Common use of Leases and Rents Clause in Contracts

Leases and Rents. (a) Trustor does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's right, title and interest in 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. Such assignment shall not be construed to bind Beneficiary to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of Default, without the need for notice or demand, the license granted to Trustor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary enters upon or takes control of the Trust Property. Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor Borrower does hereby absolutely and unconditionally assign to Beneficiary Lender all of Trustor's Borrower’s right, title and interest in all current and future Leases and Rents, it being intended by Trustor Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment shall not be construed to bind Beneficiary Lender to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon BeneficiaryLender. Nevertheless, subject to the terms of this paragraph, Beneficiary Lender grants to Trustor Borrower a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of Default, without the need for notice or demand, the license granted to Trustor Borrower herein shall automatically be revoked, and Beneficiary Lender shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary Lender enters upon or takes control of the Trust Property. Trustor Borrower hereby grants and assigns to Beneficiary Lender the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary Lender in its sole discretion shall deem proper. (b) Trustor Borrower shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor Borrower does hereby absolutely and unconditionally assign to Beneficiary Lender all of Trustor's Xxxxxxxx’s right, title and interest in all current and future Leases and Rents, it being intended by Trustor Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment shall not be construed to bind Beneficiary Lender to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon BeneficiaryLender. Nevertheless, subject to the terms of this paragraph, Beneficiary Lender grants to Trustor Borrower a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of Default, without the need for notice or demand, the license granted to Trustor Borrower herein shall automatically be revoked, and Beneficiary Lender shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary Lender enters upon or takes control of the Trust Property. Trustor Borrower hereby grants and assigns to Beneficiary Lender the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary Lender in its sole discretion shall deem proper. (b) Trustor Borrower shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor does hereby absolutely and unconditionally assign to Beneficiary Beneficiary, all of Trustor's right, title and interest in 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. Such assignment to Beneficiary shall not be construed to bind Beneficiary to the performance of any of the covenants covenants, conditions or provisions contained in any such Lease or otherwise impose any obligation upon Beneficiary. Trustor agrees to execute and deliver to Beneficiary such additional instruments, in form and substance satisfactory to Beneficiary, as may hereafter be requested by Beneficiary to further evidence and confirm such assignment. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor a revocable license to operate and manage the Trust Property and to collect the Rents subject Rents. Trustor shall hold the Rents, or a portion thereof, sufficient to discharge all current sums due on the requirements Debt, in trust for the benefit of Beneficiary for use in the Loan Agreement (including the deposit payment of Rents into the Clearing Account)such sums. Upon an Event of Default, without the need for notice or demand, the license granted to Trustor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid)Rents, whether or not Beneficiary enters upon or takes control of the Trust Property. Beneficiary and Trustee are hereby granted and assigned by Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Any Rents collected after the revocation of such the license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) All Leases shall provide that they are subordinate to this Deed of Trust and that the tenant agrees to attorn to Beneficiary. None of the Leases shall contain any option to purchase, any right of first refusal to lease or purchase or any right to terminate the lease term (except in the event of the destruction of all or substantially all of the Trust Property). Leases executed after the date hereof shall not contain any provisions which adversely affect the Trust Property or which might adversely affect the rights of any holder of the Loan without the