|
<br />08.06.2008
<br />
<br />200807161
<br />
<br />File No. 16-471
<br />
<br />(d) Such other financial detail, information, reports and copies of tax returns
<br />as Beneficiary shall request from time to time with respect to Trustor and each of the
<br />members of Trustor; and
<br />
<br />(e) The current financial statement of the Guarantor and, if requested, a copy
<br />of the Guarantor's federal income tax return for the immediately preceding year.
<br />
<br />Trustor shall further provide Beneficiary such other and further financial information and
<br />data concerning Trustor and the Mortgaged Property as Beneficiary shall require from time to
<br />time.
<br />
<br />All financial data required to be provided hereunder shall be in such form as Beneficiary
<br />shall approve.
<br />
<br />ARTICLE II
<br />
<br />BENEFICIARY'S POWERS
<br />
<br />At any time, or from time to time, without liability, therefor, Beneficiary, without affecting
<br />the personal liability, if any, of any person for payment of the Secured Obligations or the effect
<br />of this Deed of Trust upon the remainder of said Mortgaged Property, may from time to time
<br />without notice (i) release any part of said Mortgaged Property, (ii) consent in writing to the
<br />making of any map or plat thereof, (iii) join in granting any easement thereon, (iv) join in any
<br />extension agreement or any agreement subordinating the lien or charge hereof, (v) release any
<br />person so liable, (vi) extend the maturity or alter any of the terms of any Secured Obligations,
<br />(vii) grant other indulgences, (viii) take or release any other or additional security for any
<br />obligation herein mentioned, (ix) make compositions or other arrangements with debtors in
<br />relation thereto, or (x) advance additional funds to protect the security hereof and payor
<br />discharge the Secured Obligations of Trustor hereunder, and all amounts so advanced, with
<br />interest thereon at the rate provided by the Promissory Note, shall be secured hereby.
<br />
<br />ARTICLE III
<br />
<br />ASSIGNMENT OF RENTS, ISSUES AND PROFITS
<br />
<br />Section 3.01. Assignment of Rents. Trustor hereby absolutely assigns and transfers
<br />to Beneficiary all the rents, issues and profits of the Mortgaged Property, and hereby gives to
<br />and confers upon Beneficiary the right, power and authority to collect such rents, issues and
<br />profits. Trustor irrevocably appoints Beneficiary its true and lawful attorney-in-fact, at the option
<br />of Beneficiary at any time and from time to time, to take possession and control of the
<br />Mortgaged Property and to demand, receive and enforce payment, to give receipts, releases
<br />and satisfaction, and to sue, in the name of Trustor or Beneficiary, for all such rents, issues and
<br />profits and apply the same to the Secured Obligations; provided, however, that Trustor shall
<br />have a revocable license to possess and control the Mortgaged Property and to collect such
<br />rents, issues and profits (but not more than one month in advance) prior to or at any time there
<br />is not an Event of Default under any of the Loan Documents. The assignment of the rents,
<br />issues and profits of the Mortgaged Property in this Article III is intended to be an absolute
<br />assignment from Trustor to Beneficiary and not merely the passing of a security interest.
<br />
<br />Section 3.02. Collection Upon Default. Upon any Event of Default under any of the
<br />Loan Documents, Beneficiary may, at any time without notice, either in person, by agent or by a
<br />receiver appointed by a court, and without regard to the adequacy of any security for the
<br />Secured Obligations, enter upon and take possession of the Mortgaged Property, or any part
<br />thereof, and in its own name sue for or otherwise collect such rents, issues and profits, including
<br />those past due and unpaid, and apply the same, less costs and expenses of operation and
<br />collection, including attorneys' fees, upon any Secured Obligations, and in such order as
<br />Beneficiary may determine. The collection of such rents, issues and profits, or the entering
<br />upon and taking possession of the Mortgaged Property, or the application thereof as aforesaid,
<br />shall not cure or waive any default or notice of default hereunder or invalidate any act done in
<br />response to such default or pursuant to such notice of default.
<br />
<br />ARTICLE IV
<br />
<br />SECURITY AGREEMENT
<br />
<br />Section 4.01. Creation of Security Interest. With respect to any portion of the
<br />Mortgaged Property which constitutes Personal Property, fixtures or other property governed by
<br />
<br />Deed of Trust, Security Agreement and Assignment of Rents, Page 13
<br />#553480-v1
<br />
|