AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 30 8. Reconveyance. That upon written request of Beneficiary stating that the Secured Obfigations have been fulfilled, and upon surrender of this Deed of Trust, Trustee shafl reconvey, withoUt warranty, the property then hefd hereunder. The recitals of such recanveyance of any matters ar facts shall be cnnclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the person or �ersons legally entitlecE thereto." 9. Assignn-rent of Rents. Trustar hereby absolutely and ur�cor�ditionalfy assigns to Beneficiary all of the rents, issues, profits, royalties, revenues, income and other benefits (colfectively, the "Rents") derEVed from the Property, whe#her now due, past due or to become due, and hereby gi�es to and confers u�on Beneficiary, either directiy or through a recei�er, the right, power and authority, but not tFte obligation, to collect the Rents, and to sue, eitF�er in the name af Trustor or BeReficiary, for a!! such Rents and to apply the same ta the indebtedness secured hereby ir� such order as Beneficiary may determine in its sole cliscretion. This assignment of Rents is intended to create and shall be construed ta create an absolute assignment ta Beneficiary of al! of Trustar's right, titie and interest in the Rents; provided, however, sa long as r�o default exists by Trustor irt the payment of any indebfedness secured hereby, or in any other covenant contained herein, or in said note or notes or in any ather dQCUment e�idencing or securing such indebtedness, Trustor shall have the ri�ht to collect all Rents from the Property and to retain, use and enjay the same. Upon the occurrence of such a default, without the necessity of c�emand or other notice to Trustor or any other act to enforce Benefic�ary's interest pursuant to this assignment, Trustor shall have no interest whatsaever in the Ren#s that are received by Trustor after a default, and all such Rents shall be received and held by Trustor in constructi�� trust for Beneficiary and deliverec! promptly to Beneficiary, or to a cour�-appointed receiver for the Property, without the necessity for further notice ta, or demand upon, Trustor. Upon the occurrence af such a default and at ar�y time thereafter d�ring the continuance thereof, Beneficiary may, afi its aption, send any tenant of the Property a notice fo the effect that: (a) a default has occurred; (b) Beneficiary has elec#ed to exercise its rights �rnder this ass[gnment; and (c) such tenant is thereby directed to thereafter make a!E payments of Rents to ar for the benefit flf Beneficiary or as Beneficiary shal! direct. Any such tenant shall be entitlecE to refy upon any notice fram Beneficiary and shall be protected with respect to any payment of Rents made pursuant to s�ch notice, irrespective of whether a dispute exists between Trustor a�d Beneficiary with respect to the existence of a default or the rights of Baneficiary hereunder. Any s�ch tenant shall r�ot be req�ired to investigate or determine the validity or accuraey of such notice ar the �alid+ty or enforceability of this assigrtment. Trustor hereby agrees to indemnify, defend and hofd any sucl� tenant harmless from and against any and all losses, cfaims, damages or iiabilities arising from or related ta any payment of Rents by such tenant made in reliance on and pursuar�t to such notice. 10. Default and Foreclosure. Upo� defauft by Trustor in perfarmance of any Secured Obligatio�, Beneficiary may deli�er f� Trustee a declaration of default and demand for sale and of a notice of defa�lt and a notice of sale, which notice Trustee shali cause to be filed far record. Beneficiary also shall depos�t with Trustee this �eed of Trust and al[ dacuments e�idencing the Secured Obligations and expenditures, if any, Page 26 of 31