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<br />200800520
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<br />1.':1 . ",)
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<br />20h.~a~22
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<br />operation of the Collateral, as Beneficiary in its discrction may deem proper, Grantor hereby
<br />granting Beneficiary full power and authority to exercisc each and every one of the rights,
<br />privilcges and powers contained herein at any and all times after any Event of Default without
<br />notice to Grantor or any other Person. Beneficiary, in the exercise of the rights and powers
<br />conferred upon it hereby, shall have full power to use and apply the Rents to the payment, in such
<br />order as Beneficiary may determine, of or on account of anyone or more of the following: ( a) to
<br />the payment of the operating expenses of the Premises, including the cost of management and
<br />leasing thereof (which shall include rcasonable compensation to Beneficiary and its agents or
<br />contractors, if management be delegated to agents or contractors, and it shall also include lease
<br />commissions and other compensation and expenses of seeking and procuring tenants and entering
<br />into leases), established claims for damages, if any, and premiums on insurance hereinabove
<br />authorized; (b) to the payment of taxes, charges and special assessments, the costs of all repairs,
<br />decorating, renewals, replacements, alterations, additions, betterments and improvements of the
<br />Collateral, including the cost from time to time of installing, replacing or repairing the Collateral,
<br />and of placing the Collateral in such condition as will, in the judgment of Beneficiary, make it
<br />readily rentable; and (c) to the payment of any Secured Obligations. The entering upon and
<br />taking possession of the Premises, or any part thereof, and the collection of any Rents and the
<br />application thereof as aforesaid shall not cure or waive any Event of Default theretofore or
<br />thereafter occurring or affect any notice of Default hereunder or invalidate any act done pursuant
<br />to any such Event of Default or notice, and, notwithstanding continuance in possession of the
<br />Premises or any part thereof by Beneficiary or a receiver and the collection, receipt and
<br />application of the Rents, Beneficiary shall be entitled to exercise every right provided for in this
<br />Deed of Trust or by law or in equity upon or after the occurrence of an Event of Default. Any of
<br />the actions referred to in this Section 3.4 may be taken by Beneficiary irrespective of whether any
<br />notice of Default has been given hereunder and without regard to the adequacy of the security for
<br />the indebtedness hereby secured.
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<br />3.5 Personal Property. If any Event of Default shall occur, Beneficiary may exercise
<br />from time to time any rights and remedies available to it under the Loan Documents or applicable
<br />law upon default in payment of indebtedness, including, without limitation, those available to a
<br />secured party under the Uniform Commercial Code of the state where the goods are located.
<br />Grantor shall, promptly upon request by Beneficiary, assemble the Collateral and make it available
<br />to Beneficiary at such place or places, reasonably convenient for both Beneficiary and Grantor, as
<br />Beneficiary shall designate. Grantor hereby expressly waives, to the fullest extent permitted by
<br />applicable law, any and all notices, advertisements, hearings, or process of law in connection with
<br />the exercise by Beneficiary of any of its rights and remedies after an Event of Default occurs. If
<br />any notification of intended disposition of any of the Collateral is required by law, such
<br />notification, if mailed, shall be deemed reasonably and properly given if mailed by registered or
<br />certified mail, return receipt requested, at least five (5) business days before such disposition,
<br />postage prepaid, addressed to Grantor either at the address shown below or at any other address
<br />of Grantor appearing on the records of Beneficiary. Without limiting the generality of the
<br />foregoing, whenever there exists an Event of Default hereunder, Beneficiary may, with respect to
<br />so much of the Collateral as is personal property under applicable law, to the fullest extent
<br />permitted by applicable law, without further notice, advertisement, hearing or process of law of
<br />any kind, (i) notify any Person obligated on the Collateral to perform directly for Beneficiary its
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<br />NEWYl\8176568.2
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