|
201903152
<br />H. Trustor shall not, without the prior written consent of Beneficiary first
<br />obtained, further assign the Rents, issues or profits or deposits from, or
<br />relating to, the Mortgaged Property, and any such assignment without the
<br />prior written consent of Beneficiary shall be null, void and of no force or
<br />effect.
<br />Section 2.9 - Personal Property Security Interest.
<br />A. In addition to creating a lien against the Mortgaged Property, this Deed of
<br />Trust constitutes a security agreement and is intended to, and Trustor does
<br />hereby assign and grant and create a security interest in favor of Beneficiary
<br />in all personal property including but not limited to, fixtures, equipment,
<br />leases, Rents, issues, income, profits, instruments, inventory, general
<br />intangibles, payment intangibles, investment property, chattel paper
<br />documents, letter of credit rights, supporting obligations, commercial tort
<br />claims, accounts, deposit accounts with Beneficiary of any kind, contract
<br />rights and claims included within or related to the Mortgaged Property, and
<br />in all deposits made pursuant to impound provisions hereof and all
<br />insurance policies and unearned premiums prepaid thereon, insurance
<br />proceeds (whether or not Trustor is required to carry such insurance by
<br />Beneficiary hereunder), and awards, payments or consideration for the
<br />taking of the Mortgaged Property, or any portion thereof, by condemnation
<br />or exercise of the power of eminent domain, or from any sale in lieu or in
<br />anticipation thereof (collectively, the "Personal Property"), at any time
<br />situated on or used in connection with the construction, maintenance,
<br />management, leasing, disposition or operation of the Mortgaged Property, to
<br />the extent that a security interest may be granted therein under the terms of
<br />the applicable Uniform Commercial Code. Trustor agrees to supply
<br />Beneficiary, but not more frequently than once each calendar year, with an
<br />inventory of all such property in a form acceptable to Beneficiary, from
<br />time to time, upon receipt of a written request therefor from Beneficiary.
<br />B. This Deed of Trust shall be self -operative with respect to such Personal
<br />Property, but Trustor shall execute and deliver on demand from Beneficiary
<br />one or more security agreements, financing statements and other
<br />instruments as Beneficiary may request in order to impose the lien hereof
<br />more specifically upon any such Personal Property, the terms and conditions
<br />thereof to be as required by Beneficiary, in Beneficiary's sole and absolute
<br />discretion. The security interest in the Personal Property as created hereby
<br />shall be subject to the right of Trustor and Tenants of Trustor to replace any
<br />such Personal Property from time to time so long as the replacement
<br />Personal Property has a fair market value, as determined by Beneficiary, in
<br />Beneficiary's reasonable discretion, equal to, or greater than the fair market
<br />value of the property replaced. The Personal Property may be moved about
<br />and relocated from time to time within the Mortgaged Property without the
<br />prior consent of Beneficiary first obtained.
<br />15
<br />
|