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Exhibit
10.72
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL
TO:
WELLS FARGO BANK, NATIONAL
ASSOCIATION
Real Estate Group (AU #2955)
2030 Main Street, Suite 800
Irvine, CA 92614
Attn: Rhonda Friedly
Loan No. 105155
Assessors Parcel Number:
18060800040
THIS DEED TO SECURE DEBT
SECURES A NOTE WHICH PROVIDES FOR A VARIABLE INTEREST
RATE
DEED TO SECURE
DEBT,
ASSIGNMENT OF LEASES AND
RENTS AND
SECURITY
AGREEMENT
THE PARTIES TO THIS DEED TO SECURE DEBT,
ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT
(“Security Deed”), made as of November 7, 2007,
are KBS INDUSTRIAL PORTFOLIO, LLC, a Delaware limited liability
company (“Grantor”), having an address c/o KBS Capital
Advisors, LLC, 620 Newport Center Drive, Suite 1300, Newport Beach,
CA 92660, and WELLS FARGO BANK, NATIONAL ASSOCIATION
(“Grantee”), having an address of 2030 Main Street,
Suite 800, Irvine, CA 92614 .
ARTICLE 1.
GRANT
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1.1 |
GRANT . For the purposes of and upon the terms
and conditions in this Security Deed, and for and in consideration
of the sum of Ten and No/100 Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in order to secure the full and timely
payment and performance of the Secured Obligations, Grantor does
hereby GRANT, BARGAIN, SELL, CONVEY, ASSIGN, TRANSFER, PLEDGE and
SET OVER unto Grantee, all of that real property located in the
City of Austell, County of Cobb, State of Georgia, described on
Exhibit A attached hereto, together with all right, title,
interest, and privileges of Grantor in and to all streets, ways,
roads, and alleys used in connection with or pertaining to such
real property and any improvements thereon, all development rights
or credits, air rights, water, water rights and water stock related
to the real property, all timber, and all minerals, oil and gas,
and other hydrocarbon substances in, on or under the real property,
and all licenses, appurtenances, reversions, remainders, easements,
rights and rights of way appurtenant or related thereto; any and
all rights of Grantor, as a declarant, under any covenants,
conditions, and restrictions now or hereafter pertaining to the
real property described on Exhibit A , hereto,
provided , however , that Grantee shall have no
liability under such covenants, conditions, and restrictions unless
and until Grantee forecloses on the real property; all buildings,
other improvements and fixtures now or hereafter located on the
real property, including, but not limited to, all apparatus,
equipment, and appliances used in the operation or occupancy of the
real property, it being intended by the parties that all such items
shall be conclusively considered to be a part of the real property,
whether or not attached or affixed to the real property (the
“Improvements”); all interest or estate which Grantor
may hereafter acquire in the property described above, and all
additions and accretions thereto, and the proceeds of any of the
foregoing; (all of the foregoing being collectively referred to as
the “Subject Property”), TO HAVE AND TO HOLD the
Subject Property and all parts, rights, members and appurtenances
thereof, to the use, benefit and behoof of Grantee and the
successors and assigns of Grantee, IN FEE SIMPLE forever and
Grantor warrants and covenants that Grantor is lawfully seized and
possessed of the Subject Property as aforesaid, and has good right
to convey the same, and that Grantor does warrant and will forever
defend the title thereto against the claims of all persons
whomsoever. The listing of specific rights or property shall not be
interpreted as a limit of general terms. |
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1.2 |
ADDRESS . The address of the Subject Property is:
675 Hartman Road, Austell, GA 30168. However, neither the failure
to designate an address nor any inaccuracy in the address
designated shall affect the validity or priority of the lien of
this Security Deed on the Subject Property as described on
Exhibit A . |
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1.3 |
SECURITY DEED . This Security Deed is intended to
operate and is to be construed as a deed passing the title to the
Subject Property to Grantee and is made under those provisions of
the existing laws of the State of Georgia relating to deeds to
secure debt, and not as a mortgage. |
ARTICLE 2. OBLIGATIONS
SECURED
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2.1 |
OBLIGATIONS SECURED . Grantor makes this Security
Deed for the purpose of securing the following obligations
(“Secured Obligations”): |
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(a) |
Payment to Grantee of all sums at any time owing under that
certain Promissory Note (“Note”) of even date herewith,
in the principal amount of Nine Million, Four Hundred Seventy-Eight
Thousand, Eight Hundred Ninety-One Dollars ($9,478,891) executed by
Grantor, as borrower (“Borrower”), and payable to the
order of Grantee, as lender, with final payment due on
November 9, 2008; and |
