|
f. All revenues, income, rents, royalties, payments and profits produced by the
<br /> Land, Improvements, Appurtenances and Equipment, whether now owned or hereafter acquired
<br /> by Trustor ( "Gross Revenues ");
<br /> g. All architectural, structural and mechanical plans, specifications, design
<br /> documents and studies produced in connection with development of the Land and construction of
<br /> the Improvements (collectively, "Plans "); and
<br /> h. All interests and rights in any private or governmental grants, subsidies, loans or
<br /> other financing provided in connection with development of the Land and construction of the
<br /> Improvements (collectively, "Financing ").
<br /> All of the above- referenced interests ofTrustor in the Land, Improvements, Appurtenances,
<br /> Equipment, Leases, Rents, Proceeds, Gross Revenues, Plans and Financing as hereby conveyed
<br /> to Trustee or made subject to the security interest herein described are collectively referred to
<br /> herein as the "Property."
<br /> 2. Obligations Secured. This Deed of Trust is given for the purpose of securing payment
<br /> and performance of the following (collectively, the "Secured Obligations "): (i) all present and
<br /> future indebtedness evidenced by the City Note and any amendment thereof, including principal,
<br /> interest and all other amounts payable under the terms of the City Note; (ii) all present and future
<br /> obligations of Trustor to Beneficiary under the City Loan Agreement, the City Note and this
<br /> Deed of Trust (collectively hereafter the "Loan Documents ") and under any other City
<br /> Document; (iii) all additional present and future obligations of Trustor to Beneficiary under any
<br /> other agreement or instrument acknowledged by Trustor (whether existing now or in the future)
<br /> which states that it is or such obligations are, secured by this Deed of Trust; (iv) all obligations
<br /> ofTrustor to Beneficiary under all modifications, supplements, amendments, renewals, or
<br /> extensions of any of the foregoing, whether evidenced by new or additional documents; and (v)
<br /> reimbursement of all amounts advanced by or on behalf of Beneficiary to protect Beneficiary's
<br /> interests under this Deed of Trust or any other City Document as such may be modified,
<br /> supplemented, amended, renewed or extended.
<br /> 3. Assignment of Rents, Issues, and Profits. Trustor hereby irrevocably, absolutely,
<br /> presently and unconditionally assigns to Beneficiary the Rents, royalties, issues, profits, revenue,
<br /> income and proceeds of the Property. This is an absolute assignment and not an assignment for
<br /> security only. Beneficiary hereby confers upon Trustor a license to collect and retain such Rents,
<br /> royalties, issues, profits, revenue, income and proceeds as they become due and payable prior to
<br /> any Event of Default hereunder. Upon the occurrence of any such Event of Default, Beneficiary
<br /> may terminate such license without notice to or demand upon Trustor and without regard to the
<br /> adequacy of any security for the indebtedness hereby secured, and may either in person, by
<br /> agent, or by a receiver to be appointed by a court, enter upon and take possession of the Property
<br /> or any part thereof, and sue for or otherwise collect such rents, issues, and profits, including
<br /> those past due and unpaid, and apply the same, less costs and expenses of operation and
<br /> collection, including reasonable attorneys' fees, to any indebtedness secured hereby, and in such
<br /> order as Beneficiary may determine. Beneficiary's right to the rents, royalties, issues, profits,
<br /> revenue, income and proceeds of the Property does not depend upon whether or not Beneficiary
<br /> takes possession of the Property. The entering upon and taking possession of the Property, the
<br /> 81S002-2 3
<br />
|