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� ARTICLE 3- ASSIGNME'l�t' OFLEASES AND RENTS � 0:�.10 4 914 - Section 3.1 Assignment. As additional security for the Obligations, Trustor hereby absolutely, presently and unconditionally grants, assigns, transfers and ptedges to Beneficiary all Rents (hereinafter defined) and all of Trustor's rights in and under all Leases (hereinafter defined). Trustor shall have a revocable license (the "License") to collect the Rents, subject to the provisions of Section 3.2 herein, until an event of default occurs under the Loan. Upon the occurrence of a default hereunder, Beneficiary shall have the right, power and.privilege (but shall be under no duty) ta terminate the License, demand possession of the Rents, which demand shall to the fullest extent permitted by applicable law be sufficient action by Beneficiary to entitle Beneficiary to irnmediate and direct payment of the Rents (including delivery to Beneficiary of Rents collected for the period in which the demand occurs and for any subsequent period), for application as provided in this Deed of Trust, all without the necessity of any further action by Benefciary, including, without limitation, any action to foreclose the lien of this Deed of Trust or to obtain possession of the Land, Improvements or any other portion of the Mortgaged Property. Trustor hereby authorizes and directs the tenants under the Leases to pay Rents to Beneficiary upon written demand by Beneficiary, without further consent of Trustor, without any obligation to determine whether a default has in fact occurred and regardless of whether Beneficiary has taken possession of any portion of the Mortgaged Properiy, and the tenants may rely upon any written statement delivered by Beneficiary to the tenants. Any such payment to Beneficiary shall constitute payment to Trustor under the Leases, and Trustor hereby appoints Beneficiary as Trustor's lawful attorney-in-fact for giving, and Beneficiary is hereby empowered to give, acquittance to, any tenants for such payments to Beneficiary after a default. As used herein: (i) "Lease" means each existing or future lease, sublease (to the extent of Trustor's rights thereunder) or other agreement under the terms of which any person has or acquires any right to occupy or use r.he Mortgaged Property, or any part thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder, and all extensions, renewals, modifications and replacements of each such lease, sublease, agreement or guaranty; and (ii) "Rents" means all of the rents revenue, incom�, profits and proceeds derived and to be derived from the Mortgaged Property or arising from the use of enjoyment of any portion thereof or from any Lease, including but not limited to liquidated damages following default under any such Lease, all proceeds payable under any policy of insurance coverin� loss of rents resulting from untenantability caused by damage to any part of the Mortgaged Property, all of Trustor's rights to recover monetary amounts from any tenant in bankruptcy nicluding, without limitation, rights of recovery for use and occupancy and damage claims arising out of Lease defaults, including, rejections, under any applicable Debtor Relief Law (as hereinafter defined), together with any sums of money that may now or at any time hereafter be or become due and payable to Trustor by virtue of any and all royalties, overriding royalties, bonuses, delay rentals and any other amount of any kind or character arising under any and all present and all future oil, gas, mineral and mining leases covering the Mortgaged Property or any part thereof, and all proceeds and other amounts paid or owing to Trustor under or pursuant to any and aIl contracts all bonds relating to the construction or renovation of the Mortgaged Properly. Section 3.2 Covenants, Representations and Warranties Concerning Leases and I3ents. Trustor covenants, represents and warrants that: (i) Trustor has good title to, and is the owner of the entire lessor's interest in, the Leases and Rents (if any) hereby assigned and has the authority to assign them; (ii) all Leases (if any) are valid and enforceable, and in full force and effect, and are unmodified except as stated therein; (iii) unless otherwise stated in a Permitted Encumbrance, no Rents or Leases have been or will be assigned, mortgaged, pledged or otherwise encumbered and no other person has or will acquire any right, title or interest in such Rents or Leases; (iv) no Rents have been waived, released, discounted, set �ff or compromised in any material respect; (v) except as stated in the Leases, Trustor has not received any material amoimt of funds or deposits from any tenant for which credit has not already been made on account of accrued Rents; (vi) Trustor shall perform all of its oblygations under the Leases and enforce the tenants' obligations under the Leases to the extent enforcement is prudent under the circumstances; (vii) Trustor will not without the prior written consent of Beneficiary, which consent shall not be unreasonably withheld, conditioned or delayed, enter into any Lease after the date hereof, or, in any material respect, waive, release, discount, set off, compromise, reduce or def�r any Rent, receiv� or collect Rents more than one (1) year in advance, grant any rent-free period to any tenant, reduce any Lease term or waive, release or otherwise modify any other rnaterial obligation under any Lease, renew or extend any Lease except in aceordance with a right of the tenant thereto in such Lease, approve or consent to an assigmment of a Lease or a subletting of any part of the premises covered by a Lease, or settle or compromise any claim against a tenant under a L,ease in bankruptcy or otherwise (if Beneficiary so requests, Trustor shall cause tl�e tenant under any Lease consented to by 13eneficiary to enter into a subordination agreement with Beneficiary satisfactory in the sole discretion of Beneficiary); (viii) promptly upon request by Beneficiary, Trustor shall deliver to Beneficiary exeauted originals of atl Leases and 10