timely manner, these presents and the estate hereby granted shall
cease, terminate and be void;
AND Borrower represents and warrants to and covenants and agrees with Lender as
follows:
PART I - GENERAL PROVISIONS
1.
PAYMENT OF DEBT AND INCORPORATION OF COVENANTS CONDITIONS AND
AGREEMENTS.
BORROWER SHALL PAY THE DEBT AT THE TIME AND IN THE MANNER PROVIDED
IN THE LOAN DOCUMENTS.
ALL THE COVENANTS, CONDITIONS AND AGREEMENTS CONTAINED
IN THE LOAN DOCUMENTS ARE HEREBY MADE A PART OF THIS SECURITY INSTRUMENT TO THE
SAME EXTENT AND WITH THE SAME FORCE AS IF FULLY SET FORTH HEREIN.
WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, BORROWER (I) AGREES TO INSURE, REPAIR,
MAINTAIN AND RESTORE DAMAGE TO THE PROPERTY, ESCROW AND PAY TAXES AND OTHER
CHARGES, AND COMPLY WITH LEGAL REQUIREMENTS, IN ACCORDANCE WITH THE LOAN
AGREEMENT, AND (II) AGREES THAT THE PROCEEDS OF INSURANCE AND AWARDS FOR
CONDEMNATION SHALL BE SETTLED, HELD AND APPLIED IN ACCORDANCE WITH THE LOAN
AGREEMENT.
2.
LEASES AND RENTS.
(A)
BORROWER DOES HEREBY ABSOLUTELY AND UNCONDITIONALLY ASSIGN TO
LENDER ALL OF BORROWER'S RIGHT, TITLE AND INTEREST IN ALL CURRENT AND FUTURE
LEASES AND RENTS, IT BEING INTENDED BY BORROWER THAT THIS ASSIGNMENT CONSTITUTES
A PRESENT, ABSOLUTE ASSIGNMENT AND NOT AN ASSIGNMENT FOR ADDITIONAL SECURITY
ONLY.
SUCH ASSIGNMENT SHALL NOT BE CONSTRUED TO BIND LENDER TO THE PERFORMANCE
OF ANY OF THE COVENANTS OR PROVISIONS CONTAINED IN ANY LEASE OR OTHERWISE IMPOSE
ANY OBLIGATION UPON LENDER.
NEVERTHELESS, SUBJECT TO THE TERMS OF THIS
PARAGRAPH, LENDER GRANTS TO BORROWER A REVOCABLE LICENSE TO OPERATE AND MANAGE
THE PROPERTY AND TO COLLECT THE RENTS SUBJECT TO THE REQUIREMENTS OF THE LOAN
AGREEMENT (INCLUDING THE DEPOSIT OF RENTS INTO THE CLEARING ACCOUNT).
UPON AN
EVENT OF DEFAULT, WITHOUT THE NEED FOR NOTICE OR DEMAND, THE LICENSE GRANTED TO
BORROWER HEREIN SHALL AUTOMATICALLY BE REVOKED, AND LENDER SHALL IMMEDIATELY BE
ENTITLED TO POSSESSION OF ALL RENTS IN THE CLEARING ACCOUNT, THE DEPOSIT ACCOUNT
(INCLUDING ALL SUBACCOUNTS THEREOF) AND ALL RENTS COLLECTED THEREAFTER
(INCLUDING RENTS PAST DUE AND UNPAID), WHETHER OR NOT LENDER ENTERS UPON OR
TAKES CONTROL OF THE PROPERTY.
BORROWER HEREBY GRANTS AND ASSIGNS TO LENDER THE
RIGHT, AT ITS OPTION, UPON REVOCATION OF THE LICENSE GRANTED HEREIN, TO ENTER
UPON THE PROPERTY IN PERSON, BY AGENT OR BY COURT-APPOINTED RECEIVER TO COLLECT
THE RENTS.
UNLESS PROHIBITED BY APPLICABLE LAW, ANY RENTS COLLECTED AFTER THE
REVOCATION OF SUCH LICENSE MAY BE APPLIED TOWARD PAYMENT OF THE DEBT IN SUCH
PRIORITY AND PROPORTIONS AS LENDER IN ITS SOLE DISCRETION SHALL DEEM PROPER.
(B)
BORROWER SHALL NOT ENTER INTO, MODIFY, AMEND, CANCEL, TERMINATE OR
RENEW ANY LEASE EXCEPT AS PROVIDED IN SECTION 5.10 OF THE LOAN AGREEMENT.
3.
USE OF PROPERTY.
EXCEPT AS PROVIDED IN THE LOAN AGREEMENT, (A)
BORROWER SHALL NOT INITIATE, JOIN IN, ACQUIESCE IN OR CONSENT TO ANY CHANGE IN
ANY PRIVATE RESTRICTIVE COVENANT, ZONING LAW OR OTHER PUBLIC OR PRIVATE
RESTRICTION, LIMITING OR DEFINING THE USES WHICH MAY BE MADE OF THE PROPERTY;
(B) IF UNDER APPLICABLE