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201002498 (e) Option of Beneficiary to Subordinate. At the option of Beneficiary, this Deed of Trust shall become subject and subordinate, in whole or in part (but not with respect to priority of entitlement to insurance proceeds or any condemnation or eminent domain award) to any and all leases of all or any part of the Premises upon the execution by Beneficiary of a unilateral declaration to that effect and the recording thereof in the Office of the Recorder in and for the county wherein the Premises are situated. (fJ Mortgagee-in-Possession. Nothing herein contained shall be construed as constituting Beneficiary amortgagee-in-possession in the absence of the actual taking of possession of the Premises by Beneficiary pursuant to this Deed of Trust. (g) Relationship of Beneficiary and Grantor. Beneficiary shall in no event be construed for any purpose to be a partner, joint venturer, agent or associate of Grantor or of any lessee, operator, concessionaire or licensee of Grantor in the conduct of their respective businesses, and, without limiting the foregoing, Beneficiary shall not be deemed to be such partner, joint venturer, agent or associate on account of Beneficiary becoming amortgagee-in-possession or exercising any rights pursuant to this Deed of Trust, any of the other Loan Documents, or otherwise. The relationship of Grantor and Beneficiary hereunder is solely that of debtor/creditor. (h) Time of the Essence. Time is of the essence of the payment by Grantor and of all amounts due and owing to Beneficiary under the Note, the Loan Agreements and the other Loan Documents, as applicable, and the performance and observance by Grantor of all terms, conditions, obligations and agreements contained in this Deed of Trust and the other Loan Documents, as applicable. (i) No Merger. It being the desire and intention of the parties hereto that the Deed of Trust and the lien hereof do not merge in fee simple title to the Premises, it is hereby understood and agreed that should Beneficiary acquire any additional or other interest in or to the Premises or the ownership thereof, then, unless a contrary intent is manifested by Beneficiary as evidenced by an express statement to that effect in an appropriate document duly recorded, this Deed of Trust and the lien hereof shall not merge in the fee simple title and this Deed of Trust may be foreclosed as if owned by a stranger to the fee simple title. (j) Protection of Security. Grantor agrees to promptly notify Beneficiary of and appear in and defend any suit, action or proceeding that affects the value of the Premises, the Indebtedness or the rights or interest of Beneficiary hereunder. Beneficiary may elect to appear in or defend any such action or proceeding and Grantor agrees to indemnify and reimburse Beneficiary from any and all loss, damage, expense or cost arising out of or incurred in connection with any such suit, action or proceeding, including, without limitation, costs of evidence of title and attorneys' fees. (k) Building Use. During the entire term of the Note and this Deed of Trust, Grantor agrees not to convert the Premises to a condominium or cooperative of any kind or to any use other than as permitted by zoning classification for the Froject as in effect as of the date hereof. In that connection, Grantor covenants that the sale of units and/or 29