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-14- 1 200111898 Account), it being understood that the Beneficiary shall not be liable or responsible for any such loss. Notwithstanding anything herein or at law or in equity to the contrary, none of the Casualty or Condemnation Proceeds paid to the Beneficiary as herein provided, and none of the other amounts from time to time held in the Restoration Account, shall be deemed trust funds, and the Beneficiary shall be entitled to advance amounts from time to time held in the Restoration Account to the Trustor, or to apply the same to the prepayment of the Loans or other indebtedness constituting the Obligations hereunder, as provided in Section 1.05(d). Section 1.12. Notice Regarding Special Flood Hazards. The Trustor hereby acknowledges that it realizes that the following Properties are in zones identified by the Director of the Federal Emergency Management Agency as special flood hazard zones described in 12 C.F.R. § 22.2 and that it has received, prior to the granting of this Deed of Trust, the notice regarding Federal disaster relief assistance referred to in the Appendix to 12 C.F.R. Part 22: None ARTICLE 2 Assignment of Rents, Issues and Profits Section 2.01. Assignment of Rents, Issues and Profits. The Trustor hereby assigns and transfers to the Beneficiary, FOR THE PURPOSE OF SECURING the Obligations, all Rents, and hereby gives to and confers upon the Beneficiary the right, power and authority to collect the same. The Trustor irrevocably appoints the Beneficiary its true and lawful attorney -in -fact, at its option at any time and from time to time following the occurrence and during the continuance of a Default, to demand, receive and enforce payment, to give receipts, releases and satisfactions, and to sue, in the name of the Trustor or otherwise, for Rents and apply the same to the Obligations as provided in paragraph (a) of Section 4.03; provided, however, that the Trustor shall have the right to collect Rents at any time prior to the occurrence of a Default (but not more than one month in advance, except in the case of security deposits). Section 2.02. Collection Upon Default. To the extent permitted by law, upon the occurrence of any Default, the Beneficiary may, at any time without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of any security for the Obligations or the solvency of the Trustor, enter upon and take possession of the Properties, the Improvements and the Fixtures or any part thereof, in its own name, sue for or otherwise collect Rents including those past due and unpaid, and, apply the same, less costs and Deed of Trust NY I': #3303402v2