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�01106479
<br />Trustor's name or pay any amount necessary for performance. If any construction on the Property
<br />is discontinued or not carried on in a reasonable manner, Beneficiary may do whatever is
<br />necessary to protect Beneficiary's security interest in the Property. This may include completing
<br />the construction.
<br />Beneficiary's right to perform for Trustor shall not create an obligation to perform, and
<br />Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights u.nder the law or this Deed of Trust. Any amounts paid by Beneficiary
<br />for insuring, preserving or otherwise protecting the Property and Beneficiary's security interest
<br />will be due on demand and will bear interest from the date of the payment until paid in full at the
<br />interest rate in effect from time to time according to the terms of the Evidence of Debt.
<br />14. ASSIGNMENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants and
<br />conveys to Lender as additional security all the right, title and interest in the following:
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal
<br />agreements for the use and occupancy of the Property, including but not limited to, any
<br />extensions, renewals, modifications or replacements (Lea.ses).
<br />B. Rents, issues and profits, including but not limited to, security deposits, minimum rents,
<br />percentage rents, additional rents, common area maintenance charges, parking charges, real estate
<br />t�es, other applicable taxes, insurance premium contributions, liquidated damages following
<br />default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties,
<br />proceeds, bonuses, accounts, contract rights, general intangibles, and a11 rights and claims which
<br />Grantor may have that in any way pertain to or are on account of the use or occupancy of the
<br />whole or any part of the Property (Rents).
<br />In the event any item listed as Leases or Rents is determined to be personal property, this
<br />assignment will also be regarded as a security agreement.
<br />Grantor will promptly provide Lender with copies of the Leases and will certify these Leases are
<br />true and correct copies. The existing Leases will be provided on execution of the assignment, and
<br />all future Leases and any other information with respect to these Leases will be provided
<br />immediately after they are executed, Grantor may collect, receive, enjoy and use the Rents so
<br />long as Grantor is not in default. Grantor will not collect in advance any Rents due in future lease
<br />periods, unless Grantor first obtains Lender's written consent, Upon default, Crrantor will receive
<br />any Rents in trust for Lender and Grantor will not commingle the Rents with any other funds.
<br />When Lender so directs, Grantor will endorse and deliver any payments of Rents from the
<br />Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured
<br />Debts, the costs of managing, protecting and preserving the Property, and other necessary
<br />expenses. Grantor agrees that this security instivment is imrnediately effective between Grantor
<br />and Lender and effective as to third parties on the recording of this assignment.
<br />As long as this assignment is in efFect, Grantor warrants and represents that no default eausts
<br />under the Leases, and the parties subject to the Leases have not violated any applicable law on
<br />leases, licenses and landlords and tenants. Grantor, at its sole cost and expense, will keep,
<br />observe and perform, and require a11 other parties to the Leases to comply with the Leases and
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