|
200209147
<br />"mortgagee in possession" for any purpose; (b) responsible for performing any of the obligations of the lessor
<br />or landlord under any Lease; or (c) responsible for any waste committed by any person or entity at any time in
<br />possession of the Subject Property or any part thereof, or for any dangerous or defective condition of the
<br />Subject Property, or for any negligence in the management, upkeep, repair or control of the Subject Property.
<br />This is an absolute assignment, not an assignment for security only, and Beneficiary's right to Rents is not
<br />contingent upon and may be exercised without taking possession of the Subject Property. Trustor agrees to
<br />execute and deliver to Beneficiary, within 5 days of Beneficiary's written request, such additional documents
<br />as Beneficiary or Trustee may reasonably request to further evidence the assignment to Beneficiary of any and
<br />all Leases and Rents. Beneficiary or Trustee, at Beneficiary's option and without notice, may notify any lessee
<br />or tenant of this assignment of the Leases and Rents.
<br />3.02 Protection of Security. To protect the security of this assignment, Trustor agrees:
<br />la) At Trustor's sole cost and expense: (i) to perform each obligation to be performed by the lessor or
<br />landlord under each Lease and to enforce or secure the performance of each obligation to be performed by the
<br />lessee or tenant under each Lease; (ii) not to modify any Lease in any material respect, nor accept surrender
<br />under or terminate the term of any Lease; (iii) not to anticipate the Rents under any Lease; and (iv) not to
<br />waive or release any lessee or tenant of or from any Lease obligations. Trustor assigns to Beneficiary all of
<br />Trustor's right and power to modify the terms of any Lease, to accept a surrender under or terminate the term
<br />of or anticipate the Rents under any Lease, and to waive or release any lessee or tenant of or from any Lease
<br />obligations, and any attempt on the part of Trustor to exercise any such rights or powers without Beneficiary's
<br />prior written consent shall be a breach of the terms hereof.
<br />(b) At Trustor's sole cost and expense, to defend any action in any manner connected with any Lease or the
<br />obligations thereunder, and to pay all costs of Beneficiary or Trustee, including reasonable attorneys' fees, in
<br />any such action in which Beneficiary or Trustee may appear.
<br />(c) That, should Trustor fail to do any act required to be done by Trustor under a Lease, then Beneficiary or
<br />Trustee, but without obligation to do so and without notice to Trustor and without releasing Trustor from any
<br />obligation hereunder, may make or do the same in such manner and to such extent as Beneficiary or Trustee
<br />deems necessary to protect the security hereof, and, in exercising such powers, Beneficiary or Trustee may
<br />employ attorneys and other agents, and Trustor shall pay necessary costs and reasonable attorneys' fees
<br />incurred by Beneficiary or Trustee, or their agents, in the exercise of the powers granted herein. Trustor shall
<br />give prompt notice to Beneficiary of any default by any lessee or tenant under any Lease, and of any notice of
<br />default on the part of Trustor under any Lease received from a lessee or tenant thereunder, together with an
<br />accurate and complete copy thereof.
<br />(d) To pay to Beneficiary immediately upon demand all sums expended under the authority hereof, including
<br />reasonable attorneys' fees, together with interest thereon at the highest rate per annum payable under any
<br />Secured Obligation, and the same, at Beneficiary's option, may be added to any Secured Obligation and shall
<br />be secured hereby.
<br />3.03 License. Beneficiary confers upon Trustor a license ( "License ") to collect and retain the Rents as, but
<br />not before, they come due and payable, until the occurrence of any Default. Upon the occurrence of any
<br />Default, the License shall be automatically revoked, and Beneficiary or Trustee may, at Beneficiary's option
<br />and without notice, either in person or by agent, with or without bringing any action, or by a receiver to be
<br />appointed by a court: (a) enter, take possession of, manage and operate the Subject Property or any part
<br />thereof; (b) make, cancel, enforce or modify any Lease; (c) obtain and evict tenants, fix or modify Rents, and
<br />do any acts which Beneficiary or Trustee deems proper to protect the security hereof; and (d) either with or
<br />without taking possession of the Subject Property, in its own name, sue for or otherwise collect and receive
<br />all Rents, including those past due and unpaid, and apply the same in accordance with the provisions of this
<br />Deed of Trust. The entering and taking possession of the Subject Property, the collection of Rents and the
<br />application thereof as aforesaid, shall not cure or waive any Default, nor waive, modify or affect any notice of
<br />default hereunder, nor invalidate any act done pursuant to any such notice. The License shall not grant to
<br />Beneficiary or Trustee the right to possession, except as provided in this Deed of Trust.
<br />DEED OF TRUST With Assignment of Rents (05/01) Page 3
<br />07264, #7787507270
<br />Ys
<br />
|