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(b) |
Payment and performance of all covenants and obligations of
Grantor under this Security Deed; and |
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(c) |
Payment and performance of all covenants and obligations on the
part of Borrower under that certain Loan Agreement (Non-Revolving)
(“Loan Agreement”) of even date herewith by and between
Borrower and Grantee, as lender, the Hazardous Materials Indemnity
Agreement, and all other “Loan Documents” as defined in
the Loan Agreement ; and |
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(d) |
Payment and performance of all covenants and obligations, if
any, of any rider attached as an Exhibit to this Security Deed;
and |
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(e) |
Payment and performance of all future advances and other
obligations that the then record owner of all or part of the
Subject Property may agree to pay and/or perform (whether as
principal, surety or guarantor) for the benefit of Grantee, when
such future advance or obligation is evidenced by a writing which
recites that it is secured by this Security Deed; and |
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(f) |
Payment and performance of all covenants and obligations of
Grantor under any interest rate swap agreement, or other interest
rate hedge agreement of any type executed by and between Grantor
and Grantee, which agreement is evidenced by a writing that recites
it is secured by this Security Deed; and |
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(g) |
All modifications, extensions and renewals of any of the
obligations secured hereby, however evidenced, including, without
limitation: (i) modifications of the required principal
payment dates or interest payment dates or both, as the case may
be, deferring or accelerating payment dates wholly or partly; or
(ii) modifications, extensions or renewals at a different rate
of interest whether or not in the case of a note, the modification,
extension or renewal is evidenced by a new or additional promissory
note or notes. |
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2.2 |
OBLIGATIONS . The term “obligations”
is used herein in its broadest and most comprehensive sense and
shall be deemed to include, without limitation, all interest and
charges, prepayment charges (if any), late charges and loan fees at
any time accruing or assessed on any of the Secured
Obligations. |
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2.3 |
INCORPORATION . All capitalized terms not defined
herein shall have the meanings given to them in the Loan Agreement.
All terms of the Secured Obligations and the documents evidencing
such obligations are incorporated herein by this reference. All
persons who may have or acquire an interest in the
Subject
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Property shall be deemed
to have notice of the terms of the Secured Obligations and to have
notice, if provided therein, that: (a) the Note or the Loan
Agreement may permit borrowing, repayment and re-borrowing so that
repayments shall not reduce the amounts of the Secured Obligations;
and (b) the rate of interest on one or more Secured
Obligations may vary from time to time.
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ARTICLE 3. ASSIGNMENT OF
LEASES AND RENTS
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3.1 |
ASSIGNMENT . Grantor hereby irrevocably assigns
to Grantee all of Grantor’s right, title and interest in, to
and under: (a) all leases of the Subject Property or any
portion thereof, and all other agreements of any kind relating to
the use or occupancy of the Subject Property or any portion
thereof, whether now existing or entered into after the date hereof
(“Leases”); and (b) the rents, revenue, income,
issues, deposits and profits of the Subject Property, including,
without limitation, all parking income and all amounts payable and
all rights and benefits accruing to Grantor under the Leases
(“Payments”). The term “Leases” shall also
include all guarantees of and security for the lessees’
performance thereunder, and all amendments, extensions, renewals or
modifications thereto which are permitted hereunder. This is a
present and absolute assignment, not an assignment for security
purposes only, and Grantee’s right to the Leases and Payments
is not contingent upon, and may be exercised without possession of,
the Subject Property. |
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3.2 |
GRANT OF LICENSE . Grantee confers upon Grantor a
license (“License”) to collect and retain the Payments
as they become due and payable, until the occurrence of a Default
(as hereinafter defined). Upon a Default, the License shall be
automatically revoked and Grantee may collect and apply the
Payments pursuant to Section 6.4 without notice and without
taking possession of the Subject Property. Grantor hereby
irrevocably authorizes and directs the lessees under the Leases to
rely upon and comply with any notice or demand by Grantee for the
payment to Grantee of any rental or other sums which may at any
