|
The recitals in such deed of any matters or facts shall be
<br />conclusive proof of their truthfulness. Upon sale by Trustee, and
<br />after deducting all costs, expenses and fees of Trustee and of
<br />this Deed of Trust, Trustee shall apply the proceeds of sale to
<br />the payment of the principal indebtedness hereby secured, whether
<br />evidenced by the Note or otherwise, or representing advances made
<br />or costs or expenses paid or incurred by the Agency under this
<br />Deed of Trust, or the Secured Obligations or any other instrument
<br />evidencing or securing any indebtedness hereby secured and to the
<br />payment of all other sums then secured hereby, including interest
<br />as provided in this Deed of Trust, the Secured Obligations or any
<br />other such instrument, in such order as the Agency shall direct;
<br />and then the remainder, if any, shall be paid to the person or
<br />persons legally entitled thereto.
<br />5.9 Entry Possession and Receivership. In the event of
<br />any default hereunder, and irrespective of whether the Agency
<br />accelerates the maturity of all indebtedness secured hereby, the
<br />Agency at any time, in person, or by any agent or employee, or by
<br />receiver appointed by court, may enter upon and take the
<br />possession of the Property or any part thereof and Borrower and
<br />the City agree to surrender such possession to the Agency, and
<br />perform any acts, including the right to rent, lease, operate and
<br />maintain any part of all of the Property, which the Agency deems
<br />necessary or proper to conserve the Property, and may sue for or
<br />otherwise collect and receive all rents, royalties, issues,
<br />accounts and profits thereof, including those past due as well as
<br />those accruing thereafter. Trustor hereby presently assigns to
<br />the Agency, absolutely and regardless of possession of the
<br />Property, all rents and other monies now due or hereafter to
<br />become due under any lease or agreement or otherwise for the use
<br />or occupation of all or any part of the Property, now existing or
<br />hereafter made, reserving to Trustor only the right, prior to any
<br />such default, to collect and retain such rents as they become due,
<br />but not otherwise. Trustor shall on demand execute such further
<br />assignments to the Agency of any or all such leases, agreements,
<br />rents or monies as the Agency may require, and deliver to the
<br />Agency a fully executed original of any or all such leases or
<br />agreements. The Agency, in person, or by any agent, employee or
<br />receiver, may also take possession of, and for these purposes use,
<br />any and all of Borrower's and /or the City's personal property
<br />contained in or on the Property and used by Borrower and /or the
<br />City in the operation, rental or leasing thereof or any part
<br />thereof. The expenses (including, but not limited to, receiver's
<br />fees, attorney's fees and agent's compensation) incurred by the
<br />Agency pursuant to the power herein contained shall be secured
<br />hereby. The Agency may bring or defend any legal action in
<br />connection with the Property, as it may deem proper, and may, from
<br />time to time, make all necessary or proper repairs, replacements
<br />and alterations to the Property, as to it may seem judicious, and
<br />may insure and reinsure the same, and may lease the Property or
<br />CHFA 52P(RIDGE VIEW /SECOND) -8-
<br />12/19/89
<br />Q02253
<br />
|