ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS SECURITY INSTRUMENT.
TRUSTOR
IS NOT AND WILL NOT BECOME A PARTY TO OR OTHERWISE BE BOUND BY ANY AGREEMENT,
OTHER THAN THIS SECURITY INSTRUMENT, WHICH RESTRICTS IN ANY MANNER THE RIGHTS OF
BENEFICIARY OR ANY OTHER PRESENT OR FUTURE HOLDER OF THE COLLATERAL WITH RESPECT
THERETO.
SECTION 3.7.
NO CONSENTS OR OTHER FILINGS.
NO CONSENT OF ANY OTHER
PERSON (INCLUDING, WITHOUT LIMITATION, ANY MEMBER OR CREDITOR OF TRUSTOR OR ANY
OF ITS SUBSIDIARIES) AND NO ORDER,
8
CONSENT, APPROVAL, LICENSE, AUTHORIZATION OR VALIDATION OF, OR FILING, RECORDING
OR REGISTRATION WITH, OR EXEMPTION BY ANY GOVERNMENTAL AUTHORITY IS REQUIRED TO
BE OBTAINED BY TRUSTOR IN CONNECTION WITH THE EXECUTION, DELIVERY OR PERFORMANCE
OF THIS SECURITY INSTRUMENT, OR TO PERFECT OR MAINTAIN THE PERFECTION AND
INTENDED PRIORITY OF THE LIENS AND SECURITY INTERESTS OF THIS SECURITY
INSTRUMENT, EXCEPT FOR (A) ANY SUCH ORDER, CONSENT, APPROVAL, LICENSE OR
AUTHORIZATION WHICH HAS BEEN OBTAINED PRIOR TO THE DATE HEREOF, (B) RECORDATION
OF THIS SECURITY INSTRUMENT IN THE CLARK COUNTY RECORDER'S OFFICE AND (C) FILING
OF A UCC-1 FINANCING STATEMENT WITH THE OFFICE OF THE SECRETARY OF STATE OF THE
STATE OF DELAWARE.
NO SUCH ORDER, CONSENT, APPROVAL, LICENSE, AUTHORIZATION,
VALIDATION, FILING, RECORDING, REGISTRATION OR EXEMPTION IS REQUIRED TO BE
OBTAINED BY TRUSTOR IN CONNECTION WITH THE EXERCISE OF THE RIGHTS AND REMEDIES
OF BENEFICIARY PURSUANT TO THIS SECURITY INSTRUMENT, EXCEPT AS MAY BE REQUIRED
IN CONNECTION WITH THE DISPOSITION OF THE COLLATERAL BY LAWS AFFECTING THE
OFFERING AND SALE OF SECURITIES GENERALLY.
SECTION 3.8.
EXAMINATION OF BOOKS AND RECORDS.
WITH RESPECT TO THE
BOOKS AND RECORDS OF TRUSTOR, BENEFICIARY SHALL HAVE THE RIGHTS SET FORTH IN
SECTION 5.2.11(E) OF THE LOAN AGREEMENT.
ARTICLE IV.
OBLIGATIONS AND RELIANCES
SECTION 4.1.
RELATIONSHIP OF TRUSTOR AND BENEFICIARY.
THE
RELATIONSHIP BETWEEN TRUSTOR AND BENEFICIARY IS SOLELY THAT OF DEBTOR AND
CREDITOR, AND BENEFICIARY HAS NO FIDUCIARY OR OTHER SPECIAL RELATIONSHIP WITH
TRUSTOR, AND NO TERM OR CONDITION OF THE LOAN AGREEMENT, THE NOTE, THIS SECURITY
INSTRUMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUED SO AS TO DEEM THE
RELATIONSHIP BETWEEN TRUSTOR AND BENEFICIARY TO BE OTHER THAN THAT OF DEBTOR AND
CREDITOR.
SECTION 4.2.
NO RELIANCE ON BENEFICIARY.
THE GENERAL PARTNERS,
MEMBERS, PRINCIPALS AND (IF TRUSTOR IS A TRUST) BENEFICIAL OWNERS OF TRUSTOR ARE
EXPERIENCED IN THE OWNERSHIP AND OPERATION OF PROPERTIES SIMILAR TO THE
PROPERTY, AND TRUSTOR AND BENEFICIARY ARE RELYING SOLELY UPON SUCH EXPERTISE AND
BUSINESS PLAN IN CONNECTION WITH THE OWNERSHIP AND OPERATION OF THE PROPERTY.
TRUSTOR IS NOT RELYING ON BENEFICIARY'S EXPERTISE, BUSINESS ACUMEN OR ADVICE IN
CONNECTION WITH THE PROPERTY.
SECTION 4.3.
NO BENEFICIARY OBLIGATIONS.
(A)
NOTWITHSTANDING THE
PROVISIONS OF SECTION 1.1(H) AND SECTION 1.1(N) OR SECTION 1.2, BENEFICIARY IS
NOT UNDERTAKING THE PERFORMANCE OF (I) ANY OBLIGATIONS UNDER THE LEASES OR (II)
ANY OBLIGATIONS WITH RESPECT TO SUCH AGREEMENTS, CONTRACTS, CERTIFICATES,
INSTRUMENTS, FRANCHISES, PERMITS, TRADEMARKS, LICENSES AND OTHER DOCUMENTS.
(B)
BY ACCEPTING OR APPROVING ANYTHING REQUIRED TO BE OBSERVED,
PERFORMED OR FULFILLED