on insurance hereinabove authorized; (b) to the payment of Impositions now due or which may hereafter become due on the Mortgaged Property; (c) to the payment of all repairs, renewals, replacements, alterations, additions, and improvements of the Mortgaged Property, necessary in the management and maintenance of the Mortgaged Property and in placing the Mortgaged Property in such condition as will make it readily rentable, all in the reasonable judgment of Beneficiary; and 17996.00003~BGLIB 1 \1083970.6 l !