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the Land, Improvements, Appurtenances and Equipment, whether now owned or
<br /> hereafter acquired 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
<br /> construction of the Improvements (collectively, "Plans "); and
<br /> h. All interests and rights in any private or governmental grants, subsidies,
<br /> loans or other financing provided in connection with development of the Land and
<br /> construction of the Improvements (collectively, "Financing ").
<br /> All of the above - referenced interests of Trustor in the Land, Improvements,
<br /> Appurtenances, Equipment, Leases, Rents, Proceeds, Gross Revenues, Plans and
<br /> Financing as hereby conveyed to Trustee or made subject to the security interest herein
<br /> described are collectively referred to herein as the "Property."
<br /> 2. Obligations Secured. This Deed of Trust is given for the purpose of securing
<br /> payment and performance of the following (collectively, the "Secured Obligations "): (i)
<br /> all present and future indebtedness evidenced by the Note and any amendment thereof,
<br /> including principal, interest and all other amounts payable under the terms of the Note;
<br /> (ii) all present and future obligations of Trustor to Beneficiary under the Loan
<br /> Documents (defined below); (iii) all additional present and future obligations of Trustor
<br /> to Beneficiary under any other agreement or instrument acknowledged by Trustor
<br /> (whether existing now or in the future) which states that it is or such obligations are,
<br /> secured by this Deed of Trust, including without limitation, instruments and agreements
<br /> evidencing Trustor's obligations to Beneficiary in connection with the Phase 2 Housing;
<br /> (iv) all obligations of Trustor to Beneficiary under all modifications, supplements,
<br /> amendments, renewals, or extensions of any of the foregoing, whether evidenced by
<br /> new or additional documents; and (v) reimbursement of all amounts advanced by or on
<br /> behalf of Beneficiary to protect Beneficiary's interests under this Deed of Trust or any
<br /> other Loan Document as such may be modified, supplemented, amended, renewed or
<br /> extended. The Note, the Loan Agreement, this Deed of Trust, and the Regulatory
<br /> Agreement are hereafter collectively referred to as the "Loan Documents."
<br /> 3. Assignment of Rents, Issues, and Profits. Trustor hereby irrevocably, absolutely,
<br /> presently and unconditionally assigns to Beneficiary the Rents, royalties, issues, profits,
<br /> revenue, income and proceeds of the Property. This is an absolute assignment and not
<br /> an assignment for security only. Beneficiary hereby confers upon Trustor a license to
<br /> collect and retain such Rents, royalties, issues, profits, revenue, income and proceeds
<br /> as they become due and payable prior to any Event of Default hereunder. Upon the
<br /> occurrence of any such Event of Default, Beneficiary may terminate such license
<br /> without notice to or demand upon Trustor and without regard to the adequacy of any
<br /> security for the indebtedness hereby secured, and may either in person, by agent, or by
<br /> a receiver to be appointed by a court, enter upon and take possession of the Property or
<br /> any part thereof, and sue for or otherwise collect such rents, issues, and profits,
<br /> including those past due and unpaid, and apply the same, less costs and expenses of
<br /> operation and collection, including reasonable attorneys' fees, to any indebtedness
<br /> 1582131.3 3
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