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Deed of Trust declared to be part of the real property; provided, however, that furniture and other personal property of tenants of dwelling units in the buildings now or hereafter situated on said real property are not intended to be included within such definition of Property or subject to this Deed of Trust except to the extent of Trustor's interest therein. 2. TRUSTOR HEREBY ABSOLUTELY, UNCONDITIONALLY AND IRREVOCABLY ASSIGNS to the Agency all rents, royalties, issues, accounts and profits of or relating to the Property and all of Trustor's interest under all leases, subleases, rental agreements and other contracts and occupancy agreements relating to use and possession for the purposes and upon the terms and conditions hereinafter set forth. This assignment is absolute, primary and direct and is not intended to be a separate or secondary pledge, or other form of additional security, and no further act or step is or shall be required of the Agency to perfect this assignment. Notwithstanding the foregoing, the Agency confers upon the Borrower a license to collect and retain the rents, issues and profits of the Property as they become due and payable until an Event of Default (hereinafter defined), upon the occurrence of which said license shall be automatically revoked. This assignment shall not impose upon the Agency any duty to cause the Property to produce rents nor shall the Agency be deemed to be a mortgagee in possession by reason thereof for any purpose. 3. THE ABOVE GRANT, TRANSFER, AND ASSIGNMENTS ARE FOR THE PURPOSE OF SECURING: (a) Payment of the indebtedness evidenced by that certain promissory note entitled "California Housing Finance Agency, Promissory Note, CHFA Development No. 87 -007 -N "(the Three HundreVNote ") of the Borrower in the face amount of One Million Thirty Five Thousand Forty Two & Dollars, ($ 1,035,342.35 ), together with interest on such 35/100 indebtedness according to the terms of the Note, and any and all amendments, modifications, extensions or renewals of the Note and the indebtedness and all other sums becoming due and payable to the Agency, or Trustee, pursuant to the terms of this Deed of Trust; (b) Payment of such additional indebtedness, when evidenced by a promissory note or notes reciting the same to be secured by this Deed of Trust, together with interest, as the Agency at its sole discretion may advance to Borrower and /or the City, or its successors in interest, from time to time and payment or performance of such other obligations as the then record owner of the Property may agree to pay or perform when evidenced by a promissory note or other instrument or agreement reciting that it is secured hereby; and (c) Performance and observance of all of the terms, covenants and conditions to be performed or observed by Borrower CHFA 52P(RIDGE VIEW /.SECOND) -2- 12/19/89 Q02253