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201300301
<br />executed with authority and shall be valid and sufficient without proof of any action by the board
<br />of directors or any superior officer of the corporation or further partnership action in the event of
<br />a limited partnership.
<br />Section 1.32. Transfer of Interests in Mortgaged Property. Except as permitted in
<br />this Section 1.32, Trustor shall not, by operation of law or otherwise, sell, convey, alienate,
<br />transfer, mortgage, encumber or assign ownership or control of all or any part of the Mortgaged
<br />Property or any interest therein, without the consent of Beneficiary.
<br />Section 1.33. Deleted.
<br />Section 1.34. Financial Statements. Trustor shall provide Beneficiary, no later than
<br />May 1 of each calendar year:
<br />1. Trustor's current operating and financial statements
<br />2. Guarantor's updated financial statement
<br />3. Trustor's and Guarantor's tax returns
<br />Trustor shall further provide Beneficiary such other and further financial information and data
<br />concerning Trustor and the Mortgaged Property as Beneficiary shall reasonably request from
<br />time to time. All financial data required to be provided hereunder shall be in such form as
<br />Beneficiary shall approve.
<br />ARTICLE II
<br />BENEFICIARY'S POWERS
<br />At any time, or from time to time, without liability, therefor, Beneficiary, without
<br />affecting the personal liability, if any, of any person for payment of the Secured Obligations or
<br />the effect of this Deed of Trust upon the remainder of said Mortgaged Property, may from time
<br />to time without notice (i) release any part of said Mortgaged Property, (ii) consent in writing to
<br />the making of any map or plat thereof, (iii) join in granting any easement thereon, (iv) join in any
<br />extension agreement or any agreement subordinating the lien or charge hereof, (v) release any
<br />person so liable, (vi) extend the maturity or alter any of the terms of any Secured Obligations,
<br />(vii) grant other indulgences, (viii) take or release any other or additional security for any
<br />obligation herein mentioned, (ix) make compositions or other arrangements with debtors in
<br />relation thereto, or (x) advance additional funds to protect the security hereof and pay or
<br />discharge the Secured Obligations of Trustor hereunder, and all amounts so advanced, with
<br />interest thereon at the rate provided by the Promissory Note, shall be secured hereby.
<br />ARTICLE III
<br />ASSIGNMENT OF RENTS, ISSUES AND PROFITS
<br />Section 3.01. Assignment of Rents. Trustor hereby absolutely assigns and transfers to
<br />Beneficiary all the rents, issues and profits of the Mortgaged Property, and hereby gives to and
<br />confers upon Beneficiary the right, power and authority to collect such rents, issues and profits.
<br />Trustor irrevocably appoints Beneficiary its true and lawful attorney -in -fact, at the option of
<br />Beneficiary at any time and from time to time, to take possession and control of the Mortgaged
<br />Property and to demand, receive and enforce payment, to give receipts, releases and satisfaction,
<br />and to sue, in the name of Trustor or Beneficiary, for all such rents, issues and profits and apply
<br />the same to the Secured Obligations; provided, however, that Trustor shall have a revocable
<br />license to possess and control the Mortgaged Property and to collect such rents, issues and profits
<br />(but not more than one month in advance) prior to or at any time there is not an Event of Default
<br />under any of the Loan Documents. The assignment of the rents, issues and profits of the
<br />Mortgaged Property in this Article III is intended to be an absolute assignment from Trustor to
<br />Beneficiary and not merely the passing of a security interest.
<br />Section 3.02. Collection Upon Default. Upon any Event of Default under any of the
<br />Loan Documents, Beneficiary may, at any time without notice, either in person, by agent or by a
<br />receiver appointed by a court, and without regard to the adequacy of any security for the Secured
<br />Obligations, enter upon and take possession of the Mortgaged Property, or any part thereof, and
<br />in its own name sue for or otherwise collect such rents, issues and profits, including those past
<br />due and unpaid, and apply the same, less costs and expenses of operation and collection,
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