Document:

ex106.htm

    
 

    Exhibit
10.6

    

    POOL
IX

    

    THIS
DOCUMENT WAS, WITH THE

    ADVICE-OF LOCAL
COUNSEL, PREPARED BY:

    Cynthia
J. Williams, Esq.

    Day,
Berry & Howard

    260
Franklin Street

    Boston,
MA 02110

    

    RECORDING
REQUESTED BY AND UPON

    RECORDATION
RETURN TO:

    Cynthia
J. Williams, Esq.

    Day,
Berry & Howard

    260
Franklin Street

    Boston,
MA 02110

    

    _____________________________________________________________________________________

    (SPACE
ABOVE THIS LINE FOR RECORDER'S USE)

    

    INDENTURE
OF MORTGAGE, DEED OF TRUST, SECURITY AGREEMENT, FIXTURE

    FILING,

    FINANCING
STATEMENT AND ASSIGNMENT OF RENTS AND LEASES

    

    dated as
of April 30, 1998

    

    from

    

    each
Owner listed on Schedule I attached hereto

    with
respect to the related Mortgaged Property

    

    and

    

    each
Remainderman, if any, listed on Schedule I attached hereto

    with
respect to the related Mortgaged Property

    

    collectively
as trustors or as mortgagors, as applicable

    

    to

    

    the
Trustee listed on Schedule I attached hereto with respect to the

    related
Mortgaged Property, as Trustee for the benefit of Lender, as
beneficiary

    

    and if no
Trustee is listed on Schedule I attached hereto

    with
respect to the related Mortgaged Property, then to

    

    NOMURA
ASSET CAPITAL CORPORATION,

    as Lender
and Mortgagee

    

    

    THIS
INSTRUMENT IS TO BE INDEXED AS A DEED OF TRUST

    IN
ARIZONA, CALIFORNIA, MISSOURI, NEVADA, TEXAS AND WEST VIRGINIA,

    AS A
MORTGAGE IN KENTUCKY, LOUISIANA, MICHIGAN AND

    OHIO AND
AS A FIXTURE FILING IN ALL SUCH STATES

    

    

    POOL
IX

    

    

    MORTGAGE

    

    

    dated as
of April 30, 1998

    

    from

    

    WILMINGTON
TRUST COMPANY, not in its individual capacity but solely

    as
Trustee of M-SIX PENVEST II BUSINESS TRUST under

    Trust
Agreement dated as of April 22, 1998,

    as
Owner

    

    to

    

    NOMURA
ASSET CAPITAL CORPORATION,

    as Lender
and Mortgagee

    

    THIS
INSTRUMENT SECURES FUTURE ADVANCES

    

    Michigan

    
      
         

      

      
        
          

        

      

       

    

    

    INDENTURE
OF MORTGAGE, DEED OF TRUST, SECURITY AGREEMENT, FIXTURE FILING, FINANCING
STATEMENT AND ASSIGNMENT OF RENTS AND LEASES (this "Indenture"), dated
as of April 30, 1998, made by M-SIX PENVEST II BUSINESS TRUST, a Delaware
business trust, and each other Owner listed on Schedule I hereto which is hereby
incorporated by reference herein through which it directly or indirectly holds
title either to a fee estate in, or an Estate for Years in, the Land as
specified on Schedule I hereto and in either case fee title to the Improvements
(together with their respective permitted successors and assigns, referred to
herein as "Owner" either
individually or collectively as appropriate in the context used) and, if then
applicable, each Remainderman listed on Schedule I hereto, if any, which holds
title to a remainder estate in the Land (together with their respective
permitted successors and assigns, referred to herein as "Remainderman" either
individually or collectively as appropriate in the context used) each as a
mortgagor or trustor of interests in real property under this Indenture, and as
debtor with respect to the security interests in personal property hereby
created, in favor of, with respect to the Mortgaged Property located in the
States of Arizona, California, Missouri, Nevada, Texas and West Virginia
(collectively, the "Deed of Trust
States"), the title company or the individual shown as Trustee on Exhibit
A attached hereto with respect to the related Mortgaged Property (together with
any successor trustee with respect to such Mortgaged Property hereunder, "Trustee"), -as
trustee for the benefit of NOMURA ASSET CAPITAL CORPORATION, a Delaware
corporation (together with its successors and assigns, "Lender"), as
beneficiary, and with respect to the Mortgaged Property located in the States of
Kentucky, Louisiana, Michigan and Ohio (collectively, the "Mortgage States"),
to Lender, as mortgagee, in each case of interests in real property under this
Indenture, and as secured party with respect to security interests in personal
property created under this Indenture. The mailing address of each party hereto
is set forth in Section 5.1. Capitalized terms used herein shall have the
meaning set forth in Article I. So long as Schedule I attached hereto does not
specify any Person as a Remainderman, then wherever this Indenture refers to
Remainderman it shall be deemed to refer to "Remainderman, if
any,".

    

    R E C I T A L
S:

    

    A.           Owner
is the owner of either a fee estate in, or an Estate for Years in the Land, as
specified on Schedule I hereto, and is the owner of fee title to the
Improvements.

    

    B.           If
Owner is the owner of an Estate for Years in the Land, then Owner and
Remainderman have entered into the Option Agreement setting forth the option of
Owner to ground lease or purchase the Land from Remainderman effective at the
expiration of the Estate for Years and Remainderman has agreed to subject its
interest in the Land to the lien of the Indenture.

    

    C.           On
the date hereof, Lender has made a loan (the "Loan") in the
original principal amount of FIFTY-ONE MILLION NINE HUNDRED THIRTY-FOUR THOUSAND
FOUR HUNDRED EIGHTY-NINE AND 63/100 DOLLARS ($51,934,489.63) pursuant to the
terms of the Loan Agreement, which Loan is evidenced by the Note, made by the
Owners, as co-obligors and makers, in favor of Lender, or order, as payee. Each
Owner is wholly owned, directly or indirectly, on the Closing Date by the same
beneficial owner. Each Owner has received good and valuable consideration for
its obligations hereunder and under the other Loan Documents.

    

    D.           Owner
and Remainderman intend by the execution and delivery of this Indenture to
secure the payment and performance of the Loan and all other Indebtedness of
Owner to Lender.

    

    E.           Owner
and Remainderman intend these Recitals to be a material part of this
Indenture.

    

    NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

    

    I.           This
Indenture shall be binding upon and inure to the benefit of the parties hereto,
and their respective successors and assigns, and shall be deemed to be effective
as of the date of delivery hereof.

    

    II.           This
Indenture constitutes (a) a deed of trust with respect to the Mortgaged Property
located in Arizona, California, Missouri, Nevada, Texas and West Virginia, (b) a
mortgage with respect to the Mortgaged Property located in Kentucky, Louisiana,
Michigan and Ohio and (c) a security agreement and fixture filing encumbering
the

    
      
         

      

      
        
          

        

      

       

    

    Mortgaged
Property which constitutes personalty and fixtures in each State, in each case
upon the terms and conditions set forth herein to secure the Loan and all other
Indebtedness of Owner to Lender.

    

    III.           Owner
represents and warrants that the original Principal Amount of the Loan is
evidenced by the Note and that this Indenture constitutes a valid first priority
lien on, and security interest in, the Mortgaged Property securing the Loan
evidenced by the Note and all other Indebtedness of Owner to
Lender.

    

    IV.           With
respect to any particular State, the provisions of this Indenture are subject to
the Addendum with respect to such State attached hereto as part of Section 5.16
and hereby incorporated by reference herein. If any conflict exists between the
provisions of this Indenture and the Addendum with respect to the related State,
the Addendum shall control. Any rights, powers and remedies provided in this
Indenture as they relate to Mortgaged Property located in a particular State may
be exercised only to the extent that the exercise thereof does not violate
applicable law of such State.

    

    G R A N T I N
G   C L A U S E S

    

    NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and
to secure

    

    (i)           the
payment of principal, interest, Default Rate Interest, if any, Make Whole
Premium, if any, Late Charges, if any, Defeasance Deposit, if any, and all other
sums and indebtedness now or hereafter due and payable in connection with the
Loan made by Lender, as lender, to Owner, as borrower, pursuant to that certain
Loan Agreement, of even date herewith (the "Loan Agreement"),
between Lender and Owner, which Loan is evidenced by the Note and secured, in
part, by this Indenture,

    

    (ii)          payment
of all sums with interest thereon becoming due and payable to Lender under this
Indenture, the Loan Agreement, the Note, the Master Lease Assignment or any
other Loan Document,

    

    (iii)         all
future advances which may be made by Trustee or by Lender to or for the benefit
of Owner or Remainderman (including, without limitation, all funds which Trustee
or Lender may advance under this Indenture with respect to the Mortgaged
Property to pay for taxes, assessments, maintenance charges, insurance premiums
or costs, expenses incurred by Trustee or by Lender by reason of default by
Owner or Remainderman under this Indenture, and other expenditures specified in
this Indenture), together with interest on such advances, and

    

    (iv)         the
performance and discharge or each and every obligation, covenant and agreement
of Owner and of Remainderman or either thereof under this Indenture, the Loan
Agreement, the Note, the Master Lease Assignment and any other Loan Document
(the obligations referred to in subsections (i), (ii), (iii) and (iv) are herein
collectively called the "Indebtedness").

    

    Each of
Owner and Remainderman (a) has created a security interest in favor of Trustee
for the benefit of Lender in, and has mortgaged, granted, conveyed, assigned,
bargained, sold, alienated, enfeoffed, confirmed, encumbered, hypothecated,
pledged, given, transferred and set over to Trustee for the benefit of Lender,
and by these presents does hereby create a security interest in favor of Trustee
for the benefit of Lender in, and does hereby irrevocably mortgage, grant,
convey, assign, bargain, sell, alienate, enfeoff, confirm, encumber,
hypothecate, pledge, give, transfer and set over to Trustee for the benefit of
Lender, in trust, with power of sale, all of the property described in the
following Granting Clauses located in the Deed of Trust States which constitutes
real property, subject only to Permitted Encumbrances, (b) has created a
security interest in favor of Lender in, and has mortgaged and warranted,
granted, conveyed, assigned, bargained, sold, alienated, enfeoffed, confirmed,
encumbered, hypothecated, pledged, given, transferred and set over to Lender,
and by these presents does hereby create a security interest in favor of Lender
in, and does hereby irrevocably mortgage and warrant, grant, convey, assign,
bargain, sell, alienate, enfeoff, confirm, encumber, hypothecate, pledge, give,
transfer and set over to Lender, with power of sale, all of the property
described in the following Granting Clauses located in the Mortgage States which
constitutes real property, subject only to Permitted Encumbrances, and (c) has
created a security interest in favor of Lender in, and has mortgaged, granted,
conveyed,

    assigned,
bargained, sold, alienated, enfeoffed, confirmed, encumbered, hypothecated,
pledged, given, transferred and set over to Lender, and by these presents does
hereby create a security interest in favor of Lender in, and does hereby
irrevocably mortgage, grant, convey, assign, bargain, sell, alienate, enfeoff,
confirm, encumber, hypothecate, pledge, give, transfer and set over to Lender,
with power of sale, all of the property described in the following Granting
Clauses which does not constitute real property, subject only to Permitted
Encumbrances, to the extent applicable to such property, including the
following:

    

    

    Granting Clause
First

    

    To Trustee in trust for the benefit of
Lender, all of Owner's and all of Remainderman's right, title and interest,
claim and demand in, to and under the following described property located in
the Deed of Trust States, whether now owned or hereafter acquired, and to
Lender, all of Owner's and all of Remainderman's right, title and interest,
claim and demand in, to and under the following described property located in
the Mortgage States, whether now owned or hereafter required:

    

    Each of those parcels of real property
described in Exhibit A hereto (each, a "Land Parcel" and
collectively, the "Land");

    

    TOGETHER with the buildings,
foundations, structures and improvements now or hereafter located on or in any
Land Parcel together with all plumbing, electrical, ventilating, heating,
cooling and other utility systems, equipment, ducts, pipes an d other fixtures
attached to or comprising a part thereof (collectively, the "Improvements");

    

    TOGETHER with all right, title
and interest, if any, of each of Owner and Remainderman in and to the streets
and roads, opened or proposed, abutting each Land Parcel, all strips and gores
within or adjoining each Land Parcel, the air space and right to use the air
space above each Land Parcel, all rights of ingress and egress to and from each
Land Parcel, all easements, rights of way, reversions, remainders,
hereditaments, and appurtenances now or hereafter affecting each Land Parcel or
the Improvements thereon, all royalties and rights and privileges appertaining
to the use and enjoyment of each Land Parcel or the Improvements thereon,
including all air, lateral support, alley, drainage, water, oil, gas and mineral
rights, options to purchase or lease, and all other interests, estates or
claims, in law or in equity, which Owner or Remainderman now has or hereafter
may acquire in or with respect to each Land Parcel or the Improvements thereon
(collectively, the "Appurtenances");
and

    

    TOGETHER with all rents,
income, revenues, issues, awards, proceeds and profits from and in respect of
the property described in this Granting Clause First which are hereby (except as
otherwise set forth in Granting Clause Second) specifically assigned,
transferred and set over to Trustee for the benefit of Lender with respect to
the property located in the Deed of Trust States and to Lender with respect to
the property located in the Mortgage States, it being the intention of the
parties hereto that, so far as may be permitted by law, all property of the
character hereinabove described which is now owned or held or is hereafter
acquired by Owner or by Remainderman and is affixed, attached and annexed to the
Land shall be and remain or become and constitute a portion of the Mortgaged
Property and the security covered by and subject to the lien hereof. A Land
Parcel together with the Improvements, the Appurtenances and the other property
described in this Granting Clause First relating thereto are herein collectively
called "Property";

    

    Granting Clause
Second

    

    To
Trustee in trust for the benefit of Lender and to Lender, all of Owner's and all
of Remainderman's right, title, and interest, claim and demand in, to and under
the following described property located in the Deed of Trust States, whether
now owned or hereafter acquired, and to Lender, all of Owner's and all of
Remainderman's right, title, and interest, claim and demand in, to and under the
following described property located in the Mortgage States, whether now owned
or hereafter acquired: All furnaces, boilers, machinery, motors, compressors,
elevators, fittings, piping, conduits, ducts, air conditioners, partitions,
mechanical, electrical and HVAC systems and apparatus of every kind and all
other fixtures, equipment and other personalty owned by Owner (and Remainderman,
as to the residual interest therein) and located on, attached, affixed or
incorporated into the Land and Improvements including, without limitation, all
seating, tables, beds, draperies, cabinetry, chairs, mirrors, nightstands,
furniture, furniture accessories, bathroom accessories, floor coverings,
curtains, lighting, appliances, lighting, tableware, table accessories, kitchen
and laundry equipment, audio-visual equipment, wall decorations, office
furniture, office and conference accessories, television wiring and jacks, and
other miscellaneous furniture, fixtures and equipment now or hereafter located
on the Land and used in the operation of the Improvements, including, without
limitation, all replacements thereof (collectively the "FF&E"), in which
Owner (and Remainderman, as to the residual interest therein, if any) now or
hereafter has a possessory or title interest and now or hereafter installed or
located in or on any Property (excluding Tenant's Personal Property) and all
building materials, supplies and equipment now or hereafter delivered to
Property owned by Owner (and Remainderman, as to the residual interest therein,
if any) and intended to be installed therein; all fixtures, other goods and
personal property of whatever kind and nature now contained on or in or
hereafter placed on or in Property and used or to be used in connection with the
letting or operation thereof, in which Owner (and Remainderman, as to the
residual interest therein, if any) now has or hereafter may acquire a possessory
or title interest (but specifically excluding inventory) and all renewals or
replacements of any of the foregoing property or articles in substitution
thereof (collectively, the "Equipment");

    

    Granting Clause
Third

    

    To Lender, all of Owner's and all of
Remainderman's right, title and interest, claim and demand in, to and under the
following described property, whether now owned or hereafter
acquired:

    

    All right, title and interest of Owner
(and Remainderman, as to the residual interest therein, if any), whether now or
hereafter acquired and wherever located, in, to and under all accounts and
escrows (including each Cash Collateral Account), documents, instruments,
chattel paper, claims, deposits, money, investment securities (including
Permitted Investments) and general intangibles, as the foregoing terms are
defined in the Code, all property and insurance policies, title insurance
policies, all contract rights (including all construction contracts, architects'
contracts and engineers' contracts or other contracts relating to the
construction of any Improvements and all Appurtenant Agreements), franchises,
books, records, plans, specifications, designs, drawings, permits, consents,
licenses (to the extent assignable), approvals, actions, proceedings and causes
of action (and, subject to the provisions of this Indenture, the right, in the
name and on behalf of Owner and/or Remainderman, to appear in and defend the
same and to commence the same with respect to the Mortgaged Property to protect
the interest of Trustee and/or Lender hereunder after written notice to Owner
and/or Remainderman of Lender's intent to do so provided that no such written
notice is required if such right is otherwise expressly permitted in this
Indenture or if any Event of Default has occurred and is continuing) which now
or hereafter relate to, are derived from or used in connection with Property or
the ownership, construction, use, operation, maintenance, occupancy or enjoyment
thereof or the conduct of any business or activities thereon (collectively, the
"Intangibles");

    

    TOGETHER with all right, title
and interest of Owner (and Remainderman, as to the residual interest therein, if
any), whether now or hereafter acquired and wherever located, in, to and under
the Master Lease, and all other leases, subleases, lettings, tenancies and
licenses (to the extent assignable) of a Property or any part thereof now or
hereafter entered into and all amendments, extensions, renewals and guaranties
thereof, all security therefor, and all moneys payable thereunder (collectively,
the "Leases");

    

    TOGETHER with all Basic Rent,
Additional Rent, other rents, income, issues, profits, Loss Proceeds, purchase
prices, payments of Stipulated Loss Value, security deposits and other benefits
to which Owner or Remainderman may now or hereafter be entitled from a Property,
the Equipment or the Intangibles related thereto, or under or in connection with
the Leases, including, without limitation, all income received from tenants,
transient guests, lessees, licensees and concessionaires and other persons
occupying space at such Property and/or rendering services to tenants thereat
(collectively, the "Property Income");
provided, however, that
Property Income shall not include the Excepted Payments and Property Income
shall not include any Excess Property Income, which has been released and paid
to Owner in accordance herewith;

    

