2013-06-24_REPORT - P2009018 - Laserfiche WebLink

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the time covered by any proceedings for sale by the public trustee or foreclosure proceedings and the period of redemption, if any. [Lender] shall be entitled to such receiver as a matter of right, without regard to the solvency or insolvency of Grantor, or of the then owner of the Collateral, and without regard to the value thereof, and such receiver may be appointed by any court of competent jurisdiction upon ex parte application, and without notice, notice being hereby expressly waived. Grantor waives any right to any hearing or notice of hearing prior to the appointment of a receiver. Such receiver and its agents shall be empowered (i) to take possession of the Collateral and any businesses conducted by Grantor or any other person (excluding the business of tenants of Grantor) thereon and any business assets used in connection therewith and, if the receiver deems it appropriate, to operate the same, (ii) to exclude Grantor and Grantor's agents, servants, and employees from the Collateral, (iii) to collect the rents, issues, profits, and income therefrom, (iv) to complete any construction which may be in progress, (v) to do such maintenance and make such repairs and alterations as the receiver deems necessary, (vi) to use all stores of materials, supplies, and maintenance equipment on the Collateral, (vii) to pay all taxes and assessments against the Collateral and all premiums for insurance thereon, (viii) to pay all utility and other operating expenses, and all sums due under any prior or subsequent encumbrance, and (ix) generally to do anything which Grantor could legally do if Grantor were in possession of the Collateral. All expenses incurred by the receiver or its agents shall constitute a part of the Secured Obligations. Any revenues collected by the receiver shall be applied first to the expenses of the receivership, including attorneys' fees incurred by the receiver and by [Lender], together with interest thereon at the interest rate under the Note applicable after maturity from the date incurred until repaid, and the balance shall be applied toward the Secured Obligations or in such other manner as the court may direct. Unless sooner terminated with the express consent of [Lender], any such receivership will continue until the Secured Obligations have been discharged in full, or until title to the Collateral has passed after foreclosure sale and all applicable periods of redemption have expired. See Red Arrow Deed of Trust, pp. 24 -25 (emphasis added). (d) Lender is preparing to initiate foreclosure proceedings against the Red Arrow Property. 16. Due to the existence and continuation of the Events of Default, Lender has accelerated the entire indebtedness evidenced by the Red Arrow Loan Documents. The aggregate indebtedness owing under the Red Arrow Loan Documents includes the outstanding principal balance and accrued interest of $10,945,286.21 as of April 1, 2013, together with all other sums, fees, interest and charges provided for in the Red Arrow Loan Documents accruing on an ongoing basis. 10 HRODEN \1646830 1