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200804918
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6/9/2008 2:48:26 PM
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6/9/2008 2:48:23 PM
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DEEDS
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200804918
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<br />200804918 <br /> <br />and exercising reasonably prudent business judgment and without reducing the value of the <br />Premises as collateral hereunder, nor borrow against, pledge or assign any rentals due under the <br />leases nor consent to a subordination or assignment of the interest of a tenant thereunder to any <br />party other than Mortgagee, nor anticipate the rents thereunder for more than one (1) month in <br />advance or reduce the amount of rents and other payments thereunder, nor waive, excuse, <br />condone or in any manner release or discharge a tenant of or from any obligations, covenants, <br />conditions and agreements to be performed nor incur any indebtedness to a tenant, nor enter into <br />any additional leases of all or any part of the Premises except in the ordinary course of business <br />and exercising reasonably prudent business judgment and without reducing the value of the <br />Premises as collateral hereunder without the prior written consent of Mortgagee. Mortgagor <br />shall notify Mortgagee of default by tenants of the Premises. <br /> <br />6.2 Mortgagee's Right To Perform Under Leases. <br /> <br />Should Mortgagor fail to perform, comply with or discharge any obligations of <br />Mortgagor under any lease of all or any part of the Premises or should Mortgagee become aware <br />of or be notified by any tenant under any lease of a failure on the part of Mortgagor to so <br />perform, comply with or discharge its obligations under said lease, Mortgagee may, but shall not <br />be obligated to, and without further demand upon Mortgagor, and without waiving or releasing <br />Mortgagor from any obligation contained in this Deed of Trust, remedy such failure, and <br />Mortgagor agrees to repay upon demand all sums incurred by Mortgagee in remedying any such <br />failure including, without limitation, Mortgagee's attorneys fees together with interest at the <br />Default Rate as defined under the terms of the Note. All such sums, together with interest as <br />aforesaid, shall become an additional Indebtedness, but no such advance shall be deemed to <br />relieve Mortgagor from any default hereunder. <br /> <br />6.3 Assignment of Leases and Rents. <br /> <br />Mortgagor does hereby unconditionally and absolutely sell, assign and transfer unto <br />Mortgagee all of the leases, rents, issues, income and profits now due and which may hereafter <br />become due under or by virtue of any lease, whether written or verbal, or any agreement or <br />license for the use or occupancy of the Premises, whether now existing or entered into at any <br />time during the term of this Deed of Trust, all guaranties of any lessee's obligations under any <br />such lease and all security deposits, it being the intention of this Deed of Trust to establish an <br />absolute transfer and assignment of all such leases and agreements and all ofthe rents and profits <br />from the Premises and/or Mortgagor's operation or ownership thereof unto Mortgagee, and <br />Mortgagor does hereby appoint irrevocably Mortgagee as Mortgagor's true and lawful attorney <br />in Mortgagor's name and stead, which appointment is coupled with an interest, to collect all of <br />said rents and profits; provided, Mortgagor shall have the right to collect and retain such rents <br />and profits unless and until an Event of Default exists under this Deed of Trust. <br /> <br />6.4 Remedies. <br /> <br />Upon an Event of Default and whether before or after the institution of legal proceedings <br />to foreclose the lien hereof or before or after sale thereunder or during any period of redemption, <br />Mortgagee, without regard to waste, adequacy of the security or solvency of Mortgagor, may <br /> <br />18 <br /> <br />Doc# 2675364\2 <br />
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