    TOGETHER with all proceeds,
judgments, claims, compensation, awards of damages and settlements with respect
to or hereafter made as a result of or in lieu of any condemnation or taking of
a Property by eminent domain or by any defect or impairment of title with
respect

    to any
Property or any casualty loss of or damage to any Property, the Equipment, the
Intangibles, the Leases or the Property Income related thereto, all refunds with
respect to the payment of property taxes and assessments or with respect to
insurance premiums, and all other proceeds of the conversion, voluntary or
involuntary, of a Property, the Equipment, the Intangibles, the Leases or the
Property Income related thereto, or any part thereof, into cash or liquidated
claims (collectively, the "Proceeds");
and

    

    TOGETHER with all right, title
and interest of Owner, now existing or hereafter arising, in and to the Option
Agreement, if any, the Tripartite Agreement, if any, the Master Lease, the
Master Lease Guaranty, the Residual Value Policy and all other instruments and
agreements (including title insurance policies) relating to the ownership,
operation, maintenance, leasing, financing or management of the Property
(collectively, the "Granting Clause Documents")
and all sums now or hereafter payable to Owner with respect thereto, including,
without limitation, the present and continuing right to make claim for, collect,
receive and receipt for any and all of the rents, payments, income, revenues,
issues, awards, proceeds and profits and other sums of money payable or
receivable thereunder, whether payable as rent or otherwise, including, without
limitation, sums of money receivable by Owner thereunder by virtue of a release
of existing easements or other rights in the nature of easements or by virtue of
a dedication or transfer of unimproved portions of the Land Parcel, to accept or
reject any Rejectable Offer made pursuant to the Master Lease to purchase any
interest in the Mortgaged Property, to accept or reject any Rejectable
Substitution Offer pursuant to the Master Lease, to exercise any election or
option or to make any decision or determination or to give or receive any
notice, consent, waiver or approval or to take any other action under or in
respect of, and to bring actions and proceedings under the Granting Clause
Documents or for the enforcement thereof and to do anything which Owner is or
may become entitled to do under the Granting Clause Documents (including,
without limitation, all of Owner's right, title, interest and estate in, to and
under any and all warranties and other claims against dealers, manufacturers,
vendors, contractors, subcontractors, architects and others relating to the
construction, use or maintenance of the Landlord Interest), as well as all
rights, powers and remedies on the part of Owner, now existing or hereafter
arising and whether arising under the Granting Clause Documents, or by statute
or at law or equity or otherwise (the Equipment, the Intangibles, the Leases,
the Property Income, the Proceeds, the Landlord Interest and the Granting Clause
Documents are hereinafter collectively referred to as the "Collateral"; as the
context may require, the "Mortgaged Property"
refers to a particular Property and the Collateral related thereto and/or the
"Mortgaged
Property" refers to each, every and all Property and Collateral
encumbered by this Indenture and all other properties and collateral encumbered
by the Other Indentures securing the Note), provided that the assignment made by
this Granting Clause Third shall be subject to the provisions of the Master
Lease Assignment and this Indenture and shall not impair or diminish any
obligation of Owner under the Granting Clause Documents nor shall any such
obligation be imposed upon Lender;

    

    BUT EXCLUDING, HOWEVER, from the
Mortgaged Property any and all Excepted Payments now existing or hereafter
arising and subject to provisions of the Master Lease Assignment relating to
certain exclusions;

    

    WITH
MORTGAGE COVENANTS and with all POWERS OF SALE, STATUTORY POWERS OF SALE and
other STATUTORY RIGHTS AND COVENANTS and upon the STATUTORY CONDITIONS in each
state in which a Property is located in which such

    powers,
statutory rights, covenants and conditions are valid;

    

    TO HAVE
AND TO HOLD the Mortgaged Property, with all the privileges and appurtenances to
the same belonging, and with the possession and right of possession thereof,
unto Trustee in trust for the benefit of Lender, or Lender, as applicable, and
their respective successors and assigns forever, subject to the terms hereof;
and

    

    IT IS
HEREBY COVENANTED, DECLARED AND AGREED that the Note and any other Indebtedness
of Owner to Lender are to be secured by this Indenture, that the Mortgaged
Property is to be held, as applicable, by Trustee in trust for the benefit of
Lender and by Lender upon and subject to the provisions of this
Indenture.

    

    If a Land
Parcel is located in one of the Mortgage States, this Indenture shall be
considered a mortgage on the Mortgaged Property located in such states granted
to Lender, its successors and assigns, and if a Land Parcel is located in one of
the Deed of Trust States, this Indenture shall be considered a deed of trust or
a trust deed, as applicable, on the Mortgaged Property located in such states
granted to Trustee in trust for the benefit of Lender, or to Lender, as
applicable, their respective successors and assigns.

    

    The
Master Lease is intended to be recorded prior to this Indenture. So long as no
Lease Event of Default exists and is continuing, Lender shall not join Tenant
nor any sublessee as a defendant in any action to foreclose upon the Mortgaged
Property and, upon foreclosure of all or any portion of the Mortgaged Property
by judicial proceedings or otherwise, neither Trustee, if applicable, nor Lender
shall be entitled nor shall seek to terminate the Master Lease or any sublease
provided that Tenant, from and after the date of such succession, attorns to
Lender, or any transferee of the Mortgaged Property by foreclosure or by
transfer in lieu of foreclosure, from or after the date of such succession,
under the then executory terms of the Master Lease.

    

    ARTICLE
1

    Definition of
Terms

    

    For all purposes of this Indenture,
except as otherwise expressly required or unless the context clearly indicates a
contrary intent:

    

    (1)          the
capitalized terms defined in this Article have the meanings assigned to them in
this Article, include the plural as well as the singular, and, when used with
respect to any contract, include all extensions, modifications, amendments and
supplements from time to time thereto;

    

    (2)          all
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with GAAP (as hereinafter defined) in effect on the date
hereof;

    

    (3)          the
words "herein," "hereof," and "hereunder" and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section,
or other subdivision;

    

                   
(4)          the words "include"
and "including" and other words of similar import shall be construed as if
followed by the phrase ", without limitation,"; and

    

    (5)          any
provision of this Indenture permitting the recovery of attorneys' fees and costs
shall be deemed to include such fees and costs incurred in all appellate
proceedings.

    

    As used in this Indenture, the terms
set forth below shall have the following meanings:

    

    "Actual Defeasance
Amount" shall have the meaning provided in Section 4.6
hereof.

    

    "Additional Rent"
shall have the meaning provided in the Master Lease.

    

    "Advances" shall mean
all sums, amounts or expenses advanced or paid, and all costs incurred, by
Trustee or by Lender, as provided herein or in any other Loan Document and
secured hereby, upon failure of Owner or Remainderman to pay or perform any
obligation or covenant contained herein or in any such other Loan
Document,

    

    "Affiliate" of any
specified Person shall mean any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified
Person or who is a director or officer of such specified Person or of an
Affiliate of such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities or other beneficial interest,
by contract or otherwise; and the terms "controlling" and "controlled" have the
meanings correlative to the foregoing.

    

    "Allocated Property
Debt" shall mean, with respect to a particular Mortgaged Property, the
original allocated property debt set forth on Exhibit B hereto with respect to
such Mortgaged Property, multiplied by a fraction, the numerator of which equals
the outstanding principal balance of the Note at the time the calculation is
made and the denominator of which equals (a) the original outstanding principal
balance of the Note, minus (b) the original allocated property debt (as set
forth on said Exhibit B) of any other Mortgaged Property which has been released
from the lien of this Indenture.

    

    "ALTA" shall mean
American Land Title Association, or any successor thereto.

    

    "Alteration" shall
have the meaning provided in Section 2.3(c) hereof.

    

    "Appraisal" shall
mean any appraisal of a Property made by an Appraiser, together with any update
thereto and recertification thereof.

    

    "Appraiser" shall
mean an Independent appraiser selected by Lender who is a member of the American
Institute of Real Estate Appraisers with a national practice and which has at
least ten (10) years experience with real estate of the same type and in the
geographic area of

    the
Property.

    

    "Appurtenances" shall
have the meaning provided in the Granting Clauses hereof.

    

    "Appurtenant
Agreements" shall mean all reciprocal easements, cross easements and/or
similar types of agreements affecting the Mortgaged Property.

    

    "Architect" shall
mean a reputable architect registered or licensed as such in the
State.

    

    "Assumed Properties,"
shall have the meaning provided in Section 2.16(a) hereof.

    

    "Assumption" shall
have the meaning provided in Section 2.16(a) hereof.

    

     "Assumption Date"
shall have the meaning provided in Section 2.16(a) hereof.

    

    "Authorized
Representative" shall mean (i) with respect to any Person that is a
partnership, an Authorized Representative of the general partner of such
partnership, (ii) with respect to any Person that is a corporation, any
executive officer of such corporation, (iii) with respect to any Person that is
a trust, the trustee of such trust, and, if such trustee is a corporate trustee,
any corporate trust officer of such corporation, and (iv) with respect to any
Person that is a limited liability company, the manager or any authorized member
of such limited liability company.

    

    "Balloon Payment"
shall mean the payment of the outstanding principal balance of the Note due on
the Maturity Date of the Note.

    

    "Bankruptcy Proceeding" shall
mean any proceeding, action, petition or filing under the Federal Bankruptcy
Code or any similar state or federal law now or hereafter in effect relating to
bankruptcy, reorganization, dissolution, termination, liquidation, receivership
or insolvency, or the arrangement or adjustment of debts.

    

    "Basic Rent" shall
have the meaning provided in the Master Lease.

    

    "Business Day" shall
mean any day other than a Saturday, Sunday or any other day on which banking or
savings and loan institutions in the State of New York are authorized or
required to be closed.

    

    "Cash Collateral
Account" shall mean each of the Central Account, the Defeasance Account
and the Restoration Account.

    

    "Central Account"
shall mean an Eligible Account, maintained in the name of Lender, its successors
and assigns, as secured party, or as may be otherwise designated by Lender, into
which Basic Rent and all other payments due from Tenant to Owner shall be
deposited.

    

    "Closing Date" shall
mean the date on which the Note is delivered.

    

    "Code" shall mean the
Uniform Commercial Code as in effect from time to time in the State, including
any amendments, modifications or successor statutes thereto, and, to the extent
that any of the Collateral (including any Cash Collateral Account) is not
governed by the Uniform Commercial Code in the State, the defined term "Code"
shall include any applicable common law or statute in the State relating to the
perfection and/or priority of Lender's security interest therein.

    

    "Collateral" shall
have the meaning provided in the Granting Clauses hereof.

    

    "Collateral Security
Instrument" shall mean any right, document or instrument, other than this
Indenture, given as security for the Note or any other Indebtedness (including,
without limitation, the Master Lease Assignment).

    

    "Condemnation
Proceeds" shall mean all proceeds, awards or other amounts paid or
payable in connection with any Taking of all or any portion of the Mortgaged
Property.

    

    "Controlling
Interest" shall mean any Equity Interest in Owner through which the power
to direct the management and policies of Owner, directly or indirectly, whether
through the ownership of voting securities or other beneficial interest, by
contract or otherwise, may be exercised.

    

    "Debt Service
Payment" shall have the meaning provided in the Note and shall include,
without limitation, the scheduled principal and/or interest payments and the
Balloon Payment provided for therein.

    

    "Deed of Trust
States" shall mean the States of Arizona, California, Missouri, Nevada,
Texas and West Virginia.

    

    "Default" shall mean
the occurrence of any event hereunder or under any other Loan Document which,
with or without the giving of notice or the passage of time, or both, would be
an Event of Default.

    

    "Default Collateral"
shall have the meaning provided in Section 4.3(z) hereof.

    

    "Default Rate" shall
mean a per annum interest rate equal to the lesser of (a) the Maximum Amount and
(b) the sum of four percent (4%) plus the Fixed Rate.

    

    "Default Rate
Interest" shall mean, to the extent the Default Rate becomes applicable,
interest which accrues on any defaulted amount at the Default Rate from and
including the date such defaulted amount first became due and payable to but not
including the date of payment in full thereof.

    

    "Defeasance Account"
shall mean an Eligible Account in the name of Lender, its successors and
assigns, or as maybe otherwise designated by Lender, into which all amounts
received by Lender in connection with any prepayment or defeasance of the Note
shall be deposited.

    

    "Defeasance Deposit"
shall mean an amount equal to the sum of (i) an amount sufficient to purchase
U.S. Obligations which provide payments that will meet the Scheduled Defeasance
Payments, (ii) any costs and expenses incurred or to be incurred in the purchase
of such U.S. Obligations, and (iii) any other costs and expenses required to
accomplish the agreements of Section 2.20 hereof.

    

    "Defeasance Event"
shall have the meaning provided in Section 2.20(c) hereof. "Defeasance Release
Date" shall have the meaning provided in Section 2.20(c)
hereof.

    

    "Defeasance Security
Agreement" shall have the meaning provided in Section 2.20(c)
hereof.

    

    "Defeased Note" shall
have the meaning provided in Section 2.20(a) hereof.

    

    "Delaware Business
Trust" shall mean a Delaware business trust which has an Independent
Trustee and with respect to which Lender and the Rating Agencies shall have
received (i) a certificate from the trustee of such Delaware business trust
certifying that it is an Independent Trustee and attaching a certified copy of
the trust agreement which satisfies, at the trust level, the requirements of a
Single Purpose Entity, (ii) an opinion of Delaware counsel addressed to the
Lender and to the Rating Agencies stating that under the laws of the State of
Delaware (A) neither a Delaware court nor a Federal court sitting in Delaware
would permit such beneficial owner to terminate the trust agreement of the Owner
except as otherwise provided therein, until the final discharge of this
Indenture and the sale or other final disposition by the Independent Trustee of
all property constituting part of the Collateral and until payment in full of
all of the Indebtedness of Owner under this Indenture and the Note, and (B) as
long as the trust agreement has not been terminated in accordance with its terms
or with the consent of Lender, creditors and representatives of creditors of
such beneficial owner and holders of a lien against the assets of such
beneficial owner, such as trustees, receivers or liquidators, whether or not any
insolvency proceeding has been commenced, may acquire legal, valid and
enforceable claims and liens, as to the trust estate of Owner, only against the
beneficial interest of such beneficial owner in such trust estate, and do not
have, and may not through the enforcement of such creditors' rights acquire, any
greater rights than the rights of the beneficial owner with respect to such
trust estate and (iii) an opinion of local counsel in the State that either (A)
state and Federal courts sitting in the State would apply the laws of the State
of Delaware to any matter raised in connection with (1) the dissolution or
liquidation of the trust and (2) the rights of creditors of beneficial owners of
the trust with respect to their beneficial interests in the trust and with
respect to the assets of the trust, or (B) such courts would apply the law of
the State, and giving the same opinions with respect to the State as are set
forth in clauses (ii)(A) and (ii)(B) above.

    

    "Duff" shall mean
Duff & Phelps Credit Rating Co., or any successor thereto.

    

    "Eligible Account"
shall mean either (a) a segregated account maintained with a federal or state
chartered depository institution or trust company which complies with the
definition of Eligible Institution; or (b) a segregated trust account maintained
with a federal or state chartered depository institution or trust company with
corporate trust powers acting in its fiduciary capacity which, in the case of a
state-chartered depositary institution or trust company is subject to
regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case
a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal and state authority.

    

    "Eligible
Institution" shall mean a depository institution or trust company the
short term unsecured debt obligations or commercial paper of which are rated at
least A-1 by S&P, P-1 by Moody's, D-1 by Duff and F-1 + by Fitch in the case
of accounts in which funds are held for 30 days or less (or, in the case of
accounts in which funds are held for more than 30 days, the long term unsecured
debt obligations of which are rated at least "AA" by Fitch, Duff and S&P and
"Aaa" by Moody's).

    

    "Engineer" shall mean
an engineer or engineering firm approved by Lender, in its reasonable
discretion.

    

    "Environmental Claim"
shall mean any claim, action, investigation or written notice by any Person
alleging potential liability (including, without limitation, potential liability
for investigatory costs, cleanup costs, governmental response costs, natural
resources damages, property damages, personal injuries or penalties) arising out
of, based on or resulting from (i) the presence, or release into the
environment, of any Hazardous Substance (as hereinafter defined) at the
Mortgaged Property or (ii) circumstances forming the basis of any violation, or
alleged violation, of any Environmental Law.

    

    "Environmental
Consultant" shall mean an Independent environmental consultant or
environmental firm reasonably approved by Lender.

    

    "Environmental Law"
shall mean any present or future federal, state or local law, statute,
regulation or ordinance, and any judicial or administrative order or judgment
thereunder, and judicial opinions or orders, pertaining to health, industrial
hygiene, Hazardous Substances or the environment, including, but not limited to,
each of the following, as enacted as of the date hereof or as hereafter amended:
the Comprehensive Environmental Response, Compensation and Liability Act of
1980, 42 U.S.C. §§ 9601 et seq.; the Resource Conservation and Recovery Act of
1976, 42 U.S.C. §§ 6901 et seq.; the Toxic Substance Control Act, 15 U.S.C. §§
2601 et seq.; the Water Pollution Control Act (also known as the Clean Water
Act), 33 U.S.C. §§1251 et seq.; the Clean Air Act, 42 U.S.C. §§7401 et seq.; and
the Hazardous Materials Transportation Act, 49 U.S.C. §§1801 et
seq.

    

    "Environmental
Report" shall mean the environmental report relating to the Mortgaged
Property prepared by an Environmental Consultant and delivered to Lender in
connection with the Loan and which Owner shall bear the cost of
obtaining.

    "Environmental
Violation" shall have the meaning provided in Section
2.22(c)(iv).

    

    "Equipment" shall
have the meaning provided in the Granting Clauses hereof and shall include,
without limitation, the FF&E.

    

    "Equity Interests"
shall mean (i) if Owner is a partnership, partnership interests in Owner, or
(ii) if Owner is a limited liability company, membership interests in Owner;
or

    (iii) if
Owner is a corporation, the share or stock interests in Owner or (iv) if Owner
is a trust, the partnership, membership, share or stock interests of each entity
which is a beneficial owner of such trust; provided, however, that Equity
Interests shall also include any direct or indirect legal or beneficial
ownership interest, or any other interest of any nature or kind whatsoever, of
any SPE Equity Owner in Owner or in any SPE Equity Owner of any SPE Equity Owner
in Owner, as applicable.

    

    "Estate for Years"
shall mean the estate for years owned by Owner in a particular Land Parcel, for
a term expiring April 30, 2019.

    

    "Estimated Cost"
shall have the meaning provided in Section 2.3(c) hereof.

    

    "Event of Default"
shall have the meaning set forth in Section 4.1 hereof.

    

    "Event of Loss" shall
mean, with respect to any Mortgaged Property, any event that results in Tenant
making a Rejectable Offer or a Rejectable Substitution Offer in accordance with
Section 3.3(a) of the Master Lease, which Rejectable Offer is accepted or deemed
accepted by Owner or which Rejectable Substitution Offer is accepted by Owner,
in either case in accordance with the Master Lease Assignment and the Master
Lease.

