IS OTHERWISE ADEQUATELY SECURED. GRANTOR HEREBY AUTHORIZES AND
DIRECTS ANY LESSEE OF THE MORTGAGED PROPERTY TO DELIVER ANY SUCH PAYMENT TO, AND
OTHERWISE TO ATTORN ALL OTHER OBLIGATIONS UNDER THE LEASES DIRECT TO,
BENEFICIARY. GRANTOR HEREBY RATIFIES AND CONFIRMS ALL THAT BENEFICIARY SHALL DO
OR CAUSE TO BE DONE BY VIRTUE OF THIS SECTION 1.14. NO LESSEE SHALL BE REQUIRED
TO INQUIRE
18
INTO THE AUTHORITY OF BENEFICIARY TO COLLECT ANY RENT, AND ANY LESSEE'S
OBLIGATION TO GRANTOR SHALL BE ABSOLUTELY DISCHARGED TO THE EXTENT OF ITS
PAYMENT TO BENEFICIARY. NO ACTION REFERRED TO IN THIS SECTION 1.14 TAKEN BY
BENEFICIARY SHALL CONSTITUTE AN ELECTION OF REMEDY.
(E)
NO OBLIGATION OF BENEFICIARY.
NEITHER THE ACCEPTANCE BY
BENEFICIARY OF THE ASSIGNMENT GRANTED IN THIS SECTION 1.14, NOR THE GRANTING OF
ANY OTHER RIGHT, POWER, PRIVILEGE OR AUTHORITY IN THIS SECTION 1.14 OR ELSEWHERE
IN THE DEED OF TRUST, NOR THE EXERCISE OF ANY OF THE AFORESAID, SHALL (I) PRIOR
TO THE ACTUAL TAKING OF PHYSICAL POSSESSION AND OPERATIONAL CONTROL OF THE
MORTGAGED PROPERTY BY BENEFICIARY, BE DEEMED TO CONSTITUTE BENEFICIARY AS A
"MORTGAGEE IN POSSESSION" OR (II) AT ANY TIME THEREAFTER, OBLIGATE BENEFICIARY
(A) TO APPEAR IN OR DEFEND ANY ACTION OR PROCEEDING RELATING TO THE LEASES, THE
RENTS OR THE REMAINDER OF THE MORTGAGED PROPERTY, (B) TO TAKE ANY ACTION
HEREUNDER, (C) TO EXPEND ANY MONEY OR INCUR ANY EXPENSES OR PERFORM OR DISCHARGE
ANY OBLIGATION, DUTY OR LIABILITY WITH RESPECT TO ANY LESSEE OF THE MORTGAGED
PROPERTY, (D) TO ASSUME ANY OBLIGATION OR RESPONSIBILITY FOR ANY DEPOSITS WHICH
ARE NOT PHYSICALLY DELIVERED TO BENEFICIARY OR (E) FOR ANY INJURY OR DAMAGE TO
PERSON OR PROPERTY SUSTAINED IN OR ABOUT THE MORTGAGED PROPERTY.
(F)
NO MERGER OF ESTATES.
SO LONG AS ANY PART OF THE OBLIGATIONS
SECURED HEREBY REMAIN UNPAID AND UNDISCHARGED, UNLESS BENEFICIARY SHALL
OTHERWISE CONSENT, THE FEE TITLE TO THE LAND AND THE LEASEHOLD ESTATE IN THE
INTERESTS SUBJECT TO THE MASTER LEASES SHALL NOT MERGE BUT RATHER SHALL REMAIN
SEPARATE AND DISTINCT, NOTWITHSTANDING THE UNION OF SUCH ESTATES EITHER IN
GRANTOR, BENEFICIARY, THE LESSOR, OR THE LESSEE UNDER THE MASTER LEASES OR ANY
THIRD PARTY BY PURCHASE OR OTHERWISE. GRANTOR FURTHER COVENANTS AND AGREES THAT,
IN CASE IT SHALL ACQUIRE THE FEE TITLE, OR ANY OTHER ESTATE, TITLE OR INTEREST
IN THE LAND, THE INTERESTS OR ANY PART THEREOF, COVERED BY THE MASTER LEASES,
THIS DEED OF TRUST SHALL ATTACH TO AND COVER AND BE A LIEN UPON SUCH OTHER
ESTATE SO ACQUIRED, AND SUCH OTHER ESTATE SO ACQUIRED BY GRANTOR SHALL BE
CONSIDERED AS GRANTED AND RELEASED, ASSIGNED, TRANSFERRED, MORTGAGED, PLEDGED
AND SET OVER UNTO BENEFICIARY AND THE LIEN HEREOF SPREAD TO COVER SUCH ESTATE
WITH THE SAME FORCE AND EFFECT AS THOUGH SPECIFICALLY HEREIN GRANTED AND
RELEASED, ASSIGNED, CONVEYED, TRANSFERRED, MORTGAGED, PLEDGED AND SET OVER TO
BENEFICIARY, SUBJECT ONLY TO ANY LIENS OR ENCUMBRANCES THEN AFFECTING SUCH FEE
INTEREST OR OTHER ESTATE.
ARTICLE 2.
EVENTS OF DEFAULT
All obligations shall become immediately due and