SHALL NOT
CONTAIN SUCH ASSUMPTION, THE GRANTEE UNDER SUCH DEED SHALL NEVERTHELESS BE
DEEMED TO HAVE ASSUMED SUCH OBLIGATIONS BY ACQUIRING THE MORTGAGED PROPERTY OR
SUCH PORTION THEREOF SUBJECT TO THE DEED OF TRUST.
1.14
ASSIGNMENT OF RENTS AND LEASES.
(A)
ASSIGNMENT.
FOR AND IN CONSIDERATION OF THE SUM OF TEN AND 00/100
DOLLARS ($10.00) AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, AND IN ORDER TO SECURE THE FULL,
TIMELY AND INDEFEASIBLE PAYMENT, PERFORMANCE AND DISCHARGE OF THE OBLIGATIONS,
GRANTOR DOES HEREBY GRANT, BARGAIN, SELL AND CONVEY ABSOLUTELY UNTO BENEFICIARY
THE LEASES AND THE RENTS, SUBJECT ONLY TO THE PERMITTED ENCUMBRANCES, IF ANY,
APPLICABLE THERETO. IT IS THE INTENT OF THE PARTIES THAT NO CONFLICT EXIST
BETWEEN THE ABSOLUTE ASSIGNMENT CONTAINED IN THIS SECTION 1.14 AND THE
COLLATERAL CONVEYANCE CONTAINED IN THE GRANTING CLAUSE OF THIS DEED OF TRUST.
HOWEVER, IF AND TO THE EXTENT ANY SUCH CONFLICT BE PERCEIVED TO EXIST AS TO THE
LEASES OR THE RENTS, SUCH CONFLICT SHALL BE RESOLVED IN FAVOR OF THE ABSOLUTE
ASSIGNMENT CONTAINED IN THIS SECTION 1.14. THE ASSIGNMENT CONTAINED HEREIN SHALL
BE FULLY OPERATIVE WITHOUT ANY FURTHER ACTION ON THE PART OF EITHER PARTY AND
SPECIFICALLY, BENEFICIARY SHALL BE ENTITLED, AT ITS OPTION, AT ANY TIME ON OR
AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT TO ALL RENTS AND LEASES, WHETHER OR
NOT BENEFICIARY TAKES POSSESSION OF SUCH PROPERTY. THE FOREGOING PROVISIONS
HEREOF SHALL CONSTITUTE AN ABSOLUTE AND PRESENT ASSIGNMENT OF THE LEASES AND
RENTS, SUBJECT, HOWEVER, TO THE LICENSE (AS DEFINED BELOW) GIVEN TO GRANTOR
PROVIDED FOR BELOW; AND THE EXISTENCE OR EXERCISE OF SUCH RIGHT OF GRANTOR SHALL
NOT OPERATE TO SUBORDINATE THIS ASSIGNMENT TO ANY SUBSEQUENT ASSIGNMENT, IN
WHOLE OR IN PART, BY GRANTOR, AND ANY SUCH SUBSEQUENT ASSIGNMENT BY GRANTOR
SHALL BE SUBJECT TO THE RIGHTS OF BENEFICIARY HEREUNDER. SUCH ASSIGNMENT AND
GRANT SHALL CONTINUE IN EFFECT UNTIL THE OBLIGATIONS SECURED HEREBY ARE
INDEFEASIBLY PAID IN FULL, THE EXECUTION OF THIS DEED OF TRUST CONSTITUTING AND
EVIDENCING THE IRREVOCABLE CONSENT OF GRANTOR TO THE ENTRY UPON AND TAKING
POSSESSION OF THE MORTGAGED PROPERTY BY BENEFICIARY PURSUANT TO SUCH GRANT,
WHETHER OR NOT FORECLOSURE HAS BEEN INSTITUTED. NEITHER THE EXERCISE OF ANY
RIGHTS UNDER THIS SECTION 1.14 BY BENEFICIARY NOR THE APPLICATION OF ANY RENTS
OR OTHER BENEFITS TO THE OBLIGATIONS SECURED HEREBY, SHALL CURE OR WAIVE ANY
DEFAULT OR NOTICE OF DEFAULT HEREUNDER OR INVALIDATE ANY ACT DONE PURSUANT
HERETO OR TO ANY SUCH NOTICE, BUT SHALL BE CUMULATIVE OF ALL OTHER RIGHTS AND
REMEDIES.
(B)
ADDITIONAL RIGHTS AND GRANTOR'S LIMITED LICENSE.
GRANTOR HEREBY
FURTHER
17
GRANTS TO BENEFICIARY THE RIGHT (I) TO ENTER UPON AND TAKE POSSESSION OF THE
MORTGAGED PROPERTY FOR THE PURPOSE OF COLLECTING THE RENTS AND OTHER BENEFITS,
(II) TO DISPOSSESS BY THE USUAL SUMMARY PROCEEDINGS ANY TENANT DEFAULTING IN THE
PAYMENT THEREOF TO BENEFICIARY, (III) TO LET THE MORTGAGED PROPERTY OR ANY PART
THEREOF, AND (IV) TO APPLY RENTS AND OTHER BENEFITS,