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201502076 Existing Leases or Future Leases and all rights and benefits accrued to or to accrue to Borrower under any and all of the Existing Leases or Future leases (the "Collateral "). The Existing Leases, Future Leases and Collateral are collectively referred to as the "Leases," and a reference to Existing Leases, Future Leases, Collateral or Leases shall be a reference to the same as amended, extended, renewed or modified from time to time. 2. Obligation Secured. Borrower makes the foregoing grant and assignment to Lender for the purpose of securing: (a) payment to Lender of all indebtedness evidenced by and arising under the Promissory Note (the "Note ") executed by Borrower in the principal amount of Twelve Million Five Hundred Thousand and no /100 Dollars ($12,500,000.00), payable to Lender or its order, and dated as of the date of this Assignment as the same may be amended, extended, renewed or modified from time to time; and (b) the payment of all indebtedness and the performance of all obligations of Borrower to Lender now existing or arising after the date of this Assignment in connection with the loan evidenced by the Note (the "Loan"), including without limitation, all indebtedness and obligations secured by or arising under the Deed of Trust, Security Agreement and Assignment of Rents (hereinafter "Security Instrument ") on the Property dated as of the date hereof and securing the Note, and all of the other documents evidencing or securing the Loan (collectively, the "Loan Documents "), as all of the same may be amended, extended, renewed or modified from time to time; and (c) the payment of all indebtedness and the performance of all obligations, which recite that they are secured by this Assignment, of Borrower to Lender now existing or arising after the date of this Assignment under this Assignment, as the same may be amended, extended, renewed or modified from time to time. 3. Interpretation. It is the intention of the Borrower that this Assignment shall constitute a present and absolute assignment to Lender. However, so long as there shall exist no Default by Borrower in the payment of any sum due to Lender under the Loan Documents, or in the performance of any obligation, covenant or agreement contained in this Assignment, the Loan Documents or the Leases, as the same are to be performed by Borrower, Borrower shall have the right to collect at the time of, but not more than thirty (30) days prior to, the date provided for payment, all rents, income and profits arising under the Leases and to retain and use the same. 4. Covenants. Borrower covenants and agrees as follows: (a) to perform all of the covenants, representations and agreements of the lessor, and not to violate any of the warranties of the lessor, under the Leases; not to suffer or permit any release, abatement or reduction of liability of any of the lessees; not to create any right or excuse for any of the lessees to withhold payment of rent or 2