OCCURRED AND IS CONTINUING.
(C)
IF THE AFFECTED PROPERTY IS SOLD, THROUGH FORECLOSURE OR
OTHERWISE, PRIOR TO THE RECEIPT BY AGENT OF ANY SUCH CONDEMNATION PROCEEDS TO
WHICH IT IS ENTITLED HEREUNDER, AGENT SHALL HAVE THE RIGHT, WHETHER OR NOT A
DEFICIENCY JUDGMENT ON THE NOTE SHALL HAVE BEEN SOUGHT, RECOVERED OR DENIED, TO
HAVE RESERVED IN ANY FORECLOSURE DECREE A RIGHT TO RECEIVE SAID AWARD OR
PAYMENT, OR A PORTION THEREOF SUFFICIENT TO PAY THE INDEBTEDNESS. IN NO CASE
SHALL ANY SUCH APPLICATION REDUCE OR POSTPONE ANY PAYMENTS OTHERWISE REQUIRED
PURSUANT TO THIS AGREEMENT, OTHER THAN THE FINAL PAYMENT ON THE NOTE.
(Z)
LEASES AND RENTS.
(I)
BORROWER ABSOLUTELY AND UNCONDITIONALLY ASSIGNS TO AGENT,
BORROWER'S RIGHT, TITLE AND INTEREST IN ALL CURRENT AND FUTURE LEASES AND RENTS
AS COLLATERAL FOR THE LOAN, IT BEING INTENDED BY BORROWER THAT THIS ASSIGNMENT
CONSTITUTES A PRESENT, ABSOLUTE ASSIGNMENT AND NOT AN ASSIGNMENT FOR ADDITIONAL
SECURITY ONLY. SUCH ASSIGNMENT TO AGENT SHALL NOT BE CONSTRUED TO BIND AGENT TO
THE PERFORMANCE OF ANY OF THE COVENANTS, CONDITIONS OR PROVISIONS CONTAINED IN
ANY SUCH LEASE OR OTHERWISE IMPOSE ANY OBLIGATION UPON AGENT. BORROWER SHALL
EXECUTE AND DELIVER TO AGENT SUCH ADDITIONAL INSTALLMENTS, IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO AGENT, AS MAY HEREAFTER BE REASONABLY REQUESTED IN
WRITING BY AGENT TO FURTHER EVIDENCE AND CONFIRM SUCH ASSIGNMENT. NEVERTHELESS,
SUBJECT TO THE TERMS OF THIS SECTION 5.1(Z), AGENT GRANTS TO BORROWER A LICENSE
TO LEASE, OWN, MAINTAIN, OPERATE AND MANAGE THE PROPERTY AND TO COLLECT, USE AND
APPLY THE RENT, WHICH LICENSE IS REVOCABLE ONLY UPON THE OCCURRENCE AND DURING
THE CONTINUANCE OF AN EVENT OF DEFAULT UNDER THIS AGREEMENT. ANY PORTION OF THE
RENTS HELD BY BORROWER SHALL BE HELD IN TRUST FOR THE BENEFIT OF AGENT FOR USE
IN THE PAYMENT OF THE INDEBTEDNESS. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT
AND DURING THE CONTINUANCE THEREOF, THE LICENSE GRANTED TO BORROWER HEREIN SHALL
AUTOMATICALLY BE REVOKED, AND AGENT SHALL IMMEDIATELY BE ENTITLED TO POSSESSION
OF ALL RENTS, WHETHER OR NOT AGENT ENTERS UPON OR TAKES CONTROL OF THE PROPERTY.
AGENT IS HEREBY GRANTED AND ASSIGNED BY BORROWER THE
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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. ANY RENTS COLLECTED AFTER THE REVOCATION OF THE LICENSE SHALL BE
APPLIED TOWARD PAYMENT OF THE INDEBTEDNESS AS SET FORTH IN SECTION 3.8 HEREOF.
(II)
ALL LEASES ENTERED INTO BY BORROWER SHALL PROVIDE FOR RENTAL
RATES COMPARABLE TO THEN-EXISTING LOCAL MARKET RATES AND TERMS AND CONDITIONS
COMMERCIALLY REASONABLE AND CONSISTENT WITH THEN-PREVAILING LOCAL MARKET TERMS
AND CONDITIONS AND OTHERWISE IN FORM AND SUBSTANCE AS IS CUSTOMARY FOR SIMILAR
TYPE PROPERTIES. WITH RESPECT TO ANY LEASE FOR MORE THAN THE GREATER OF (X) 20%
OF THE RENTABLE SQUARE FOOTAGE OF THE PROPERTY OR (Y) 20,000 SQUARE FEET,
BORROWER SHALL NOT ENTER INTO SUCH LEASE, WITHOUT THE PRIOR WRITTEN CONSENT OF
AGENT, SUCH CONSENT NOT TO