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200001165 � �
<br /> The exercise of any of the foregoing rights or remedies and the applicafion of the rents,profits and income pursuani to the Section entitled
<br /> "Application of Rents, Profits and lncome"shall not cure or waive any Event of Default(or notice of defaultl under the Deed of Trust or
<br /> invalidate any act done pursuant to such notice.
<br /> 7. APPLICAT/ON OF RENTS, PROFITS AND/NCOME. All Rents collected by the Assignee or its agent or receive�each month shall be
<br /> applied as fol%ws:
<br /> aJ if a receiver has been appointed, to payment of al!reasonable fees of the receive�;
<br /> bJ to payment of all tenant security deposits then owing to tenants under any of the Leases;
<br /> cJ to payment, when due, of prior or current�eal estate taxes and special assessments with respect to the Trust Property, or if the
<br /> Deed of Trust�equires periodic escrow payments for such taxes and assessments, to the escrow payments then due;
<br /> dl to payment of all premiums then due for insurance requi�ed by the provisions of the Deed of Trust, or if the Deed of T�ust requi�es
<br /> periodic escrow payments for such premiums, to the escrow payments then due;
<br /> e) to payment of expenses incurred for normal maintenance of the Trust P�operty;
<br /> f) if received prior to any foreclosure sa/e of the Tiust P�operty, to the Assignee for payment of the Ob/igation, but no such payment
<br /> made after acceleration of rhe Obligation shall affect such acceleration; ,. ,
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<br /> g) if received during or with respect to the period of redemption following a forec%sure s8/e"of thb 1'r�sl�Prop�ri�(:
<br /> (i) lf the purchaser at the foreclosure sale is not the Assignee, fi�st to the Assignee to the extent of any deficiency of ihe sale
<br /> p�oceeds to repay the Obligation, second to the purchaser to be retained as a credit to the redemption price, but if the Trust
<br /> Property is not redeemed, then to the purchaser of the Trust Property;
<br /> lii) lf the purchaser at the fo�eclosure sale is the Assignee, to the Assignee to the extent of any deficiency of the sale proceeds to
<br /> �epay the Obligation and the balance to be retained by the Assignee as a credit to the redemption price, but if the Trust Property
<br /> is n�t�edeemed, then to the Assignee, v✓hether or not any such deficrency�xists.
<br /> The rights and powers of the Assignee under this Assignment and the application of Rents unde�this Section shall continue until expiration
<br /> of the redemption period from any foreclosure sale, whether or not any deficiency�emains after the forec%sure sale.
<br /> 8. NO LIABILITY FOR ASS/GNEE. The Assignee shall not be obligated to perform o�discharge, nor does it hereby undertake to pe�form or
<br /> discharge, any obligation, duty or liability of the Assignor under the Leases. This Assignment shall not operate to place upon the
<br /> Assignee responsibility for the contro% caie, management or repair of the Trust Property or fo�the carrying out of any of the terms and
<br /> conditions of the Leases. The Assignee shall not be responsible o�liab/e for any waste committed on the Trust Property, for any
<br /> dangerous or defective condition of the Tiust P�operty, for any negligence in the management, upkeep, repair o�control of said Trust
<br /> Property or for failure to collect the Rents.
<br /> 9. ASSIGNOR'S INDEMNIFICATION. The Assigno�shall indemnify and hold ihe Assignee harmless against any and all claims, demands,
<br /> liability, loss or damage lincluding all costs, expenses and reasonable attorneys'fees in the defense thereofl asserred against, imposed
<br /> on or incurred by the Assignee in connection with o�as a result of this Assignment or the exercise of any rights or remedies under this
<br /> Assignment or under the Leases or by reason of any alleged obligations or undertakings of the Assignee to perform or discharge any of
<br /> the terms, covenants or agreements contained in the Leases. Should the Assignee incur any such liability, the amount thereof, togerher
<br /> with interest thereon at the rate stated in the Note or the rate stated in the most recent ob/igation covered by the Guaranty, sha//be
<br /> secured hereby and by the Deed of T�ust, and the Assignor shal!reimburse the Assignee therefor upon demand.
