Common use of Entry upon Default Clause in Contracts

Entry upon Default. 3.2.1 So long as no Event of Default shall have occurred and be continuing, the Grantor shall have the license to collect (but not more than one month in advance (except for any security deposit)) all of the Rents and other payments, if any, from the Leases and from the Mortgaged Premises generally and to use and enjoy the same in the manner provided herein. 3.2.2 If an Event of Default shall have occurred and be continuing, after the expiration of the applicable cure period, if any, in addition to its rights and remedies set forth in Article V, the Beneficiary may, as attorney-in- fact of the Grantor, make, enforce, or modify any of the Leases; obtain tenants for and evict tenants from the Mortgaged Premises; demand, fix and modify the Rents from the Mortgaged Premises; institute all legal proceedings (including summary proceedings) for collection of all Rents; obtain possession of the Mortgaged Premises or any part thereof, or enforce any other rights theretofore exercisable by the Grantor; do any and all other acts which the Beneficiary, in its sole and absolute discretion, deems proper to protect the security hereof; and, with or without taking possession of the Mortgaged Premises, in the Grantor's own name, ▇▇▇ for or otherwise collect and receive all Rents, including those past due and unpaid, and apply the same, less the costs and expenses of operation and collection, including reasonable attorneys' fees, to the Obligations secured hereby, whether then matured or not, until the same shall have been paid in full; provided, -------- however, that any balance remaining after the indebtedness secured hereby shall ------- have been paid in full shall be turned over to the Grantor or such other person as may lawfully be entitled thereto. Neither the entry upon and taking possession of the Mortgaged Premises, nor the collection and application of the Rents or other charges thereof as aforesaid, nor any other action taken by the Beneficiary in connection therewith, shall cure or waive any default hereunder or waive or modify any notice thereof or notice of acceleration of the Obligations theretofore given by the Beneficiary. 3.2.3 If an Event of Default shall have occurred and be continuing, notice in writing by the Beneficiary to the tenants under the Leases advising them that the Grantor has defaulted hereunder and requesting that all future Rents under the Leases be made to the Beneficiary (or its agent) shall be construed as conclusive authority to such tenants that such payments are to be made to the Beneficiary (or its agent). Such tenants shall be fully protected in making such payments to the Beneficiary (or its agent); and the Grantor hereby irrevocably constitutes and appoints the Beneficiary the attorney-in-fact and agent of the Grantor, coupled with an interest, for the purpose of endorsing the consent of the Grantor on any such notice and for taking any actions provided for in subsection 3.2.

Entry upon Default. 3.2.1 (a) So long as no Event of Default shall have occurred and be continuing, the Grantor Mortgagor shall have the license to collect (but not more than one month in advance (except for any security deposit)) all of the Rents and other payments, if any, from the Leases and from the Mortgaged Premises Property generally and to use and enjoy the same in the manner provided herein. 3.2.2 (b) If an Event of Default shall have occurred and be continuing, after the expiration of the applicable cure period, if any, in addition to its rights and remedies set forth in Article VIV, the Beneficiary may, Mortgagee may (if permitted by applicable law) as attorney-in- in-fact of the GrantorMortgagor, make, enforce, or modify any of the Leases; obtain tenants for and evict tenants from the Mortgaged PremisesProperty; demand, fix and modify the Rents from the Mortgaged PremisesProperty; institute all legal proceedings (including summary proceedings) for collection of all Rents; obtain possession of the Mortgaged Premises Property or any part thereof, or enforce any other rights theretofore exercisable by the GrantorMortgagor; do any and all other acts which the Beneficiary, in its sole and absolute discretion, Mortgagee deems proper to protect the security hereof; and, with or without taking possession of the Mortgaged PremisesProperty, in the GrantorMortgagor's own name, ▇▇▇ for or otherwise collect and receive all Rents, including those past due and unpaid, and apply the same, less the reasonable costs and expenses of operation and collection, including reasonable attorneys' fees, to the Obligations secured hereby, whether then matured or not, until the same shall have been paid in full; provided, -------- however, that any balance remaining after the indebtedness secured hereby shall ------- have been paid in full shall be turned over to the Grantor Mortgagor or such other person as may lawfully be entitled thereto. Neither the entry upon and taking possession of the Mortgaged PremisesProperty, nor the collection and application of the Rents or other charges thereof as aforesaid, nor any other action taken by the Beneficiary Mortgagee in connection therewith, shall cure or waive any default hereunder or waive or modify any notice thereof or notice of acceleration of the Obligations theretofore given by the BeneficiaryMortgagee. 3.2.3 (c) If an Event of Default shall have occurred and be continuing, notice in writing by the Beneficiary Mortgagee to the tenants under the Leases advising them that the Grantor Mortgagor has defaulted hereunder and requesting that all future Rents under the Leases be made to the Beneficiary Mortgagee (or its agent) shall be construed as conclusive authority to such tenants that such payments are to be made to the Beneficiary Mortgagee (or its agent). Such tenants shall be fully protected in making such payments to the Beneficiary Mortgagee (or its agent); and the Grantor Mortgagor hereby irrevocably constitutes and appoints the Beneficiary Mortgagee the attorney-in-fact and agent of the GrantorMortgagor, coupled with an interest, for the purpose of endorsing the consent of the Grantor Mortgagor on any such notice and for taking any actions provided for in subsection 3.22.02(b). (d) Upon the delivery of a written notice from the Mortgagee to the Mortgagor revoking the license granted in Section 2.02(a) hereof and invoking the Mortgagee's right to function as lessor under all of the Leases and to collect all of the Rents thereunder, constructive possession of the Mortgaged Property shall be vested in the Mortgagee, and the assignment of the Leases and the Rents contained in Section 2.01 hereof shall be activated and perfected. Notwithstanding the foregoing, such assignment shall also be activated and perfected upon the Mortgagee's exercising, if an Event of Default shall have occurred and be continuing, any of the following remedies pursuant to this Mortgage: (i) taking actual possession of the Mortgaged Property; (ii) moving or applying for the appointment of a receiver; (iii) filing or commencing an action to foreclose this Mortgage; or (iv) collecting the Rents directly from the tenants under the Leases.

