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200402042
<br />by the Note (the "Loan"), including without limitation, all
<br />indebtedness and obligations secured by or arising under the Deed
<br />of Trust on the Property dated as of the date hereof and securing
<br />the Note, and all of the other documents evidencing or securing
<br />the Loan (collectively the "Loan Documents "), as all of the same
<br />may be amended, extended, renewed or modified from time to
<br />time; and
<br />(c) the payment of all indebtedness and the performance of all
<br />obligations, which recite that they are secured by this Assignment,
<br />of Borrower to Lender now existing or arising after the date of
<br />this Assignment under this Assignment, as the same may be
<br />amended, extended, renewed or modified from time to time.
<br />3. INTERPRETATION.
<br />It is the intention of Borrower that this Assignment shall constitute a present and absolute
<br />Assignment to Lender. However, so long as there shall exist no default by Borrower in the
<br />payment of any sum due to Lender under the Loan Documents, or in the performance of
<br />any obligation, covenant or agreement contained in this Assignment, the Loan Documents
<br />or the Leases, as the same are to be performed by Borrower, Borrower shall have the right
<br />to collect at the time of, but not more than thirty (30) days prior to, the date provided for
<br />payment, all rents, income and profits arising under the Leases and to retain and use the
<br />same.
<br />4. COVENANTS.
<br />Borrower covenants and agrees as follows:
<br />(a) to perform all of the covenants, representations and agreements of
<br />the lessor, and not to violate any of the warranties of the lessor,
<br />under the Leases; not to suffer or permit any release, abatement
<br />or reduction of liability of any of the lessees; not to create any
<br />right or excuse for any of the lessees to withhold payment of rent
<br />or fail to comply with any other liability under any of the Leases
<br />or to otherwise cease performance of any of lessee's obligations
<br />under the Leases; and
<br />(b) to give prompt notice to Lender of any notice of default with
<br />respect to any of the Leases, whether the default be of the lessees
<br />or Borrower, and to furnish Lender with complete copies of said
<br />notices; and
<br />(c) not to terminate, modify or amend any of the terms of the Leases
<br />or grant any concession or waive, excuse or condone any failure
<br />of lessees under the Leases, or in any manner release or discharge
<br />the lessees from any obligations, covenants, conditions or
<br />agreements to be performed by the lessees under the Leases,
<br />including without limitation, the obligation to pay rent, or give
<br />any consent or exercise any option required or permitted by the
<br />terms of any of the Leases, either orally or in writing, without the
<br />prior written consent of Lender, which may be withheld in
<br />Lender's sole discretion, or to accept the surrender of any of the
<br />Leases without the prior written consent of Lender, which may be
<br />withheld in Lender's sole discretion, and that any attempted
<br />termination, modification, or amendment of any of the Leases, or
<br />any other action which requires Lender's consent, without such
<br />consent, shall be null and void; and
<br />(d) not to collect any of the rent, income or other liabilities arising or
<br />accruing under the Leases more than one (1) month in advance of
<br />the time when the same become due; and
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