    

    "Excepted Payments"
shall mean (i) any amounts payable as Additional Rent under the Master Lease to
Owner (other than payments of Stipulated Loss Values, purchase prices,
Make-Whole Premiums and Loss Proceeds which are otherwise required to be paid to
Owner under the Master Lease and other than amounts which are specifically
required to be paid to Lender under the Master Lease), including all indemnity
payments to which Owner (or its successors and assigns (other than Lender),
agents, officers, directors or employees) is entitled under the Granting Clause
Documents; (ii) provided that no Event of Default has occurred and is
continuing, any amounts other than Basic Rent and payments of Stipulated Loss
Value, purchase prices, and Make-Whole Premiums payable under any Granting
Clause Document to reimburse Owner (including the reasonable expenses of Owner
incurred in connection with any such payment) for performing or complying with
any of the obligations of Tenant under and as permitted by any Granting Clause
Document; and (iii) any insurance proceeds (or payments with respect to risks
self-insured or policy deductibles) under general public liability policies
payable to, or maintained by, Owner or any Affiliate of Owner.

    

    "Excess Property
Income" shall mean, on any Payment Date after payment of (i) the current
Debt Service Payment (including the Balloon Payment), if any, and (ii) any other
Indebtedness of Owner then due and payable, the remaining amount, if any,
available in the Central Account on such Payment Date, excluding any amounts
then held in any subaccount of the Central Account.

    

    "Federal Bankruptcy
Code" shall mean Title 11 of the United States Code, as amended or
superseded from time to time.

    

    "FF&E" shall have
the meaning provided in the Granting Clauses hereof.

    

    "Financing Statement"
shall mean any financing statement filed or recorded under the Code showing
Owner, as debtor, and Lender, as secured party, relating to any
Collateral.

    

    "First Payment Date"
shall have the meaning provided in the Note.

    

    "Fiscal Year" shall
mean each twelve (12) month period commencing on January 1 and ending on
December 31 during each year of the term of this Indenture.

    

    "Fitch" shall mean
Fitch IBCA, Inc., or any successor thereto.

    

    "Fixed Rate" shall
have the meaning provided in the Note.

    

    "FMV Option Notice"
shall have the meaning provided in the Master Lease.

    

     "FMV Option Price"
shall have the meaning provided in the Master Lease.

    

     "FMV Purchase Option"
shall have the meaning provided in the Master Lease.

    

    "FMV Purchase Option Closing
Date" shall have the meaning provided in the Master Lease.

    

    "GAAP" shall mean
generally accepted accounting principles in the United States of America as in
effect as of the date of the applicable financial report and consistently
applied.

    

    "Governmental
Authority" shall mean any federal, state, regional or local government or
political subdivision thereof and any Person exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to
government.

    

    "Granting Clause
Documents" shall have the meaning provided in the Granting Clauses
hereto.

    

    "Hazardous Substance"
shall mean any material, waste or substance which is:

    

    
      	
              (i)

            	
              included
      within the definitions of "hazardous substances," "hazardous materials,"
      "toxic substances," or "solid waste" in or pursuant to any Environmental
      Law, or subject to regulation under any Environmental
  Law;

            

    

     

        
(ii)      listed in the United States Department
of Transportation Optional Hazardous Materials Table, 49 C.F.R. § 172.101, as
enacted as of the date hereof or as hereafter amended, or in the United States
Environmental Protection Agency List of Hazardous Substances and Reportable
Quantities, 40 C.F.R. Part 302, as enacted as of the date hereof or as hereafter
amended; or

    

    
      	
                
      (iii)

            	
              explosive,
      radioactive, friable asbestos, a polychlorinated biphenyl, petroleum or a
      petroleum product or waste oil.

            

    

    

    "Impositions" shall
mean (i) all taxes (including, without limitation, all ad valorem, sales
(including those imposed on lease rentals), use, single business, gross
receipts, value added, intangible transaction privilege, privilege or license or
similar taxes), assessments (including, without limitation, all assessments for
public improvements or benefits, whether or not commenced or completed prior to
the date hereof and whether or not commenced or completed within the term of
this Indenture), ground rents, water, sewer or other rents and charges, excises,
levies, fees (including, without limitation, license, permit, inspection,
authorization and similar fees), and all other governmental charges, in each
case whether general or special, ordinary or extraordinary, or foreseen or
unforeseen, of every character in respect of Owner, the Mortgaged Property
and/or any Property Income (including all interest and penalties thereon), which
at any time prior to, during or in respect of the term hereof may be assessed or
imposed on or in respect of or be a lien upon (a) Owner (including, without
limitation, all income, franchise, single business or other taxes imposed on
Owner for the privilege of doing business in any jurisdiction in which the
Mortgaged Property, or any other collateral delivered or pledged to Lender in
connection with the Loan, is located) or Lender, (b) the Mortgaged Property, or
any other collateral delivered or pledged to Lender in connection with the Loan,
or any part thereof, or any Property Income therefrom or any estate, right,
title or interest therein, or (c) any occupancy, operation, use or possession
of, or sales from, or activity conducted on, or in connection with the Mortgaged
Property or the leasing or use thereof or any part thereof, or the acquisition
or financing of the acquisition of the Mortgaged Property by Owner, (ii) all
transfer, recording, stamp and real property gain taxes incurred upon the sale,
transfer, foreclosure or other disposition of the Mortgaged Property or any
interest therein, (iii) all offers, claims and demands of mechanics, laborers,
material men and others which, if unpaid, might create a lien on the Mortgaged
Property or on the Property Income, (iv) all charges for utilities,
communications and similar services servicing the Mortgaged Property and (v) if
any law is enacted or adopted or amended after the date of this Indenture which
deducts all or any portion of the Indebtedness from the value of the Mortgaged
Property for the purpose of taxation or which imposes a tax directly or
indirectly on all or any portion of the Indebtedness or on Landlord's Interest
in the Mortgaged Property, the taxes imposed by such law. Nothing contained in
this Indenture shall be construed to require Owner to pay any tax, assessment,
levy or charge imposed on any of the Lender Parties which are the nature of a
franchise, capital levy, estate, inheritance, succession, sales, income or net
revenue tax.

    

    "Improvements" shall
have the meaning provided in the Granting Clauses hereto.

    

    "Indebtedness" shall
have the meaning provided in the Granting Clauses hereto.

    

    "Independent" shall
mean, when used with respect to any Person, a Person who (i) is in fact
independent, (ii) does not have any direct financial interest or any material
indirect financial interest in Owner, or in any Affiliate of Owner, or any
constituent shareholder, member, beneficiary or partner of Owner, (iii) is not
connected with Owner, or any Affiliate of Owner, or any constituent shareholder,
member, beneficiary or partner of Owner, as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions,
and (iv) is not a member of the immediate family of a Person described in clause
(ii) or (iii) above. Whenever it is herein provided that any Independent
Person's opinion or certificate shall be provided, such opinion or certificate
shall state that the Person executing the same has read this definition and is
Independent within the meaning hereof.

    

    "Independent
Director" shall mean a duly appointed member of the board of directors of
the relevant entity who shall not have been, at the time of such appointment, at
any time after appointment, or at any time in the preceding five (5) years, (i)
a stockholder, director, officer, manager, employee, partner, attorney or
counsel of such entity or of a direct or indirect legal or beneficial owner in
such entity or any of its Affiliates, (ii) a customer of or, supplier, to such
entity or any of its shareholders or Affiliates, (iii) a person who controls
such entity or any of its Affiliates, or (iv) a member of the immediate family
of a person defined in (i), (ii) or (iii) above. As used
herein, the term "control" means the possession, directly or indirectly, of the
power to direct or cause the direction of the management, policies or activities
of a Person, whether through ownership of voting securities, by contract or
otherwise.

    

    "Independent Trustee"
shall mean an individual or corporation or bank who is not and for the prior
five years has not been (i) a stockholder, director, officer, employee, partner,
attorney or counsel of Owner or of any beneficial owner of Owner or of any
Affiliate of either of them, (ii) a customer, creditor, supplier or other Person
who, during the immediately preceding fiscal year, derived more than 10% of its
purchases or gross revenues from its activities with Owner, any beneficial owner
of Owner or any Affiliate of either of them, or (iii) a Person controlling or
under common control with any such stockholder, partner, customer, creditor,
supplier or other Person; or (iv) a member of the immediate family of any such
stockholder, director, officer, employee, partner, customer, supplier or other
Person. As used herein, the term "control" means the possession, directly or
indirectly, of the power to direct or cause the direction of the management,
policies or activities of a Person, whether through ownership of voting
securities, by contract or otherwise. The initial Independent Trustee shall be
Wilmington Trust Company.

    

    "Insurance Proceeds"
shall mean all proceeds or payments received or receivable under any insurance
policy required to be maintained pursuant to Section 2.3 or 2.4 hereof in
connection with any fire, flood or other casualty affecting all or any portion
of the Mortgaged Property.

    

    "Intangibles" shall
have the meaning provided in the Granting Clauses hereto.

    

    "Investment Grade
Rating" shall mean a solicited long term unsecured debt rating of (i) BBB
or better by S&P, (ii) BBB or better by Fitch (if such Person then has a
solicited long term unsecured debt rating by Fitch), (iii) BBB or better by Duff
(if such Person then has a solicited long term unsecured debt rating by Duff),
and (iv) Baa2 or better by Moody's (if such Person then has a solicited long
term unsecured debt rating by Moody's).

    

    "I.R.C." shall mean
the Internal Revenue Code of 1986, as amended, and as it may be further amended
from time to time, any successor statutes thereto, and applicable U.S.
Department of Treasury regulations promulgated thereunder in temporary or final
form, or in proposed form, if by reason of their effective date, such
regulations would apply to the transactions contemplated by the Operative
Documents.

    

    "Land" shall have the
meaning provided in the Granting Clauses hereto.

    

    "Land Parcel" shall
have the meaning provided in the Granting Clauses hereto.

    

    "Landlord's Interest"
shall mean (i) if Owner owns a fee estate in each Property as specified on
Schedule I hereto, such fee estate, and (ii) if Owner owns an Estate for Years
in each Property as specified on Schedule I hereto, fee title to the
Improvements on, the Estate for Years in, and the rights of Owner under the
Option Agreement and the Tripartite Agreement with respect to, each Land
Parcel.

    

    "Late Charge" shall
have the meaning provided in the Note.

    

    "Lease Event of
Default" shall mean an Event of Default as defined in the Master
Lease.

    

    "Lease Termination
Date" shall have the meaning provided in the Master Lease.

    

    "Leases" shall have
the meaning provided in the Granting Clauses hereto.

    

    "Legal Requirements"
means all federal, state, county, municipal and other governmental statutes,
laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions
of Governmental Authorities (including, without limitation, Environmental Laws)
affecting Owner, Remainderman, the Mortgaged Property or any part thereof or the
ownership, leasing, construction, use, alteration or operation thereof, or any
part thereof, whether now or hereafter enacted and in force, and all permits,
licenses and authorizations and regulations relating thereto, and all covenants,
agreements, restrictions and encumbrances contained in any Appurtenant
Agreements or other instruments, contracts, documents or insurance policies,
either of record or known to Owner, at any time in force affecting the Mortgaged
Property or any part thereof, including, without limitation, any which may (i)
require repairs, modifications or alterations in or to the Mortgaged Property or
any part thereof, or (ii) in any way limit the use and enjoyment
thereof.

    

    "Lender" shall mean
Nomura Asset Capital Corporation, a Delaware corporation, and its successors and
assigns.

    

    "Lender Parties"
shall mean Lender and its successors in interest and assigns and servicing
agents, and their respective affiliates, subsidiaries, parents, employees,
officers, shareholders, partners, members, managers, trustees, beneficial
owners, directors and agents.

    

    "Lender Party" shall
mean any one of the Lender Parties individually.

    

    "Lien" shall mean any
mortgage, deed of trust, deed to secure debt, lien, pledge, hypothecation,
assignment, security interest, or any other encumbrance, charge or transfer of,
on or affecting the Mortgaged Property or any portion thereof or Owner, or any
interest therein, including, without limitation, any conditional sale or other
title retention agreement, any financing lease having substantially the same
economic effect as any of the foregoing, the filing of any financing statement,
and mechanic's, materialmen's and other similar liens and
encumbrances.

    

    "Loan" shall have the
meaning provided in the Recitals hereto.

    

    "Loan Agreement"
shall have the meaning provided in the Granting Clauses hereto. "Loan Amount" shall
mean the face amount of the Note.

    

    "Loan Documents"
shall mean the Loan Agreement, the Note, this Indenture, the Master Lease
Assignment, the Tenant Consent, UCC-1 Financing Statements and each other
instrument, contract, document, securities law indemnification agreement, other
agreement or certificate evidencing or securing the Loan or executed by Owner in
connection therewith.

    

    "Loss Payee
Endorsement"- shall mean the loss payee endorsement which constitutes
part of the Residual Value Policy.

    

    "Loss Proceeds" shall
mean any Condemnation Proceeds or Insurance Proceeds, as
applicable.

    

    "Make-Whole Premium"
shall mean the amount, if any, determined by Lender in its reasonable discretion
(at the time immediately prior to the payment of such amount to Lender) which,
when added to the remaining principal of the Note or of the Defeased Note, as
applicable, will be sufficient to purchase U.S. Obligations which provide
payments that will meet the Scheduled Defeasance Payments assuming a defeasance
was to occur on the date such Make-Whole Premium is due (whether or not any
defeasance is then required or permitted under this Indenture), provided,
however, that under no circumstances shall the Make-Whole Premium be less than
zero.

    

    "Master Lease" shall
mean that certain Lease Agreement, of even date herewith, by and between Owner,
as landlord, and Tenant, as tenant.

    

    "Master Lease
Assignment" shall mean that certain first priority Assignment of Master
Lease and Guaranty, of even date herewith, from Owner, as assignor, to Lender,
as assignee, assigning Owner's interest in and to the Leases, the Master Lease
Guaranty, the Property Income and in certain other contracts including the
Residual Value Policy as collateral security for the repayment of the
Indebtedness.

    

    "Master Lease
Guarantor" shall mean ACCOR, a French societe anonyme, together with its
permitted successors and assigns by merger, consolidation or acquisition of its
assets substantially as an entirety.

    

    "Master Lease
Guaranty" shall mean that certain Lease Guaranty, of even date herewith,
made by Master Lease Guarantor for the benefit of Owner.

    

    "Material Alteration"
shall have the meaning provided in Section 2.3(c) hereof.

    

    "Maturity Date" shall
mean the Maturity Date specified in the Note which is May 1, 2018.

    

    "Maximum Rate" shall
have the meaning provided in the Note.

    

    "Moody's" shall mean
Moody's Investors Service, Inc., or any successor thereto.

    

    "Mortgage States"
shall mean the States of Kentucky, Louisiana, Michigan and Ohio.

    

     "Mortgaged Property"
shall have the meaning provided in the Granting Clauses hereto. "NACC" shall
have the meaning provided in Section 2.20(i) hereof.

    

    "Net Proceeds" shall
mean the excess of (i) (x) the purchase price (at foreclosure or otherwise)
actually received by Lender with respect to the Mortgaged Property as a result
of the exercise by Lender of its rights, powers, privileges and other remedies
after the occurrence of an Event of Default, or (y) in the event that Lender (or
Lender's nominee) is the purchaser at foreclosure by credit bid, then the amount
of such credit bid, in either case, over (ii) all costs and expenses, including,
without limitation, all reasonable attorneys' fees and disbursements and any
brokerage fees, if applicable, incurred by Lender in connection with the
exercise of such remedies, including the sale of such Mortgaged Property after a
foreclosure against the Mortgaged Property.

    

    "Note" shall mean
that certain Promissory Note evidencing the Loan from Owner, as maker, to
Lender, as lender, or order, as payee, together with any extension,
modification, amendment or supplement thereto and any replacement or restatement
thereof.

    

    "Notice Deposit
Amount" shall have the meaning provided in Section 4.6
hereof.

    "Officer's
Certificate" shall mean a certificate delivered to Lender by Owner which
is signed by the Authorized Representative of Owner.

    

    "Operative Document"
shall mean each Loan Document, the Option Agreement, the Tripartite Agreement,
the Master Lease, the Master Lease Guaranty, the Residual Value Policy and each
other instrument, contract, document, certificate or agreement entered into by
any of Seller, Owner, Remainderman, Tenant, Master Lease Guarantor or Residual
Value Insurer in connection with the sale, acquisition, ownership, leasing,
franchising or management of the Mortgaged Property, the guaranty of the Master
Lease and Tenant Consent and the insurance with respect to the residual value of
the Mortgaged Property.

    

    "Option Agreement"
shall mean that certain Option and Subordination Agreement, if any, between
Owner and Remainderman setting forth the option of Owner to ground lease or
purchase a particular Land Parcel from Remainderman effective at the expiration
of the Estate for Years.

    

    "Option Notice" shall
have the meaning provided in the Master Lease.

    

     "Option Purchase
Price" shall have the meaning provided in the Master Lease.

    

    "Owner" shall mean
M-Six Penvest II Business Trust, a Delaware business trust, and each other Owner
listed on Schedule I hereto through which it directly or indirectly holds title
to the Landlord's Interest in the Properties, and their respective permitted
successors and assigns.

    

    "Partners" shall have
the meaning provided in Section 4.3(z) hereof.

    

    "Payment" shall have
the meaning provided in Section 2.1(c) hereof.

    

    "Payment Date" shall
mean the date on which each of the Debt Service Payments are due under the Note,
which shall be payable monthly commencing on the First Payment Date, or if such
day is not a Business Day, the next following Business Day, and shall include
the Maturity Date of the Note on which the Balloon Payment is due provided, however, that the
first payment of stub period interest only, if any, due on the Note shall be
paid on the Closing Date.

    

    "Permitted Defeasance
Date" shall mean any Payment Date occurring after the earlier of two
years after the start up date within the meaning of Section 860G(a)(9) of the
I.R.C. of any Person or pool of assets electing REMIC status in a Secondary
Market Transaction which includes the Loan or thirty-six (36) months after the
Closing Date.

