Authority to Act on Behalf of Grantor. During an Event of Default hereunder, Grantor hereby authorizes Beneficiary to pay any and all rental payments or similar sums to be paid by Grantor payment of which is then due under the Ground Lease, with interest and penalties thereon if charged by Ground Lessor under the Ground Lease; and to incur and pay all sums reasonably necessary to protect Beneficiary’s rights hereunder and under the Ground Lease. Such sums shall be included in the amount due and owing pursuant to the Credit Agreement and shall accrue interest at the rate provided for therein.
Appears in 2 contracts
Sources: Future Advance Leasehold Deed of Trust (Grubb & Ellis Healthcare REIT II, Inc.), Leasehold Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Grubb & Ellis Healthcare REIT II, Inc.)