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ARTICLE 5
<br />ASSIGNMENT OF RENTS AND LEASES
<br />20150275
<br />5.1 Assignment. Grantor hereby irrevocably assigns to Beneficiary for so long as
<br />any Indebtedness remains unpaid or Obligations remain unfulfilled, all of Grantor's right, title
<br />and interest in, to and under (a) all Leases of the Mortgaged Property or any portion thereof,
<br />and all other agreements of any kind relating to the use or occupancy of the Mortgaged Property
<br />or any portion thereof, whether now existing or entered into after the date hereof and all
<br />amounts payable and all rights and benefits accruing to Grantor; and (b) the rents, revenue,
<br />income, issues, deposits and profits of the Mortgaged Property, including all amounts payable
<br />and all rights and benefits accruing to Grantor under the Leases ( "Rents "). The term "Leases"
<br />shall also include all guarantees of and security for the Tenants' performance thereunder, and
<br />all amendments, extensions, renewals or modifications thereto which are permitted hereunder.
<br />This is a present and absolute assignment, not an assignment for security purposes only, and
<br />Beneficiary's right to the Leases and Rents is not contingent upon, and may be exercised
<br />without possession of, the Mortgaged Property.
<br />5.2 Grant of License. Beneficiary confers upon Grantor a license (the "License ") to
<br />collect and retain the Rents as they become due and payable, until the occurrence of an Event
<br />of Default. Upon an Event of Default, the License shall be automatically revoked and
<br />Beneficiary may collect and apply the Rents pursuant to Section 4.8 with notice, but without
<br />taking possession of the Mortgaged Property. Grantor hereby irrevocably authorizes and
<br />directs the Tenants under the Leases to rely upon and comply with any notice or demand by
<br />Beneficiary for the payment to Beneficiary of any rental or other sums which may at any time
<br />become due under the Leases, or for the performance of any of the Tenants' undertakings
<br />under the Leases, and the Tenants' shall have no right or duty to inquire as to whether any
<br />Event of Default has actually occurred or is then existing hereunder. Grantor hereby relieves
<br />the Tenants' from any liability to Grantor by reason of relying upon and complying with any such
<br />notice or demand by Beneficiary.
<br />5.3 Effect of Assignment. The foregoing irrevocable assignment shall not cause
<br />Beneficiary to be (a) a mortgagee in possession; (b) responsible or liable for the control, care,
<br />management or repair of the Mortgaged Property or for performing any of the terms,
<br />agreements, undertakings, obligations, representations, warranties, covenants and conditions of
<br />the Leases; or (c) responsible or liable for any waste committed on the Mortgaged Property by
<br />the Tenants under any of the Leases or any other Person for any dangerous or defective
<br />condition of the Mortgaged Property, or for any negligence in the management, upkeep, repair
<br />or control of the Mortgaged Property resulting in loss or injury or death to any Tenant, licensee,
<br />employee, invitee or other Person. Beneficiary and Trustee shall not directly or indirectly be
<br />liable to Grantor or any other Person as a consequence of (x) the exercise or failure to exercise
<br />by Beneficiary or Trustee, or any of their respective employees, agents, representatives,
<br />contractors or subcontractors, any of the rights, remedies or powers granted to Beneficiary or
<br />Trustee hereunder; or (y) the failure or refusal of Beneficiary to perform or discharge any
<br />obligation, duty or liability of Grantor arising under the Leases.
<br />ARTICLE 6
<br />SECURITY AGREEMENT
<br />6.1 Security Interest. This Deed of Trust constitutes a "Security Agreement" on
<br />personal property within the meaning of the UCC and other applicable Law with respect to the
<br />Personalty, Fixtures, Plans, Leases, Rents and Property Agreements. To this end, Grantor
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