time become due under the Leases, or for the performance of any of
the lessees’ undertakings under the Leases, and the lessees
shall have no right or duty to inquire as to whether any Default
has actually occurred or is then existing hereunder. Grantor hereby
relieves the lessees from any liability to Grantor by reason of
relying upon and complying with any such notice or demand by
Grantee. |
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3.3 |
EFFECT OF ASSIGNMENT . The foregoing irrevocable
assignment shall not cause Grantee to be: (a) a mortgagee in
possession; (b) responsible or liable for the control, care,
management or repair of the Subject Property or for performing any
of the terms, agreements, undertakings, obligations,
representations, warranties, covenants and conditions of the
Leases; or (c) responsible or liable for any waste committed
on the Subject Property by the lessees under any of the Leases or
any other parties; for any dangerous or defective condition of the
Subject Property; or for any negligence in the management, upkeep,
repair or control of the Subject Property resulting in loss or
injury or death to any lessee, licensee, employee, invitee or other
person. Grantee shall not directly or indirectly be liable to
Grantor or any other person as a consequence of: (i) the
exercise or failure to exercise by Grantee, or any of its
employees, agents, contractors or subcontractors, any of the
rights, remedies or powers granted to Grantee hereunder; or
(ii) the failure or refusal of Grantee to perform or discharge
any obligation, duty or liability of Grantor arising under the
Leases. |
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3.4 |
REPRESENTATIONS AND WARRANTIES . Grantor
represents and warrants that, to the best of Grantor’s
knowledge: (a) Grantor has delivered to Grantee a rent roll
that, as of the date hereof, contains a true, accurate and complete
list of all Leases; (b) all existing Leases are in full force
and effect and are enforceable in accordance with their respective
terms, and no breach or default, or event which would constitute a
breach or default after notice or the passage of time, or both,
exists under any existing Leases on the part of any party;
(c) no rent or other payment under any existing Lease has been
paid by any lessee for more than one (1) month in advance; and
(d) none of the lessor’s interests under any of the
Leases has been transferred or assigned. |
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3.5 |
COVENANTS . Grantor covenants and agrees at
Grantor’s sole cost and expense to: (a) perform the
obligations of lessor contained in the Leases and enforce by all
appropriate remedies performance by the lessees of the obligations
of the lessees contained in the Leases; (b) give Grantee
prompt written notice of any material default which occurs with
respect to any of the Leases, whether the default be that of the
lessee
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or of the lessor;
(c) exercise Grantor’s best efforts to keep all portions
of the Subject Property that are capable of being leased leased at
rental rates pursuant to the terms of the Loan Agreement;
(d) deliver to Grantee fully executed, copies of each and
every Lease that it is required to deliver in accordance with the
Loan Agreement; and (e) execute and record such additional
assignments of any Lease or, if required by the terms of the Loan
Agreement, use commercially reasonable effort to obtain specific
subordinations (or subordination, attornment and non-disturbance
agreements executed by the lessor and lessee) of any Lease to the
Security Deed, in form and substance acceptable to Grantee, as
Grantee may request. Grantor shall not, without Grantee’s
prior written consent or as otherwise permitted by any provision of
the Loan Agreement: (i) to the extent prohibited by the terms
of the Loan Agreement, enter into any Leases after the date hereof;
(ii) execute any other assignment relating to any of the
Leases; (iii) to the extent prohibited by the terms of the
Loan Agreement, discount any rent or other sums due under the
Leases or collect the same in advance, other than to collect
rentals one (1) month in advance of the time when it becomes
due; (iv) to the extent prohibited by the terms of the Loan
Agreement, terminate, modify or amend any of the terms of the
Leases or in any manner release or discharge the lessees from any
obligations thereunder; (v) to the extent prohibited by the
terms of the Loan Agreement, consent to any assignment or
subletting by any lessee; or (vi) subordinate or agree to
subordinate any of the Leases to any other security deed or
encumbrance. Any such attempted action in violation of the
provisions of this Section 3.5 shall be null and void. Without
in any way limiting the requirement of Grantee’s consent
hereunder, any sums received by Grantor in consideration of any
termination (or the release or discharge of any lessee)
modification or amendment of any Lease shall be applied as set
forth in the Loan Agreement.
