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<br />agreement under the terms of which any person has or acquires any right to occupy or use the Property, or any part
<br />thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder, and all
<br />extensions, renewals, modifications and replacements of each such lease, sublease, usufruct, agreement or guaranty;
<br />and (ii) "Rents" means all of the rents, revenue, income, profits and proceeds derived and to be derived from the
<br />Property or arising from the use or enjoyment of any portion thereof or from any Lease, including but not limited to
<br />the proceeds from any negotiated lease termination or buyout of such Lease, liquidated damages following default
<br />under any such Lease, all proceeds payable under any policy of insurance covering loss of rents resulting from
<br />untenantability caused by damage to any part of the Property, all of Trustor's rights to recover monetary amounts from
<br />any tenant in bankruptcy including, without limitation, rights of recovery for use and occupancy and damage claims
<br />arising out of Lease defaults, including rejections, under any applicable Debtor Relief Law (hereinafter defined),
<br />together with any sums of money that may now or at any time hereafter be or become due and payable to Trustor by
<br />virtue of any and all royalties, overriding royalties, bonuses, delay rentals and any other amount of any kind or
<br />character arising under any and all present and all future oil, gas, mineral and mining leases covering the Property or
<br />any part thereof, and all proceeds and other amounts paid or owing to Trustor under or pursuant to any and all
<br />contracts and bonds relating to the construction or renovation of the Property.
<br />Section 3.2. No Liability of Beneficiarx. Beneficiary's acceptance of this assignment shall not be
<br />deemed to constitute Beneficiary a "mortgagee in possession," nor obligate Beneficiary to appear in or defend any
<br />proceeding relating to any Lease or to the Property, or to take any action hereunder, expend any money, incur any
<br />expenses, or perform any obligation or liability under any Lease, or assume any obligation for any deposit delivered
<br />to Trustor by any tenant and not as such delivered to and accepted by Beneficiary. Beneficiary shall not be liable for
<br />any injury or damage to person or property in or about the Property, or for Beneficiary's failure to collect or to
<br />exercise diligence in collecting Rents, but shall be accountable only for Rents that it shall actually receive. Neither
<br />the assignment of Leases and Rents nor enforcement of Beneficiary's rights regarding Leases and Rents (including
<br />collection of Rents) nor possession of the Property by Beneficiary nor Beneficiary's consent to or approval of any
<br />Lease (nor all of the same), shall render Beneficiary liable on any obligation under or with respect.to any Lease or
<br />constitute affirmation of, or any subordination to, any Lease, occupancy, use or option.
<br />ARTICLE 4
<br />Default
<br />Section 4.1. Events of Default. The occurrence of any one of the following shall be a default under this
<br />Deed of Trust ( "default" or "Default "):
<br />(a) Failure to Pay Indebtedness. Any of the Secured Indebtedness is not paid within fifteen
<br />(15) days of the date when due, regardless of how such amount may have become due.
<br />(b) Nonperformance of Covenants. Any covenant, agreement or condition herein or in any
<br />other Loan Document (other than covenants otherwise addressed in another Subsection of this Section, such as
<br />covenants to pay the Secured Indebtedness) is not fully and timely performed, observed or kept.
<br />(c) Default under other Loan Documents. A Default (other than a default otherwise addressed
<br />in another Subsection of this Section) occurs under any other Loan Document.
<br />(d) Representations. Any statement, representation or warranty in any of the Loan
<br />Documents, or in any financial statement or any other writing heretofore or hereafter delivered to Beneficiary in
<br />connection with the Secured Indebtedness is false, misleading or erroneous in any material respect on the date hereof
<br />or on the date as of which such statement, representation or warranty is made.
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