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2~14U2498 (ii) Grantor has made no pledge or assignment of the Leases or Income, prior to the date hereof, and Grantor shall not, after the date hereof, make or permit any such pledge or assignment. (c) Grantor hereby covenants and agrees as follows: (i) Grantor shall provide Beneficiary with a copy of each Lease, amendment, modification or alteration thereto; and (ii) Grantor shall authorize and direct, and does hereby authorize and direct, each and every present and future Tenant of the whale or any part of the Fremises to pay all rental to Beneficiary from and after the date of receipt of written demand from Beneficiary to do so. (d) Although this Deed of Trust constitutes an absolute, present and current assignment of all Income, as long as no default or event of default as defined in paragraph 14 below, on the part of Grantor shall have occurred, Beneficiary shall not demand that such Income be paid directly to Beneficiary, and Grantor shall have a license to collect, but not more than one (1) month prior to the due date thereof all such Income from the Premises (including, without limitation, all rental payments under the Leases. (e) Grantor acknowledges that this instrument is an absolute transfer and assignment of all Leases and the Income to Beneficiary. Upon termination, as determined by Beneficiary, of Grantor's obligations to Beneficiary as set out in the Loan Documents, Beneficiary shall relinquish its rights to the Leases and Income and return said rights granted by this instrument to Grantor. 10. Effect of Extensions of Time. If the payment of the indebtedness secured hereby ar any part thereof is extended or varied or if any part of any security for the payment of the indebtedness is released, if the rate of interest charged under the Note is changed or if the time for payment thereof is extended or varied, all persons now or at any time hereafter liable therefor, ar interested in the Premises or having an interest in Grantor, shall be held to assent to such extension, variation, release or change, and their liability and the lien and all of the provisions hereof shall continue in full force, any right of recourse against all such persons being expressly reserved by Beneficiary, notwithstanding such extension, variation, release or change. 11. Effect of Changes in Laws Regarding Taxation. If any law is enacted after the date hereof requiring (a) the deduction of any lien on the Premises from the value thereof for the purpose of taxation or (b) the imposition upon Beneficiary of the payment of the whale or any part of the taxes or assessments, charges ar liens herein required to be paid by Grantor, or (c) a change in the method of taxation of mortgages, deeds of trust or debts secured by mortgages, deeds of trust or Beneficiary's interest in the Premises, ar the manner of collection of taxes, so as to affect this Deed of Trust or the indebtedness secured hereby or the holders thereof, then Grantor, upon demand by Beneficiary, shall pay such taxes or assessments, or reimburse Beneficiary therefor; provided, however, that Grantor shall not be deemed to be required to pay any income or franchise taxes of Beneficiary. Notwithstanding the foregoing, if in the opinion of 9