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3.6 |
ESTOPPEL CERTIFICATES . Within thirty
(30) days after written request by Grantee, Grantor shall
deliver to Grantee and to any party designated by Grantee estoppel
certificates executed by Grantor, and use its best efforts to
obtain such estoppel certificates executed by each of the lessees,
in each case in recordable form, certifying (if such be the case):
(a) that the foregoing assignment and the Leases are in full
force and effect; (b) the date of each lessee’s most
recent payment of rent; (c) that there are no defenses or
offsets outstanding, or stating those claimed by Grantor or lessees
under the foregoing assignment or the Leases, as the case may be;
and (d) any other information reasonably requested by
Grantee. |
ARTICLE 4. SECURITY
AGREEMENT
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4.1 |
SECURITY INTEREST . Grantor hereby grants and
assigns to Grantee as of the date hereof a security interest, to
secure payment and performance of all of the Secured Obligations,
in all of the following described personal property in which
Grantor now or at any time hereafter has any interest
(collectively, the “Collateral”): |
All goods, building and other
materials, supplies, work in process, equipment, machinery,
fixtures, furniture, furnishings, signs and other personal property
and embedded software included therein, wherever situated, which
are or are to be incorporated into, used in connection with, or
appropriated for use on (i) the real property described on
Exhibit A attached hereto and incorporated by reference
herein (to the extent the same are not effectively made a part of
the real property pursuant to Section 1.1 above) or
(ii) the Improvements (which real property and Improvements
are collectively referred to herein as the Subject Property);
together with all rents (to the extent, if any, they are not
subject to Article 3); all inventory, accounts, cash receipts,
deposit accounts, accounts receivable, contract rights, licenses,
agreements, (including, without limitation, all acquisition
agreements with respect to the Subject Property); all of
Grantor’s rights under any interest rate swap agreement, or
other interest rate hedge agreement of any type executed by and
between Grantor and Grantee; all Contracts referenced in
Section 5.18 below (including property management and leasing
agreements), architects’ agreements, and/or construction
agreements with respect to the completion of any improvements on
the Subject Property), general intangibles, chattel paper (whether
electronic or tangible), instruments, documents, promissory notes,
drafts, letters of credit, letter of credit rights, supporting
obligations, insurance policies, insurance and condemnation awards
and proceeds, any other rights to the payment of money, trade
names, trademarks and service marks arising from or related to the
ownership, management, leasing or operation of the Subject Property
or any business now or hereafter conducted thereon by
Grantor;
all permits, consents,
approvals, licenses, authorizations and other rights granted by,
given by or obtained from, any governmental entity with respect to
the Subject Property; all deposits or other security now or
hereafter made with or given to utility companies by Grantor with
respect to the Subject Property; all advance payments of insurance
premiums made by Grantor with respect to the Subject Property; all
plans, drawings and specifications relating to the Subject
Property; all loan funds held by Grantee, whether or not disbursed;
all funds deposited with Grantee pursuant to any loan agreement;
all reserves, deferred payments, deposits, accounts, refunds, cost
savings and payments of any kind related to the Subject Property or
any portion thereof; together with all replacements and proceeds
of, and additions and accessions to, any of the foregoing; together
with all books, records and files to the extent relating to any of
the foregoing.
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4.2 |
REPRESENTATIONS AND WARRANTIES . Grantor
represents and warrants that: (a) Grantor has, as of the date
of recordation of this Security Deed, and will have, good title to
the Collateral; (b) Grantor has not previously assigned or
encumbered the Collateral, and no financing statement covering any
of the Collateral has been delivered to any other person or entity;
(c) Grantor’s principal place of business is located at
the address shown in Section 7.11; and
(d) Grantor’s legal name is exactly as set forth on the
first page of this Security Deed and all of Grantor’s
organizational documents or agreements delivered to Grantee are
complete and accurate in every respect. |
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4.3 |
COVENANTS . Grantor agrees: (a) to execute
and deliver such documents as Grantee deems necessary to create,
perfect and continue the security interests contemplated hereby;
(b) not to change its name, and as applicable, its chief
executive office, its principal residence or the jurisdiction in
which it is organized and/or registered without giving Grantee
prior written notice thereof; (c) to cooperate with Grantee in
perfecting all security interests granted herein and in obtaining
such agreements from third parties as Grantee deems necessary,
proper or convenient in connection with the preservation,
perfection or enforcement of any of its rights hereunder; and
(d) that Grantee is authorized to file financing statements in
the name of Grantor to perfect Grantee’s security interest in
Collateral. |
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4.4 |
RIGHTS OF GRANTEE . In addition to
Grantee’s rights as a “Secured Party” under the
Georgia Uniform Commercial Code, as amended or recodified from time
to time (“UCC”), Grantee may, but shall not be
obligated to, at any time without notice and at the expense of
Grantor: (a) give notice to any person of Grantee’s
rights hereunder and enforce such rights at law or in equity;
(b) insure, protect, defend and preserve the Collateral or any
rights or interests of Grantee therein; (c) inspect the
Collateral; and (d) endorse, collect and receive any right to
payment of money owing to Grantor under or from the Collateral.