    

    "Permitted
Encumbrances" shall mean collectively, (i) the Liens created by this
Indenture and the Master Lease Assignment, (ii) the Master Lease and the
Sublease, (iii) Liens and those exceptions to title set forth in the Title
Insurance Policy obtained by Lender in connection with this Indenture, (iv)
Liens, if any, for Impositions imposed by any Governmental Authority not yet due
or delinquent or being contested in good faith and by appropriate proceedings in
accordance with Section 2.6(b) hereof, (v) any mechanics, materialmen's or other
Liens deleted from the exceptions to, or for which Lender is affirmatively
insured against for loss or damage pursuant to, the Title Insurance Policy
issued to Lender insuring the Lien of this Indenture, and (vi) without limiting
the foregoing, any and all governmental and public utility easements, licenses
or other similar agreements which may hereafter be granted by Owner and
Remainderman (to the extent Owner has requested that Remainderman join therein)
and which do not adversely affect (A) the marketability of title to the
Mortgaged Property, (B) the fair market value thereof, or (C) the use thereof as
of the date hereof and provided that Owner has complied with Section 2.11 with
respect thereto.

    

    "Permitted
Investments": Any one or more of the following obligations or securities
payable on demand or having a scheduled maturity on or before the Business Day
preceding the date upon which the funds in the related Cash Collateral Account
are required to be drawn:

    

    
      	
                     
      (i)  

            	
              obligations
      of, or obligations fully guaranteed as to payment of principal and
      interest by, the United States or any agency or instrumentality thereof
      provided such obligations are backed by the full faith and credit of the
      United States of America including, without limitation, obligations of the
      U.S. Treasury (all direct or fully guaranteed obligations), the Farmers
      Home Administration (certificates of beneficial ownership), the General
      Services Administration (participation certificates), the U.S. Maritime
      Administration (guaranteed Title XI financing), the Small Business
      Administration (guaranteed participation certificates and guaranteed pool
      certificates), the U.S. Department of Housing and Urban Development (local
      authority bonds), and the Washington Metropolitan Area Transit Authority
      (guaranteed transit bonds); provided, however, that the investment
      described in this clause must (A) have a predetermined fixed dollar of
      principal due at maturity that cannot vary or change, (B) if rated by
      S&P, must not have an "r" highlighter affixed to their rating, (C) if
      such investments have a variable rate of interest, such interest rate must
      be tied to a single interest rate index plus a fixed spread (if any) and
      must move proportionately with that index, and (D) such investments must
      be not subject to liquidation prior to their
  maturity;

            

    

    
 

    (ii)           Federal
Housing Administration debentures;

    

    
      	
               
      

            	
              (iii)

            	
              obligations
      of the following United States government sponsored agencies: Federal Home
      Loan Mortgage Corp. (debt obligations), the Farm Credit System
      (consolidated systemwide bonds and notes), the Federal Home Loan Banks
      (consolidated debt obligations), the Federal National Mortgage Association
      (debt obligations), the Student Loan Marketing Association (debt
      obligations), the Financing Corp. (debt obligations), and the Resolution
      Funding Corp. (debt obligations); provided, however, that the investments
      described in this clause must (A) have a predetermined fixed dollar of
      principal due at maturity that cannot vary or change, (B) if rated by
      S&P, must not have an "r" highlighter affixed to their rating, (C) if
      such investments have a variable rate of interest, such interest rate must
      be tied to a single interest rate index plus a fixed spread (if any) and
      must move proportionately with that index, and (D) such investments must
      not be subject to liquidation prior to their
  maturity;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              federal
      funds, unsecured certificates of deposit, time deposits, bankers'
      acceptances and repurchase agreements with maturities of not more than 365
      days of any bank, the short term obligations of which at all times are
      rated in the highest short term rating category by each Rating Agency (or,
      if not rated by any Rating Agency other than S&P, otherwise acceptable
      to such Rating Agency or Agencies, as applicable, as confirmed in writing
      that such investment would not, in and of itself, result in a downgrade,
      qualification or withdrawal of the then current ratings assigned to the
      Securities); provided, however, that the investments described in this
      clause must (A) have a predetermined fixed dollar of principal due at
      maturity that cannot vary or change, (B) if rated by S&P, must not
      have an "r" highlighter affixed to their rating, (C) if such investments
      have a variable rate of interest, such interest rate must be tied to a
      single interest rate index plus a fixed spread (if any) and must move
      proportionately with that index, (D) such investment must not be subject
      to liquidation prior to their
maturity;

            

    

    

    
      	
               
      

            	
              (v)

            	
              fully
      Federal Deposit Insurance Corporation-insured demand and time deposits in,
      or certificates of deposit of, or bankers' acceptances issued by, any bank
      or trust company, savings and loan association or savings bank, the short
      term obligations of which at all times are rated in the highest short term
      rating category by each Rating Agency (or, if not rated by any Rating
      Agency other than S&P, otherwise acceptable to such Rating Agency or
      Agencies, as applicable, as confirmed in writing that such investment
      would not, in and of itself, result in a downgrade, qualification or
      withdrawal of the then current ratings assigned to the Securities);
      provided, however, that the investments described in this clause must (A)
      have a predetermined fixed dollar of principal due at maturity that cannot
      vary or change, (B) if rated by S&P, must not have an "r" highlighter
      affixed to their rating, (C) if such investments have a variable rate of
      interest, such interest rate must be tied to a single interest rate index
      plus a fixed spread (if any) and must move proportionately with that
      index, and (D) such investments must not be subject to liquidation prior
      to their maturity;

            

    

    

    
      	
               
      

            	
              (vi)

            	
              debt
      obligations with maturities of not more than 365 days and at all times
      rated by each Rating Agency (or, if not rated by any Rating Agency other
      than S&P, otherwise acceptable to such Rating Agency or Agencies, as
      applicable, as confirmed in writing that such investment would not, in and
      of itself, result in a downgrade, qualification or withdrawal of the then
      current ratings assigned to the Securities) in its highest long-term
      unsecured rating category; provided, however, that the investments
      described in this clause must (A) have a predetermined fixed dollar of
      principal due at maturity that cannot vary or change, (B) if rated by
      S&P, must not have an "r" highlighter affixed to their rating, (C) if
      such investments have a variable rate of interest, such interest rate must
      be tied to a single interest rate index plus a fixed spread (if any) and
      must move proportionately with that index, and (D) such investments must
      not be subject to liquidation prior to their
  maturity;

            

    

    

    
      	
               
      

            	
              (vii)

            	
              commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not
      more than one year after the date of issuance thereof) with maturities of
      not more than 365 days and that at all times is rated by each Rating
      Agency (or, if not rated by any Rating Agency other than S&P,
      otherwise acceptable to such Rating Agency or Agencies, as applicable, as
      confirmed in writing that such investment would not, in and of itself,
      result in a downgrade, qualification or withdrawal of the then current
      ratings assigned to the Securities) in its highest short-term unsecured
      debt rating; provided, however, that the investments described in this
      clause must (A) have a predetermined fixed dollar of principal due at
      maturity that cannot vary or change, (B) if rated by S&P, must not
      have an "r" highlighter affixed to their rating, (C) if such investments
      have a variable rate of interest, such interest rate must be tied to a
      single interest rate index plus a fixed spread (if any) and must move
      proportionately with that index, and (D) such investments must not be
      subject to liquidation prior to their
maturity;

            

    

    

    
      	
               
      

            	
              (viii)

            	
              the
      Federal Prime Obligation Money Market Fund so long as such fund is rated
      "AAA" by each Rating Agency (or, if not rated by any Rating Agency other
      than S&P, otherwise acceptable to such Rating Agency or Agencies, as
      applicable, as confirmed in writing that such investment would not, in and
      of itself, result in a downgrade, qualification or withdrawal of the then
      current ratings assigned to the Securities);
and

            

    

    

    
      	
               
      

            	
              (ix)

            	
              any
      other demand, money market or time deposit, demand obligation or any other
      obligation, security or investment, provided that each Rating Agency has
      confirmed in writing to the Lender, that such investment would not, in and
      of itself, result in a downgrade, qualification or withdrawal of the then
      current ratings assigned to the
Securities;

            

    

    

    provided,
however, (A) that, in the judgment of the Lender, such obligation or security
continues to qualify as a "cash flow investment" pursuant to I.R.C. 860G(a)(6)
earning a passive return in the nature of interest and (B) that no obligation or
security shall be a Permitted Investment if (1) such obligation or security
evidences a right to receive only interest payments or (2) the right to receive
principal and interest payments on such obligation or security are derived from
an underlying investment that provides a yield to maturity in excess of 120% of
the yield to maturity at par of such underlying investment.

    

    "Person" shall mean
any individual, corporation, partnership, limited liability company, joint
venture, estate, trust, unincorporated association, any federal, state, county
or municipal government or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the
foregoing.

    

    "Principal Amount"
shall mean the principal amount of the Loan outstanding from time to time as the
same may be increased as a result of any advance by Lender under any Loan
Document and as the same may be decreased as a result of any payment or
prepayment thereof.

    

    "Proceeds" shall have
the meaning provided in the Granting Clauses hereto.

    

     "Property" shall have
the meaning provided in the Granting Clauses hereto.

    

    "Property Income"
shall have the meaning provided in the Granting Clauses hereto.

    

    "Purchase Option"
shall have the meaning provided in the Master Lease.

    

    "Purchase Option Closing
Date" shall have the meaning provided in the Master Lease.

    

    "Rating Agencies"
shall mean Duff, Fitch, Moody's and S&P and any other nationally recognized
statistical rating agency which may hereafter be engaged by Lender; provided, however, that at any
time during which the Loan is included in a Secondary Market Transaction,
"Rating Agencies" shall mean the rating agency or rating agencies that from time
to time rate the Securities issued in connection with such Secondary Market
Transaction.

    

    "Recourse
Distributions" shall have the meaning provided in Section 4.3(z)
hereof.

    

    "Rejectable Offer"
shall have the meaning provided in the Master Lease.

    

    "Rejectable Substitution
Offer" shall have the meaning provided in the Master Lease.

    

    "Released Property"
shall have the meaning provided in Section 2.8(a) hereof.

    

    "Remainderman" shall
mean each Remainderman, if any, listed on Schedule I hereto which holds title to
the remainder interest in the related Property, and their respective permitted
successors and assigns, and any Person acquiring a remainder interest in the
related Property pursuant to and in accordance with Section 2.16
hereof.

    

    "Remedial Work" shall
have the meaning provided in Section 2.22(a)(ii) hereof.

    

    "REMIC," shall mean a
real estate mortgage investment conduit as defined under Section 860D of the
I.R.C.

    

    "Replaced Project"
shall have the meaning provided in Section 2.8(a) hereof.

    

    "Residual Value
Insurer" shall mean R.V.I. America Insurance Company, a Connecticut
insurance company, together with any successor thereto by merger, consolidation
or sale of substantially all of its assets.

    

    "Residual Value
Policy" shall mean that certain residual value insurance policy with
respect to the Mortgaged Properties issued by the Residual Value Insurer with
Lender as loss payee thereunder, together with all amendments, supplements and
endorsements thereto (including the Loss Payee Endorsement).

    

    "Restoration Account"
shall mean an Eligible Account in the name of Lender, its successors and
assigns, as secured party, or as may be otherwise designated by Lender, into
which all Loss Proceeds, except as otherwise set forth in this Indenture, shall
be deposited.

    

    "Room of the 90's Plans and
Specifications" shall mean those plans and specifications which have been
delivered by Tenant to Owner and to Lender, identified by Tenant as "Room of the
90's Plans and Specifications", and which have been pre-approved by Owner and by
Lender.

    

    "S&P" shall mean
Standard & Poor's Ratings Group, or any successor thereto.

    

    "Scheduled Defeasance
Payments" shall have the meaning provided in Section 2.20(d)
hereof.

    

    "Secondary Market
Transaction" shall mean any Securitization and any other transaction in
which the Lender (i) sells the Loan, the Note and the other Loan Documents to
one or more investors as a whole loan, (ii) participates the Loan to one or more
investors, or (iii) otherwise sells the Loan or any interest therein to
investors.

    

    "Securities" shall
mean any securities issued and outstanding or to be issued pursuant to any
Secondary Market Transaction.

    

    "Securitization"
shall mean any securitization in which the Loan is included or is intended to be
included.

    

    "Seller" shall mean
Motel 6 Operating L.P., a Delaware limited partnership, together with any entity
succeeding thereto by merger, consolidation or acquisition of its assets
substantially as an entirety.

    

    "Single-Purpose
Entity" shall mean a corporation, limited partnership, limited liability
company or trust which, at all times since its formation and thereafter until
the Indebtedness shall have been paid in full,

    

    
      	
              (i)

            	
              was
      and will be organized solely for the purpose of (w) owning an interest in
      the Mortgaged Property and owning the sole beneficial interest in a trust
      which owns an interest in the Mortgaged Property, and owning (1) the stock
      of the sole general partner of a limited partnership which owns an
      interest in the Mortgaged Property and (2) the sole limited partnership
      interest in such limited partnership or (x) acting as the managing member
      of the limited liability company which owns an interest in the Mortgaged
      Property or which is the sole beneficial owner of the trust which owns an
      interest in the Mortgaged Property or (y) acting as the general partner of
      a limited partnership which owns an interest in the Mortgaged Property or
      (z) acting as the sole beneficiary of a trust which owns an interest in
      the Mortgaged Property;

            

    

    

    
      	
              (ii)

            	
              has
      not and will not engage in any business unrelated to (w) the ownership and
      leasing of an interest in the Mortgaged Property, and the ownership of the
      sole beneficial interest in a trust which owns an interest in the
      Mortgaged Property, and the ownership of (1) the stock of the sole general
      partner of a limited partnership which owns an interest in the Mortgaged
      Property and (2) the sole limited partner interest in such limited
      partnership, or (x) acting as a managing member of a limited liability
      company which owns an interest in the Mortgaged Property or which is the
      sole beneficial owner of the trust which owns an interest in the Mortgaged
      Property or (y) acting as a general partner of a limited partnership which
      owns an interest in the Mortgaged Property or (z) acting as the sole
      beneficiary of a trust which owns an interest in the Mortgaged Property,
      and will conduct and operate its business as presently conducted and
      operated;

            

    

    

    
      	
              (iii)

            	
              has
      not and will not have any assets other than (w) those related to the
      Mortgaged Property, and the ownership of the sole beneficial interest in a
      trust which owns an interest in the Mortgaged Property, and the ownership
      of (1) the stock of the sole general partner of a limited partnership
      which owns an interest in the Mortgaged Property and (2) the sole limited
      partner interest in such limited partnership or (x) its member interest in
      the limited liability company which owns an interest in the Mortgaged
      Property or which is the sole beneficial owner of the trust which owns an
      interest in the Mortgaged Property or (y) its general partnership interest
      in the limited partnership which owns an interest in the Mortgaged
      Property or (z) its beneficial interest in a trust which owns an interest
      in the Mortgaged Property, as
applicable;

            

    

    

    
      	
              (iv)

            	
              will
      do all things necessary to preserve its existence, has not and will not
      engage in, seek or consent to any dissolution, winding up, liquidation,
      consolidation or merger, (y) except as otherwise expressly permitted by
      this Indenture, has not and will not engage in, seek or consent to any
      asset sale, transfer of partnership, membership, shareholder or beneficial
      interests, and (z) without the prior written consent of Lender, will not
      amend, modify or otherwise change its partnership agreement, articles of
      incorporation, articles of organization, certificate of formation,
      operating agreement, limited liability company agreement, trust agreement
      or trust certificate (as applicable) and will not permit a constituent
      party to cause the amendment or modification of such constituent agreement
      of such Single Purpose Entity, or other change
  thereto;

            

    

    

    
      	
               (v)

            	
              if
      such entity is a limited partnership, has and will have as its only
      general partners, general partners which are and will be Single-Purpose
      Entities which are corporations;

            

    

    

    
      	
              (vi)

            	
              if
      such entity is a trust, has and will have as its trustee, an Independent
      Trustee, has not taken and will not take any action requiring the consent
      of such Independent Trustee unless such Independent Trustee has consented
      thereto, and, unless it is a Delaware Business Trust, has and will have as
      its sole beneficial owner, a beneficial owner which is a Single-Purpose
      Entity;

            

    

     

    (vii)        
if such entity is a corporation, at all relevant times, has and will have at
least one Independent Director;

     

    (viii)        he
board of directors of such entity has not taken and will not take any action
requiring the unanimous affirmative vote of 100% of the members of the board of
directors unless all of the directors, including, without limitation, all
Independent Directors, shall have participated in such vote;

    

    
      	
              (ix)

            	
              has
      not and will not fail to correct any known misunderstanding regarding the
      separate identity of such entity;

            

    

    

    
      	
              (x)

            	
              if
      such entity is a limited liability company, has and will have at least one
      member that is and will be a Single-Purpose Entity which is and will be a
      corporation, and such corporation is and will be the managing member of
      such limited liability company;

            

    

    

    
      	
              (xi)

            	
              without
      the unanimous consent of all of the partners, directors (including without
      limitation all Independent Directors), members, beneficial owners or
      trustees (including without limitation the Independent Trustee), as
      applicable, has not and will not with respect to itself or to any other
      entity in which it has a direct or indirect legal or beneficial ownership
      interest (a) file a bankruptcy, insolvency or reorganization petition or
      otherwise institute insolvency proceedings or otherwise seek any relief
      under any laws relating to the relief from debts or the protection of
      debtors generally; (b) seek or consent to the appointment of a receiver,
      liquidator, assignee, trustee, sequestrator, custodian or any similar
      official for such entity or all or any portion of such entity's
      properties; (c) make any assignment for the benefit of such entity's
      creditors; or (d) take any action that might cause such entity to become
      insolvent;

            

    

    

    
      	
              (xii)

            	
              has
      maintained and will maintain its accounts, books and records separate from
      any other Person;

            

    

    

    
      	
              (xiii)

            	
              has
      maintained and will maintain its books, records, resolutions and
      agreements as official records;

            

    

    

    
      	
               (xiv)

            	
              has
      not commingled and will not commingle its funds or assets with those of
      any other Person;

            

    

    

    
      	
              (xv)

            	
              has
      held and will hold its assets in its own name and has maintained and will
      maintain its assets in such a manner that it will not be costly or
      difficult to segregate, ascertain or identify its individual assets from
      those of any Affiliate or constituent party or any other
      Person;

            

    

     

    (xvi)         has
conducted and will conduct its business in its name;

    

    
      	
              (xvii)

            	
              has
      maintained and will maintain its books, records, financial statements,
      accounting records, bank accounts and other entity documents separate from
      any other person or entity, and will file its own tax
    returns;

            

    

     

    (xviii)      has
paid and will pay its own liabilities out of its own funds and
assets;

    

    
      	
              (xix)

            	
              has
      observed and will observe all partnership, corporate, limited liability
      company or trust formalities as
applicable;

            

    

     

    (xx)          has
maintained and will maintain an arms-length relationship with its
Affiliates;

    

    
      	
              (xxi)

