Common use of Application of Income Clause in Contracts

Application of Income. Beneficiary shall, after payment of all proper charges and expenses, including reasonable compensation to any managing agent as it shall select and employ, and after the accumulation of a reserve to meet taxes, assessments and insurance as herein required in requisite amounts, credit the net amount of income received by it from the Trust Property by virtue of this absolute assignment to any amounts due and owing to it by Trustor under the terms hereof, but the manner of the application of such net income and what items shall be credited shall be determined pursuant to the Subordinated Loan Agreement, or otherwise in the sole discretion of Beneficiary. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Trustor Rents, Issues and Profits received by Beneficiary, or any portion of such Rents, Issues and Profits. Beneficiary shall not be liable for its failure to collect, or its failure to exercise diligence in the collection of Rents, Issues and Profits, but shall be accountable only for Rents, Issues and Profits that Beneficiary shall actually receive.

Application of Income. Beneficiary shall, after payment of all proper charges and expenses, including reasonable compensation to any managing agent as it shall select and employ, and after the accumulation of a reserve to meet taxes, assessments and insurance as herein required in requisite amounts, credit the net amount of income received by it from the Trust Property by virtue of this absolute assignment to any amounts due and owing to it by Trustor under the terms hereof, but the manner of the application of such net income and what items shall be credited shall be determined pursuant to the Subordinated Loan AgreementIndenture, or -19- -------------------------------------------------------------------------------- otherwise in the sole discretion of Beneficiary. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Trustor Rents, Issues and Profits received by Beneficiary, or any portion of such Rents, Issues and Profits. Beneficiary shall not be liable for its failure to collect, or its failure to exercise diligence in the collection of Rents, Issues and Profits, but shall be accountable only for Rents, Issues and Profits that Beneficiary shall actually receive.

Application of Income. Beneficiary shall, after payment of all proper --------------------- charges and expenses, including reasonable compensation to any managing agent as it shall select and employ, and after the accumulation of a reserve to meet taxes, assessments and insurance as herein required in requisite amounts, credit the net amount of income received by it from the Trust Property by virtue of this absolute assignment to any amounts due and owing to it by Trustor Trustors under the terms hereof, but the manner of the application of such said net income and what items shall be credited shall be determined pursuant to the Subordinated Loan AgreementIndenture, or otherwise in the sole discretion of Beneficiary. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Trustor Trustors Rents, Issues and Profits received by Beneficiary, or any portion of such Rents, Issues and Profits. Beneficiary shall not be liable for its failure to collect, or its failure to exercise diligence in the collection of Rents, Issues and Profits, but shall be accountable only for Rents, Issues and Profits that Beneficiary shall actually receive. Beneficiary shall not be accountable for more monies than it actually receives from the Trust Property nor shall it be liable for failure to collect Rents, Issues and Profits.