Notwithstanding the above, in no event shall Grantee be deemed to
have accepted any property other than cash in satisfaction of any
obligation of Grantor to Grantee unless Grantee shall make an
express written election of said remedy under UCC
Section 11-9-620, or other applicable law. |
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4.5 |
RIGHTS OF GRANTEE ON DEFAULT . Upon the
occurrence of a Default (hereinafter defined) under this Security
Deed, then in addition to all of Grantee’s rights as a
“Secured Party” under the UCC or otherwise at
law: |
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(a) |
Grantee may (i) upon written notice, require Grantor to
assemble any or all of the Collateral and make it available to
Grantee at a place designated by Grantee; (ii) without prior
notice, enter upon the Subject Property or other place where any of
the Collateral may be located and take possession of, collect,
sell, lease, license and dispose of any or all of the Collateral,
and store the same at locations acceptable to Grantee at
Grantor’s expense; (iii) sell, assign and deliver at any
place or in any lawful manner all or any part of the Collateral and
bid and become the purchaser at any such sales; |
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(b) |
Grantee may, for the account of Grantor and at Grantor’s
expense: (i) operate, use, consume, sell, lease, license or
dispose of the Collateral as Grantee deems appropriate for the
purpose of performing any or all of the Secured Obligations;
(ii) enter into any agreement, compromise, or settlement,
including insurance claims, which Grantee may deem desirable or
proper with respect to any of the Collateral; and
(iii) endorse and deliver evidences of title for, and receive,
enforce and collect by legal action or otherwise, all indebtedness
and obligations now or hereafter owing to Grantor in connection
with or on account of any or all of the Collateral; and |
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(c) |
In disposing of Collateral hereunder, Grantee may disclaim all
warranties of title, possession, quiet enjoyment and the like. Any
proceeds of any disposition of any Collateral may be applied by
Grantee to the payment of expenses incurred by Grantee in
connection with the foregoing, including reasonable
attorneys’ fees, and the balance of such proceeds may be
applied by Grantee toward the payment of the Secured Obligations in
such order of application as Grantee may from time to time
elect. |
Notwithstanding any other
provision hereof, Grantee shall not be deemed to have accepted any
property other than cash in satisfaction of any obligation of
Grantor to Grantee unless Grantor shall make an express written
election of said remedy under UCC Section 11-9-620, or other
applicable law. Grantor agrees that Grantee shall have no
obligation to process or prepare any Collateral for sale or other
disposition.
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4.6 |
POWER OF ATTORNEY . Grantor hereby irrevocably
appoints Grantee as Grantor’s attorney-in-fact (such agency
being coupled with an interest), and as such attorney-in-fact
Grantee may, without the obligation to do so, in Grantee’s
name, or in the name of Grantor, prepare, execute and file or
record financing statements, continuation statements, applications
for registration and like papers necessary to create, perfect or
preserve any of Grantee’s security interests and rights in or
to any of the Collateral, and, upon a Default hereunder, take any
other action required of Grantor; provided , however
, that Grantee as such attorney-in-fact shall be accountable only
for such funds as are actually received by Grantee. |
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4.7 |
POSSESSION AND USE OF COLLATERAL . Except as
otherwise provided in this Section or the other Loan Documents (as
defined in the Loan Agreement), so long as no Default exists under
this Security Deed or any of the Loan Documents, Grantor may
possess, use, move, transfer or dispose of any of the Collateral in
the ordinary course of Grantor’s business and in accordance
with the Loan Agreement. |
ARTICLE 5. RIGHTS AND
DUTIES OF THE PARTIES
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5.1 |
TITLE . Grantor represents and warrants that,
except as disclosed to Grantee in a writing which refers to this
warranty, Grantor lawfully holds and possesses fee simple title to
the Subject Property without limitation on the right to encumber,
and that this Security Deed is a first and prior lien and security
title on the Subject Property. Grantor hereby represents and
warrants that all of the Subject Property is a single tax parcel,
and there are no properties included in such tax parcel other than
the Subject Property. Grantor further covenants and agrees that it
shall not cause all or any portion of the Subject Property to be
replatted or for any lots or boundary lines to be adjusted, changed
