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FNBO /Nova -Tech Leasehold Deed of Trust DOCS/1660400.5 4 201605328 Section 1.02. Grant of License. Beneficiary hereby grants to Trustor a license (the "License ") to collect and retain the Rents as they become due and payable, so long as no Event of Default, as defined in Section 6.01, has occurred. If an Event of Default has occurred, Beneficiary shall have the right, in its sole discretion, to terminate the License without notice to or demand upon Trustor, and without regard to the adequacy of Beneficiary's security under this Deed of Trust. Section 1.03. Collection and Application of Rents. Subject to the License granted to Trustor under Section 1.02, Beneficiary has the right, power, and authority to collect any and all Rents. Trustor hereby appoints Beneficiary its attorney -in -fact to perform any and all of the following acts, if and at the times when Beneficiary in its sole discretion may so choose: (a) demand, receive, and enforce payment of any and all Rents; (b) give receipts, releases, and satisfactions for any and all Rents; or (c) sue either in the name of Trustor or in the name of Beneficiary for any and all Rents. Beneficiary's right to the Rents does not depend on whether or not Beneficiary takes possession of the Property as permitted under Section 6.02(a). In Beneficiary's sole discretion, it may choose to collect Rents either with or without taking possession of the Property. If an Event of Default occurs while Beneficiary is in possession of all or part of the Property and is collecting and applying Rents as permitted under this Deed of Trust, Beneficiary, Trustee, and any receiver shall nevertheless be entitled to exercise and invoke every right and remedy afforded any of them under this Deed of Trust and at law or in equity, including the right to exercise the power of sale granted herein in Section 6.02(d). Section 1.04. Notice. All lessees under any and all Leases are hereby irrevocably authorized and notified by Trustor to rely upon and to comply with (and are fully protected in so doing) any notice or demand by Beneficiary for the payment to Beneficiary of any rental or other sums which may at any time become due under the Leases, or for the performance of any of lessees' undertakings under the Leases, and lessees shall have no right or duty to inquire as to whether any Event of Default has actually occurred or is then existing hereunder. Section 1.05. Proceeds. Beneficiary has the right to apply all amounts received by it pursuant to the assignment in Section 1.01 to pay any of the following in such amounts and in such order as Beneficiary deems appropriate: (a) any and all Secured Obligations, together with all costs and attorneys' fees; (b) all expenses of leasing, operating, maintaining, and managing the Property, including the salaries, fees, commissions, and wages of a managing agent and such other employees, agents or independent contractors as Beneficiary deems necessary or desirable; (c) all taxes, charges, claims, assessments, any other liens, and premiums for all insurance Beneficiary deems necessary or desirable; (d) the cost of all alterations, renovations, repairs, or replacements to or of the Property, and (e) all other expenses incident to taking and retaining possession of the Property. Section 1.06. Beneficiary Not Responsible. Regardless of whether or not Beneficiary, in person or by agent, takes actual possession of the Land and Improvements, Beneficiary is not and will not be deemed to be (a) a "mortgagee in possession" for any purpose; (b) responsible for performing any of the obligations of Trustor under any Lease; (c) responsible for any waste committed by lessees or any other parties, any dangerous or defective condition of the Property, or any negligence in the management, upkeep, repair, or control of the Property;