|
1
<br /> secured hereby, and in such order as Beneficiary may determine. Beneficiary's right to
<br /> the rents, royalties, issues, profits, revenue, income and proceeds of the Property does
<br /> not depend upon whether or not Beneficiary takes possession of the Property. The
<br /> entering upon and taking possession of the Property, the collection of such rents,
<br /> issues, and profits, and the application thereof as aforesaid, shall not cure or waive any
<br /> default or notice of default hereunder or invalidate any act done pursuant to such notice.
<br /> If an Event of Default occurs while Beneficiary is in possession of all or part of the
<br /> Property and /or is collecting and applying Rents as permitted under this Deed of Trust,
<br /> Beneficiary, Trustee and any receiver shall nevertheless be entitled to exercise and
<br /> invoke every right and remedy afforded any of them under this Deed of Trust and at law
<br /> or in equity, including the right to exercise the power of sale granted hereunder.
<br /> Regardless of whether or not Beneficiary, in person or by agent, takes actual
<br /> possession of the Land or the Improvements, Beneficiary shall not be deemed to be a
<br /> "mortgagee in possession," shall not be responsible for performing any obligation of
<br /> Trustor under any Lease, shall not be liable in any manner for the Property, or the use,
<br /> occupancy, enjoyment or operation of any part of it, and shall not be responsible for any
<br /> waste committed by Trustor, lessees or any third parties, or for dangerous or defective
<br /> condition of the Property or any negligence in the management, repair or control of the
<br /> Property. Absent Beneficiary's written consent, Trustor shall not accept prepayment of
<br /> Rents for any rental period exceeding one month.
<br /> 4. Security Agreement. The parties intend for this Deed of Trust to create a lien on
<br /> the Property, and an absolute assignment of the Rents and Leases, all in favor of
<br /> Beneficiary. The parties acknowledge that some of the Property may be determined
<br /> under applicable law to be personal property or fixtures. To the extent that any Property
<br /> may be or be determined to be personal property, Trustor as debtor hereby grants to
<br /> Beneficiary as secured party a security interest in all such Property to secure payment
<br /> and performance of the Secured Obligations. This Deed of Trust constitutes a security
<br /> agreement under the California Uniform Commercial Code, as amended or recodified
<br /> from time to time (the 11 UCC "), covering all such Property. To the extent such Property
<br /> is not real property encumbered by the lien granted above, and is not absolutely
<br /> assigned by the assignment set forth above, it is the intention of the parties that such
<br /> Property shall constitute "proceeds, products, offspring, rents, or profits" (as defined in
<br /> and for the purposes of Section 552(b) of the United States Bankruptcy Code, as such
<br /> section may be modified or supplemented) of the Land and Improvements.
<br /> 5. Financing Statements. Pursuant to the UCC, Trustor, as debtor, hereby
<br /> authorizes Beneficiary, as secured party, to file such financing statements and
<br /> •
<br /> amendments thereof and such continuation statements with respect thereto as
<br /> Beneficiary may deem appropriate to perfect and preserve Beneficiary's security interest
<br /> in the Property and Rents, without requiring any signature or further authorization by
<br /> Trustor. If requested by Beneficiary, Trustor shall pay all fees and costs that Beneficiary
<br /> may incur in filing such documents in public offices and in obtaining such record
<br /> searches as Beneficiary may reasonably require. If any financing statement or other
<br /> document is filed in the records normally pertaining to personal property, that filing shall
<br /> not be construed as in any way derogating from or impairing this Deed of Trust or the
<br /> rights or obligations of the parties under it.
<br /> 1582131.3 4
<br />
|