<br /> 10. AUTHOR/ZATION TO TENANTS. Upon notice fiom ihe Assignee that it is exercising the remedy set forth in the Section entitled
<br /> "Default;Remedies"of ihis Assignment, the tenants under the Leases are hereby irrevocably authorized and directed to pay to the
<br /> Assignee all sums due under the Leases, and the Assignor hereby consents and directs that said sums shall be paid to the Assignee
<br /> without the necessity for a judicial determination that a default has occurred hereunder or under the Deed of T�ust or that the Assignee
<br /> is entit/ed to exercise its rights hereundei and to the extent such sums are paid to the Assignee, the Assignor agrees that the tenant
<br /> sha//have no further/iabi/ity to the Assignor for the same. The signature of the Assignee a/one sha//be sufficient fo�the exercise of any
<br /> rights under this Assignmeni and the receipt of the Assignee alone for any sums received shall be a full discharge and release therefor
<br /> to any such tenant or occupant of the T�ust Prope�ty. Checks for all or any pa�t of the Rents collected unde�this Assignment shall upon
<br /> notice from the Assignee be drawn to the exclusive order of the Assignee.
<br /> 1 1. SAT/SFACTION. Upon the payment in full of the Obligation secured hereby as evidenced by a recorded deed of reconveyance, this
<br /> Assignment shall, without the need for any furthe!satisfactinn or r�lease, b2ccr,s nul/a�id void and ae of no further effect.
<br /> 12. ASS/GNEE AS ATTORNEY-IN-FACT. The Assignor hereby irrevocably appoints the Assignee and its successors and assigns as the
<br /> Assignor's agent and aitorney-in-faci, which appointment is coup/ed with an inte�est, with the right but not the duty to exercise any
<br /> rights or remedies hereunder and to execute and deliver during the te�m of this Assignment such instruments as the Assignee may deem
<br /> app�opriate to make this Assignment and any further assignment effective, inc/uding but not/imited to ihe right to endorse on beha/f and
<br /> in the name of ihe Assignor all checks fiom tenants in payment of Rents that are made payable to the Assignor.
<br /> 13. SPEC/F/C ASS/GNMENT OF LEASES. The Assignor shall transfer and assign to the Assignee upon written notice by the Assignee, any
<br /> and all specific Leases ihat the Assignee requests. Such t�ansfer o�assignment by the Assignor shall be upon the same or substantially
<br /> the same terms and conditions as a�e herein contained, and the Assignor shall properly file or record such assignmenis, at the
<br /> Assignor's expense, if requested by the Assignee.
<br /> 14. UNENFORCEABLE PROV/S/ONS SEVERABLE. All rights,powers and remedies provided he�ein may be exercised only to the extent that
<br /> the exe�cise thereof does not violate any applicable law, and are intended to be limited to the extent necessary so that they will not
<br /> render this Assignment invalid, unenforceab/e or not entitled to be reco�ded, registered or filed under any applicable law. lf any terms
<br /> of this Assignment shall be held to be invalid, i!legal or unenforceable, the validity of other te�ms he�eof shal!in no way be affected
<br /> thereby.
<br /> 15. SUCCESSORS AND ASS/GNS. This Agreement shad be binding upon the Assignor and the heirs, legal representatives and assigns of
<br /> the Assignor, and shall inure to the benefit of the Assignee and its successors and assigns.
<br /> 16. AMENDMENT•NOTICE. This Assignment can be amended only in a writing signed by the Assignor and the Assignee. Any notice under
<br /> this Assignment shall be deemed to have been given when given in accordance with the�equirements for notice under the Deed of
<br /> Trus t.
<br /> 17. COUNTERPARTS. This Assignment may be executed in any number of counterparts, each of which shall be an o�iginal and all of which
<br /> together shall constitute one instrument.
<br /> 18. THIRD PARTY. lf the Assignor is an individual, nothing contained herein shall i»any way obligate the spouse, if any, of the Assignor to
<br /> pay the Obligation unless such spouse also signed the Note or the Guaranty that is evidence of the Obligation.
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