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2� 15�7525
<br /> 1�. ASSIGNMENT�F LEASES ANa RENTS.Trustor irre�o�ably grants,c�n�eys and 5ells tv Trustee,in
<br /> , trustforthe benefit of BenefiCiary,as additional se�uritya�l the right,tit�eand interest in andtaanyand all
<br /> existing ar future leases,subleases,and any vther written ar�erbal agreements fvr the use and oc�upancy of
<br /> any partian of the Property,in�ludEng any extensions,renewals,modifi�ations or substitutions of such
<br /> agreements�all referred to as"Leases"}and rents,issues and profits�alf referred to as"Rents"}.Trustar wil�
<br /> pr�mptly provide Beneficiarywith trueand correct copies of all existing and future Leases.Trustarmay
<br /> collect,recei�e,enjay and use the Rents so lang as Trustor is not in defaul�under the terms of thEs 5ecurity
<br /> Instrument.
<br /> Trustor acknowledges that th�s assignment is perfected upon the recarding of this Deed o�Trust and that
<br /> Benefi�iary is entitled to n�tify any vf Trustor's tenants to make payrnent vf Rents due or t❑�ecome due to
<br /> Beneficiary.Howe�er,Beneficiaryagrees that❑n�yon defaultwill Benefi�iary n�tifyTru�torandTrustor's
<br /> tenantsand make demand thatali future Rents be paid directlyto Beneficiary.�n recei��ng noti�eaf default,
<br /> Trustvr wi I I endorse and del i�er to Beneficiary any payment af R�nts in Trustor's pos$es�ivn and wi I I rece��e
<br /> any Rents in trust for Benefi�iary and will not�omming[e the Rents with any other funds.Any amounts
<br /> �alle�ted will be applied as pro�ided in this Security Instrument.Trustor warrants that na default exi�ts under
<br /> the Leases or any appli�abfe landlardltenant law,Trustvr a�so agrees to rnaintain and require any tenant ta
<br /> complywith theterms❑f the Leases and app�ica�le law.
<br /> 7 3. LEASEH�LDS;C�ND�MINILlMS;PLANNED UNIT DEVEL�PMENTS,Trustvr agrees tv cvmply
<br /> with the pro�isions�f any lease if this Security lnsxrument is an a ieasehald.If the Praperty includes a un'rt in
<br /> a�ondaminium or a pEanned unit de�elapment,Trustar wil!perform all of Trustor's duties under the
<br /> ca�enants,by-faws,vr regu�ations of the condom�nium or planned unit
<br /> de�elopment.
<br /> 14. DEFAULT. Trustar will be in default if an art obli ated on the Se�ured Debt fail�to make a ment when
<br /> Yp Y 9 p Y
<br /> due.Trustar wil[be in default�f a breach v�curs under the term�vf�hi�5ecurity Instrument vr any other
<br /> dvcument exe�uted far the purpvse of creating,securing or guarantying the Secured Debt.A good faith belEef
<br /> by Bene�i�iary that Beneficiary at any time is insecure w�th respett to any persvn or entity obligated on the
<br /> Secured Debt or that the pro�pect of any payment ar the�alue of the Prvperty i�impaired shail alsa constitute
<br /> an e�ent of default.
<br /> '15. RENIEDlES�N DEFAULT.In 5vme instances,federal and�tate law will require BeneficEary ta pro�ide
<br /> Trustor with notice of the rEght to cure or other nflti�es and may establish time sChedules for farecEosure
<br /> act�ans.5ubject to these I�mitations,if any,Beneficiary may ac�elerate the Secured Debt and fore�lose this
<br /> 5eeurity In�trument in a manner pro�ided by 1aw if Trustor is in default.
<br /> At the option of Benefic�ary,all or any part af the agreed fees and charge�,accrued interest and prin�ipal
<br /> shall become immediately due and payable,after gi�ing notice if required by law,upon the o�cur�en�e of a
<br /> default or anytime thereafter.!n addition,Benefi�iary shall be entitled to all the remedies provided by law,
<br /> the terms af the Setured Debt,this 5ecurity Instrument and any related documents,ineluding without
<br /> limitatian,the power ta sell the Property.
<br /> lfthere is a default,Trustee shall,in additivn to anyother permitted�emedy,atthe reque�tofthe
<br /> �eneficiary,ad�erti�e and sell the Prvperty as a whole or in separate parcels at public auctivn ta the highest
<br /> b�dder far cash and cvn�ey absolute title free and clear of all right,title and interest a�Trustor at�u�h time
<br /> and p�ace as Trustee designates.Trustee�hal�gi�e not�ce of sale'rncluding the time,terms and pface of sale
<br /> and a de�criptian of the prvperty to be sold as required by the applicab�e law En effe�t at the tEme of�he
<br /> proposed sale.
<br /> Upvn sale of the Prvperty and to the extent no�prahibited by law,Trustee shall make and deli�er a deed to
<br /> the Property sold which con�eys absolutetitfetothe purchaser,and afterfirst paying al�fee�,charges and
<br /> �osts,sha�i pay to Beneficiary all moneys ad�anced far repairs,taxes,in�urance,liens,assessment�and pr'rvr
<br /> encumbran�es and interest thereon,and the prineipal and interest an the Secured Debt,pay�ng the surplus,if
<br /> any,to Trustor.Beneficiary may purchase the Property.The�ecitals in any deed of con�eyance shali be
<br /> prima facie Q�iden�e vf the facts set forth therein.
<br /> Aii remedies are distinet,�umu�ati�e and nvt exclusiWe,and the Benefi�iary is entitled ta al[remedies
<br /> pro�ided at�aw or equity,whether vr nat expressly set forth.The ac�eptance by Beneficiary of any sum in
<br /> payment�r partial payment vn the Secured Debt after the balan�e is due or is a��elerated ar after foreclosure
<br /> proceedings are filed shali not constitute a wai�er of Benefi�iary's right to require cvmplete�ure of any
<br /> �xisting default.By not exer�ising any remedy on Trustar's defau(t,Benefi�iary daes nvt waive Benefitiary's
<br /> ri htto later�onsiderthe eventa default if itc�ntinues or ha ens
<br /> � pp
<br /> again.
<br /> �page 4 of7}
<br /> _1994 Wvlters Kluwer FinanCial Se�'viCes-Bankers 5ystems * Form L1SB-RE�T-NE�111612�'i 2 ¢�
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