or altered for either ad valorem tax purposes or otherwise, and
shall not consent to the assessment of the Subject Property in more
than one tax parcel or in conjunction with any property other than
the Subject Property. |
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5.2 |
TAXES AND ASSESSMENTS . |
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(a) |
Subject to Grantor’s rights to contest in good faith
payment of taxes as provided in Section 5.2(b) below, Grantor
shall pay prior to delinquency all taxes, assessments, levies and
charges imposed by any public or quasi-public authority or utility
company which are or which may become a lien upon or cause a loss
in value of the Subject Property or any interest therein. Grantor
shall also pay prior to delinquency all taxes, assessments, levies
and charges imposed by any public authority upon Grantee by reason
of its interest in any Secured Obligation or in the Subject
Property, or by reason of any payment made to Grantee pursuant to
any Secured Obligation; provided , however , Grantor
shall have no obligation to pay taxes which may be imposed from
time to time upon Grantee and which are measured by and imposed
upon Grantee’s net income. |
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(b) |
Grantor may contest in good faith any taxes or assessments if:
(i) Grantor pursues the contest diligently and in compliance
with applicable laws, in a manner which Grantee determines is not
prejudicial to Grantee, and does not impair the rights of Grantee
under any of the Loan Documents; and (b) Grantor deposits with
Grantee any funds or other forms of assurance which Grantee in good
faith determines from time to time appropriate to protect Grantee
from the consequences of the contest being unsuccessful.
Grantor’s compliance with this Section shall operate to
prevent such claim, demand, levy or assessment from becoming a
Default. |
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5.3 |
TAX AND INSURANCE IMPOUNDS . At any time
following the occurrence of a Default, at Grantee’s option
and upon its demand, but subject to Grantor’s right to use
cash from the Property to cover Permitted REIT Distributions (as
such term is defined in the Loan Agreement), Grantor shall, until
all Secured Obligations have been paid in full, pay to Grantee
monthly, annually or as otherwise directed by Grantee an amount
estimated by Grantee to be equal to: (a) all taxes,
assessments, levies and charges imposed by any public or
quasi-public authority or utility company which are or may become a
lien upon the Subject Property or Collateral and will become due
for the tax year during which such payment is so directed; and
(b) premiums for fire, hazard and insurance required or
requested pursuant to the Loan Documents when same are next due. If
Grantee determines that any amounts paid by Grantor are
insufficient for the payment in full of such taxes, assessments,
levies, charges and/or insurance premiums, Grantee shall notify
Grantor of the increased amounts required to pay all amounts when
due, whereupon Grantor shall pay to Grantee within thirty
(30) days thereafter the additional amount as stated in
Grantee’s notice. All sums so paid shall not bear interest,
except to the extent and in any minimum amount required by law; and
Grantee shall, unless Grantor is otherwise in Default hereunder or
under any Loan Document, apply said funds to the payment of, or at
the sole option of Grantee release said funds to Grantor for the
application to and payment of, such sums, taxes, assessments,
levies, charges, and insurance premiums. Upon Default by Grantor
hereunder or under any Loan Document, Grantee may apply all or any
part of said sums to any Secured Obligation and/or to cure such
Default, in which event Grantor shall be required to restore all
amounts so applied, as well as to cure any other events or
conditions of Default not cured by such application. Upon
assignment of this Security Deed, Grantee shall have the right to
assign in writing all amounts collected and in its possession to
its assignee whereupon Grantee shall be released from all liability
with respect thereto. Within ninety-five (95) days following
full repayment of the Secured Obligations (other than full
repayment of the Secured Obligations as a consequence of a
foreclosure or conveyance in lieu of foreclosure of the liens,
security titles and security interests securing the Secured
Obligations) or at such earlier time as Grantee may elect, the
balance of all amounts collected and in Grantee’s possession
shall be paid to Grantor and no other party shall have any right or
claim thereto. |
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5.4 |
PERFORMANCE OF SECURED OBLIGATIONS . Grantor
shall promptly pay and perform each Secured Obligation when
due. |
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5.5 |
LIENS, ENCUMBRANCES AND CHARGES . Grantor
s |
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