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Beneficiary shall not be construed to bind the Beneficiary to the performance of any of the covenants, conditions or provisions contained in any Lease or otherwise impose any obligation upon the Beneficiary. The Trustor covenants that it will not hereafter collect or accept payment of any Rents more than one month prior to the due dates of such Rents and that no Rents will be waived, released, reduced, discounted or otherwise discharged or compromised by the Trustor, except as may be previously approved in writing by the Beneficiary. The Trustor agrees that it will not assign any of the Leases or Rents to any other Person. The Beneficiary shall have no liability for any loss which may arise from a failure or inability to collect any Rents. The Trustor shall maintain all security deposits in accordance with applicable law. 3.02 Revocable License A ent. Notwithstanding the foregoing, but subject to the terms of this Article III, the Beneficiary grants to the Trustor a revocable license to operate and manage the Trust Property. 3.03 Rents. (a) Prior to the occurrence of an Event of Default, all Rents shall be collected, deposited and disbursed pursuant to the Account Agreement. Upon the occurrence and during the continuance of an Event of Default, without the need for notice or demand, the license granted pursuant to this Article III shall immediately and automatically be revoked. Upon the revocation of such license, the Trustor grants to the Beneficiary the right, at its option, to exercise all the rights granted in Section 4.02(a) hereof. Nothing herein contained shall be construed as constituting the Beneficiary a mortgagee or trustee in possession in the absence of the taking of actual possession of the Trust Property by the Beneficiary pursuant to such Section 4.02(a). (b) From and after the termination of such license, the Trustor may, at the Beneficiary's direction, be the agent for the Beneficiary in collection of the Rents and all of the Rents so collected by the Trustor shall be held in trust by the Trustor for the sole and exclusive benefit of the Beneficiary and the Trustor shall, within one (1) Business Day after receipt of any Rents, pay the same to the Beneficiary to be applied by the Beneficiary as provided herein. All Rents collected shall be remitted to the Depositary Agent for application to the Project Revenues Collection Account in accordance with Section 5.1(d) of the Account Agreement. Neither demand for nor collection of Rents by the Beneficiary shall constitute any assumption by the Beneficiary of any obligations under any Lease or agreement relating thereto. (c) Any funds expended by the Beneficiary to take control of and manage the Trust Property and collect the Rents shall become part of the Obligations secured hereby. Such amounts shall be payable upon demand from the Trustor to the Beneficiary and shall bear interest from the date of expenditure at the interest rate set forth in Section 2.9(c) of the Credit Agreement. 3.04 Sale of Trust Property. (a) Upon any sale of any of the Trust Property by or for the benefit of the Beneficiary pursuant to this Deed of Trust, the Rents attributable to the part of the Trust Property so sold shall be included in such sale and shall pass to the purchaser free and clear of any rights granted herein to the Trustor. (b) The Trustor acknowledges and agrees that, upon recordation of this Deed of Trust, the Beneficiary's interest in the Rents shall be deemed to be fully perfected, "choate" and 10