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of any Event of Default, Borrower shall deliver a copy of this Agreement to each
tenant under a L.tase and to each manager and managing agent or operator of the
Property. Borrowe.- irrevocably directs any tease[, manager, managing agent, or
operator of the Prr-perty, without any requirement for notice to or consent oy
Borrower, to coruply with ail demands of Tender under this .Agreement and to turn
over to Lender on demand all Rents which it receives.
3, No Oblivation. Notwithstanding Lender's rights hereunder,
Lender shall not be obligated 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, upkeep, repair or control of the Property.
4. Right to Anoiv Rents. 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:
0 (a) Enforcement nr Defense The payment of costs and expenses of
x enforcing or defending the terms of this Agreement or the rights of
p Lender hereunder, and collecting any Rents;
(b) t.,■n PjyAHM s, interest, principal or other amounts payable pursuant ?
to (1) the Loan Agreement of even date between Lender and Borrower
� (the "1 aan Apfeemeni"); (2) the Junior Promissory Note of even to
herewith in the stated principal amount of 59,075,000.00, executed by
Borrower, bearing interest and being payable to the order of Lender (the
"tunior Noj "): (3) the Junior r ked of Trust, Security Agreement and
Fixture Filing, of even date herewith, executed by Borrower for the
benefit of Lender and relating to the Property (the ".jLp(t1LMaIS&tPt"):
and all other documents and instruments (excluding the "Indemnity"
described in the Loan Agreement) evidencing, governing and securing
the loan evidenced by the Junior Note (the "LM") and any and all
modifications, amendments or extensions thereof or replacements or
substitutioas after payment of it pest prrretpd and other amounts
payable under the Senior Promissory Note of even date herewith, in the
stated principal amount of 538,000,000.00, executed by Borrower,
bear mg interest and being payable to the order of Under (the "&nk
lyyfg"), or under the Senior Deed of Trust, Security Agreement and
Fixture Filing; executed by Borrower and securing payment of the
Senior Note (the Loan Agreement, the Junior Note, the Junior Mortgage,
such other documents and instruments, end such modifications,