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of any Event of Delauit, Borrower shall deliver a copy of this Agreement to each
tenant under a Lease and to each manager and managing agent or operator of the
property. Borrower irrevocably directs any tenant, manager, managing agent, or
operator of the Property, without an), requirement for notice to or consent by
Borrower, to comply with all demands of Lender under this Agreement and to turn
over to Lender on demand all Rents which it receives.
3. No Oblioation. Notwithstanding Lender's rights bereusider,
Lender shall not be obhgatrd to perform, and Lender does not undertake to perform,
any obligation, duty or liability with respect to the Leases, Rents or Property on
account of this Agreement. Lender shall have no responsibility on account of this
Agreement for the control, care, maintenance or repair of the Property, for any waste
committed on the Property, for any dangerous or defective condition of the Property,
or for any negligence in the management, bpkccp, repair or control of the Property.
q, gjght to Aoaly RenU. Lender shall have the right, but not the
obligation, to use and apply any Rents received hereunder in such order and such
manner as Lender may determine for:
(a) EgfQL CR or 2d=. The payment of costs and expenses of
enforcing or defending thr, turns of this Agreement or the rights of
Lender hereunder, and collecting any Rents;
O (b) LQ1U Payments. Interest, principal or other amounts payable pursuant
0 to (1) the Loan Agreement ofeven date between Lender and Borrower
t"'l (the "); gjnAAgrjCjUM*); (2) the Senior Promissory Note of even date
herewith in the stated principal amount of S38,000,000.00, executed by
� Borrower, bearing interest and being payable to the order of Lender (the
"Senior Note"), (3) the Senior Deed of Trust, Security Agreement and
Fixture Fihng, of even date herewith, executed by Borrower for the
benefit of Lender and relating to the Property (the "Stnior Mort¢a¢e");
and all other documents and instruments (exctuiiing the "Indemnity"
described in the Loan Agreement) evidencing, governing and securing
the loan evidenced by the Senior Note (the "J&n") and any and all
modifications, amendments or extensions thereof cc replueraents or
substitutions therefor excluding, however, interest, principal and other
amounts payable under the Junior Promissory Note of even date
herewith, in the stated principal amount of $9,075,000.Oo, executed by
Borrower, bearing interest and being payable to the order of Lender (the
"Junior Note"), or under the Junior ]Deed of Trust, Security Agreement
and Fixture Filing, executed by Borrower and securing payment of the
Junior Note (the Loan Agreement, the Senior Note, the Senior Mortgage,
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