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 OR TO BE GIVEN TO BENEFICIARY PURSUANT TO THIS SECURITY
INSTRUMENT, THE LOAN AGREEMENT,
10
THE NOTE OR THE OTHER LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY
OFFICER'S CERTIFICATE, BALANCE SHEET, STATEMENT OF PROFIT AND LOSS OR OTHER
FINANCIAL STATEMENT, SURVEY, APPRAISAL, OR POLICY, BENEFICIARY SHALL NOT BE
DEEMED TO HAVE WARRANTED, CONSENTED TO, OR AFFIRMED THE SUFFICIENCY, THE
LEGALITY OR EFFECTIVENESS OF SAME, AND SUCH ACCEPTANCE OR APPROVAL THEREOF SHALL
NOT CONSTITUTE ANY WARRANTY OR AFFIRMATION WITH RESPECT THERETO BY BENEFICIARY.
SECTION 4.4.
RELIANCE.
TRUSTOR RECOGNIZES AND ACKNOWLEDGES THAT IN
ACCEPTING THE LOAN AGREEMENT, THE NOTE, THIS SECURITY INSTRUMENT AND THE OTHER
LOAN DOCUMENTS, BENEFICIARY IS EXPRESSLY AND PRIMARILY RELYING ON THE TRUTH AND
ACCURACY OF THE WARRANTIES AND REPRESENTATIONS SET FORTH IN SECTION 4.1 OF THE
LOAN AGREEMENT WITHOUT ANY OBLIGATION TO INVESTIGATE THE PROPERTY AND
NOTWITHSTANDING ANY INVESTIGATION OF THE PROPERTY BY BENEFICIARY; THAT SUCH
RELIANCE EXISTED ON THE PART OF BENEFICIARY PRIOR TO THE DATE HEREOF, THAT THE
WARRANTIES AND REPRESENTATIONS ARE A MATERIAL INDUCEMENT TO BENEFICIARY IN
MAKING THE LOAN; AND THAT BENEFICIARY WOULD NOT BE WILLING TO MAKE THE LOAN AND
ACCEPT THIS SECURITY INSTRUMENT IN THE ABSENCE OF THE WARRANTIES AND
REPRESENTATIONS AS SET FORTH IN SECTION 4.1 OF THE LOAN AGREEMENT.
SECTION 4.5.
LIENS ABSOLUTE.
ALL RIGHTS OF BENEFICIARY, ALL LIENS
AND SECURITY INTERESTS HEREUNDER AND ALL OBLIGATIONS OF TRUSTOR HEREUNDER ARE
UNCONDITIONAL AND ABSOLUTE AND INDEPENDENT AND SEPARATE FROM ANY OTHER SECURITY
FOR OR GUARANTY OF THE OBLIGATIONS, WHETHER EXECUTED BY TRUSTOR OR ANY OTHER
PERSON.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE OBLIGATIONS OF
TRUSTOR HEREUNDER SHALL NOT BE RELEASED, DISCHARGED OR OTHERWISE AFFECTED OR
IMPAIRED BY:
(A)
ANY EXTENSION, RENEWAL, SETTLEMENT, COMPROMISE, ACCELERATION,
WAIVER OR RELEASE IN RESPECT OF ANY OBLIGATION OF TRUSTOR UNDER ANY LOAN
DOCUMENTS OR ANY OTHER AGREEMENT OR INSTRUMENT EVIDENCING OR SECURING ANY
OBLIGATION, BY OPERATION OF LAW OR OTHERWISE;
(B)
ANY CHANGE IN THE MANNER, PLACE, TIME OR TERMS