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<br />copies of all records relating thereto; (ix) there shall be�`�►o extinguishment by confusion of the leasehold estates,
<br />created by the Leases, with ownership of the Land without the prior written consent of Beneficiary; and (x)
<br />Beneficiary may at any time and from time to time by specific written instrument intended for. the purpose,
<br />unilateralty subordinate the lien of this Deed of Trust to any Lease, without joinder or consent of, or notice to,
<br />Trustor, any tenant or any other person, and notice is hereby given to each tenant under a Lease o€ such right to
<br />subordinate. No such subvrdination shall constitute a subordination to any lien or other encumbrance, whenever
<br />arising, or improve the right of any junior lienholder; and nothing herein shall be construed as subr�rdinating this
<br />Deed �f Trust to any Lease.
<br />Section 3.3 No Liability of Beneficiary. Beneficiary's acceptance of this assignment shall not be
<br />deemed to constitute Beneficiary a"mortgagee in possession," nor obligate Beneficiary to appear in or defend any
<br />proceeding relating to any Lease or to the Mortgaged Properiy, or to take any action hereunder, expend any money,
<br />incur any expenses, or perform any obligation or liability under any Lease, or assume any obligation for any deposit
<br />delivered to Trustor by any tenant and not as such deliver�d to and acaepted by Beneficiary. Beneficiary shall not be
<br />liable for any injury or damage to person or property in or about the Mortgaged Properiy, or for Beneficiary's failure
<br />to collect or to exercise diligence in collecting Rents, but shall be accountable only for Rents that it shall actually
<br />receive. Neither the assignment of Leases and Rents nor enforcement of Beneficiary's rights regarding Leases and
<br />Rents (including collection of Rents) nor possession of the Mortgaged Properly by Beneficiary or by a keeper
<br />appointed at Beneficiary's request nor Beneficiary's consent to or approval of any Lease (nor all of the same), shall
<br />render Beneficiary liable on any obligation under or with respect to any Lease or constitute affirmation of, or any
<br />subordination to, any Lease, occupancy, use or option. If Beneficiary seeks or obtains any judicial relief regarding
<br />Rents or Leases, the same shall in no way prevent the concurrent or subsequent employment of any other
<br />appropriate rights or remedies nor shall same constitute an election of judicial relief for any foreclosure or any other
<br />purposes. Beneficiary neitl has nor assumes any obligations as lessor or landlord with respect to any Lease. The
<br />rights of Beneficiary under this Article 3 shall be cumulative of all other rights of Beneficiary under the Loan
<br />Documents or otherwise.
<br />AItTICLE 4 - DEFAULT '
<br />Section 4.1 Events of Default. The occurrence of anyone of the following shall be a default under
<br />this Deed of Trust (each a"default"):
<br />(a) Failure to Pay Obligations. Any of the Obligations is not timely paid when due, on demand or
<br />otherwise.
<br />(b) Nonperf�ormance of Covenants. Any covenant, agreement or condition herein or in any other
<br />Loan Document (other than covenants otherwise addressed in another paragraph of this Section, such as covenants
<br />to pay the Obligations) is not fully and timely performed, observed or kept, and any such failure under this Deed of
<br />Trust is not cured within forty five (45) days after written notice thereof and any such failure under any other Loan
<br />Document is not cured within the applicable grace period (if any) provided for herein or in such other Loan
<br />Document.
<br />(c) Representations. Any statement, representation or warranty in any of the Loan Documents, or in
<br />any financial statement or any other writing heretofore or hereafter delivered to Beneficiary in connection with the
<br />Obligations is false, misleading or erroneous in any material respect on the date hereof or on the date as of which
<br />such statement, representation or warranty is made, and such statement, representation or warranty is not made true
<br />and correct (as of the tirrre such conective action is taken) within the applicable grace period (if any) provided for in
<br />suclh Lc�an Document.
<br />(d) BankruFtcy or In�olvency. The owner of the Mortgaged Properiy or any person liable, directly
<br />or indirectly, for any of the Obligations (or any guarantor, general partner or joint venturer of such owner or other
<br />person):
<br />(1) (i) Executes an assignment for the benefit of creditors, or talces any action in furtherance
<br />thereof; (ii) admits in writing its inability to pay, or fails to pay, its debts generally as they become due; (iii) as a
<br />debtor, 61es a petition, case, proceeding or other action pursuant to, or voluntarily seeks the benefit or benefits of:
<br />Title I 1 of the United States Code as now or hereafter in effect or any other law, domestic or fareign, as now or
<br />hereafter in effect relatn�g to banla�uptcy, insolvency, liquidation, receivership, reorganization, arrangement,
<br />composition, �xtension or adjustment of debts, or similar laws affecting the rights of creditors (Title 11 of the United
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