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201107605 pressly waived by Grantor to the extent permitted by applicable law) or any action or proceeding or the intervention of a receiver appointed by a court. Section 6.2 Perfection Upon Recordation. Grantor, acknowledges that Beneficiary and Trustee have taken all actions necessary to obtain, and that upon recordation of this Deed of Trust Beneficiary and Trustee shall have, to the extent permitted under applicable law, a valid and fully per - fected, first priority, present assignment of the Rents arising out of the Leases and all security for such Leases. Grantor acknowledges and agrees that upon recordation of this Deed of Trust Trustee's and Beneficiary's interest in the Rents shall be deemed to be fully perfected, "choate" and enforced as to Grantor and to the extent permitted under applicable law, all third parties, including, without limitation, any subsequently appointed trustee in any case under Title 1 I of the United States Code (the "Bankruptcy Code "), without the necessity of commencing a foreclosure action with respect to this Deed of Trust, making formal demand for the Rents, obtaining the appointment of a receiver or taking any other affirma- tive action. Section 6.3 Bankruptcv Provisions. Without limitation of the absolute nature of the assignment of the Rents hereunder, Grantor, Trustee and Beneficiary agree that (a) this Deed of Trust shall constitute a "security agreement" for purposes of Section 552(b) of the Bankruptcy Code, (b) the security interest created by this Deed of Trust extends to property of Grantor acquired before the com- mencement of a case in bankruptcy and to all amounts paid as Rents and (c) such security interest shall extend to all Rents acquired by the estate after the commencement of any case in bankruptcy. Section 6.4 Reserved. Section 6 Collection of Rents. (a) Any Rents receivable by Beneficiary or Trustee hereunder, after payment of all proper costs and expenses as Beneficiary may, in its sole discretion, determine to be appropriate (includ- ing the payment of reasonable costs and expenses in connection with the maintenance, operation, im- provement, insurance, taxes and upkeep of the Mortgaged Property), shall be applied in accordance with the provisions of Section 5.7 of this Deed of Trust. Beneficiary shall be accountable to Grantor only for Rents actually received by Beneficiary The collection of such Rents and the application thereof shall not cure or waive any Event of Default or waive, modify or affect notice of Event of Default or invalidate any act done pursuant to such notice. (b) Grantor her if authorizes and directs the Tenant under each Lease to rely upon and comply with any and all notices or demands from Beneficiary or Trustee for payment of Rents to Beneficiary or Trustee (for the benefit of Beneficiary), and Grantor shall have no claim against any Tenant for Rents paid by such Tenant to Beneficiary or Trustee (for the benefit of Beneficiary) pursu- ant to such notice or demand. ARTICLE 7 SECURITY AGREEMENT Section 7.1 Security Interest. This Deed of Trust constitutes a "security agreement" on personal property within the meaning of the UCC and other applicable law and with respect to the Per- sonalty, Fixtures, Leases, Rents, Deposit Accounts, Property Agreements, Tax Refunds, Proceeds, Insur- ance and Condemnation Awards. To this end, Grantor grants to Beneficiary a first and prior security in- terest in the Personalty, Fixtures, Leases, Rents, Deposit Accounts, Property Agreements, Tax Refunds, Proceeds, Insurance, Condemnation Awards and all other Mortgaged Property which is personal property to secure the payment and performance of the Secured Obligations, and agrees that Beneficiary shall have -10-