            	
              (a)
      if such entity owns an interest in the Mortgaged Property, has and will
      have no indebtedness, secured or unsecured, direct or indirect, absolute
      or contingent (including guaranteeing any obligation), other than the
      Indebtedness and unsecured trade payables in the ordinary course of
      business relating to the ownership and operation of the Mortgaged Property
      which are paid within thirty (30) days of the date incurred, or (b) if
      such entity acts as the general partner of a limited partnership which
      owns an interest in the Mortgaged Property, has and will have no
      indebtedness, secured or unsecured, direct or indirect, absolute or
      contingent (including guaranteeing any obligation), other than unsecured
      trade payables in the ordinary course of business relating to acting as a
      general partner of such limited partnership which are paid within thirty
      (30) days of the date incurred, (c) if such entity acts as a managing
      member of a limited liability company which is the beneficial owner of a
      trust which owns an interest in the Mortgaged Property, has and will have
      no indebtedness, secured or unsecured, direct or indirect, absolute or
      contingent (including guaranteeing any obligation), other than unsecured
      trade payables in the ordinary course of business relating to acting as a
      member of such limited liability company which are paid within thirty (30)
      days of the date incurred, or (d) if such entity is a beneficial owner of
      a trust which owns an interest in the Mortgaged Property and such
      beneficial owner is required to be a Single Purpose Entity pursuant to the
      provisions of this Indenture, has and will have no indebtedness, secured
      or unsecured, direct or indirect, absolute or contingent (including
      guaranteeing any obligation), other than [Pool IV and IX only: the
      Indebtedness and] unsecured trade payables in the ordinary course of
      business relating to acting as a beneficial owner of such trust which are
      paid within thirty (30) days of the date
  incurred;

            

    

    

    
      	
              (xxii)

            	
              has
      not and will not assume or guaranty or become obligated for the debts of
      any other Person and has not and will not hold itself out to be
      responsible for the debts or obligations of any other
    Person;

            

    

    

    
      	
              (xxiii)

            	
              has
      not acquired and will not acquire obligations or securities of its
      partners, members, beneficial owners, trustees, shareholders or other
      Affiliates;

            

    

    

    
      	
              (xxiv)

            	
              is
      and will remain solvent, will pay its debts and liabilities as they become
      due and has allocated and will allocate fairly and reasonably shared
      expenses, including, without limitation, shared office
    space;

            

    

    

    
      	
              (xxv)

            	
              except
      pursuant hereto, has not and will not pledge its assets for the benefit of
      any other Person;

            

    

    

    
      	
              (xxvi)

            	
              has
      held and identified itself and will hold itself out and identify itself as
      a separate and distinct entity under its own name and not as a division or
      part of any other Person and will maintain and utilize separate
      stationary, invoices and checks;

            

    

    

    
      	
              (xxvii)

            	
              has
      not made and will not make loans or advances to any Person (excluding
      advances which Owner is permitted to make as landlord under the Master
      Lease);

            

    

    

    
      	
              (xxviii)

            	
              has
      not and will not identify its partners, members, beneficial owners,
      trustees or shareholders, or any Affiliates of any of them as a division
      or part of it;

            

    

    

    
      	
              (xxix)

            	
              if
      such entity is a limited liability company, such entity shall dissolve
      only upon the bankruptcy of the managing member, and such entity's
      articles of organization, certificate of formation, limited liability
      company agreement and/or operating agreement, as applicable, shall contain
      such provision;

            

    

    

    
      	
              (xxx)

            	
              has
      not entered and will not enter into or be a party to, any transaction,
      contract or agreement with its partners, members, beneficial owners,
      trustees, shareholders or its Affiliates except in the ordinary course of
      its business and on terms which are intrinsically fair and are no less
      favorable to it than would be obtained in a comparable arms-length
      transaction with an unrelated third
party;

            

    

     

    (xxxi)        has
paid and will pay the salaries of its own employees from its own
funds;

    

    
      	
              (xxxii)

            	
              has
      maintained and will maintain adequate capital for the normal obligations
      reasonably foreseeable in its contemplated business and in light of its
      contemplated business operations;
and

            

    

    

    
      	
              (xxxiii)

            	
              if
      such entity is a limited liability company, limited partnership or trust,
      and such entity has one or more managing members, general partners or
      trustees, as applicable, then such entity shall continue (and not
      dissolve) for so long as a solvent managing member, general partner or
      trustee, as applicable, exists and such entity's organizational documents
      shall contain such provision.

            

    

    

    "SPE Equity Owner"
shall mean, (i) with respect to any Person that is a partnership, the general
partner of such partnership, (ii) with respect to any Person that is a trust,
the beneficial owner(s) of such trust, unless such trust is a Delaware Business
Trust, and (iii) with respect to any Person that is a limited liability company,
the managing member thereof.

    

    "SPE Equity Owner's
Certificate" means the SPE Equity Owner's Certificate in form and
substance satisfactory to Lender dated as of the Closing Date.

    

    "State" shall mean
the state or commonwealth in which the related Mortgaged Property is
situated.

    

    "Stipulated Loss
Value" shall have the meaning provided in the Master Lease.

    

     "Structural Work"
shall have the meaning provided in Section 2.3(c) hereof.

    

    "Sublease" shall mean
that certain Sublease Agreement of even date herewith between Tenant, as
landlord, and Seller, as tenant.

    

    "Substitute Project"
shall have the meaning provided in the Master Lease.

    

     "Substitution" shall
have the meaning provided in the Master Lease.

    

    "Successor Borrower"
shall have the meaning provided in Section 2.20(i) hereof.

    

    "Taking" shall mean a
taking, requisition, sale or voluntary conveyance of all or part of the
Mortgaged Property, or any interest therein or right accruing thereto or use or
occupancy thereof, by, on account of, or in settlement of any actual or
threatened condemnation or other eminent domain proceeding whether or not the
same shall have actually been commenced.

    

    "Tenant" shall mean
Universal Commercial Credit Leasing III, Inc., a Delaware corporation, as tenant
under the Master Lease, together with any entity succeeding thereto by merger,
consolidation or acquisition of its assets substantially as an entirety as
permitted under the Master Lease.

    

    "Tenant Consent"
shall mean that certain Assignment of Master Lease and Guaranty Consent
Agreement, of even date herewith, among Owner, Tenant and Lender.

    

    "Tenant's Personal
Property" shall include Tenant's or any sublessee's tradenames or
trademarks or the right to use the same, Tenant's or any sublessee's reservation
system, Tenant's or any sublessee's proprietary computer software, Tenant's or
any sublessee's telephone system and wiring and, in addition, Tenant's Personal
Property and personal property located on or about the Land and Improvements
which is owned or held under lease by Tenant from persons other than Owner that
is not subject to the Master Lease.

    

    "Termination Date"
shall have the meaning provided for "Lease Termination
Date" in the Master Lease.

    

    "Title Insurance
Policy" shall mean the ALTA Form 1992 lender's title insurance policy,
insuring that this Indenture constitutes a first priority lien in favor of
Lender on the Mortgaged Property subject only to the Permitted Encumbrances of
the type specified in clause (i), (ii) and (iii) (other than the Master Lease
Assignment and the Sublease) of the definition thereof, and containing such
endorsements and affirmative assurances as Lender shall reasonably
require.

    

    "Transfer" shall mean
the conveyance, assignment, sale, mortgaging, encumbrance, pledging,
hypothecation, granting of a security interest in, granting of options with
respect to, or other disposition of (directly or indirectly, voluntarily or
involuntarily, by operation of law or otherwise, and whether or not for
consideration or of record) all or any portion of any direct or indirect, legal
or beneficial interest (including any profit interest in Owner or any SPE Equity
Owner) in all or any portion of the Mortgaged Property or in Owner or any SPE
Equity Owner.

    

    "Transferee" shall
have the meaning provided in Section 2.16(a) hereof.

    

    "Tripartite
Agreement" shall mean that certain Tripartite Agreement, if any, among
Tenant, Owner and Remainderman.

    

    "Trustee" shall mean,
in the event that this Indenture is a deed of trust, the Person appointed to act
as trustee hereunder.

    

    "Work" shall have the
meaning provided in Section 2.3(c) hereof.

    

    "U.S. Obligations"
means obligations or securities not subject to prepayment, call or early
redemption which are direct obligations of, or obligations fully guaranteed as
to timely payment by, the United States of America or any agency or
instrumentality of the United States of America, the obligations of which are
backed by the full faith and credit of the United States of
America.

    

    "Undefeased Note"
shall have the meaning provided in Section 2.20(a) hereof.

    

    "Unscheduled
Payments" shall mean (i) all Loss Proceeds that Lender has elected or is
required to apply to the repayment of the Indebtedness pursuant to this
Indenture, the Loan Agreement or any other Loan Document, (ii) any funds
representing a voluntary or involuntary prepayment of the principal portion of
the Note and (iii) any Net Proceeds.

    

    ARTICLE
2

    Covenants

    

    Each of Owner and Remainderman
covenants, warrants, represents and agrees with and to Lender as follows (each
representing and agreeing only with respect to itself):

    

    Section
2.1                      Payment of the
Indebtedness. Owner shall punctually pay the Indebtedness at the times
and in the manner provided in this Indenture, in the Note and in the other Loan
Documents, all in lawful money of the United States of America, without setoff,
counterclaim or any other deduction whatsoever.

    

    (a)           Owner's
obligation to pay the principal of and interest on the Loan (including Late
Charges, Default Rate Interest, and Make-Whole Premium, if any), shall be
evidenced by this Indenture and by the Note, duly executed and delivered by
Owner. The Note shall be payable as to principal, interest, Late Charges,
Default Rate Interest and Make-Whole Premium, if any, as specified in this
Indenture and in the Note, with a final maturity on the Maturity Date. Owner
shall pay all outstanding Indebtedness on the Maturity Date. Interest (other
than Default Rate Interest) shall accrue on the outstanding Principal Amount of
the Note and all other amounts due to Lender under the Loan Documents at the
Fixed Rate and shall be computed as set forth in the Note. If Owner fails to
make any payment of principal, interest, Make-Whole Premium or Defeasance
Deposit, whether as a Debt Service Payment, at maturity, as part of any
prepayment, defeasance, upon acceleration or otherwise, as set forth in the Loan
Documents within two (2) Business Days after the delivery of written notice to
Owner and to Tenant that such amount and any payment then due under the Master
Lease has not been paid when the same is due, Owner shall pay a Late Charge
provided, however, that such Late Charge shall not be due until thirty (30) days
after failure to pay the Balloon Payment on the Maturity Date. On the Maturity
Date, Owner shall pay to Lender all amounts owing under the Loan Documents
including, without limitation, interest, principal, Late Charges, Default Rate
Interest and any Make-Whole Premium. The Note is subject to prepayment as set
forth in Section 2.9 and is subject to defeasance as set forth in Section
2.20.

    

    (b)           On
each Payment Date until the Note is paid in full on the Maturity Date or
otherwise, Owner shall pay to Lender an amount equal to the Debt Service Payment
due on the related Payment Date as set forth on Schedule 1 attached to the Note,
irrespective of whether or not any voluntary or involuntary prepayments of
principal have been made, provided, however, that such
Debt Service Payments may be reamortized as set forth in this Section 2.1(b). On
the Maturity Date, Owner shall pay to Lender, without duplication, the Balloon
Payment, if any, and the entire outstanding Principal Amount of the Note, to the
extent not theretofore paid, together with all accrued but unpaid interest
thereon and any other Indebtedness due hereunder, under the Note or under any
other Loan Document. In the event that Lender elects, agrees or is obligated to
accept a prepayment of a portion of the Note in accordance with this Indenture,
each Debt Service Payment which shall thereafter be payable with respect to the
Note shall be reduced by an amount equal to the product of such Debt Service
Payment times a fraction, the numerator of which equals the principal amount
being prepaid and the denominator of which equals the entire principal amount
outstanding hereunder at the time of determination prior to giving effect of
such prepayment, such that upon the due payment of all remaining Debt Service
Payments, there shall have been paid to Lender the entire unpaid principal
amount of the Note together with accrued interest thereon on a stepped
installment payment basis. Schedule 1 shall be revised by Owner to so reamortize
the remaining Debt Service Payments and a new Schedule 1 shall be delivered to
Lender to be substituted for the Schedule 1 then attached to the Note. Such
revised Schedule 1 shall reflect payments on the same Payment Dates set forth in
the original Schedule 1 and at the same interest rate utilized in the original
Schedule 1 over the remaining life of the Note and, absent error, the Debt
Service Payments thereafter due on the Note shall be those set forth in such
revised Schedule 1. If any such partial prepayment occurs on any date other than
a Payment Date, Schedule I shall be adjusted or annotated as appropriate as it
relates to interest with respect to the next succeeding Payment
Date.

    

    (c)           Each
and every payment including each Debt Service Payment (each, a "Payment";
collectively, the "Payments") made by
Owner to Lender in accordance with the terms of this Indenture, the Note and/or
the terms of any one or more of the other Loan Documents and all other proceeds
received by Lender with respect to the Indebtedness, shall be applied (i) first,
to all Late Charges, Make-Whole Premium, Default Rate Interest and other sums
payable as Indebtedness hereunder, under the Note or under the other Loan
Documents (other than those sums included in clauses (ii) and (iii) of this
Section 2.1(c), but including any amounts advanced by Lender on behalf of Owner)
in such order and priority as determined by Lender in its sole discretion, (ii)
second, to all other interest which shall be due and payable with respect to the
Principal Amount pursuant to the terms of the Note as of the date the Payment is
received, and (iii) third, to the Principal Amount, provided, however, that (x)
amounts received under Article 4 shall be applied as set forth in Section 4.3(l)
and (y) any amounts received with respect to a defeasance pursuant to Section
2.20 shall be applied in accordance with Section 2.20. Unscheduled Payments
shall be applied in the same manner set forth herein subject, however, to the
applicable provisions of this Indenture with respect thereto.

    

    (d)           To
the extent that Owner makes a Payment or Lender receives any Payment or proceeds
for Owner's benefit, which are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid to a trustee,
debtor in possession, receiver, custodian or any other party under any
bankruptcy law, common law or equitable cause, then, to such extent, the
obligations of Owner intended to be satisfied thereby shall be revived and
continue as if such Payment or proceeds had not been received by
Lender.

    

    (e)           If
a Default in the payment of money owed by Owner to Lender shall occur hereunder,
under the Note or under any other Loan Document, interest on the defaulted
amount commencing on the date of the occurrence of such Default, immediately and
without notice to Owner, shall accrue at the Default Rate until such defaulted
amount is paid to Lender with interest thereon at the Default Rate.

    

     (f)           In
the event the Indebtedness is accelerated pursuant to this Indenture, or in the
event that Owner shall prepay all or from time to time any portion of the
Principal Amount in connection with the release of all or a portion of the
Mortgaged Property relating to a Rejectable Offer or a Purchase Option or a FMV
Purchase Option made by Tenant pursuant to the Master Lease which requires the
payment of a Make-Whole Premium thereunder, Owner shall be required to pay to
Lender, in addition to the Principal Amount which has been accelerated or which
is to be prepaid and accrued interest and any other Indebtedness which is then
due and payable, an amount equal to the Make-Whole Premium. Lender shall deliver
telephonic notice to Owner and Tenant no later than 11 A.M. East Coast Time
(such notice to be confirmed in writing by Lender on the same day by facsimile)
of the amount of any such Make-Whole Premium then due, which notice shall be
conclusive and binding absent manifest error, provided, however, that any
failure of Lender to deliver such notice shall not excuse or delay Owner's
obligation to pay such Make-Whole Premium when due.

    

    (g)           The
provisions of this Section 2.1 shall survive any discharge of the Lien of this
Indenture in connection with a defeasance pursuant to Section 2.20.

    

    Section
2.2                      
Title to the Mortgaged
Property.

    

    (a)           Owner
is the owner of either (i) good, marketable and insurable fee simple title to
the Mortgaged Property or (ii) good, marketable, and insurable fee simple title
to the Estate for Years and to the Mortgaged Property (other than the Land), as
specified on Schedule I hereto, including in either case all buildings on the
Mortgaged Property and all installations and mechanical, electrical, plumbing,
heating and air conditioning systems located in or annexed to such buildings,
and all additions, alterations and replacements made at any time with respect to
the foregoing, free and clear of liens and encumbrances except Permitted
Encumbrances (other than the Master Lease Assignment and the Sublease which are
to be recorded subsequent to this Indenture). Remainderman, if any, is the owner
of good, marketable and insurable fee simple title to the remainder interest in
the Land free and clear of liens and encumbrances except Permitted Encumbrances
(other than the Master Lease Assignment and the Sublease which are to be
recorded subsequent to this Indenture). Except as set forth in the Master Lease
and the Option Agreement, if any, there are no outstanding options or rights of
first refusal affecting the Mortgaged Property or any portion
thereof.

    

    (b) Each of Owner and Remainderman has
full power, authority and right to execute, deliver and perform its obligations
under this Indenture and to encumber, mortgage, give, grant, bargain, sell,
alienate, enfeoff, convey, confirm, pledge, assign and hypothecate the Mortgaged
Property in the manner and form herein set forth.

    

    (c)           This
Indenture is and will remain a valid and enforceable first lien on and security
interest in the Mortgaged Property, subject only to the Permitted Encumbrances
(other than the Master Lease Assignment and the Sublease which are to be
recorded subsequent to this Indenture). For purposes of this Section 2.2 and
Section 3.3, Lender acknowledges that certain UCC -1 Financing Statements may
have been filed against Seller which transferred the FF&E to Owner. Owner
agrees to cause to be delivered to Lender confirmation (in form reasonably
acceptable to Lender) that any and all UCC-1 Financing Statements which affect
or could affect the FF&E have been released no later than November 1,
1998.

    

    (d)           Each
of Owner and Remainderman will preserve such title and will forever warrant and
defend the same and the validity and priority of the Lien hereof to Trustee, for
the benefit of Lender, and Lender, against all claims whatsoever.

