|
ARTICLE III. ASSIGNMENT OF RENTS
<br />3.2 Protection of Security. To protect the security of this assignment, Trustor agrees:
<br />2015000'70
<br />3.1 Assignment. For the purposes and upon the terms and conditions set forth herein, Trustor
<br />irrevocably assigns to Beneficiary all of Trustor's right, title and interest in, to and under all leases,
<br />licenses, rental agreements and other agreements of any kind relating to the use or occupancy of any of
<br />the Real Property, whether existing as of the date hereof or at any time hereafter entered into, together
<br />with all guarantees of and security for any tenant's or lessee's performance thereunder, and all
<br />amendments, extensions, renewals and modifications thereto (each, a "Lease" and collectively, the
<br />"Leases "), together with any and all other rents, accounts, issues and profits of the Real Property
<br />(collectively, "Rents "). This assignment shall not impose upon Beneficiary any duty to produce Rents
<br />from the Real Property, nor cause Beneficiary to be: (a) a "mortgagee in possession" for any purpose;
<br />(b) responsible for performing any of the obligations of the lessor or landlord under any Lease; or (c)
<br />responsible for any waste committed by any person or entity at any time in possession of the Real
<br />Property or any part thereof, or for any dangerous or defective condition of the Real Property, or for any
<br />negligence in the management, upkeep, repair or control of the Real Property. This is an absolute
<br />assignment, not an assignment for security only, and Beneficiary's right to Rents is not contingent upon
<br />and may be exercised without taking possession of the Real Property. Trustor agrees to execute and
<br />deliver to Beneficiary, within five (5) days of Beneficiary's written request, such additional documents as
<br />Beneficiary or Trustee may reasonably request to further evidence the assignment to Beneficiary of any
<br />and all Leases and Rents. Beneficiary or Trustee, at Beneficiary's option and without notice, may notify
<br />any lessee or tenant of this assignment of the Leases and Rents.
<br />(a) At Trustor's sole cost and expense: (i) to perform each obligation to be performed by the lessor or
<br />landlord under each Lease and to enforce or secure the performance of each obligation to be performed
<br />by the lessee or tenant under each Lease; (ii) not to modify any Lease in any material respect, nor
<br />accept surrender under or terminate the term of any Lease; (iii) not to anticipate the Rents under any
<br />Lease; and (iv) not to waive or release any lessee or tenant of or from any Lease obligations. Trustor
<br />assigns to Beneficiary all of Trustor's right and power to modify the terms of any Lease, to accept a
<br />surrender under or terminate the term of or anticipate the Rents under any Lease, and to waive or
<br />release any lessee or tenant of or from any Lease obligations, and any attempt on the part of Trustor to
<br />exercise any such rights or powers without Beneficiary's prior written consent shall be a breach of the
<br />terms hereof.
<br />(b) At Trustor's sole cost and expense, to defend any action in any manner connected with any Lease or
<br />the obligations thereunder, and to pay all costs of Beneficiary or Trustee, including reasonable attorneys'
<br />fees, in any such action in which Beneficiary or Trustee may appear.
<br />(c) That, should Trustor fail to do any act required to be done by Trustor under a Lease, then Beneficiary
<br />or Trustee, but without obligation to do so and without notice to Trustor and without releasing Trustor
<br />from any obligation hereunder, may make or do the same in such manner and to such extent as
<br />Beneficiary or Trustee deems necessary to protect the security hereof, and, in exercising such powers,
<br />Beneficiary or Trustee may employ attorneys and other agents, and Trustor shall pay necessary costs
<br />and reasonable attorneys' fees incurred by Beneficiary or Trustee, or their agents, in the exercise of the
<br />powers granted herein. Trustor shall give prompt notice to Beneficiary of any default by any lessee or
<br />tenant under any Lease, and of any notice of default on the part of Trustor under any Lease received
<br />from a lessee or tenant thereunder, together with an accurate and complete copy thereof.
<br />(d) To pay to Beneficiary immediately upon demand all sums expended under the authority hereof,
<br />DeedOfTrust -NE Job 1896368832- 1903345458 Term Loan Vers.1 12/22/2014 Page 4 of 22
<br />
|