Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 any kind relating to the use or occupancy of the Property and any portion thereof, which are currently in effect for the Property or are entered into on or after the date of this Deed of Trust (collectively, the “Leases” or individually a “Lease”). The Leases shall include (i) all guarantees of and security for lessees' performance under any and all Leases and (ii) all amendments, extensions, renewals or modifications thereto which are permitted hereunder. 7.2 License. This Deed of Trust shall constitute a present and absolute assignment to the Beneficiary. However, Trustor shall have the right under a license (the “License”) granted hereby to collect and use at the time of, but not prior to, the date provided for payment, all of the Rent and to retain and use the same in accordance with the terms and provisions of the Note, Deed of Trust, and other Loan Documents; provided, that such License shall be revoked automatically upon the occurrence of an Event of Default as defined below. The Beneficiary shall not revoke the License prior to an Event of Default. 7.3 Covenants. 1. Trustor covenants and agrees as follows: (a)at Trustor’s sole cost to: (i) perform the duties and obligations of lessor under the Leases and to enforce performance by the lessees of the obligations contained in the Leases; (ii) enforce all remedies available to Trustor in case of default by the lessees under any of the Leases and prosecute and defend any action, arbitration or other controversy relating to any of the Leases or to Trustor's interest in any of the Leases in the ordinary course of Trustor's business; (iii) give the Beneficiary prompt notice of any material default by Trustor which occurs with respect to any of the Leases, and complete copies of any notice of default; (iv) exercise Trustor’s best efforts to keep all portions of the Property designated as lease property leased at all times; (v) upon the Beneficiary's written request, deliver to the Beneficiary a fully executed photocopy and a counterpart original of each and every Lease; (vi) execute and record such additional assignments of any Lease, in form and substance reasonably acceptable to the Beneficiary, as the Beneficiary may request; and (vii) execute and deliver such additional documents and instruments as the Beneficiary may reasonably request from time to time to carry out the purpose of this Deed of Trust; and (b)except with the Beneficiary's prior written consent, which consent will not be arbitrarily withheld, not to either orally or in writing: (i) enter into any Leases after the date of this Deed of Trust which are not in compliance with the applicable provisions of the Loan Agreement, Regulatory Agreement and other Loan Documents; (ii) execute any other assignment relating to any of the Leases or collect the rent in advance, other than to collect one (1) month in advance of the time when it becomes due; (iii) terminate, modify or amend any of the terms of the Leases or in any manner release or discharge any lessee from any obligations thereunder; (iv) consent to any assignment or subletting by any lessee of the Leases; or (v) do or permit anything to be done to impair the validity or enforceability of any of the Leases. Any such attempted action in violation of the provisions of this paragraph shall be null and void. (c)Representations and Warranties. Trustor hereby represents and warrants (1) Trustor is and will be the sole owner of lessor's interest in each Lease; 26 WISEPlace Permanent Supportive Housing City HOME-ARP Deed of Trust