ARE
EXPERIENCED IN THE OWNERSHIP AND OPERATION OF PROPERTIES SIMILAR TO THE
PROPERTY, AND BORROWER AND LENDER ARE
10
RELYING SOLELY UPON SUCH EXPERTISE AND BUSINESS PLAN IN CONNECTION WITH THE
OWNERSHIP AND OPERATION OF THE PROPERTY.
BORROWER IS NOT RELYING ON LENDER'S
EXPERTISE, BUSINESS ACUMEN OR ADVICE IN CONNECTION WITH THE PROPERTY.
SECTION 4.3
NO LENDER OBLIGATIONS.
(A) NOTWITHSTANDING THE
PROVISIONS OF SUBSECTIONS 1.1(J) AND (P) OR SECTION 1.2, PRIOR TO FORECLOSURE,
LENDER 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 LENDER PURSUANT TO THIS
SECURITY INSTRUMENT, THE LOAN AGREEMENT, 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
INSURANCE POLICY, LENDER SHALL NOT BE DEEMED TO HAVE WARRANTED 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 LENDER.
SECTION 4.4
RELIANCE.
BORROWER RECOGNIZES AND ACKNOWLEDGES THAT IN
ACCEPTING THE LOAN AGREEMENT, THE NOTE, THIS SECURITY INSTRUMENT AND THE OTHER
LOAN DOCUMENTS, LENDER IS EXPRESSLY AND PRIMARILY RELYING ON THE TRUTH AND
ACCURACY OF THE WARRANTIES AND REPRESENTATIONS SET FORTH IN SECTION 3.1 OF THE
LOAN AGREEMENT WITHOUT ANY OBLIGATION TO INVESTIGATE THE PROPERTY AND
NOTWITHSTANDING ANY INVESTIGATION OF THE PROPERTY BY LENDER; THAT SUCH RELIANCE
EXISTED ON THE PART OF LENDER PRIOR TO THE DATE HEREOF, THAT THE WARRANTIES AND
REPRESENTATIONS ARE A MATERIAL INDUCEMENT TO LENDER IN MAKING THE LOAN; AND THAT
LENDER 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 3.1
OF THE LOAN AGREEMENT.
ARTICLE 5 - FURTHER ASSURANCES
SECTION 5.1
RECORDING OF SECURITY INSTRUMENT, ETC.
BORROWER
FORTHWITH UPON THE EXECUTION AND DELIVERY OF THIS SECURITY INSTRUMENT AND
THEREAFTER, FROM TIME TO TIME UPON THE REASONABLE REQUEST OF LENDER, WILL PERMIT
THIS SECURITY INSTRUMENT AND ANY OF THE OTHER LOAN DOCUMENTS CREATING A LIEN OR
SECURITY INTEREST OR EVIDENCING THE LIEN HEREOF UPON THE PROPERTY AND EACH
REASONABLE INSTRUMENT OF FURTHER ASSURANCE TO BE FILED, REGISTERED OR RECORDED
BY LENDER IN SUCH MANNER AND IN SUCH PLACES AS MAY BE REASONABLY REQUIRED BY ANY
PRESENT OR FUTURE LAW IN ORDER TO PUBLISH NOTICE OF AND FULLY TO PROTECT AND
PERFECT THE LIEN OR SECURITY INTEREST HEREOF UPON, AND THE INTEREST OF LENDER
IN, THE PROPERTY.
BORROWER WILL PAY ALL TAXES, FILING, REGISTRATION OR
RECORDING FEES, AND ALL REASONABLE EXPENSES INCIDENT TO THE PREPARATION,
EXECUTION, ACKNOWLEDGMENT AND/OR RECORDING OF THE NOTE, THIS SECURITY
INSTRUMENT, THE OTHER LOAN DOCUMENTS, ANY NOTE, DEED OF TRUST OR MORTGAGE
SUPPLEMENTAL HERETO, ANY SECURITY INSTRUMENT WITH RESPECT TO THE PROPERTY AND
ANY REASONABLE INSTRUMENT OF