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201203748
<br />limitation, the definition of "Mortgaged Property and/or the provisions of Article 3 hereof, (i) to
<br />the extent permitted by applicable law, the Mortgaged Property is composed of Grantor's rights,
<br />title and interests therein but not Grantor's obligations, duties or liabilities pertaining thereto, (ii)
<br />Beneficiary neither assumes nor shall have any obligations, duties or liabilities in connection
<br />with any portion of the items described in the definition of "Mortgaged Property" herein, either
<br />prior to or after obtaining title to such Mortgaged Property, whether by foreclosure sale, the
<br />granting of deed in lieu of foreclosure or otherwise, and (iii) Beneficiary may, at any time prior
<br />to or after the acquisition of title to any portion of the Mortgaged Property as above described,
<br />advise any party in writing as to the extent of Beneficiary's interest therein and/or expressly
<br />disaffirm in writing any rights, interests, obligations, duties and/or liabilities with respect to such
<br />Mortgaged Property or matters related thereto. Without limiting the generality of the foregoing,
<br />it is understood and agreed that Beneficiary shall have no obligations, duties or liabilities prior to
<br />or after acquisition of title to any portion of the Mortgaged Property, as lessee under any lease or
<br />purchaser or seller under any contract or option unless Beneficiary elects otherwise by written
<br />notification.
<br />ARTICLE 3 - ASSIGNMENT OF LEASES AND RENTS
<br />Section 3.1 Assignment. As additional security for the Obligations, Grantor hereby
<br />absolutely, presently and unconditionally grants, assigns, transfers and pledges to Beneficiary all
<br />Rents (hereinafter defined) and all of Grantor's rights in and under all Leases (hereinafter
<br />defined). Grantor shall have a revocable license (the "License") to collect the Rents, subject to
<br />the provisions of Section 3.2 herein, until an event of default occurs under the Loan. Upon the
<br />occurrence of a default hereunder, Beneficiary shall have the right, power and privilege (but shall
<br />be under no duty) to terminate the License, demand possession of the Rents, which demand shall
<br />to the fullest extent permitted by applicable law be sufficient action by Beneficiary to entitle
<br />Beneficiary to immediate and direct payment of the Rents (including delivery to Beneficiary of
<br />Rents collected for the period in which the demand occurs and for any subsequent period), for
<br />application as provided in this Deed of Trust, all without the necessity of any further action by
<br />Beneficiary, including, without limitation, any action to foreclose the lien of this Deed of Trust
<br />or to obtain possession of the Land, improvements or any other portion of the Mortgaged
<br />Property. Grantor hereby authorizes and directs the tenants under the Leases to pay Rents to
<br />Beneficiary upon written demand by Beneficiary, without further consent of Grantor, without
<br />any obligation to determine whether a default has in fact occurred and regardless of whether
<br />Beneficiary has taken possession of any portion of the Mortgaged Property, and the tenants may
<br />rely upon any written statement delivered by Beneficiary to the tenants. Any such payment to
<br />Beneficiary shall constitute payment to Grantor under the Leases, and Grantor hereby appoints
<br />Beneficiary as Grantor's lawful attorney-in-fact for giving, and Beneficiary is hereby empowered
<br />to give, acquittance to any tenants for such payments to Beneficiary after a default. As used
<br />herein: (i) "Lease" means each existing or future lease, sublease (to the extent of Grantor's rights
<br />thereunder) or other agreement under the terms of which any person has or acquires any right to
<br />occupy or use the Mortgaged Property, or any part thereof, or interest therein, and each existing
<br />or future guaranty of payment or performance thereunder, and all extensions, renewals,
<br />modifications and replacements of each such lease, sublease, agreement or guaranty; and (ii)
<br />"Rents" means all of the rents, revenue, income, profits and proceeds derived and to be derived
<br />from the Mortgaged Property or arising from the use of enjoyment of any portion thereof or from
<br />Bolton Farm - Loan 195618
<br />JM MDA1 1095245 v
<br />0-0 05/03/2012
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