Performance of Defaulted Obligations. Although Beneficiary shall not be required to do so, Beneficiary may make any payment or perform any other obligation under the Note, this Deed of Trust or any of the Security Documents which Grantor has failed to make or perform, and Grantor hereby irrevocably appoints Beneficiary as a true and lawful attorney-in-fact for Grantor with authority to make any such payment and perform any such obligation in the name of Grantor and on behalf of Grantor. All payments made and expenses (including attorneys' fees) incurred by Beneficiary pursuant to this section, together with interest thereon at the Default Rate (as defined in the Note) from the date paid or incurred until repaid, will be part of Grantor's indebtedness to Beneficiary and will be immediately due and payable by Grantor to Beneficiary or, at Beneficiary's election, may be added to the unpaid principal balance of the Note and shall be secured by this Deed of Trust and the other Security Documents. In lieu of advancing Beneficiary's own funds for such purposes, Beneficiary may use any funds of Grantor which may be in Beneficiary's possession, including but not limited to undisbursed loan proceeds, insurance or condemnation proceeds, and amounts deposited for other purposes. Any payment by Beneficiary made pursuant to this section or in any other section of this Deed of Trust or of the Note or any other Security Document shall not excuse or constitute a waiver by Beneficiary of any default by Grantor.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Rents and Security Agreement (St Mary Land & Exploration Co), Deed of Trust, Assignment of Rents and Security Agreement (St Mary Land & Exploration Co)