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<br />pressly waived by Grantor to the extent permitted by applicable law) or any action or proceeding or the
<br />intervention of a receiver appointed by a court,
<br />Section 6.2 Perfection Upon Recordation. Grantor acknowledges that Beneficiary
<br />and Trustee have taken all actions necessary to obtain, and that upon recordation of this Deed of Trust
<br />Beneficiary and Trustee shall have, to the extent permitted under applicable law, a valid and fully per-
<br />fected, first priority, present assignment of the Rents arising out of the Leases and all security f'or, such
<br />Leases Grantor acknowledges and agrees that upon recordation of this Deed of Trust Trustee's and
<br />Beneficiary's interest in the Rents shall be deemed to be fully perfected, "choate" and enforced as to
<br />Grantor and to the extent permitted under applicable Law, all third parties, including, without limitation,
<br />any subsequently appointed trustee in any case under Title I 1 of the United States Code (the "Bankruptcy
<br />Code "), without the necessity of commencing a foreclosure action with respect to this Deed of Trust,
<br />making formal demand for the Rents, obtaining the appointment of a receiver or taking any other affirma-
<br />tive action.
<br />Section 6.3 Bankruptcy Provisions. Without limitation of the absolute nature of the
<br />assignment of the Rents hereunder, Grantor, Trustee and Beneficiary agree that (a) this Deed of Trust
<br />shall constitute a "security agreement" for purposes of Section 552(b) of the Bankruptcy Code, (b) the
<br />security interest created by this Deed of Trust extends to property of Grantor acquired before the com-
<br />mencement of a case in bankruptcy and to all amounts paid as Rents and (c) such security interest shall
<br />extend to all Rents acquired by the estate after the commencement of any case in bankruptcy.
<br />Section 6.4 Reserved.
<br />Section 6.5 Collection of Rents.
<br />(a) Any Rents receivable by Beneficiary or Trustee hereunder, after payment of all
<br />proper costs and expenses as Beneficiary may, in its sole discretion, determine to be appropriate (includ-
<br />ing the payment of reasonable costs and expenses in connection with the maintenance, operation, im-
<br />provement, insurance, taxes and upkeep of the Mortgaged Property), shall be applied in accordance with
<br />the provisions of Section 5 7 of this Deed of Trust. Beneficiary shall be accountable to Grantor only for-
<br />Rents actually received by Beneficiary The collection of such Rents and the application thereof' shall not
<br />cure or waive any Event of Default or waive, modify or affect notice of Event of Default or invalidate any
<br />act done pursuant to such notice.
<br />(b) Grantor hereby irrevocably authorizes and directs the Tenant under each Lease to
<br />rely upon and comply with any and all notices or demands from Beneficiary or Trustee for payment of
<br />Rents to Beneficiary or Trustee (for the benefit of Beneficiary), and Grantor shall have no claim against
<br />any Tenant for Rents paid by such Tenant to Beneficiary or Trustee (for the benefit of Beneficiary) pursu-
<br />ant to such notice or demand.
<br />ARTICLE 7
<br />SECURITY AGREEMENT
<br />Section 7.1 Security Interest. This Deed of Trust constitutes a "security agreement"
<br />on personal property within the meaning of the UCC and other applicable law and with respect to the Per-
<br />sonalty, Fixtures, Leases, Rents, Deposit Accounts, Property Agreements, Tax Refunds, Proceeds, Insur-
<br />ance and Condemnation Awards. To this end, Grantor grants to Beneficiary a first and prior security in-
<br />terest in the Personalty, Fixtures, Leases, Rents, Deposit Accounts, Property Agreements, Tax Refunds,
<br />Proceeds, Insurance, Condemnation Awards and all other Mortgaged Property which is personal property
<br />to secure the payment and performance of the Secured Obligations, and agrees that Beneficiary shall have
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