11-13-2024 Council Packet - Laserfiche WebLink

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Mortgage, Assignment of Rents, Security Agreement and Fixture Filing Page 22 (f) to the payment of costs incurred in normal maintenance and operation of the Premises; (g) if received prior to any foreclosure sale of the Premises, to Governmental Lender, first as a credit upon the amount required to effect a reinstatement, and then for the payment of the secured obligations secured by this Security Instrument, but, except as required by applicable laws, no such payment made after the acceleration of all or any of the secured obligations secured by this Security Instrument shall affect such acceleration; and (h) if received during or with respect to the period of redemption after a foreclosure sale of the Premises: (i) if the purchaser at the foreclosure sale is not Governmental Lender, first to Governmental Lender to the extent of any deficiency of the sale proceeds to repay the secured obligations secured by this Security Instrument, second to the purchaser as a credit to the redemption price, but if the Premises is not redeemed, then to the purchaser of the Premises, and (ii) if the purchaser at the foreclosure sale is Governmental Lender, to Governmental Lender to the extent of any deficiency of the sale proceeds to repay the secured obligations secured by this Security Instrument and the balance to be retained by Governmental Lender as a credit to the redemption price, but if the Premises is not redeemed, then to Governmental Lender, whether or not such deficiency exists. 5.3 Present Assignment and License. The assignment of the rents and leases contained herein is a perfected, absolute and present assignment of the rents and lease(s); provided, however, that Governmental Lender hereby grants to Borrower a revocable license to collect, but not prior to accrual, the rents, and to retain, use and enjoy the same. Governmental Lender at its sole election may revoke any such licenses granted to Borrower upon the occurrence of an Event of Default, and in case of any such revocation, Borrower shall promptly remit to Governmental Lender any rents it receives during such period. 6. RIGHTS OF GOVERNMENTAL LENDER 6.1 Right to Cure Default. If Borrower shall fail to comply with any of the covenants or obligations of this Security Instrument or under any of the Financing Documents, the Governmental Lender may, but shall not be obligated to, without further notice to Borrower, and without waiving or releasing Borrower from any obligation in this Security Instrument contained, remedy such failure, and Borrower agrees to repay upon demand all sums incurred by the Governmental Lender in remedying any such failure together with interest at the then applicable interest rate. All such sums, together with interest as aforesaid shall become so much additional Indebtedness, but no such advance shall be deemed to relieve the Borrower from any failure hereunder.