    

    (e)           Owner
shall pay when due and payable, or if the Master Lease is then in effect, cause
Tenant to pay in accordance with the terms of such Master Lease, all payments
and charges due under or in connection with any Liens and encumbrances on, and
security interest in and to, the Mortgaged Property or any portion thereof, all
rents and charges under any ground leases affecting the Mortgaged Property, and
all claims and demands of mechanics, materialmen, laborers and others which, if
unpaid, might result in or permit the creation of a Lien on the Mortgaged
Property or any portion thereof which does not constitute a Permitted
Encumbrance. Without limiting Owner's obligations pursuant to Section 2.29(a)
hereof, Owner shall within thirty (30) days (or such longer period as may be set
forth in the Master Lease) after the imposition of any Lien (other than
Permitted Encumbrances) on the Mortgaged Property cause the full and
unconditional discharge of such Lien imposed on or against the Mortgaged
Property or any portion thereof by either payment in full thereof or filing any
bond required by law to effect such discharge.. Each of Owner and Remainderman
shall do or cause to be done, at the sole cost of Owner, everything necessary to
fully preserve the first priority of the Lien of this Indenture on the Mortgaged
Property, subject only to Permitted Encumbrances. If Owner fails to make any
such payment or if a Lien attaches to the Mortgaged Property or any portion
thereof and the same is not discharged within such thirty (30) day period (or
such longer period as may be allowed under the Master Lease), Lender may (but
shall not be obligated to) make such payment or discharge such Lien, and Owner
shall reimburse Lender on demand for all such Advances, together with interest
thereon at the Default Rate from the date paid by Lender to the date of
repayment, and such sum shall be part of the Indebtedness secured by this
Indenture, but this sentence shall not prevent any default by Owner in the
observance of this Section or of Section 2.29(a) from becoming an Event of
Default.

    

    (f)           Each
of Owner and Remainderman shall do, execute, acknowledge and deliver, at Owner's
sole cost and expense, such further acts, instruments or documentation,
including additional title insurance policies or endorsements, as Lender may
reasonably require from time to time to better assure, transfer and confirm unto
Lender the rights now or hereafter intended to be granted to Lender under this
Indenture or any other Loan Document; provided, however, that no such
further acts, instruments or documentation shall materially increase Owner's or
Remainderman's respective obligations under the Loan Documents or materially
eliminate or reduce Owner's or Remainderman's rights under the Loan
Documents.

    

    (g) Owner shall pay any and all taxes,
charges, filing, registration and recording fees, excises and levies imposed
upon Lender in connection with the execution, delivery and/or recording of this
Indenture or any other Loan Document or by reason of its interest in, or
measured by amounts payable under, the Note, this Indenture or any other Loan
Document (other than income, franchise and doing business taxes), and shall pay
all stamp taxes and other taxes required to be paid on the Note or the other
Loan Documents. If Owner fails to make such payment within five (5) days after
notice thereof from Lender, Lender may (but shall not be obligated to) pay the
amount due, and Owner shall reimburse Lender on demand for all such Advances
with interest thereon at the Default Rate from the date paid by Lender to the
date of repayment, and such sum shall be part of the Indebtedness secured by
this Indenture, but this sentence shall not prevent any default by Owner in the
observance of this Section from becoming an Event of Default.

    

    (h)           Owner
will, upon the execution and delivery hereof, and thereafter from time to time,
cause this Indenture, the Master Lease, (or memoranda thereof), the Master Lease
Assignment, each supplement and amendment to each of said instruments and
Financing Statements with respect thereto, to be filed, registered and recorded
as may be required by law to publish notice of and maintain the Lien hereof upon
the Mortgaged Property and to publish notice of and protect the validity of the
Master Lease, and the Master Lease Assignment. Owner will, from time to time,
perform or cause to be performed any other act as required by law, and will
execute or cause to be executed any and all further instruments (including
Financing Statements, continuation statements and similar statements with
respect to any of said documents) requested by Lender for such purposes. If
Owner shall fail to execute, deliver and file such financing statements and
other instruments in accordance with the provisions of this Section, Lender
shall be and is hereby irrevocably appointed the agent and attorney-in-fact of
Owner to do so, with full power of substitution, which appointment is coupled
with an interest, but this sentence shall not prevent any default by Owner in
the observance of this Section from becoming an Event of Default.

    

    Section 2.3 Maintenance of Mortgaged
Property: Compliance with Legal Requirements: Inspection:
Alterations.

    

    (a)           Owner
shall for so long as the Master Lease is in effect, diligently enforce the terms
and provisions of the Master Lease and take such action as shall be necessary to
cause Tenant thereunder to maintain the Mortgaged Property in accordance with
the terms of the Master Lease, and during any other period while this Indenture
is in effect, maintain or cause the then tenant to maintain the Mortgaged
Property in good condition, working order and repair, provided, however, that Owner
need not comply with the provisions of this clause (ii) with respect to a
particular Mortgaged Property during such time as Tenant has elected to make a
Rejectable Offer pursuant to the Master Lease, is in compliance with the
provisions thereof and no Lease Event of Default shall have occurred and be
continuing. Subject to Tenant's right to contest pursuant to and in accordance
with Section 2.6 of the Master Lease, Owner shall comply or cause Tenant (in
accordance with the Master Lease) or any future tenant of the Mortgaged Property
to comply in all material respects with all Legal Requirements with respect to
the Mortgaged Property, and to comply in all material respects with the
requirements of any Governmental Authority claiming jurisdiction over the
Mortgaged Property or any portion thereof within thirty (30) days (or such other
period of time provided in the order or allowed by law) after an order
containing such requirement has been issued by such Governmental Authority.
Owner shall promptly notify Tenant in writing whenever Owner is required to
enter into any contract, agreement, covenant, condition, or restriction by any
governmental or quasi-governmental entity. Subject to the terms of the Master
Lease and applicable Legal Requirements, Owner shall permit Lender or its
authorized representatives to enter upon and inspect the Mortgaged Property upon
reasonable prior notice at all reasonable hours. So long as an Event of Default
shall have occurred and be continuing, the cost of such inspections shall be
borne by Owner including the cost of all follow up or additional investigations
or inquiries deemed reasonably necessary by Lender. The cost of such inspections
required to be borne by Owner pursuant to the preceding sentence, if not paid
for by Owner following demand, may be added to the Indebtedness and shall bear
interest until paid at the Default Rate.

    

    (b)           Owner
shall not, without the prior written consent of Lender, which consent shall not
be unreasonably withheld, unless an Event of Default has occurred and be
continuing, in which case Lender may withhold its approval in its sole
discretion, (i) change the use of a Property or cause or permit the use or
occupancy of any part of a Property to be discontinued if such change or
discontinuance would violate any zoning or other law, ordinance or regulation;
(ii) initiate, join in, acquiesce in, or consent to any private restrictive
covenant, zoning reclassification, or other public or private modification or
restriction adversely affecting all or any portion of a Property or limiting or
defining the uses which may be made of a Property or any portion thereof; (iii)
permit or undertake any Material Alteration (except pursuant to Sections 2.3(c)
and 2.4(f) hereof) of the Mortgaged Property or any portion thereof (provided
that articles of personal property included within the Collateral may be
removed, so long as the same are replaced with similar Collateral of equal or
greater value); (iv) permit or suffer to occur any waste on or to the Mortgaged
Property or any portion thereof; or (v) take any steps whatsoever to convert the
Mortgaged Property or any portion thereof to a condominium or cooperative form
of ownership.

    

    (c)           Owner
or Tenant may, at its expense, make additions to and alterations of the
Improvements, and construct additional Improvements (collectively, "Alterations"), provided that (i) the
fair market value, utility and useful life of the Mortgaged Property shall not
be lessened in any material respect thereby, (ii) such Alterations, if made by
Tenant shall be in compliance with the applicable provisions of the Master Lease
and, in any event, if made by Owner or Tenant shall be expeditiously completed
in a good and workmanlike manner, free and clear of liens and encumbrances, and
in compliance with all applicable Legal Requirements and the requirements of all
insurance policies required to be maintained by Owner or Tenant hereunder, (iii)
Owner or Tenant shall not make any Alterations in violation of the terms of any
restriction, easement, condition, covenant or other matter affecting title to or
use of the Mortgaged Property and (iv) no Material Alterations, as hereafter
defined, shall be made unless Lender's prior written consent shall have been
obtained, which consent shall not be unreasonably withheld, delayed or
conditioned, provided no Event of Default shall have occurred and be continuing.
"Material
Alteration" is defined as either (A) Structural Work (as hereinafter
defined), or (B) any demolition of any material portion of the Improvements, or
(C) Alterations which would materially and adversely affect the building systems
or equipment, or (D) Work which involves the construction of a shared common or
party wall on a property line which separates such Mortgaged Property from
adjacent land, or (E) Work for which the Estimated Cost is in excess of
$500,000.00 for any particular Mortgaged Property or which would cause Work then
being conducted for all Mortgaged Properties to exceed $1,000,000.00, excluding,
for purposes of this clause (c) only, work consisting of renovations effected
pursuant to Room of the 90's Plans and Specifications previously delivered to
Lender and such other Work effected pursuant to standard renovation plans that
have previously been approved by Lender (it being understood that any request
for such approval shall not be considered unless Lender has received detailed
plans and specifications, and other information with respect to the proposed
renovations as may be reasonably requested). "Structural Work" is
defined as Work which involves in any material respect any roof, load-bearing
wall, structural beams, columns, supports, foundation or any other structural
element of the Mortgaged Property. "Estimated Cost" is
defined as the estimated cost of materials, construction and labor (not
including architects, engineers or other professionals), as estimated by a
licensed Architect (or if not required to be estimated by an Architect, as
reasonably estimated by Tenant), which estimate together with a complete
description of the Work and all related works shall be delivered to, and such
estimate and description reasonably approved by, Lender before the commencement
of any Work hereunder. "Work" is defined,
without duplication, as Alterations, Material Alterations, Structural Work,
restoration, repair and any other work which Owner or Tenant shall be required
or permitted to do under this Indenture or under the Master Lease. Owner agrees
that all Work shall be performed in each case subject to compliance by Tenant
with each of the applicable provisions of the Master Lease and, without
duplication, subject to each of the following:

    

    (i)            Neither
Owner nor Tenant shall perform any Work which shall have a material adverse
effect on the use or operation of the Mortgaged Property, as operated by Tenant
as of the date hereof (except such adverse effect as shall occur during the
period of time needed to complete the Work). Any Work when completed shall be of
such a character as not to materially reduce the value of the Mortgaged Property
below its value immediately prior to the commencement of such Work or damage to
such Mortgaged Property necessitating such Work or change.

    

    (ii)            No
Work shall be performed if the same would materially reduce the usable square
footage of the Improvements, or would materially weaken, temporarily (other than
during construction or repair of the structure) or permanently, the structure of
the Improvements or any part thereof, or reduce the permitted uses thereof under
applicable zoning or licensing laws or impair other amenities of the Mortgaged
Property.

    

    (iii)            No
Material Alterations shall be commenced until detailed plans and specifications
(including layout, architectural, mechanical and structural drawings), prepared
by an Architect shall have been submitted to and approved by Lender, which
approval shall not be unreasonably withheld or delayed, and no such Work shall
be undertaken except under the supervision of the Architect. Lender shall be
deemed to have approved plans and specifications which are materially consistent
with Room of the 90's Plans and

    Specifications.

    

    (iv) The reasonable cost and expense
paid to third parties (including any servicer of Lender) of Lender's (A) review
of any plans and specifications required to be furnished pursuant to this
Indenture, or (B) review/supervision of any such Work shall be paid by Owner or
by Tenant within fifteen (15) days after demand.

    

    (v)            All
Work shall be commenced only after all required municipal and other governmental
permits, licenses, authorizations and approvals shall have been obtained by
Owner or Tenant.

    

    (vi)            If
the Work shall constitute a Material Alteration, it shall not be commenced until
Owner or Tenant shall have obtained and delivered to Lender, either (A) a
performance bond and a labor and materials payment bond (issued by a corporate
surety licensed to do business in the state in which the Mortgaged Property is
located and reasonably satisfactory to Lender), each in an amount equal to the
Estimated Cost of such Work and in form otherwise reasonably satisfactory to
Lender, or (B) such other security as shall be reasonably satisfactory to
Lender; provided, however, that if at the time the Work is commenced, either
Tenant or Master Lease Guarantor then maintains and continues to maintain until
such Work is completed an Investment Grade Rating and no Event of Default shall
have occurred and be continuing and the Estimated Cost of the Work does not
exceed $1,500,000 as to that Property (as adjusted for changes in the consumer
price index), neither Owner nor Tenant shall be required to comply with this
subsection (vi).

    

    (vii)            All
Work shall be performed in a good and workmanlike manner, and in accordance with
all Legal Requirements, as well as any plans and specifications therefor which
shall have been approved by Lender, if required. All Work shall be commenced and
completed in a commercially reasonable manner.

    

    (viii)            Subject
to the terms of Section 2.6 of the Master Lease with respect to contesting
certain charges, the cost of all Work shall be paid promptly, in cash, so that
the Mortgaged Property shall at all times be free from (A) liens for labor or
materials supplied or claimed to have been supplied to the Mortgaged Property
(if the laws of a particular jurisdiction impose a lien in favor of mechanics as
of the commencement of Work or disallow the prohibition of such lien, such lien
in and of itself shall not constitute a violation hereof, but such law shall not
relieve Owner of its obligation to timely pay all charges incurred for Work),
Tenant or Owner and (B) chattel mortgages, conditional sales contracts, title
retention agreements, security interest and agreements, and financing agreements
and statements.

    

    (ix)            Upon
completion of any Work, Tenant or Owner, at its expense, shall obtain
certificates of final approval of such Work required by any governmental or
quasi-governmental authority and shall furnish Lender with copies thereof, and,
if the Work constituted Material Alterations, together with "as-built" plans and
specifications for such Work.

    

     (x)            Any
Work shall be subject to inspection at any time and from time to time by Lender,
and its architect(s), or duly authorized construction representatives, and if
any such party upon any such inspection shall be of the reasonable opinion that
the Work is not being performed in accordance with the provisions of this
Section or the plans and specifications, or that any of the materials or
workmanship are unsound or improper, Owner shall correct or cause to be
corrected any such failure and shall replace or cause to be replace any unsound
or improper materials or workmanship.

    

    Section
2.4                      
Insurance;
Restoration.

    

    (a)           Owner
shall, at its expense, maintain, or cause Tenant or any other tenant of the
Mortgaged Property to maintain, the following insurance coverages with respect
to each Mortgaged Property (except as otherwise set forth in clause (ii)) during
the term of this Indenture:

    

    (i)            Insurance
with respect to the Improvements against all perils included within the
classification "All Risk of Physical Loss", covering such risks as shall be
customarily insured against with respect to improvements similar in
construction, location and use including by way of example, earthquake, flood,
sprinkler leakage, debris removal, cost of demolition, malicious mischief, water
damage, boiler and machinery explosion or damage and the like, with extended
coverage, and in amounts not less than the greater of (x) 100% of the actual
replacement cost of the Improvements (exclusive of foundations and excavations),
without regard to depreciation, and (y) such other amount as is necessary to
prevent any reduction in such policy by reason of and to prevent Owner, Lender
or any other insured thereunder from being deemed to be a co-insurer. If as of
the date hereof, or at any time during the term of this Indenture, the Mortgaged
Property is not in compliance with all Legal Requirements such that in the event
of a partial or total casualty or destruction such Legal Requirements would
prohibit Owner or Tenant from restoring or rebuilding the Mortgaged Property to
the specifications and condition of the Mortgaged Property prior to such
casualty or destruction, then Owner or Tenant shall be required to carry agreed
value insurance.

    

    (ii)            Commercial
general public liability insurance insuring, so long as the Master Lease exists,
Tenant, with Owner and Lender as additional insureds, and otherwise insuring
Owner, with Lender as an additional insured, against all claims for damages to
person or property or for loss of life or of property occurring upon, in, or
about the Mortgaged Property, with coverage for blanket contractual, personal
injury, bodily injury and property damage of not less than $50,000,000 combined
single limit coverage per occurrence and in the aggregate in any given policy
year, or such greater limits as may be required from time to time by Lender
consistent with insurance coverage on properties similarly constructed, occupied
and maintained in the limited service budget sector. In the event that the
aggregate of (i) claims paid pursuant to such policy of commercial general
public liability insurance in any policy year and (ii) final, non-appealable
judgments payable by the insurer pursuant to such policy of commercial general
public liability insurance in such policy year, shall cause the remaining
coverage available under such policy to be less than $25,000,000, (i) Owner
shall, or shall cause Tenant to, promptly notify Lender thereof, and (ii) Owner
shall, or shall cause Tenant to, within sixty (60) days thereafter, obtain
additional commercial general public liability insurance complying with the
requirements of this paragraph in an amount which will cause the aggregate
commercial general public liability insurance coverage available to be not less
than $50,000,000 combined single limit coverage per occurrence and in the
aggregate in such policy year, or such greater limits as may be required from
time to time by Lender consistent with insurance coverage on properties
similarly constructed, occupied and maintained in the limited service budget
sector.

    

    (iii) Worker's compensation insurance
(including employers' liability insurance, if requested by Lender) to the extent
required by the law of the State in which the Mortgaged Property is
located.

    

    (iv) Flood insurance in an amount
equal to the full replacement cost of the applicable Mortgaged Property or the
maximum amount available through the National Flood Program or any successor
program, whichever is less, if all or any portion of the Improvements related to
that Mortgaged Property are located in an area which has been designated by the
Secretary of Housing and Urban Development or by the Federal Emergency
Management Agency as having special flood hazards, and if flood insurance is
available under the National Flood Insurance Act.

    

    (v)            if
the Mortgaged Property or any part thereof is situated in an area now or
subsequently designated as a "Zone 1 or Zone 2 Earthquake Zone" by the U.S.
Geological Survey, earthquake insurance in an amount equal to the replacement
cost of the Mortgaged Property or the maximum amount of earthquake insurance
available, whichever is the lesser.

    

    (vi)            During
any period during which construction is conducted on the Property and during
which period the construction and materials are not covered by the existing
policies, premium prepaid insurance policies covering the Property (which during
construction shall be on an "All-Risk" perils, including theft, "Builder's
Risk", "Completed Value" form) in amounts equal to the replacement costs of the
Improvements (including construction materials and personal property on or off
site) covering insurance risks .no less
broad than those covered under a Standard Multi Peril (SMP) policy form, which
contains a 1987 Commercial ISO "Causes of Loss-Special Form", with coverage for
such other expenses as Lender may reasonably require. Such insurance shall
contain an agreed amount endorsement (such amount to include foundation and
underground pipes) and bear a 100 % co-insurance clause. Said policies shall
contain a permission to occupy endorsement.

    

    (vii)            During
any period when construction is conducted on the Property, worker's
compensation, employers' liability, commercial auto liability, and commercial
general liability insurance (including contractual liability and completed
operations coverage) for each general contractor written on a 1986 or 1993
standard "ISO" occurrence basis form or equivalent and excess umbrella coverage,
carried during the course of construction, with general liability insurance
limits of at least $5,000,000 combined single limit for bodily injury or death
to any one person, $10,000,000 for bodily injury or death to any number of
persons in respect of any one accident or occurrence and $1,000,000 for property
damage in respect of one accident or occurrence, with coverage for blanket
contractual, personal injury, bodily injury and property damage of not less than
$50,000,000 single limit coverage.