prior written consent of Beneficiary. Each tenant shall conduct business only in that portion of the Trust Property covered by its lease. Upon request, Trustor shall furnish Beneficiary with executed copies of all Leases. (c) Trustor shall not, without the prior consent of Beneficiary (i) enter into any Lease of all or any part of the Trust Property in excess of 15,000 rentable square feet (a "Major Lease"), (ii) cancel, terminate, abridge or otherwise modify the terms of any Major Lease, or accept a surrender thereof, (iii) consent to any assignment of or subletting under any Major Lease not in accordance with its terms, (iv) cancel, terminate, abridge or otherwise modify any guaranty of any Major Lease or the terms thereof, (v) accept prepayments of installments of Rents for a period of more than one (1) month in advance or (vi) further assign the whole or any part of the Leases or the Rents. In addition to the foregoing, Trustor shall not enter into(A) lease all or any part of the Trust Property, modify, amend, (B) cancel, terminate terminate, abridge or renew otherwise modify the terms of any Lease, or accept a surrender thereof, (C) consent to any assignment of or subletting under any Lease except as provided not in Section 5.10 accordance with its terms or (D) cancel, terminate, abridge or otherwise modify any guaranty of any Lease or the terms thereof unless such actions are exercised for a commercially reasonable purpose in arms-length transactions for market rate terms. (d) Trustor (i) shall observe and perform all the obligations imposed upon the lessor under the Leases and shall not do or permit to be done anything to impair the value of the Loan AgreementLeases as security for the Debt; (ii) shall promptly send copies to Beneficiary of all notices of default which Trustor shall send or receive thereunder; (iii) shall enforce all the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed, short of termination thereof; (iv) shall not collect any of the Rents more than one (1) month in advance; (v) shall not execute any other assignment of the lessor's interest in the Leases or the Rents; (vi) shall deliver to Beneficiary, upon request, tenant estoppel certificates from each commercial tenant at the Trust Property in form and substance reasonably satisfactory to Beneficiary, provided that Trustor shall not be required to deliver such certificates more frequently than two (2) times in any calendar year; and (vii) shall execute and deliver at the request of Beneficiary all such further assurances, confirmations and assignments in connection with the Trust Property as Beneficiary shall from time to time require. (e) All security deposits of tenants, whether held in cash or any other form, shall not be commingled with any other funds of Trustor and, if cash, shall be deposited by Trustor at such commercial or savings bank or banks, or otherwise held in compliance with applicable law, as may be reasonably satisfactory to Beneficiary. Any bond or other instrument which Trustor is permitted to hold in lieu of cash security deposits under any applicable legal requirements shall be maintained in full force and effect in the full amount of such deposits unless replaced by cash deposits as hereinabove described, shall be issued by an institution reasonably satisfactory to Beneficiary, shall, if permitted pursuant to any legal requirements, name Beneficiary as payee or mortgagee thereunder (or at Beneficiary's option, be fully assignable to Beneficiary) and shall, in all respects, comply with any applicable legal requirements and otherwise be reasonably satisfactory to Beneficiary. Trustor shall, upon request, provide Beneficiary with evidence reasonably satisfactory to Beneficiary of Trustor's compliance with the foregoing. Following the occurrence and during the continuance of any Event of Default, Trustor shall, upon Beneficiary's request, if permitted by any applicable legal requirements, turn over to Beneficiary the security deposits (and any interest theretofore earned thereon) with respect to all or any portion of the Trust Property, to be held by Beneficiary subject to the terms of the Leases.

Leases and Rents. (a) Trustor does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's ’s right, title and interest in 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. Such assignment shall not be construed to bind Beneficiary to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account)Documents. Upon an Event of Default, without the need for notice or demand, the license granted to Trustor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary enters upon or takes control of the Trust Property. Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 without the prior written consent of the Loan AgreementBeneficiary.

