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201503137
<br /> � 12. ASSIGNMENT OF LEASES AND RENTS.Trustor irrevocably grants,conveys and sells to Trustee,in
<br /> trust for the benefit of Beneficiary,as additional security all the right,title and interest in and to any and all
<br /> existing or future leases,subleases,and any other written or verbal agreements for the use and occupancy of
<br /> any portion of the Property,including any extensions,renewals,modifications or subsiitutions of such
<br /> agreements(all�eferred to as"Leases"}and rents,issues and profits{all referred to as"Rents").Trustor will
<br /> promptly provide Beneficiary with true and correct copies of all existing and future Leases.Trustor may
<br /> colled,receive,enjoy and use the Rents so long as Trustor is not in default under the terms of this Security
<br /> Instrument.
<br /> Trustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that
<br /> Beneficiary is entitled to notify any of Trustor's tenants to make payment of Rents due or to become due to
<br /> Beneficiary.However,Beneficiary agrees that only on default will Beneficiary notify Trustar and Trustor's
<br /> tenants and make demand that all future Rents be paid diredly to Beneficiary.On receiving notice of default,
<br /> Trustor will endorse and deliver to Beneficiary any payment of Rents in Trustor's possession and will receive
<br /> any Rents in trust for Beneficiary and will not commingle the Rents with any other funds.Any amounts
<br /> tallected will be applied as provided in this Security Instrument.Trustor warrants that no default exists under
<br /> the Leases or any applicable landlord/tenant law.Trustor also agrees to maintain and require any tenant to
<br /> comply with the terms of the Leases and applicable law.
<br /> 13. LEASEHOLDS;CONDOMINIUMS;PLANNED UNIT DEVELOPMENTS.Trustor agrees to comply
<br /> with the provisions of any lease if this Security Instrument is on a leasehold.If the Property includes a unit in
<br /> a condominium or a planned unit development,Trustor will perform all of Trustor's duties under the
<br /> covenants,by-laws,or regulations of the condominium or planned unit
<br /> development.
<br /> 14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when
<br /> due.Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other
<br /> document executed for the purpose of creating,securing or guarantying the Secured Debt.A good faith belief
<br /> by Beneficiary that Beneficiary at any time is insecure with respect to any person or entity obligated on the
<br /> Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute
<br /> an event of default.
<br /> 15. REMEDIES ON DEFAULT.In some instances,federal and state(aw will require Beneficiary to provide
<br /> Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure
<br /> actions.Subject to these limitations,if any,Beneficiary may accelerate the Secured Debt and foreclose this
<br /> Security Instrument in a manner provided by law if Trustor is in default.
<br /> At the option of Beneficiary,all or any part of the agreed fees and charges,accrued interest and principal
<br /> shall become immediately due and payable,after giving notice if requi�ed by law,upon the accurrence of a
<br /> default or anytime thereafter.In addition,Beneficiary shall be entitled to all the remedies provided by law,
<br /> the terms of the Secured Debt,this Security Instrument and any related dacuments,including without
<br /> limitation,the power to sell the Properry.
<br /> If there is a default,Trustee shall,in addition to any other permitted remedy,at the request of the
<br /> Beneficiary,advertise and sell the Property as a whale or in separate parcels at public auction to the highest
<br /> bidder for cash and convey absolute title free and clear of all right,title and interest of Trustor at such time
<br /> and place as Trustee designates.Trustee shall give notice of sale including the time,terms and place of sale
<br /> and a description of the property to be sold as required by the applicable law in effect at the time of the
<br /> proposed sale.
<br /> Upon sale of the Property and to the extent not prohibited by law,Trustee shall make and deliver a deed to
<br /> the Property sold which conveys absolute title to the purchaser,and after first paying all fees,charges and
<br /> costs,shall pay to Beneficiary all moneys advanced for repairs,taxes,insurance,liens,assessments and prior
<br /> encumbrances and interest thereon,and the principal and interest on the Secured Debt,paying the surplus,if
<br /> any,to Trustor.Beneficiary may purchase the Properry.The recitals in any deed of conveyance shall be
<br /> prima facie evidence of the facts set forth therein.
<br /> All remedies are distinct,cumulative and not exclusive,and the Beneficiary is entitled to all remedies
<br /> provided at law or equity,whether or not expressly set forth.The acceptance by Beneficiary of any sum in
<br /> payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure
<br /> proceedings are filed shall not canstitute a waiver of Beneficiary's right to require complete cure of any
<br /> existing default.By not exercising any remedy on Trustor's default,Beneficiary does not waive Beneficiary's
<br /> right to later consider the event a default if it continues or happens
<br /> again.
<br /> (Rage 4 of7)
<br /> _1994WdtersKluwerFlnancWlScrvkes•BankenSystems � FormUS6•REDT•NE 11/76/2012
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