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200311854
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Last modified
10/16/2011 5:56:43 AM
Creation date
10/28/2005 3:15:46 PM
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DEEDS
Inst Number
200311854
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-14- 200311854 <br />Liquid Investments shall be held by the Beneficiary pursuant to this Section 1.11; but, upon <br />request of the Trustor, the Beneficiary shall sell all or any designated part of the same and the <br />proceeds of such sale shall be held by the Beneficiary in the Restoration Account subject to the <br />provisions hereof in the same manner as the cash used by it to purchase the Liquid Investments <br />so sold. The Trustor agrees to pay the Beneficiary, on demand, amounts equal to any loss <br />resulting from any investment or reinvestment pursuant to this Section 1.11 (and any such <br />payments made by the Trustor shall be deposited by the Beneficiary into the Restoration <br />Account), it being understood that the Beneficiary shall not be liable or responsible for any such <br />loss. <br />Notwithstanding anything herein or at law or in equity to the contrary, none of the <br />Casualty or Condemnation Proceeds paid to the Beneficiary as herein provided, and none of the <br />other amounts from time to time held in the Restoration Account, shall be deemed trust funds, <br />and the Beneficiary shall be entitled to advance amounts from time to time held in the <br />Restoration Account to the Trustor, or to apply the same to the prepayment of the Loans or other <br />indebtedness constituting the Obligations hereunder, as provided in Section 1.05(d). <br />Section 1.12. Notice Regarding Special Flood Hazards. The Trustor hereby <br />acknowledges that it realizes that the following Properties are in zones identified by the Director <br />of the Federal Emergency Management Agency as special flood hazard zones described in <br />12 C.F.R. § 22.2 and that it has received, prior to the granting of this Deed of Trust, the notice <br />regarding Federal disaster relief assistance referred to in the Appendix to 12 C.F.R. Part 22: <br />None <br />ARTICLE 2 <br />Assignment of Rents, Issues and Profits <br />Section 2.01. Assignment of Rents, Issues and Profits. The Trustor hereby <br />assigns and transfers to the Beneficiary, FOR THE PURPOSE OF SECURING the Obligations, <br />all Rents, and hereby gives to and confers upon the Beneficiary the right, power and authority to <br />collect the same. The Trustor irrevocably appoints the Beneficiary its true and lawful <br />attorney -in -fact, at its option at any time and from time to time following the occurrence and <br />during the continuance of a Default, to demand, receive and enforce payment, to give receipts, <br />releases and satisfactions, and to sue, in the name of the Trustor or otherwise, for Rents and <br />apply the same to the Obligations as provided in paragraph (a) of Section 4.03; provided, <br />however, that the Trustor shall have the right to collect Rents at any time prior to the occurrence <br />of a Default (but not more than one month in advance, except in the case of security deposits). <br />Deed of Trust <br />NYl : #3351532v3 <br />
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