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<br />i <br /> <br />TABLE OF CONTENTS <br />ARTICLE 1 <br />COVENANTS AND AGREEMENTS OF THE GRANTOR <br />5 <br />Section 1.01. Payment and Performance of Secured Obligations ..................................................... 5 <br />Section 1.02. Maintenance, Repair, Alterations ................................................................................ 5 <br />Section 1.03. Required Insurance ...................................................................................................... 5 <br />Section 1.04. Casualties; Insurance Proceeds ................................................................................... 5 <br />Section 1.05. Assignment of Policies Upon Foreclosure .................................................................. 6 <br />Section 1.06. Condemnation ............................................................................................................. 6 <br />Section 1.07. Obligations Unconditional; Waiver of Offset ............................................................. 7 <br />Section 1.08. Taxes and Impositions; Deposits into Tax and Insurance Escrow Fund ..................... 8 <br />Section 1.09. Utilities ........................................................................................................................ 8 <br />Section 1.10. Actions Affecting Property ......................................................................................... 9 <br />Section 1.11. Actions by the Beneficiary to Preserve Property ........................................................ 9 <br />Section 1.12. Transfer of Property by the Grantor ............................................................................ 9 <br />Section 1.13. Full Performance Required; Survival of Warranties ................................................. 10 <br />Section 1.14. Liens .......................................................................................................................... 10 <br />Section 1.15. Beneficiary’s Powers ................................................................................................. 10 <br />Section 1.16. Trade Names ............................................................................................................. 10 <br />Section 1.17. Grantor Remains Liable ............................................................................................ 11 <br />Section 1.18. Warranties and Representations of Grantor .............................................................. 11 <br />Section 1.19. Other Instruments ...................................................................................................... 11 <br />Section 1.20. Further Acts ............................................................................................................... 12 <br />ARTICLE 2 <br />ASSIGNMENT OF RENTS, LEASES AND OTHER AGREEMENTS <br />12 <br />Section 2.01. Assignment of Rents and Leases, Issues and Profits ................................................. 12 <br />Section 2.02. Collection Upon Default ........................................................................................... 12 <br />Section 2.03. Assignment of Leases ................................................................................................ 13 <br />Section 2.04. Further Assignments.................................................................................................. 14 <br />ARTICLE 3 <br />REMEDIES UPON DEFAULT <br />15 <br />Section 3.01. Event of Default ........................................................................................................ 15 <br />Section 3.02. Acceleration Upon Default ........................................................................................ 15 <br />Section 3.03. Remedies ................................................................................................................... 15 <br />Section 3.04. Foreclosure ................................................................................................................ 15 <br />Section 3.05. Appointment of Receiver .......................................................................................... 16 <br />Section 3.06. Application of Funds After Default ........................................................................... 16 <br />Section 3.07. Costs of Enforcement ................................................................................................ 17 <br />Section 3.08. Remedies Not Exclusive ........................................................................................... 17 <br />ARTICLE 4 <br />SECURITY AGREEMENT <br />17 <br />Section 4.01. Creation of Security Interest ...................................................................................... 17