TO A TRANSFEREE, THEN UPON NOTICE TO BORROWER SUCH
TRANSFEREE, TO THE EXTENT OF SUCH ASSIGNMENT (UNLESS OTHERWISE PROVIDED
THEREIN), SHALL BECOME A LENDER HEREUNDER AND SHALL HAVE ALL THE RIGHTS AND
OBLIGATIONS OF LENDER HEREUNDER, AND LENDER SHALL BE RELEASED FROM ITS DUTIES
AND OBLIGATIONS UNDER THIS AGREEMENT TO THE EXTENT OF SUCH ASSIGNMENT.
So long as (and only so long as) no event of default then exists at the time of
a disposition of a Transferred Interest, confidential information regarding
Borrower given to such Transferees shall be kept confidential except to the
extent such Transferee is required to disclose such information by reason of any
applicable law or regulation.
8.9
ARRANGEMENT BY BROKERS.
BORROWER ACKNOWLEDGES
AND AGREES THAT THIS LOAN AND THE TRANSACTION CONTEMPLATED HEREBY HAS BEEN MADE
OR ARRANGED BY THE BROKERS AS DESCRIBED IN SECTION 1916.1 OF THE CALIFORNIA
CIVIL CODE, AND AS SUCH, THIS TRANSACTION IS EXEMPT FROM SECTION 1 OF ARTICLE XV
OF THE CALIFORNIA CONSTITUTION.
8.10
RECOURSE.
UPON AN EVENT OF DEFAULT, LENDER WILL
LOOK SOLELY TO THE PROPERTY FOR THE REPAYMENT OF THE LOAN AND WILL NOT ENFORCE
OR SEEK A JUDGMENT AGAINST BORROWER; PROVIDED, HOWEVER, BORROWER SHALL BE
PERSONALLY LIABLE TO LENDER FOR: (I) FRAUD OR INTENTIONAL MISREPRESENTATION IN
CONNECTION WITH THE EXECUTION AND THE DELIVERY OF THIS AGREEMENT, OR THE OTHER
LOAN DOCUMENTS; (II) BORROWER'S MISAPPLICATION OR MISAPPROPRIATION OF RENTS
RECEIVED BY BORROWER AFTER THE OCCURRENCE OF A DEFAULT OR EVENT OF DEFAULT IN
VIOLATION OF THE TERMS OF THE LOAN DOCUMENTS; (III) BORROWER'S MISAPPLICATION OR
MISAPPROPRIATION OF SECURITY DEPOSITS OR RENTS COLLECTED MORE THAN THIRTY (30)
DAYS IN ADVANCE IN VIOLATION OF THE TERMS OF THE LOAN DOCUMENTS; (IV) BORROWER'S
MISAPPLICATION OR THE MISAPPROPRIATION OF INSURANCE PROCEEDS OR CONDEMNATION
AWARDS IN VIOLATION OF THE TERMS OF THE LOAN DOCUMENTS; (V) BORROWER'S FAILURE
TO PAY PRIOR TO DELINQUENCY ANY IMPOSITIONS (AS DEFINED IN THE DEED OF TRUST)
(EXCEPT TO THE EXTENT THAT SUMS SUFFICIENT TO PAY SUCH AMOUNTS HAVE BEEN
DEPOSITED IN ESCROW WITH LENDER), CHARGES FOR LABOR OR MATERIALS OR OTHER
CHARGES THAT CAN CREATE LIENS ON THE PROPERTY; (VI) BORROWER'S FAILURE TO RETURN
OR TO REIMBURSE LENDER FOR ALL EQUIPMENT TAKEN FROM THE PROPERTY BY OR ON BEHALF
OF BORROWER AND NOT REPLACED WITH EQUIPMENT OF THE SAME UTILITY AND OF THE SAME
OR GREATER VALUE; (VII) ANY ACT OF INTENTIONAL WASTE OR ARSON BY BORROWER OR ANY
AFFILIATE THEREOF WITH RESPECT TO THE COLLATERAL, OR (VIII) BORROWER'S FAILURE
TO COMPLY WITH THE PROVISIONS OF SECTION 1.12 OF THE DEED OF TRUST.
26
8.11
TIME OF THE ESSENCE.
TIME IS OF THE ESSENCE HEREOF
WITH RESPECT TO THE DATES, TERMS AND CONDITIONS OF THIS AGREEMENT.
8.12
ENTIRE AGREEMENT; NO ORAL MODIFICATIONS.
THIS
AGREEMENT, THE OTHER LOAN DOCUMENTS AND THE OTHER DOCUMENTS MENTIONED HEREIN AND
EXECUTED AS OF THE DATE HEREOF SET FORTH THE ENTIRE AGREEMENT OF THE PARTIES
WITH RESPECT TO THE LOAN AND SUPERSEDE ALL PRIOR WRITTEN OR ORAL UNDERSTANDINGS
AND AGREEMENTS WITH RESPECT THERETO.
NO