All of the above-referenced interests of Trustor 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 Note and any amendment thereof, including principal,
<br /> interest and all other amounts payable under the terms of the Note; (ii) all present and future
<br /> obligations of Trustor to Beneficiary under the Loan Documents (defined below); (iii)all
<br /> additional present and future obligations of Trustor to Beneficiary under any other agreement or
<br /> instrument acknowledged by Trustor(whether existing now or in the future)which states that it
<br /> is or such obligations are, secured by this Deed of Trust; (iv) all obligations of Trustor to
<br /> Beneficiary under all modifications, supplements, amendments, renewals, or extensions of any of
<br /> the foregoing,whether evidenced by new or additional documents; and (v) reimbursement of all
<br /> amounts advanced by or on behalf of Beneficiary to protect Beneficiary's interests under this
<br /> Deed of Trust or any other Loan Document as such may be modified, supplemented, amended,
<br /> renewed or extended. The Note,the Loan Agreement, and this Deed of Trust are hereafter
<br /> 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, 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 /> revenues, 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 /> collection of such rents, issues, and profits, and the application thereof as aforesaid, shall not
<br /> cure or waive any default or notice of default hereunder or invalidate any act done pursuant to
<br /> such notice. 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 invoke every
<br /> right and remedy afforded any of them under this Deed of Trust and at law or in equity,
<br /> including the right to exercise the power of sale granted hereunder. Regardless of whether or not
<br /> Beneficiary, in person or by agent,takes actual possession of the Land or the Improvements,
<br /> Beneficiary shall not be deemed to be a"mortgagee in possession," shall not be responsible for
<br /> performing any obligation of Trustor under any Lease, shall not be liable in any manner f6r the
<br /> Property, or the use, occupancy, enjoyment or operation of any part of it, and shall not be
<br /> responsible for any waste committed by Trustor, lessees or any third parties, or for dangerous or
<br /> 24
<br />
|