|
86--10 75:" a
<br />preserved, at the sole cost of Trustor, without expense to
<br />Trustee or Beneficiary.
<br />1.06. Conversion of Security. All right, title and interest
<br />of Trustor in and to all extensions; improvements, betterments,
<br />renewals, substitutes and replacements of, and all additions and
<br />appurtenances to the Property, hereafter acquired by, or released
<br />to, Trustor or constructed, assembled or placed by Trustor on the
<br />Premises, and all conversions of the security constituted
<br />thereby, immediately upon such acquisition, release,
<br />construction, assembling, placement or conversion, as the case
<br />may be, and in each such case, without any further deed of trust,
<br />conveyance, assignment or other act by Trustor, shall become
<br />subject to the lien of this Deed of Trust as fully and
<br />completely, and with the same effect, as though now owned by
<br />Trustor and specifically described in the granting clause hereof,
<br />but at any and all times Trustor will execute and deliver to
<br />Trustee any and all such further assurances, deeds of trust,
<br />conveyances or assignments thereof as Trustee or Beneficiary may
<br />reasonably require for the purpose of expressly and specifically
<br />subjecting the same to the lien of this Deed of Trust.
<br />1.07. Security Agreement. To the extent allowed by the
<br />Governing Jurisdiction's Uniform Commercial Code, this Deed of
<br />Trust shall be self- operative and constitute a Security Agreement
<br />with respect to the Personal Property, Improvements, Rents and
<br />Profits, Insurance Proceeds and Condemnation Proceeds, voting
<br />Rights, Permits, Licenses, Approvals and Agreements, Plans and
<br />Specifications, Architect's Agreement, General Contractor's
<br />Agreement, Purchase Agreements, Rental Pool Agreements,
<br />Management Agreement. Trustor hereby agrees to execute and
<br />deliver on demand and hereby irrevocably constitutes and appoints
<br />Beneficiary the attorney -in -fact of Trustor, to execute, deliver
<br />and, if appropriate, to file with the appropriate filing officer
<br />or office such security agreements, financing statements or other
<br />instruments as Beneficiary may request or require in order to
<br />impose or perfect the lien or security interest hereof more
<br />specifically thereon.
<br />1.08. Assignment of Rents and Profits. (a) Beneficiary and
<br />Trustee shall have the right, power and authority during the
<br />continuance of this Deed of Trust to collect the Rents and
<br />Profits of the Property and of any personal property located
<br />thereon with or without taking possession of the Property
<br />affected hereby, and Trustor hereby absolutely and
<br />unconditionally assigns all such Rents and Profits to
<br />Beneficiary, including the Rent and Profit of the real estate
<br />described in Exhibit "A -2" attached hereto. Beneficiary,
<br />however, hereby consents to the Trustor's collection and
<br />retention of such Rents and Profits as they accrue and become
<br />payable so long as Trustor is not, at such time, in default with
<br />respect to payment of any indebtedness secured hereby, or in the
<br />performance of any covenant or agreement hereunder and so long as
<br />all Rent and Profits are remitted to Beneficiary and held by
<br />Beneficiary per request and applied to the monthly payment under
<br />the Note. Upon any such default, Beneficiary may at any time,
<br />either in person, by agent, or by a receiver to be appointed by a
<br />court, without notice and without regard to the adequacy of any
<br />security for the indebtedness hereby secured, (a) enter upon and
<br />take possession of the Property or any part thereof, and in its
<br />own name sue for or otherwise collect such Rents and Profits,
<br />including those past due and unpaid, and apply the same, less
<br />costs and expenses of operation and collection., including
<br />reasonable attorneys fees, upon any indebtedness secured hereby,
<br />and in such order as Beneficiary may determine; (b) perform such
<br />acts of repair or protection as may be necessary or proper to
<br />conserve the value of the Property; (c) lease the same or any
<br />part thereof for such rental, term, and upon such conditions as
<br />its judgment may dictate. Unless Trustor and Beneficiary agree
<br />otherwise in writing, any application of Rents or Profits to any
<br />indebtedness secured hereby shall not extend or postpone the due r
<br />date of the payments as provided in the Nott, or change the amount
<br />
|