|
any other agreement or instrument acknowledged by Trustor (whether existing now or in
<br /> the future) which states that it is or such obligations are, secured by this Deed of Trust;
<br /> (iv) all modifications, supplements, amendments, renewals, and extensions of any of the
<br /> foregoing, whether evidenced by new or additional documents; and (v) reimbursement of
<br /> all amounts advanced by or on behalf of Beneficiary to protect Beneficiary's interests
<br /> under this Deed of Trust.
<br /> 3. Assignment of Rents, Issues, and Profits. Trustor hereby irrevocably, absolutely,
<br /> presently and unconditionally assigns to Beneficiary the rents, royalties, issues, profits,
<br /> revenue, income and proceeds of the Property. This is an absolute assignment and not an
<br /> assignment for security only. Beneficiary hereby confers upon Trustor a license to collect
<br /> and retain such rents, royalties, issues, profits, revenue, income and proceeds as they
<br /> become due and payable prior to any Event of Default hereunder. Upon the occurrence of
<br /> any such Event of Default, Beneficiary may terminate such license without notice to or
<br /> demand upon Truster and without regard to the adequacy of any security for the
<br /> indebtedness hereby secured, and may either in person, by agent, or by a receiver to be
<br /> appointed by a court, enter upon and take possession of the Property or any part thereof,
<br /> and sue for or otherwise collect such rents, issues, and profits, including those past due and
<br /> unpaid, and apply the same, less costs and expenses of operation and collection, including
<br /> reasonable attorneys' fees, to any indebtedness secured hereby, and in such order as
<br /> Beneficiary may determine. Beneficiary's right to the rents, royalties, issues, profits, revenue,
<br /> income and proceeds of the Property does not depend upon whether or not Beneficiary takes
<br /> possession of the Property. The entering upon and taking possession of the Property, the
<br /> collection of such rents, issues, and profits, and the application thereof as aforesaid, shall
<br /> not cure or waive any default or notice of default hereunder or invalidate any act done
<br /> pursuant to such notice. If an Event of Default occurs while Beneficiary is in possession of all
<br /> or part of the Property and/or is collecting and applying Rents as permitted under this Deed
<br /> of Trust, Beneficiary, Trustee and any receiver shall nevertheless be entitled to exercise and
<br /> invoke every right and remedy afforded any of them under this Deed of Trust and at law or
<br /> in equity, including the right to exercise the power of sale granted hereunder. Regardless of
<br /> whether or not Beneficiary, in person or by agent, takes actual possession of the Land and
<br /> Improvements, Beneficiary shall not be deemed to be a "mortgagee in possession," shall not
<br /> be responsible for performing any obligation of the lessor under any Lease, shall not be liable
<br /> in any manner for the Property, or the use, occupancy, enjoyment or operation of any part
<br /> of it, and unless due solely to the willful misconduct or gross negligence of Beneficiary, shall
<br /> not be responsible for any dangerous or defective condition of the Property or any negligence
<br /> in the management, repair or control of the Property.
<br /> 4. Fixture Filing. This Deed of Trust is intended to be and constitutes a fixture filing
<br /> pursuant to the provisions of the Uniform Commercial Code ("UCC") with respect to all of
<br /> the Property constituting fixtures, is being recorded as a fixture financing statement and
<br /> filing under the UCC, and covers property, goods and equipment which are or are to
<br /> become fixtures related to the Land and the Improvements. Trustor covenants and agrees
<br /> that this Deed of Trust is to be filed in the real estate records of Alameda County and shall
<br /> also operate from the date of such filing as a fixture filing in accordance with Section 9502
<br /> and other applicable provisions of the UCC. This Deed of Trust shall also be effective as a
<br /> financing statement covering minerals or the like (including oil and gas) and accounts
<br /> subject to the UCC, as amended. Trustor shall be deemed to be the "debtor" and
<br /> Beneficiary shall be deemed to be the"secured party"for all purposes under the UCC. The
<br /> 17
<br />
|