Leases and Rents. (a) Trustor does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's right, title and interest in 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. Such assignment shall not be construed to bind Beneficiary to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of Default, without the need for notice or demanddemand (except as otherwise specifically set forth in the Loan Agreement with respect to a non-monetary Event of Default or as required by applicable law, in either case if any), the license granted to Trustor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary enters upon or takes control of the Trust Property. Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-court appointed receiver to collect the Rents. Unless prohibited by applicable law, any Any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate terminate, or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's ’s right, title and interest in all current and future Leases and Rents, it being intended by Trustor that this assignment constitutes a present, absolute assignment assignment, and not an assignment for additional security only. Such assignment shall not be construed to bind Beneficiary to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of DefaultDefault which is continuing, without the need for notice or demand, the license granted to Trustor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary enters upon or takes control of the Trust Property. Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's right, title and interest in 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. Such assignment shall not be construed to bind Beneficiary to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of Default, without the need for notice or demand, the license granted to Trustor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary enters upon or takes control of the Trust Property. Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor Borrower does hereby absolutely and unconditionally assign to Beneficiary Lender all of TrustorBorrower's right, title and interest in all current and future Leases and Rents, it being intended by Trustor Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment shall not be construed to bind Beneficiary Lender to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon BeneficiaryLender. Nevertheless, subject to the terms of this paragraph, Beneficiary Lender grants to Trustor Borrower a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing Account). Upon an Event of Default, without the need for notice or demand, the license granted to Trustor Borrower herein shall automatically be revoked, and Beneficiary Lender shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary Lender enters upon or takes control of the Trust Property. Trustor Borrower hereby grants and assigns to Beneficiary Lender the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary Lender in its sole discretion shall deem proper. (b) Trustor Borrower shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor Grantor does hereby absolutely and unconditionally assign to Beneficiary all of Trustorthe Grantor's right, title and interest in all current and future Leases and Rents, it being intended by Trustor Grantor that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment shall not be construed to bind Beneficiary to the performance of any of the covenants or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary. Nevertheless, subject to the terms of this paragraph, Beneficiary grants to Trustor Grantor a revocable license to operate and manage the Trust Property and to collect the Rents subject to the requirements of the Loan Agreement (including the deposit of Rents into the Clearing AccountAccounts). Upon an Event of Default, without the need for notice or demand, the license granted to Trustor Grantor herein shall automatically be revoked, and Beneficiary shall immediately be entitled to possession of all Rents in the Clearing AccountAccounts, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid), whether or not Beneficiary enters upon or takes control of the Trust Property. Trustor Grantor hereby grants and assigns to Beneficiary the right, at its is option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor Grantor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided hereinafter provided. Upon request, Grantor shall furnish to Beneficiary executed copies of all Leases. All Leases shall be in Section 5.10 a standard form approved by Beneficiary, and be on commercially reasonable terms, and shall provide that they are subordinate to this Deed of Trust and that the lessee agrees to attorn to Beneficiary. Each lease for retail use shall require continued operation of the tenant's business on the Premises, and reasonably restrict competing business by such tenant near the Premises. None of the Leases shall contain (i) any option to purchase, (ii) any right of first refusal to purchase, (iii) any right to terminate the lease term (except in the event of the destruction of all or substantially all of the Trust Property), (iv) any requirement that Grantor obtain a non-disturbance or recognition agreement or (v) any term that would materially adversely affect Beneficiary's rights under the Loan Documents, without, in each case, the prior consent of Beneficiary. Each lessee shall conduct business only in that portion of the Improvements covered by its Lease. (c) Grantor may enter into a proposed new Lease or a proposed modification, renewal or extension of an existing Lease, without the prior consent of Beneficiary as permitted under the terms of the Loan Agreement. Grantor may enter into a proposed Lease or a modification, renewal or extension that does not satisfy all the conditions in the foregoing sentence only with the prior consent of Beneficiary, which may not e unreasonably withheld or delayed. Beneficiary's failure to approve or disapprove final execution copies of any proposed new Lease, modification, renewal or extension within 30 days after Beneficiary's receipt thereof shall be deemed to constitute Beneficiary's approval thereof, provided Grantor shall have promptly furnished to Beneficiary any pertinent information reasonably requested by Beneficiary in connection with is consideration. (d) Grantor (i) shall observe and perform the material obligations imposed upon the lessor under the Leases and shall not do or permit anything to impair the value of the Leases as security for the Debt; (ii) shall promptly send copies to Beneficiary of all notices of default that Grantor shall send or receive thereunder; (iii) shall enforce, in accordance with commercially reasonable practices for properties similar to the Trust Property, the terms, covenants and conditions in the Leases to be observed or performed by the lessees, short of termination thereof; (iv) shall not collect any of the Rents more than one month in advance (other than security deposits); (v) shall not execute any other assignment of lessor's interest in the Leases r the Rents (except as contemplated by the Loan Documents); (vi) shall not modify any Lease in a manner inconsistent with the Loan Documents; (vii) shall not convey or transfer or suffer or permit a conveyance or transfer of the Trust Property so as to effect a merger of the estates ad rights of, or a termination or diminution of the obligations of, lessees under Leases; (viii) shall not consent to any assignment of or subletting under any Lease (other than a Lease that did not require the prior consent of Beneficiary pursuant to Paragraph 2(c) above) not in accordance with its terms without the prior consent of Beneficiary, which may not be unreasonably withheld or delayed; and (ix) shall not cancel or terminate any Lease or accept a surrender thereof without the prior consent of Beneficiary, which may not be unreasonably withheld or delayed.

