Effect on the Obligations. Notwithstanding any Taking, Borrower shall continue to pay and perform the Obligations as provided in the Documents, as they may be adjusted pursuant to Paragraph 1(e) of the Note. Any reduction in the Obligations due to application of the Award shall take effect only upon Lender’s actual receipt and application of the Award to the Obligations. If the Property shall have been foreclosed, sold pursuant to any power of sale granted hereunder, or transferred by deed-in-lieu of foreclosure prior to Lender’s actual receipt of the Award, Lender may apply the Award received to the extent of any deficiency upon such sale and Costs incurred by Lender in connection with such sale.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement and Fixture Filing
Effect on the Obligations. Notwithstanding any Taking, Borrower shall continue to pay and perform the Obligations as provided in the Documents, as they may be adjusted pursuant to Paragraph 1(e) of the Note. Any reduction in the Obligations due to application of the Award shall take effect only upon Lender▇▇▇▇▇▇’s actual receipt and application of the Award to the Obligations. If the Property shall have been foreclosed, sold pursuant to any power of sale granted hereunder, or transferred by deed-in-lieu of foreclosure prior to Lender’s actual receipt of the Award, Lender may apply the Award received to the extent of any deficiency upon such sale and Costs incurred by Lender in connection with such sale.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement and Fixture Filing (Saul Centers Inc)