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amendments, extensions, replacements, and substitutions thereof being
herein collectively called the "lean DOCUMen "), and
(c) 4D3lltllt>rEIl2CJ=. Payment of costs and expenses of the operation
and mainteaahce of the Property, including (1) rentals and other charges
payable by Borrower under any ground lease or other agreement
affecting the Pro"; (2) electricity, telephone, water and other utility
costs, taxes, assessments, water charges and sewer rents and other utility
and governmental charges levied, assessed or imposed against the
Property; (3) insurance premiums; (4) costs and expenses with respect to
any litigation affecting the Property, the Leases or the Rents; (S) wages
and salaries of employees, commissions of agents and attorneys' fees and
es ;xnses; and (6) all other carrying costs, fees, charges, reserves, and
expenses whatsoever relating to the Pr.rperty.
(d) So long as Borrower is not iu default, all proceeds payable under any
t9 letter of credit securing the obligations of tenants shall be paid to
V) Borrower and applied as herein provided with respect to Rents.
Go
GC After the payment of all such costs and npenses and after Lender has established such
reserves as it, in its sole discretion, decors neces for the �y Proper management of the
M Property, Lender shall apply all remaining Rents received by it to the reduction of the
W Loan.
5. LN ivgl. The exercise or nonexercise by Lender of the rights
granted in this Agreement or the collection and application of Rents by Lender or its
agent shall not be a waiver of any default by Borrower under this Agreement or any
other loan Document. No actior, or faihue to act by Lender with respect to any
obligations of Borrower under the Loan Documents, or any security or guaranty given
for the payment or performance thereof, shall in any manner affect, impair or prejudice
any of Lender's rights and privileges under this Agreement, or discharge, release or
modify any of Borrowefs duties or obbizab ^s hereunder.
6. Revocabie .i snag, Notwithstanding that this Agreement is an
absolute assignment of the Rents and Leases and not merely the collateral assignment
of, or the grant of a Gen h< securi rcs o
ry interest in the Feats and Leases, Leader graants to
Borrower a revocable u. :tse to collect and receive the Rents and to retain, use and
enjoy such Rents. Such license may be revoked by Lender only upon the occurrence
of any Event of Default (as defined in the Loan Agreement). Borrower shall apply any
Rents which it recei� es to the payment of debt service on the Senior Note and other
payments due under the Loan Agreement, taxes, essessments, water charges, sewer
rents and other governmental charges levied, assessed or imposed against the Properr,