ITEMS SET FORTH IN PARAGRAPHS (A) THROUGH (O) ABOVE.
AND without limiting any of the other provisions of this Security Instrument,
Trustor hereby expressly grants to Beneficiary, as secured party, a security
interest in the portion of the Property which is or may be subject to the
provisions of the Uniform Commercial Code which are applicable to secured
transactions; it being understood and agreed that the Improvements and Fixtures
are part and parcel of the Land (the Land, the Improvements and the Fixtures
collectively referred to as the "Real Property") appropriated to the use thereof
and, whether affixed or annexed to the Real Property or not, shall for the
purposes of this Security Instrument be deemed conclusively to be real estate
and mortgaged hereby.
SECTION 1.2.
ASSIGNMENT OF RENTS.
TRUSTOR HEREBY ABSOLUTELY AND
UNCONDITIONALLY ASSIGNS TO BENEFICIARY ALL OF TRUSTOR'S RIGHT, TITLE AND
INTEREST IN AND TO ALL CURRENT AND FUTURE LEASES AND RENTS; IT BEING INTENDED BY
TRUSTOR THAT THIS ASSIGNMENT CONSTITUTES A PRESENT, ABSOLUTE ASSIGNMENT AND NOT
AN ASSIGNMENT FOR ADDITIONAL SECURITY ONLY.
NEVERTHELESS, SUBJECT TO THE TERMS
OF THE ASSIGNMENT OF LEASES AND SECTION 7.1(H) OF THIS SECURITY INSTRUMENT,
BENEFICIARY GRANTS TO TRUSTOR A REVOCABLE LICENSE TO COLLECT, RECEIVE, USE AND
ENJOY THE RENTS, AND
4
TRUSTOR SHALL HOLD THE RENTS, OR A PORTION THEREOF SUFFICIENT TO DISCHARGE ALL
CURRENT SUMS DUE ON THE DEBT, FOR USE IN THE PAYMENT OF SUCH SUMS.
SECTION 1.3.
SECURITY AGREEMENT.
THIS SECURITY INSTRUMENT IS BOTH A
REAL PROPERTY MORTGAGE AND A "SECURITY AGREEMENT" WITHIN THE MEANING OF THE
UNIFORM COMMERCIAL CODE.
THE PROPERTY INCLUDES BOTH REAL AND PERSONAL PROPERTY
AND ALL OTHER RIGHTS AND INTERESTS, WHETHER TANGIBLE OR INTANGIBLE IN NATURE, OF
TRUSTOR IN THE PROPERTY.
TRUSTOR HEREBY EXPRESSLY GRANTS TO BENEFICIARY, AS
SECURITY FOR THE OBLIGATIONS (HEREINAFTER DEFINED), A SECURITY INTEREST IN THE
FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY, AND ANY OTHER PROPERTY (TO THE
EXTENT SUCH OTHER PROPERTY IS NOT REAL PROPERTY) TO THE FULL EXTENT THAT THE
FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY AND ANY OTHER PROPERTY (TO THE
EXTENT SUCH OTHER PROPERTY IS NOT REAL PROPERTY) MAY BE SUBJECT TO THE UNIFORM
COMMERCIAL CODE (SAID PORTION OF THE PROPERTY SO SUBJECT TO THE UNIFORM
COMMERCIAL CODE AND NOT CONSTITUTING REAL PROPERTY BEING CALLED THE
"COLLATERAL").
IF AN EVENT OF DEFAULT SHALL OCCUR AND BE CONTINUING,
BENEFICIARY, IN ADDITION TO ANY OTHER RIGHTS AND REMEDIES WHICH IT MAY HAVE,
SHALL HAVE AND MAY EXERCISE IMMEDIATELY AND WITHOUT DEMAND, ANY AND ALL RIGHTS
AND REMEDIES GRANTED TO A SECURED PARTY UPON DEFAULT UNDER THE UNIFORM
COMMERCIAL CODE, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
THE RIGHT TO TAKE POSSESSION OF THE COLLATERAL OR ANY PART THEREOF, AND TO TAKE
SUCH OTHER MEASURES AS BENEFICIARY MAY DEEM NECESSARY FOR THE CARE, PROTECTION
AND PRESERVATION OF THE COLLATERAL.
UPON REQUEST OR DEMAND OF BENEFICIARY AFTER
THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, TRUSTOR SHALL,
AT ITS EXPENSE, ASSEMBLE THE COLLATERAL AND MAKE IT AVAILABLE