Laserfiche WebLink
limitation, water, gas, electricity, sewer, telephone and telegraph, or those otherwise required by <br />law, and as approved, in writing, by Beneficiary. <br />Section 2.3 Assignment of Rents. <br />As part of the consideration for the indebtedness evidenced by the Note, Trustor hereby <br />absolutely and unconditionally assigns and transfers to Beneficiary all the rents and revenues of <br />the Property including those now due, past due, or to become due by virtue of any lease or other <br />agreement for the occupancy or use of all or any part of the Property, regardless of to whom the <br />rents and revenues of the Property are payable. Trustor hereby authorizes Beneficiary or <br />Beneficiary's agents to collect the aforesaid rents and revenues and hereby directs each tenant of <br />the Property to pay such rents to Beneficiary or Beneficiary's agents; provided, however, that <br />prior to written notice given by Beneficiary to Trustor of an Event of Default by Trustor, Trustor <br />shall collect and receive all rents and revenues of the Property as trustee for the benefit of <br />Beneficiary and Trustor to apply the rents and revenues so collected to the Secured Obligations <br />with the balance, so long as no Event of Default is continuing, to the account of Trustor, it being <br />intended by Trustor and Beneficiary that this assignment of rents constitutes an absolute <br />assignment and not an assignment for additional security only. Upon delivery of written notice <br />by Beneficiary to Trustor of an Event of Default by Trustor, and without the necessity of <br />Beneficiary entering upon and taking and maintaining full control of the Property in person, by <br />agent or by a court -appointed receiver, Beneficiary shall immediately be entitled to possession of <br />all rents and revenues of the Property as specified in this Section 2.3 as the same becomes due <br />and payable, including but not limited to rents then due and unpaid, and all such rents shall <br />immediately upon delivery of such notice be held by Trustor as trustee for the benefit of <br />Beneficiary only; provided, however, that the written notice by Beneficiary to Trustor of the <br />Event of Default by Trustor shall contain a statement that Beneficiary exercises its rights to such <br />rents. Trustor agrees that commencing upon delivery of such written notice of Trustor's Event of <br />Default by Beneficiary to Trustor, each tenant of the Property shall make such rents payable to <br />and pay such rents to Beneficiary or Beneficiary's agents on Beneficiary's written demand to <br />each tenant therefor, delivered to each tenant personally, by mail or by delivering such demand <br />to each rental unit, without any liability on the part of said tenant to inquire further as to the <br />existence of an Event of Default by Trustor. <br />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 <br />not execute, any instrument which would prevent Beneficiary from exercising its rights under <br />this Section 2.3, and that at the time of execution of this Deed of Trust, there has been no <br />anticipation or prepayment of any of the rents of the Property for more than two (2) months prior <br />to the due dates of such rents. Trustor covenants that Trustor will not hereafter collect or accept <br />payment of any rents of the Property more than two (2) months prior to the due dates of such <br />rents. Trustor further covenant that Trustor will execute and deliver to Beneficiary such further <br />assignments of rents and 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 />beyond any applicable notice and cure periods, Beneficiary may in person, by agent or by a <br />court -appointed receiver, regardless of the adequacy of Beneficiary's security, enter upon and <br />take and maintain full control of the Property in order to perform all acts necessary and <br />