    

    (viii)            Such
other insurance as may from time to time be reasonably required by Lender in
order to protect its interests, provided that such insurance is then customarily
maintained by prudent budget motel operators, managers or owners or is then
customarily required by prudent lenders with respect to mortgage loans secured
by budget motel properties.

    

    (b)           Owner
shall not carry separate insurance, concurrent in kind or form or contributing
in the event of loss, with any insurance required under Section 2.4(a) or
required under the Master Lease; provided, however, that
notwithstanding the foregoing, Owner may carry additional insurance not required
under this Indenture or the Master Lease, provided any such insurance affecting
the Mortgaged Property shall be for the mutual benefit of Owner and Lender, as
their respective interests may appear, and shall be subject to all other
provisions of this Section 2.4.

    

    (c)           Such
insurance shall be issued by companies authorized to transact business in the
state in which the applicable Mortgaged Property is located and having an Alfred
M. Best Company. rating of "A" or better and financial size category of not less
than X, and an S&P rating of "A" or better as to claims paying ability
provided that with respect to worker's compensation insurance such insurance
company must have an Alfred M. Best Company rating of "A" or better and
financial size category of not less than VIII. No liability insurance policy
maintained by Tenant thereunder shall provide for a deductible or self-insured
retention in excess of $250,000, unless either Tenant or Master Lease Guarantor
then maintains an Investment Grade Rating and no Lease Event of Default shall
have occurred and be continuing, in which event the retention shall not be in
excess of $1,000,000. No casualty or other insurance policy maintained by Tenant
(other than liability policies) hereunder shall provide for a deductible or
self-insured retention in excess of $100,000, unless either Tenant or Master
Lease Guarantor then maintains an Investment Grade Rating and no Lease Event of
Default shall have occurred and be continuing, in which event the retention
shall not be in excess of $250,000. However, if either Tenant or Master Lease
Guarantor then maintains an Investment Grade Rating and no Lease Event of
Default shall have occurred and be continuing, the retention shall not be in
excess of the following amounts: (i) $500,000 for general property damage; (ii)
$500,000 for boiler damage; (iii) $250,000 for flood damage; (iv) with respect
to earthquake damage, 10% of the value of any particular Mortgaged Property,
with a total retention for all applicable Mortgaged Properties owned or leased
by Tenant equal to $2,500,000; and (v) with respect to wind (including
hurricane) damage, 10% of the value of any particular Mortgaged Property, with a
total retention for all applicable Mortgaged Properties owned or leased by
Tenant equal to $1,000,000. Owner shall or shall cause Tenant to, deliver to
Lender promptly after receipt thereof, and in no event later than 90 days after
the effective date thereof, originals or certified copies of all insurance
policies (or amendments thereto). Owner shall, or shall cause Tenant to, deliver
to Lender original binders or original

    or
certified certificates evidencing such policies (or amendments) and bearing
notations evidencing the payment of premiums therefor no later than ten (10)
days prior to the effective date of such policies (or amendments). Owner shall,
or shall cause Tenant to, promptly upon receipt but in no event less than ten
(10) days prior to the expiration date of any of the insurance policies required
to be maintained pursuant to this Indenture, deliver to Lender, or cause Tenant
to deliver to Lender, originals or certified copies of certificates evidencing
the renewals of such policies bearing notations evidencing the payment of
premiums,

    

    (d)           Every
such policy (other than general public liability, auto liability or worker's
compensation policy with respect to the requirements of clause (iii) of this
Section 2.4(d)), whether maintained by Owner or Tenant, shall be endorsed to
provide that:

    

    (i)            such
insurance will not be canceled or amended except after thirty (30) days' written
notice to Lender and that it shall not be invalidated by any act or negligence
of Owner, Tenant or any person or entity having an interest in the Mortgaged
Property, nor by occupancy or use of the Mortgaged Property for purposes more
hazardous than permitted by such policy, nor by any foreclosure or other
proceedings relating to the Mortgaged Property, nor by change in title to or
ownership of the Mortgaged Property;

    

    (ii)            Lender
is an additional insured with the understanding that any obligation imposed upon
the insured (including, without limitation, the liability to pay premiums, but
excluding any obligation of the insured to cooperate with any insurer or any
insurer's representative in the investigation, defense or settlement of any
claim covered under such insurance) shall be the sole obligation of Owner (or
Tenant) and not that of any other insured;

    

    (iii) all Insurance Proceeds payable
under any such policy of insurance with respect to the Mortgaged Property shall
be paid to Lender as sole loss payee under a standard mortgagee's
clause;

    

    (iv)            the
interests of Lender shall not be invalidated by any action or inaction of Owner,
Tenant or any other Person, and such insurance shall insure Lender regardless of
any breach or violation by Tenant, Owner or any other Person of any warranties,
declarations or conditions contained in the policies relating to such insurance
or application therefor;

    

    (v)            the
insurer thereunder waives all rights of subrogation against Lender and waives
any right of set-off and counterclaim and any other right of deduction, whether
by attachment or otherwise;

    

    (vi)            such
insurance shall be primary without right of contribution from any other
insurance carried by or on behalf of Tenant or Owner or Lender or any other
Person with respect to its interest in the Mortgaged Property; and

    

     (vii) all terms, conditions,
insuring agreements and endorsements, with the exception of limits of liability,
shall operate in the same manner as if there were a separate policy covering
each insured.

    

    (e)           If
Owner or Tenant fails to maintain and deliver or fails to cause to be maintained
and delivered to Lender the original policies and certificates of insurance
required by this Indenture, Lender may, at its option, procure such insurance,
and Owner shall reimburse Lender in the amount of all such premiums thereon
promptly, upon demand by Lender, with interest thereon at the Default Rate from
the date paid by Lender to the date of repayment, and such sum shall be a part
of the Indebtedness secured by this Indenture, but this sentence shall not
prevent any default under this Section 2.4 from becoming an Event of
Default.

    

    (f)           In
the event of any casualty affecting all or any portion of the Mortgaged Property
or of any Taking or proposed Taking with respect thereto, Owner shall, at such
time as Owner has obtained actual knowledge thereof, give prompt written notice
thereof to Lender (which notice shall set forth Owner's good faith estimates of
the cost of repairing or restoring any damage or destruction caused thereby),
or, if Owner cannot reasonably estimate the anticipated cost of such
restoration, Owner shall nonetheless give Lender prompt notice of the occurrence
of any such casualty, Taking or proposed Taking, and will diligently proceed to
obtain estimates to enable Owner to quantify the anticipated cost of such
restoration, whereupon Owner shall promptly notify Lender of such good faith
estimate. Lender is hereby irrevocably appointed as Owner's attorney-in-fact,
coupled with an interest, with full power of substitution, with exclusive power
to collect, receive and retain the Loss Proceeds relating to any such casualty
or Taking, subject to the provisions of this Indenture and subject to Tenant's
rights under Sections 3.2 and 3.6 of the Master Lease, and, with exclusive power
after the occurrence and during the continuance of any Event of Default, to make
any compromise or settlement in connection with any such casualty or Taking,
subject to the rights of Tenant pursuant to Sections 3.2(a) and 3.7(f) of the
Master Lease provided no Lease Event of Default shall have occurred and be
continuing. Owner shall execute and deliver to Lender any and all instruments
reasonably required in connection with any such casualty, Taking or compromise
or settlement proceeding promptly after request therefor by Lender. So long as
no Event of Default shall have occurred and be continuing, Owner may adjust,
compromise, settle or enter into any agreement with respect to any such
casualty, Taking, compromise or settlement proceedings with the prior written
consent of Lender, which consent shall not be unreasonably withheld or delayed
and which consent shall not be required for any adjustment, compromise or
settlement of Loss Proceeds in an amount less than $100,000. If a casualty or a
Taking shall affect all or a substantial portion of the Mortgaged Property in
such a manner as to allow or require Tenant to make a Rejectable Offer or a
Rejectable Substitution Offer pursuant to Sections 3.2(b) and 3.3(a) of the
Master Lease, any Loss Proceeds shall be held by Lender until applied in
accordance with Section 2.4(k). In the event that the Master Lease is not
terminated with respect to the related Mortgaged Property as a result of the
casualty or Taking and no Lease Event of Default has occurred and is continuing,
the Loss Proceeds will be made available for the repair, restoration and
rebuilding of the related Mortgaged Property (such repair, restoration and
rebuilding are sometimes hereinafter collectively referred to as
the

    Work) so
damaged or destroyed or taken in full compliance with all Legal Requirements
pursuant to the terms and subject to the conditions of Section 2.4(g) hereof
and, for purposes hereof, Lender shall be deemed to have elected to make such
Loss Proceeds available for the Work. If a Lease Event of Default has occurred
and is continuing, the Loss Proceeds may be applied to reduce the Indebtedness
by Lender, at its sole option. If the Loss Proceeds are so applied to reduce the
Indebtedness, Lender shall apply the same in accordance with the applicable
provisions of this Indenture and Owner shall not be obligated to restore the
damage to the related Mortgaged Property. In the event that Lender elects, or is
deemed to have elected, to allow Loss Proceeds to be used for the Work or if
Lender is required under the Master Lease to make the Loss Proceeds available
for the Work, all excess Loss Proceeds with respect to a casualty and excess
proceeds up to and including $100,000 with respect to a condemnation remaining
after completion of such Work, so long as no Lease Event of Default has occurred
and is continuing, shall be paid over to Tenant, provided, however, that if a
Lease Event of Default has occurred and is continuing, all such excess Loss
Proceeds may be applied to the payment of the Indebtedness by Lender, at its
sole option. If the amount of Loss Proceeds with respect to a Taking remaining
after completion of the related Work, final payment therefor and reimbursement
to Tenant of any amount contributed by it to the cost of such Work is in excess
of $100,000, such Loss Proceeds in excess of such $100,000 shall be paid over to
Owner provided,
however, that
if an Event of Default has occurred and is continuing, all such excess Loss
Proceeds otherwise required to be paid over to Owner shall be paid to Lender and
may be applied to the payment of the Indebtedness by Lender, at its sole option.
All Loss Proceeds paid with respect to any casualty or Taking affecting all or
any portion of the Mortgaged Property are hereby assigned and shall be paid
directly to Lender subject to the terms and conditions hereof and subject to the
rights of the Tenant under the Master Lease. Lender shall deposit any Loss
Proceeds received by it into the Restoration Account. If any Loss Proceeds are
received by Owner, such Loss Proceeds shall be received in trust for Lender,
shall be segregated from other funds of Owner, and shall be forthwith paid to
Lender to be held in a segregated account controlled by Lender, in each case to
be applied or disbursed in accordance with the foregoing.

    

    (g)           If
Lender elects, or is deemed to have elected, to allow the Loss Proceeds to be
used for the Work or if Lender is required under the Master Lease to make the
Loss Proceeds available for the Work, in accordance with Section 2.4(f) or in
accordance with Section 2.5, then such Loss Proceeds shall be held by Lender and
shall be paid out from time to time on a monthly basis to Owner as the Work
progresses (less any cost to Tenant, Lender or Owner of recovering and paying
out such Loss Proceeds, including, without limitation, reasonable attorneys',
trustees' or escrow fees related thereto and costs allocable to inspecting the
Work and the plans and specifications therefor), subject to compliance by Tenant
with each of the applicable provisions of the Master Lease and, without
duplication, each of the following conditions:

    

    (i)            If
the Work constitutes Material Alterations, the provisions of Section 2.3(c)
shall apply and either the Authorized Representative of Owner or, if the Work is
required to be performed under the supervision of an Architect pursuant to
Section 2.3, the Architect selected by Owner or by Tenant and reasonably
acceptable to Lender, shall have delivered to Lender a certificate estimating
the cost of completing the Work. If the amount set forth therein is more than
the amount of Loss Proceeds then being held by Lender in connection with a
casualty to or partial Taking of the Mortgaged Property, Owner or Tenant shall
have delivered or caused to be delivered to Lender (w) cash collateral in an
amount equal to such excess, or (x) an unconditional, irrevocable, clean sight
draft letter of credit, in form and substance, and issued by a bank, acceptable
to Lender in its reasonable discretion, in the amount of such excess, or (y) a
bond in form and from an institution reasonably acceptable to Lender in the
amount of such excess, or (z) evidence acceptable to Lender that the excess has
been expended in performing the Work prior to any funds being drawn from the
Loss Proceeds; provided, however, that if no Lease Event of Default shall have
occurred and be continuing and at such time and thereafter until completion of
such Material Alterations Tenant or Master Lease Guarantor has an Investment
Grade Rating and the cost of completing such Work in excess of the amount of
Loss Proceeds then being held by Lender does not exceed $1,500,000 as to that
Mortgaged Property (as adjusted for changes in the consumer price index),
neither Owner nor Tenant shall be required to have complied with this
sentence)

    

    (ii)            Each
request for payment shall be made on not less than ten (10) Business Days prior
notice to Lender and shall be accompanied by an Officer's Certificate (or if
such Work is being performed.under the supervision of an Architect, by a
certificate of such Architect), stating (A) in the case of an Officer's
Certificate only, that no Lease Event of Default exists, (B) that, based upon an
inspection of the Mortgaged Property, all of the Work completed has been done in
substantial compliance with the approved plans and specifications, if required
under Section 2.3(c), (C) that the sum requested is validly required to
reimburse Owner or Tenant, as applicable, for payments by Owner or Tenant, as
applicable, or is validly due to the contractor, subcontractors, materialmen,
laborers, engineers, architects or other persons rendering services or materials
for the Work (giving a brief description of such services and materials), and
that when added to all sums previously paid out by Lender does not exceed the
value of the Work done to the date of such certificate, (D) if the sum requested
is to cover payment relating to repair and restoration of personal property
required or relating to the Mortgaged Property, that title to the personal
property items covered by the request for payment is vested in Owner or Tenant,
as applicable, and (E) the remaining cost to complete such Work and that the
remaining amount held by Lender (together with any amounts contemporaneously
deposited with Lender in the Restoration Account in connection herewith) shall
be sufficient to cover the cost of completion of such Work; provided, however, that if such
certificate is given by an Architect, such Architect shall certify as to clause
(B) above, and the Authorized Representative of Owner shall certify as to the
remaining clauses above, and provided, further, that Lender shall not be
obligated to disburse such funds if the provisions of Section 2.4(g)(vii) are
applicable. Additionally, each request for payment shall contain a statement
signed by Owner approving both the Work done to date and the Work covered by the
request for payment in question. To the extent that Tenant is performing
the

    Work
rather than Owner, all certificates and other items shall be required to be
delivered from Tenant, rather than Owner.

    

    (iii)            Each
request for payment shall be accompanied by waivers of lien reasonably
satisfactory to Lender covering that part of the Work for which payment or
reimbursement has been made as of the date of the current request and, if
required by Lender, a search prepared by a title company or licensed abstractor,
or by other evidence satisfactory to Lender that there has not been filed with
respect to the Mortgaged Property any mechanics, or other lien or instrument for
the retention of title relating to any part of the Work not discharged of
record, and such other contractors affidavits, plots of survey and evidence of
cost, payment and performance as Lender may reasonably request and approve.
Additionally, as to any personal property covered by the request for payment,
Lender shall be furnished with evidence of payment therefor and such further
evidence satisfactory to assure Lender of its valid first lien on and security
interest in the personal property.

    

    (iv)            Lender
and its architects or duly authorized construction representatives shall have
the right to inspect the Work at all reasonable times upon reasonable prior
notice and may condition any disbursement of Loss Proceeds upon the satisfactory
completion, as determined in Lender's sole discretion, of any portion of the
Work for which payment or reimbursement is being requested. Neither the approval
by Lender of any required plans and specifications for the Work nor the
inspection by Lender of the Work shall make Lender responsible for the
preparation of such plans and specifications or the compliance of such plans and
specifications, or of the Work, with any applicable Legal Requirement, covenant
or agreement.

    

    (v)            Loss
Proceeds shall not be disbursed more frequently than once every thirty (30) days
provided, however, that if any Event of Default has occurred and is continuing
or if at such time neither Tenant nor Master Lease Guarantor has an Investment
Grade Rating, no disbursement made prior to final completion of such Work shall
exceed 90% of the value of such Work performed from time to time.

    

    (vi)            Upon
completion of the Work and payment in full therefor, Lender shall apply any such
Loss Proceeds it then or thereafter holds first to disburse any amount it has
previously held back pursuant to clause (v) above to the Person or Persons
entitled thereto and then in accordance with the provisions of Section
2.4(f).

    

    (vii)            Notwithstanding
any other provision of this Section 2.4(g), so long as Owner or Tenant fails
promptly to commence the Work or to proceed diligently and continuously to
complete the Work or a Lease Event of Default has occurred and is continuing,
Lender, in its sole discretion, may apply any Loss Proceeds held by it to
continue the Work, to make any Advances it. may, in
its sole discretion, decide to make with respect to the Mortgaged Property or
apply such Loss Proceeds to pay or prepay, in whole or in part, any
Indebtedness. No such Advance by Lender shall cure an Event of Default, and
Owner shall be obligated to immediately reimburse such amount to Lender,
together with interest accrued thereon at the Default Rate.

    

    Loss
Proceeds held by Lender in accordance with this Section 2.4(g) shall be held in
an interest bearing account (which account shall be an Eligible
Account).

    

    Notwithstanding
any other provision of this Section 2.4, if either Tenant or Master Lease
Guarantor is then currently maintaining an Investment Grade Rating and in
Tenant's reasonable judgment the cost of the Work is less than $500,000 with
respect to any one casualty or partial condemnation (and the cost of all
outstanding Work for all Mortgaged Properties at such time is less than
$1,000,000), such Work can be completed in less than one hundred twenty (120)
days and no Lease Event of Default has occurred and is continuing, then Lender,
upon request by Owner, shall permit Owner or Tenant to apply for and receive the
Loss Proceeds directly from the insurer or payor thereof (and Lender shall
advise such insurer or payor to pay over such Loss Proceeds directly to Owner or
Tenant), provided that Owner or Tenant shall promptly and diligently commence
and complete such Work.

