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200109054
<br />assign and transfer to Trustee all of such sum or sums so due from any such third person or persons, and
<br />Trustee is hereby authorized to receive, collect and sue for the same, and Grantor hereby authorizes and
<br />directs that such sum or sums be paid to Trustee upon presentation of a duly certified copy hereof. Any
<br />and all sums received by Trustee hereunder, after deducting therefrom the reasonable charge or expenses
<br />paid or incurred in connection with the collection and disbursement of said moneys, may be used and
<br />applied at the option of Grantee either for the purpose of paying the cost of repair, restoration or
<br />replacement of the mortgaged property damaged or destroyed, or applied to the prepayment, or partial
<br />prepayment of the installments of the Obligations.
<br />2.09 Taxes. If Grantor shall fail to pay any tax, assessment, lien or other charge against
<br />the Property, or any part thereof, or fails to keep and perform any of the covenants and conditions herein
<br />contained, Trustee or Grantee, shall have the right, but shall not be obligated, to pay such tax, assessment,
<br />lien, rent or other charge, or to redeem such Property from any sale or foreclosure for taxes or
<br />assessments or liens, and may effect and pay such insurance, pay any such obligations and make such
<br />other disbursements as are necessary or advisable in the opinion of Trustee, or Grantee, to cure any such
<br />default of Grantor hereunder, or to protect the lien or the rights of Trustee and Grantee hereunder; any and
<br />all such sums of money advanced for such purposes, or any of them, by Trustee, or Grantee, shall be
<br />deemed an additional principal sum secured by this Deed of Trust and shall be payable on demand with
<br />interest at the Default Rate from the time so advanced; provided, however, nothing herein contained shall
<br />be construed as requiring Trustee, or Grantee, to advance or expend money for any of the purposes
<br />aforesaid.
<br />SECTION 3. ASSIGNMENT OF LEASES, RENTS AND OTHER INCOME.
<br />3.01 Assignment. Grantor irrevocably assigns to Grantee the rents, income, issues and
<br />profits of the Property for the purposes and upon the terms and conditions set forth below. This
<br />assignment shall not impose upon the Grantee any duty to produce rents from the Property or cause
<br />Grantee to be (a) "Mortgagee -in- Possession" for any purpose; (b) responsible for performing any of the
<br />obligations of the lessor under any lease; or (c) responsible for any waste committed with respect to the
<br />management, upkeep, repair or control of the Property. This is an absolute assignment, not an assignment
<br />for security only, and the Grantee's right to rents, issues and profits is not contingent upon, and may be
<br />exercised without, possession of the Property. No collection by Grantor or the Grantee of rents or other
<br />items pursuant to this Section 3 or otherwise shall cure or waive any default by Grantor.
<br />3.02 License. The Grantee confers upon Grantor a license (the "License ") to collect and
<br />retain the rents, income, issues and profits of the Property as they become due and payable, until the
<br />occurrence of an "Event of Default" as hereinafter defined. Upon an Event of Default, the License shall
<br />be automatically revoked and the Grantee may collect and retain the rents, issues, income and profits
<br />without notice and without taking possession of the Property. This right to collect rents, issues, income
<br />and profits shall not grant to the Grantee or the Trustee the right to possession, except as provided below.
<br />Neither such right nor termination of the License shall impose upon the Grantee or the Trustee the duty to
<br />produce rents, issues, income or profits or to maintain all or any part of the Property.
<br />3.03 Advance Rents; Consent of Grantee. Grantor will not cancel any of the leases now
<br />or hereafter assigned to Grantee pursuant hereto, nor terminate or accept a surrender thereof or reduce the
<br />payment of rent thereunder or accept any prepayment of rent (except any amount which may be required
<br />to be prepaid for a period of not more than one month by the terms of any such lease) except in the
<br />ordinary course of business. No such lease shall be allowed by Grantor to be merged into the fee simple
<br />estate of Grantor. Grantor will perform all of its obligations as lessor under all of the leases.
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