Entry upon Default. 3.2.1 So long Lessee further agrees that any one or more of the following events shall be considered events of default as no Event said term is used herein, that is to say, if- Lessee shall be adjudged a bankrupt, or a decree or order approving, as properly filed, a petition or answer asking reorganization of Default Lessee under the federal bankruptcy laws as now or hereafter amended, or under the laws of any such decree or judgement or order shall not have been vacated or stayed or set aside within thirty (30) days from the date of the entry or granting thereof; or Lessee shall file or admit the jurisdiction of the court and the material allegations contained in any petition in bankruptcy, or any petition pursuant or purporting to be pursuant to the federal bankruptcy laws as now or hereafter amended, or Lessee shall institute any proceedings or shall give its consent to the institution of any proceedings for any relief of Lessee under any bankruptcy or insolvency laws or any laws relating to the relief of debtors readjustment of indebtedness, reorganization, arrangements, composition or extension; or Lessee shall make any assignment for the benefit of creditors or shall apply for or consent to the appointment of a receiver for Lessee or any of the property of Lessee; or A decree or order appointing a receiver of the property of Lessee shall be made, and such decree or order shall not have been vacated, stayed or set aside within thirty (30) days from the date of entry of granting thereof, or Lessee shall make default in any monthly payments of basic rent required to be made by Lessee hereunder when due as herein provided, and such default shall continue for ten (10) days after notice thereof in writing to Lessee; or Lessee shall make default in any of the other covenants and agreements herein contained to be kept, observed and performed by Lessee, and such default shall continue for thirty (30) days after notice thereof in writing to Lessee. Upon the occurrence of any one or more of such events of default, it shall be lawful for Lessor, at its election, to declare the said term ended, and r with process of law, to re-enter and to expel, remove and put out, Lessee and all persons occupying said premises under Lessee, using such lawful force as may be necessary in so doing, and the said premises, again to repossess and enjoy as in their first and former estate, without such re-entry and repossession working a forfeiture of the rents to be paid and the covenants to be performed by Lessee during the full term of this Lease. If default should be made in any covenant, agreement, condition or undertaking herein contained to be kept, observed and performed by Lessee, other dm the payment of rent as herein provided, which cannot with due diligence be cured within a period of thirty (30) days, and if notice thereof in writing shall have occurred been given to Lessee, and be continuingif Lessee, the Grantor shall have the license prior to collect (but not more than one month in advance (except for any security deposit)) all of the Rents and other payments, if any, from the Leases and from the Mortgaged Premises generally and to use and enjoy the same in the manner provided herein. 3.2.2 If an Event of Default shall have occurred and be continuing, after the expiration of thirty (30) days from and after the applicable giving of such notice, commences to eliminate the cause of such default and proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure periodsuch default and does so cure such default, if any, in addition then Lessor shall not have the right to its rights and remedies set forth in Article V, declare the Beneficiary may, as attorney-in- fact said term ended by reason of the Grantor, make, enforce, or modify any of the Leases; obtain tenants for and evict tenants from the Mortgaged Premises; demand, fix and modify the Rents from the Mortgaged Premises; institute all legal proceedings (including summary proceedings) for collection of all Rents; obtain possession of the Mortgaged Premises or any part thereof, or enforce any other rights theretofore exercisable by the Grantor; do any and all other acts which the Beneficiary, in its sole and absolute discretion, deems proper to protect the security hereof; and, with or without taking possession of the Mortgaged Premises, in the Grantor's own name, ▇▇▇ for or otherwise collect and receive all Rents, including those past due and unpaid, and apply the same, less the costs and expenses of operation and collection, including reasonable attorneys' fees, to the Obligations secured hereby, whether then matured or not, until the same shall have been paid in fullsuch default; provided, -------- however, that the curing of any balance remaining after default in such manner shall not be construed to limit or restrict the indebtedness secured hereby shall ------- have been paid in full shall be turned over right of Lessor to declare the Grantor or such other person as may lawfully be entitled thereto. Neither the entry upon said term ended and taking possession enforce all of the Mortgaged Premises, nor the collection its right and application of the Rents or other charges thereof as aforesaid, nor remedies hereunder for any other action taken by the Beneficiary in connection therewith, shall cure or waive any default hereunder or waive or modify any notice thereof or notice of acceleration of the Obligations theretofore given by the Beneficiarynot so cured. 3.2.3 If an Event of Default shall have occurred and be continuing, notice in writing by the Beneficiary to the tenants under the Leases advising them that the Grantor has defaulted hereunder and requesting that all future Rents under the Leases be made to the Beneficiary (or its agent) shall be construed as conclusive authority to such tenants that such payments are to be made to the Beneficiary (or its agent). Such tenants shall be fully protected in making such payments to the Beneficiary (or its agent); and the Grantor hereby irrevocably constitutes and appoints the Beneficiary the attorney-in-fact and agent of the Grantor, coupled with an interest, for the purpose of endorsing the consent of the Grantor on any such notice and for taking any actions provided for in subsection 3.2.