Yea looks just like the back part of the frame, right around the spot the seat goes in and back on the left side is pushed down a bit. Shouldn't really effect anything but visuals, could bend the grab bar the opposite way to make it visually look better even though it is still bent. Personally I wouldn't care, but I like riding more than looks, and it looks damn good to me lol.
It probably wouldn't be too hard to rose bud the area where the bend appears to start and bend it back up. Would probably require repainting the frame though. Could cold bend it, but it probably wouldn't turn out as good.
General rule of thumb for me on machines like that is to check/replace fluids, check spark plug, and get the engine running and see what you have exactly. If it runs good to great, spend the money to fix it, if it runs poorly, then you have to add rebuilding/replacing the engine on top of any other repair. If part machines are common in your area, it might be best to make it a rider till you can get a replacement frame. However it is your machine, so do as you will .
If you do part it though, I want the exhaust =).