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200403670 <br />Section 3.9 TRANSFER OF THE SECURED PROPERTY. <br />EXCEPT AS EXPRESSLY PERMITTED PURSUANT TO THE TERMS OF THE <br />LOAN AGREEMENT, GRANTOR SHALL NOT SELL, TRANSFER, PLEDGE, <br />ENCUMBER, CREATE A SECURITY INTEREST IN, GROUND LEASE, OR <br />OTHERWISE HYPOTHECATE, ALL OR ANY PORTION OF THE TRUST <br />PROPERTY WITHOUT THE PRIOR WRITTEN CONSENT OF BENEFICIARY. <br />THE CONSENT BY BENEFICIARY TO ANY SALE, TRANSFER, PLEDGE, <br />ENCUMBRANCE, CREATION OF A SECURITY INTEREST IN, GROUND LEASE, <br />OR OTHER HYPOTHECATION OF, ANY PORTION OF THE TRUST PROPERTY <br />SHALL NOT BE DEEMED TO CONSTITUTE A NOVATION OR A CONSENT TO <br />ANY FURTHER SALE, TRANSFER, PLEDGE, ENCUMBRANCE, CREATION OF A <br />SECURITY INTEREST IN, GROUND LEASE, OR OTHER HYPOTHECATION, OR <br />TO WAIVE THE RIGHT OF BENEFICIARY, AT ITS OPTION, TO DECLARE THE <br />INDEBTEDNESS SECURED HEREBY IMMEDIATELY DUE AND PAYABLE, <br />WITHOUT NOTICE TO GRANTOR OR ANY OTHER PERSON OR ENTITY, UPON <br />ANY SUCH SALE, TRANSFER, PLEDGE, ENCUMBRANCE, CREATION OF A <br />SECURITY INTEREST, GROUND LEASE, OR OTHER HYPOTHECATION TO <br />WHICH BENEFICIARY SHALL NOT HAVE CONSENTED. <br />Section 3.10 SECURITY DEPOSITS. To the extent required by law, <br />or after an Event of Default has occurred and during its continuance, if required by <br />Beneficiary, all security deposits of tenants of the Trust Property shall be treated as trust <br />funds not to be commingled with any other funds of Grantor. Within twenty (20) days <br />after request by Beneficiary, Grantor shall furnish satisfactory evidence of compliance <br />with this Section 3.10, as necessary, together with a statement of all security deposits <br />deposited by the tenants and copies of all Leases not theretofore delivered to Beneficiary, <br />as requested thereby, certified by Grantor. <br />ARTICLE 4 <br />DEFAULT <br />Section 4.1 Events of Default. The occurrence of any of the following <br />events shall constitute an event of default under this Deed of Trust (each an "Event of <br />Default "): <br />(a) an "Event of Default" (as such term is defined in the Loan <br />Agreement) shall have occurred; <br />(b) Grantor's breach of any of the covenants set forth in this <br />Deed of Trust; or <br />(c) if any misstatement or misrepresentation exists now or <br />hereafter in any warranty or representation set forth in Article 3 hereof. <br />LA/975395.1 7 <br />