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88- 104408 Note or hereunder or under the Deed of Trust or under. any other instrument now or hereafter securing the Note or the Indebtedness Secured Hereby. Provided no event of default, as defined in the Note secured hereby, has occurred and is continuing, and no act or omission has occurred which with notice or the passage of time or both would constitute an event of default as defined in said Note, then Assignee will promptly pay over to Assignor any amount of Rents collected and retained by Assignee which exceeds the amount of the Indebtedness Secured Hereby then due from Assignor or Assignee. 5. Remedies. Upon or at any time after default in the payment of any Indebtedness Secured Hereby or in the performance of any Obligation, covenant or agreement herein or in said Note and Deed of Trust contained or upon an event of default under the Deed of Trust or if any representation or warranty herein proves to be untrue, the Assignee may declare all Indebtedness Secured Hereby immediately due and payable, may revoke the privilege granted Assignor hereunder to collect the Rents, and may, at its option, without notice, either in person or by agent, with or without taking possession of or entering the Premises, with or without bringing any action or proceeding, or by a receiver to be appointed by a court, collect all of the Rents payable under the Leases, enforce the payment thereof and exercise all of the rights of the Assignor under the Leases and all of the rights of the Assignee hereunder, and may enter upon, take possession of, manage and operate said Premises, or any part thereof; may cancel, enforce or modify the Leases, and fix or modify Rents, and do any acts which the Assignee deems proper to protect the security hereof with or without taking possession of said Premises, and may apply the same to the costs and expenses of operation, management and collection, including reasonable attorney's fees, to the pa}"lIIent of the expenses of any agent appointed by Assignee, to the payment of taxes, assessments, insurance premiums and expenditures for the upkeep of the Premises, to the performance of the landlord's obligation under the Leases and to any Indebtedness Secured Hereby all in such order as the Assignee may determine. The entering upon and taking possession of said Premises, the collection of such Rents, and the application thereof as aforesaid, shall not cure or waive any default or waive, modify or affect notice of default under said Deed of Trust or invalidate any act done pursuant to such notice nor in any way operate to prevent the Assignee from pursuing any remedy which it now or hereafter may have under the terms or conditions of said Deed of Trust or the Note secured thereby or any other instrument securing the same. 1 6. No Liability For Assignee. The Assignee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge any obligation, duty or liability under the Leases; nor shall management or repair of the Premises be placed upon the Assignee; nor shall the carrying out of any of the terms and conditions of said Leases be placed upon the - 3 - j