OTHER RIGHTS, TITLES
OR INTERESTS EQUAL OR SUPERIOR TO THE DEED OF TRUST;
(B)
SECOND, TO THE INDEFEASIBLE PAYMENT AND SATISFACTION IN FULL OF
THAT PORTION OF THE OBLIGATIONS RELATING TO THE CREDIT OBLIGATIONS;
(C)
THIRD, TO THE INDEFEASIBLE PAYMENT AND SATISFACTION IN FULL OF ALL
OTHER OBLIGATIONS;
(D)
FOURTH, WITH THE SURPLUS, IF ANY, TO WHOMSOEVER MAY BE LAWFULLY
ENTITLED TO RECEIVE THE SAME.
GRANTOR SHALL BE LIABLE FOR ANY DEFICIENCIES IN THE EVENT THE
PROCEEDS ARE NOT SUFFICIENT TO COVER ITEMS (A), (B) AND (C) ABOVE.
3.10
LEASES.
(A)
BENEFICIARY, AT ITS OPTION, IS AUTHORIZED TO FORECLOSE THE DEED OF
TRUST SUBJECT TO THE RIGHTS OF ANY LESSEES OF THE MORTGAGED PROPERTY, AND THE
FAILURE TO MAKE ANY SUCH
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LESSEES PARTIES TO ANY SUCH FORECLOSURE PROCEEDINGS AND TO FORECLOSE THEIR
RIGHTS WILL NOT BE, NOR BE ASSERTED TO BE BY GRANTOR, A DEFENSE TO ANY
PROCEEDINGS INSTITUTED BY BENEFICIARY TO COLLECT THE OBLIGATIONS.
(B)
IN THE EVENT BENEFICIARY SHALL INSTITUTE JUDICIAL PROCEEDINGS TO
FORECLOSE THE LIEN HEREOF, AND SHALL BE APPOINTED AS A TRUSTEE IN POSSESSION OF
THE MORTGAGED PROPERTY, BENEFICIARY DURING SUCH TIME AS IT SHALL BE TRUSTEE IN
POSSESSION OF THE MORTGAGED PROPERTY PURSUANT TO AN ORDER OR DECREE ENTERED IN
SUCH JUDICIAL PROCEEDINGS, SHALL HAVE, AND GRANTOR HEREBY GIVES AND GRANTS TO
BENEFICIARY, THE RIGHT, POWER AND AUTHORITY TO MAKE AND ENTER INTO LEASES OF THE
MORTGAGED PROPERTY OR THE PORTIONS THEREOF FOR SUCH RENTS AND FOR SUCH PERIODS
OF OCCUPANCY AND UPON SUCH CONDITIONS AND PROVISIONS AS SUCH TRUSTEE IN
POSSESSION MAY DEEM DESIRABLE, AND GRANTOR EXPRESSLY ACKNOWLEDGES AND AGREES
THAT THE TERM OF ANY SUCH LEASE MAY EXTEND BEYOND THE DATE OF ANY SALE OF THE
MORTGAGED PROPERTY PURSUANT TO A DECREE RENDERED IN SUCH JUDICIAL PROCEEDINGS;
IT BEING THE INTENTION OF GRANTOR THAT WHILE BENEFICIARY IS A TRUSTEE IN
POSSESSION OF THE MORTGAGED PROPERTY PURSUANT TO AN ORDER OR DECREE ENTERED IN
SUCH JUDICIAL PROCEEDINGS, BENEFICIARY SHALL BE DEEMED TO BE AND SHALL BE THE
ATTORNEY-IN-FACT OF GRANTOR FOR THE PURPOSE OF MAKING AND ENTERING INTO LEASES
OF PARTS OF PORTIONS OF THE MORTGAGED PROPERTY FOR THE RENTS AND UPON THE TERMS,
CONDITIONS AND PROVISIONS DEEMED DESIRABLE TO BENEFICIARY AND WITH LIKE EFFECT
AS IF SUCH LEASES HAD BEEN MADE BY GRANTOR, AS THE OWNER IN FEE SIMPLE OF THE
MORTGAGED PROPERTY, FREE AND CLEAR OF ANY CONDITIONS OR LIMITATIONS ESTABLISHED
BY THE DEED OF TRUST. THE POWER AND AUTHORITY HEREBY GIVEN AND GRANTED BY
GRANTOR TO BENEFICIARY SHALL BE DEEMED TO BE COUPLED WITH AN INTEREST AND SHALL
NOT BE REVOCABLE BY GRANTOR.
(C)
THE ASSIGNMENT AND SECURITY INTEREST HEREIN GRANTED SHALL NOT BE
DEEMED OR CONSTRUED TO CONSTITUTE BENEFICIARY AS A TRUSTEE OR MORTGAGEE IN
POSSESSION OF THE MORTGAGED PROPERTY, TO OBLIGATE BENEFICIARY TO LEASE THE
MORTGAGED PROPERTY OR ATTEMPT TO DO SAME, OR TO TAKE ANY ACTION, INCUR ANY
EXPENSE OR PERFORM OR DISCHARGE ANY OBLIGATION, DUTY OR LIABILITY WHATSOEVER
UNDER ANY OF THE LEASES OR OTHERWISE.