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Beneficiary exercises its rights to such rents. Trustor agrees that commencing upon delivery of such <br />written notice of Trustor's breach by Beneficiary to Trustor, each tenant of the Property shall make <br />such rents payable to and pay such rents to Beneficiary or Beneficiary's agents on Beneficiary's <br />written demand to each tenant therefor, delivered to each tenant personally, by mail or by delivering <br />such demand to each rental unit, without any liability on the part of said tenant to inquire further as <br />to the existence of a default by Trustor. <br />With the exception of an assignment of rents to other project lenders approved by <br />Beneficiary, Trustor hereby covenants that Trustor has not executed any prior assignment of said <br />rents, that Trustor has not performed, and will not perform, any acts or has not executed and will not <br />execute, any instrument which would prevent Beneficiary from exercising its rights under this <br />Section 2.3, and that at the time of execution of this Deed of Trust, there has been no anticipation or <br />prepayment of any of the rents of the Property for more than two (2) months prior to the due dates of <br />such rents. Trustor covenants that Trustor will not hereafter collect or accept payment of any rents <br />of the Property more than two (2) months prior to the due dates of such rents. Trustor further <br />covenant that Trustor will execute and deliver to Beneficiary such further assignments of rents and <br />revenues of the Property as Beneficiary may from time to time request. <br />Upon Trustor's breach of any covenant or agreement of Trustor in the Loan Documents, <br />Beneficiary may in person, by agent or by a court-appointed receiver, regardless of the adequacy of <br />Beneficiary's security, enter upon and take and maintain full control of the Property in order to <br />perform all acts necessary and appropriate for the operation and maintenance thereof including, but <br />not limited to, the execution, cancellation or modification of leases, the collection of all rents and <br />revenues of the Property, the making of repairs to the Property and the execution or termination of <br />contracts providing for the management or maintenance of the Property, all on such terms as are <br />deemed best to protect the security of this Deed of Trust. In the event Beneficiary elects to seek the <br />appointment of a receiver for the Property upon Trustor's breach of any covenant or agreement of <br />Trustor in this Deed of Trust, Trustor hereby expressly consents to the appointment of such receiver. <br />Beneficiary or the receiver shall be entitled to receive a reasonable fee for so managing the Property. <br />All rents and revenues collected subsequent to delivery of written notice by Beneficiary to <br />Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents <br />shall be applied first to the costs, if any, of taking control of and managing the Property and <br />collecting the rents, including, but not limited to, reasonable attorney's fees, receiver's fees, <br />premiums on receiver's bonds, costs of repairs to the Property, premiums on insurance policies, <br />taxes, assessments and other charges on the Property, and the costs of discharging any obligation or <br />liability of Trustor as lessor or landlord of the Property and then to the sums secured by this deed of <br />Trust. Beneficiary or the receiver shall have access to the books and records used in the operation <br />and maintenance of the Property and shall be liable to account only for those rents actually received. <br />Beneficiary shall not be liable to Trustor, anyone claiming under or through Trustor or anyone <br />having an interest in the Property by reason of anything done or left undone by Beneficiary under <br />this Section 2.3. <br />If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and <br />managing the Property and collecting the rents, any funds expended by Beneficiary for such <br />purposes shall become indebtedness of Trustor to Beneficiary secured by this Deed of Trust pursuant <br />to Section 3.3 hereof. Unless Beneficiary and Trustor agree in writing to other terms of payment, <br />2220130.1 Page 26 <br />