Leases and Rents. (a) Trustor Borrower does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's Lender Borrower’s right, title and interest in all current and future Leases and Rents, it being intended by Trustor Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment to Lender shall not be construed to bind Beneficiary Lender to the performance of any of the covenants covenants, conditions or provisions contained in any such Lease or otherwise impose any obligation upon BeneficiaryLender. Nevertheless, subject to the terms of this paragraphSection 2.2 and Section 3.8, Beneficiary Lender grants to Trustor Borrower a revocable license to operate and manage the Trust Property and to collect the Rents subject Rents.. Borrower shall hold the Rents, or a portion thereof sufficient to discharge all current sums due on the requirements Debt, in trust for the benefit of Lender for use in the Loan Agreement (including the deposit payment of Rents into the Clearing Account)such sums. Upon an Event of Default, without the need for notice or demand, the license granted to Trustor Borrower herein shall automatically be revoked, and Beneficiary Lender shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid)Rents, whether or not Beneficiary Lender enters upon or takes control of the Trust Property. Trustor Lender is hereby grants granted and assigns to Beneficiary assigned by Borrower the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the Rents. Unless prohibited by applicable law, any Any Rents collected after the revocation of such the license may be applied toward payment of the Debt in such priority and proportions as Beneficiary Lender in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.

Leases and Rents. (a) Trustor Grantor does hereby absolutely and unconditionally assign to Beneficiary all of Trustor's Grantee its right, title and interest in all current and future Leases and RentsRents and all proceeds from the sale, cancellation, surrender or other disposition of the Leases, it being intended by Trustor Grantor that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment to Grantee shall not be construed to bind Beneficiary Grantee to the performance of any of the covenants covenants, conditions or provisions contained in any such Lease or otherwise to impose any obligation upon BeneficiaryGrantee. Grantor agrees to execute and deliver to Grantee such additional instruments in form and substance satisfactory to Grantee, as may hereafter be requested by Grantee to further evidence and confirm such assignment. Nevertheless, subject to the terms of this paragraphPARAGRAPH 7, Beneficiary Grantee grants to Trustor Grantor a revocable license to operate and manage the Trust Property and to collect the Rents Rents. Grantor shall hold the Rents, or a portion thereof sufficient to discharge all current sums due on the Indebtedness, in trust for the benefit of Grantee for use in the payment of such sums. The grant of the foregoing license is subject to the requirements provisions of PARAGRAPH 1 of the Loan Agreement separate Assignment of Leases and Rents of even date herewith granted by the Grantor as "Assignor" to the Grantee as "Assignee" with respect to the Trust Property (including the deposit of Rents into the Clearing Account"ASSIGNMENT OF LEASES AND RENTS"). Upon the occurrence of an Event of Default, without the need for notice or demand, the license granted to Trustor Grantor herein shall be automatically be revoked, revoked and Beneficiary Grantee shall immediately be entitled to possession of all Rents in the Clearing Account, the Deposit Account (including all Subaccounts thereof) and all Rents collected thereafter (including Rents past due and unpaid)Rents, whether or not Beneficiary Grantee enters upon or takes control of the Trust Property. Trustor hereby grants and assigns to Beneficiary the right, at its option, upon revocation of the license granted herein, to enter upon the Trust Property in person, by agent or by court-appointed receiver to collect the RentsLoan No. Unless prohibited by applicable law, any Rents collected after the revocation of such license may be applied toward payment of the Debt in such priority and proportions as Beneficiary in its sole discretion shall deem proper. (b) Trustor shall not enter into, modify, amend, cancel, terminate or renew any Lease except as provided in Section 5.10 of the Loan Agreement.6518403