    

    (h)           If
any Lease Event of Default shall have occurred and be continuing or if Owner or
Tenant, as applicable, (i) shall fail to submit to Lender for approval plans and
specifications (if required pursuant to Section 2.3(c) hereof) for the Work
(approved by the Architect and by all Governmental Authorities whose approval is
required), (ii) after any such plans and specifications for the Work are
approved by all such Governmental Authorities, by the Architect and, if required
hereunder, by Lender, shall fail to commence promptly such Work, (iii) after
Lender has released the Loss Proceeds to the extent provided for hereunder,
shall fail to diligently prosecute such Work to completion, or (iv) materially
fail in any other respect to comply with the Work obligations under this Section
2.4, then, in addition to all other rights available hereunder, at law or in
equity, Lender, or any receiver of the Mortgaged Property or any portion
thereof, upon fifteen (15) days prior written notice to Owner and Tenant (except
in the event of emergency in which case no notice shall be required), may (but
shall have no obligation to) perform or cause to be performed such Work, and may
take such other steps as it deems advisable, but this sentence shall not prevent
any default by Owner from becoming an Event of Default or any default by Tenant
from becoming a Lease Event,of
Default. For this purpose Owner constitutes and appoints Lender its true and
lawful attorney-in-fact with full power of substitution to complete or undertake
Work in the name of Owner. Such power of attorney shall be deemed to be a power
coupled with an interest and cannot be revoked. Owner empowers said
attorney-in-fact as follows: (i) to use any funds in the Restoration Account for
the purpose of making or completing the Work; (ii) to make such additions,
changes and corrections to the Work as shall be necessary or desirable to
complete the Work; (iii) to employ such contractors, subcontractors, agents,
architects and inspectors as shall be required for such purposes; (iv) to pay,
settle or compromise all existing bills and claims which are or may become Liens
against any Mortgaged Property, or as may be necessary or desirable for the
completion of the Work, or for clearance of title; (v) to execute all
applications and certificates in the name of Owner which may be required by any
of the contract documents; (vi) to prosecute and defend all actions or
proceedings in connection with any Mortgaged Property or the rehabilitation and
repair of any Mortgaged Property; and (vii) to do any and every act which Owner
might do in its own behalf to fulfill the terms of this

    indenture.
Nothing in this Section 2.4(h) shall (1) make Lender responsible for making or
completing the Work, (ii) require Lender to expend funds to complete any Work;
(ii) obligate Lender to proceed with the Work; or (iv) obligate Lender to demand
from Owner or Tenant additional sums to complete any Work. Owner hereby waives,
for Owner and all others holding under or through Owner, any claim, other than
for willful misconduct, against Lender and any receiver arising out of any act
or omission of Lender or such receiver pursuant hereto, and Lender may apply all
or any portion of the Loss Proceeds (without the need to fulfill any other
requirements of this Section 2.4) to reimburse Lender and such receiver, for all
amounts incurred in connection with the Work, and any costs not reimbursed to
Lender or the receiver shall be paid by Owner to Lender or such receiver upon
demand together with interest thereon at the Default Rate from the date such
amounts are advanced until the same are paid to Lender or the receiver, and such
sum shall be part of the Indebtedness secured by this Indenture.

    

    (i)           Except
as set forth in Section 2.4(f) hereof and provided that no Event of Default
shall have occurred and be continuing (in which event Lender may exclusively
settle insurance claims without Owner), Lender and Owner shall settle any
insurance claims jointly provided, however, that unless a Lease Event of Default
shall have occurred and be continuing, Tenant shall be allowed to settle such
claims, if allowed pursuant to the Master Lease. Owner hereby irrevocably
appoints Lender as its attorney-in-fact, coupled with an interest, with full
power of substitution, to obtain, collect and receive any Loss Proceeds paid
with respect to any portion of the Mortgaged Property or the insurance policies
required to be maintained hereunder, and to endorse any checks, drafts or other
instruments representing any Loss Proceeds whether payable by reason of casualty
or condemnation or otherwise.

    

    (j)           Notwithstanding
anything to the contrary in any of the Loan Documents, Owner grants to Lender a
security interest in all Loss Proceeds received by Owner, regardless of whether
such Loss Proceeds resulted from insurance policies required by the Loan
Documents or from a Taking.

    

    (k)           In
the event that a casualty or Taking results in Tenant making a Rejectable Offer
or making a Rejectable Substitution Offer pursuant to Sections 3.2(b) and 3.3(a)
of the Master Lease, Owner shall not reject such Rejectable Offer or such
Rejectable Substitution Offer unless Owner shall have complied with the
provisions of Section 2.8. Upon compliance with such provisions, the Loss
Proceeds shall be released to Owner on the Termination Date and this Indenture
shall be released with respect to such Loss Proceeds and the related Mortgaged
Property in accordance with Section 2.27. Upon purchase of the related Mortgaged
Property by Tenant after acceptance of a Rejectable Offer, or after acceptance
of a Rejectable Substitution Offer, in each case in accordance with the
provisions of the Master Lease, the Loss Proceeds held in the Restoration
Account shall be released to Tenant on the Termination Date in accordance with
the Master Lease and this Indenture shall be released with respect to the
related Mortgaged Property in accordance with Section 2.27.

    

    Section
2.5                      
Condemnation.
Promptly after receipt of written notice or otherwise obtaining actual knowledge
thereof, Owner shall notify Lender of the commencement or threat of any Taking
of the Mortgaged Property or portion thereof, shall deliver to Lender copies of
all papers served in connection therewith and the provisions of Section 2.4
shall apply with respect thereto to the extent set forth therein.

    

    Section
2.6                      Impositions.

    

     (a)           Owner
shall pay or cause to be paid all Impositions with respect to Owner, the
Mortgaged Property or any part thereof and/or any Property Income derived
therefrom or with respect thereto to the extent the same are due and payable,
unless a current contest of the amount or validity thereof shall be made in good
faith by Tenant in accordance with the provisions of the Master Lease (provided
that if Tenant is required to provide security pursuant to Section 2.6(b) of the
Master Lease in connection with any such contest, such security shall be of a
nature as reasonably required by Lender and shall be deposited with Lender) or
by Owner in accordance with the provisions of Section 2.6(b).

    

    (b)           Provided
that either (i) the same shall have been paid in full prior to the date on which
such Imposition would otherwise have become delinquent, or (ii) if Owner does
not want to pay such Imposition prior to contesting same, then (I) an amount
sufficient to pay such Imposition or such other security as shall be
satisfactory to Lender, together with all interest and penalties which may
become due thereon as determined by Lender has been deposited with Lender prior
to the commencement of such contest, and (II) failing to pay such Imposition
will not (A) subject Lender to criminal or civil penalties or fines or to
prosecution for a crime, (B) subject the Mortgaged Property or any portion
thereof to being condemned, vacated, forfeited or otherwise impaired, (C) impair
the value of the Lien or security interest granted hereunder, (D) have the
effect of interrupting or preventing the collection of any contested amount or
other realization of value from the Mortgaged Property or any part thereof or
interest therein, the Basic Rent, Additional Rent or any other sums payable
under the Master Lease or any portion thereof to satisfy the claim, (E) subject
the Mortgaged Property, any portion thereof or interest therein, the Basic Rent,
Additional Rent or any other sums payable under the Master Lease or any portion
thereof to satisfy the claim, (F) subject the Mortgaged Property, any portion
thereof or interest therein, the Basic Rent, Additional Rent or any other sums
payable under the Master Lease or any portion thereof, to sale, forfeiture or
loss by reason of such proceedings or (G) affect the ownership, lease or
occupancy of the Mortgaged Property or Lender's ability or right to exercise its
remedies hereunder, including without limitation, foreclosure against the
Mortgaged Property, Owner shall be entitled to contest in good faith such
Imposition or the validity, applicability or amount thereof by an appropriate
legal proceeding diligently pursued; provided, further, that prior
to the date on which such Imposition would otherwise have become delinquent
Owner shall have given Lender prior notice of such contest. Owner shall promptly
pay any additional amount of any such Imposition as finally determined, together
with all interest and penalties payable in connection therewith.

    

    Section
2.7                      Use of Loan Proceeds.
The proceeds of the Loan will be used only for the legitimate commercial
purposes of Owner in connection with the acquisition, ownership and leasing of
the Land and Improvements and will not be used for personal, family
or

    household
use.

    

    Section
2.8                      Lease
Termination.

    

    (a)           Within
five (5) days after receipt by Owner of any notice from Tenant pursuant to
Sections 3.2(b) and 3.3(a) (major casualty or major condemnation of a Property),
3.3(b) or 3.3(c) (economic obsolescence of a Property or limited free right of
substitution), 3.12 (Purchase Option for all Properties), 3.13 (FMV Purchase
Option) or 9.2 (failure of a Property to comply with the Americans with
Disabilities Act) of the Master Lease that Tenant proposes to make a Rejectable
Offer or exercises its Purchase Option or its FMV Purchase Option and in either
case proposes to purchase a Mortgaged Property or all Mortgaged Properties, as
applicable, and/or terminate the Master Lease with respect to such Mortgaged
Property or such Mortgaged Properties, as applicable, (in any case each such
Mortgaged Property is herein called a "Released Property")
in accordance with the applicable provisions of the Master Lease, Owner will
furnish to Lender a copy of such Rejectable Offer, Option Notice or FMV Option
Notice, as applicable and any certificate, opinion or other communication
delivered in connection therewith. Within five (5) days after receipt by Owner
of any notice from Tenant pursuant to Section 3.3, 3.4 or 9.2 of the Master
Lease that Tenant proposes to substitute a Substitute Project for the Mortgaged
Property and terminate the Master Lease with respect to such Mortgaged Property
(in any case such Mortgaged Property is herein called the "Replaced Project")
in accordance with the applicable provision of the Master Lease, Owner will
furnish to Lender a copy of such notice and any certificate, opinion, other
communication or other items, delivered in connection therewith. If Owner
intends to reject Tenant's Rejectable Offer or Tenant's Rejectable Substitution
Offer, then not later than the tenth day prior to the expiration date of the
period within which the Master Lease permits the lessor thereunder to reject
Tenant's Rejectable Offer or Tenant's Rejectable Substitution Offer, Owner shall
pay to Lender, in accordance with paragraph (b) below, an amount sufficient to
prepay or defease, as applicable, on the next Payment Date the Allocated
Property Debt with respect to the Released Property or the Replaced Project, as
the case may be, and any accrued and unpaid interest thereon to and including
the next Payment Date, with Make-Whole Premium, if the Rejectable Offer made by
Tenant under the Master Lease would require Tenant to pay a Make-Whole Premium
if accepted (or, in the event of a Rejectable Substitution Offer, if the event
giving rise thereto would have required the payment of such Make-Whole Premium
if a Rejectable Offer had been made in connection therewith), and any other
Indebtedness then due and payable. If Owner shall make such payment, Lender
shall consent in writing to the rejection by Owner of Tenant's Rejectable Offer
or Tenant's Rejectable Substitution Offer, provided, however, that if such
payment is required pursuant to Section 2.8(c) to be applied in connection with
a Defeasance pursuant to Section 2.20, Owner shall also have complied with the
provisions of Section 2.20 at such time. If Owner shall not make such payment or
if Owner shall fail to comply with the applicable provisions of the Master Lease
in connection with Tenant's exercise of its Purchase Option or its FMV Purchase
Option or after accepting any such Rejectable Offer or Rejectable Substitution
Offer or having been deemed to have accepted any such Rejectable Offer or
Rejectable Substitution Offer or, if Owner shall otherwise fail to cause the
applicable provisions of the Master Lease to be complied with, each of Owner and
Remainderman hereby irrevocably appoints Lender as its attorney-in-fact, coupled
with an interest, with full right of substitution, to notify (but in no event
earlier than the tenth day prior to the expiration date referred to above)
Tenant of its acceptance of any such offer and take all actions necessary to
comply with the applicable provisions of the Master Lease, this Indenture and
any other Loan Document, including, without limitation, the execution and
delivery, in the name and on behalf of Owner and Remainderman, or either thereof
or any other assignee or owner of any interest in such Released Property or the
Replaced Project, as the case may be, of deeds or other instruments of
conveyance of assignment conveying and assigning Owner's and/or Remainderman's
interest in such Released Property or the Replaced Project, as the case may be,
to Tenant or a designee thereof.

    

    (b)           If
Tenant shall purchase a Released Property pursuant to Sections 3.2(b) or 3.3(a)
of the Master Lease and Tenant shall make payment of the purchase price for such
Released Property to Lender, pursuant to the Master Lease Assignment and the
Tenant Consent, in an amount at least sufficient to pay the Allocated Property
Debt with respect to such Released Property and any accrued interest thereon and
the Make-Whole Premium, if required under the Master Lease, and all other
Indebtedness then due and owing and otherwise shall be in compliance with the
Master Lease, or if Owner in connection with any such Rejectable Offer or
Rejectable Substitution Offer relating to the same event, shall make the payment
referred to in paragraph (a) above, Lender, on the scheduled Lease Termination
Date, shall execute and deliver to Owner an instrument reasonably satisfactory
in form and substance to Owner releasing the Released Property or the Replaced
Project, as applicable, from the Lien of this Indenture and from the Master
Lease Assignment promptly after receipt of such payment in accordance with
Section 2.27. Any such payment shall be applied to prepay the Indebtedness
pursuant to Section 2.9. If Tenant shall purchase all of the Mortgaged
Properties as a result of the exercise of Tenant's FMV Purchase Option pursuant
to Section 3.13 of the Master Lease and Tenant shall make payment of the
purchase price for such Mortgaged Properties to Lender, pursuant to the Master
Lease Assignment and the Tenant Consent, in an amount at least sufficient to pay
the sum of (i) the Principal Amount, (ii) and any accrued interest thereon,
(iii) the Make-Whole Premium, and (iv) all other Indebtedness then due and
owing, Lender, on the scheduled Lease Termination Date, shall execute and
deliver to Owner an instrument reasonably satisfactory in form and substance to
Owner releasing all of the Mortgaged Properties from the Lien of this Indenture
and from the Master Lease Assignment promptly after receipt of such payment in
accordance with Section 2.27. Any such payment shall be applied to prepay the
Indebtedness pursuant to Section 2.9.

    

    (c)           If
Tenant shall purchase the Released Property pursuant to a Rejectable Offer under
Section 3.3(b) or Section 3.3(c) of the Master Lease or pursuant to Section 9.2
of the Master Lease, or as a result of the exercise of Tenant's Purchase Option
pursuant to Section 3.12 of the Master Lease, or as a result of the exercise of
Tenant's FMV Purchase Option pursuant to Section 3.13 of the Master Lease, and
Tenant shall make payment for such Released Property to Lender pursuant to the
Master Lease Assignment and the Tenant Consent, in an amount at least sufficient
to pay the Allocated Property Debt or the Principal Amount, as applicable, any
accrued interest thereon, Make-Whole Premium, and all other Indebtedness then
due and owning and otherwise shall be in compliance with the Master Lease or if
Owner shall make the payment referred to in paragraph (a) above in connection
with any such Rejectable Offer or any Rejectable Substitution Offer relating to
the same event, Lender, on the scheduled Lease Termination Date, shall execute
and deliver to Owner an instrument reasonably satisfactory in form and substance
to Owner releasing the Released Property from the Lien of this Indenture and
from the Master Lease Assignment pursuant to and in accordance with Section 2.20
promptly after receipt of such payment and compliance by the Owner with the
other provisions set forth in Section 2.20 and Lender shall apply such payment
pursuant to Section 2,20 as part of the Defeasance Deposit.

    

    (d)           If
Tenant shall make a Rejectable Substitution Offer, subject to Owner's right to
reject such Rejectable Substitution Offer by making payment of the amount
required pursuant to Section 2.8(a), so long as no Lease Event of Default shall
have occurred and be continuing, Lender shall not unreasonably withhold or delay
its consent to the acceptance of the Substitute Project provided that the
applicable provisions of the Master Lease and the provisions of Section 2.27
hereof have been satisfied in the reasonable judgment of Lender.

    

    Section
2.9                      
Prepayment. (a)
Owner shall not have the right to optionally prepay the Note, in whole or in
part, provided, however, that the Owner shall have the right to optionally
prepay the Note in whole on or after February 1, 2018 in an amount sufficient to
pay the Principal Amount, any accrued and unpaid interest thereon, the Make
Whole Premium and all other Indebtedness then due and owing.

    

    (b)           The
Allocated Property Debt with respect to a particular Property is subject to
mandatory prepayment in whole or in part in certain instances of casualty and
condemnation affecting such Property without premium and as expressly provided
in Sections 2.4, 2.8 and 2.19, and the Principal Amount of the Note is subject
to mandatory prepayment in full in the event Tenant exercises its FMV Purchase
Option pursuant to Section 3.13 of the Master Lease with Make Whole Premium and
as expressly provided in Sections 2.8 and 2.19.

    

    (c)           The
Allocated Property Debt is subject to mandatory prepayment in part without
premium at Lender's sole election in connection with the receipt by Owner or
Remainderman of certain proceeds in connection with granting of easements, minor
conveyances in connection with condemnation and similar matters with respect to
the related Property as expressly provided in Section 2.11 hereof.

    

    (d)           All
prepayments in whole or in part of the Principal Amount shall be made on a
Payment Date after payment and application of the Debt Service Payment due on
such Payment Date and shall be applied in accordance with Section 2.1(c)
provided, however, that accrued interest with respect to any principal amount of
the Loan so prepaid on such date is paid in full to the date of the
prepayment.

    

    (e)           Upon
any partial prepayment of the Note, the Debt Service Payments may be reamortized
as set forth in Section 2.1(b).

    

    Section
2.10                                
Single Purpose Entity,
Maintenance of Existence. Each of Owner and Remainderman and each SPE
Equity Owner is and, so long as any portion of the Indebtedness shall remain
outstanding, shall do all things necessary to continue to be a Single Purpose
Entity. So long as it owns the Mortgaged Property, Owner shall do all things
necessary to comply, or to cause Tenant or Master Lease Guarantor, as applicable
to comply (in accordance with the terms of the Master Lease and of any other
applicable Granting Clause Document), in all material respects with all Legal
Requirements of any Governmental Authority or court applicable to Owner or to
the Mortgaged Property or any portion thereof and to preserve and keep in full
force and effect its existence, and to the extent necessary or desirable for the
conduct of its business, its franchises, licenses, authorizations,
registrations, permits and approvals under the laws of the United States, each
state of its formation and each State in which the related Mortgaged Property is
located.

    

    Section
2.11                                 Conveyance in Anticipation
of Condemnation, Granting of Easements, Etc. If no Event of Default shall
have occurred and be continuing, Owner and Remainderman may, from time to time,
in connection with the transactions contemplated by the Master Lease or
otherwise, with the prior written consent of Lender which shall not be
unreasonably withheld or delayed, (i) sell, assign, convey or otherwise transfer
an interest in the Mortgaged Property of a nature described in this Section 2.11
to any Person legally empowered to take such interest under the power of eminent
domain which Person has indicated in writing that it intends to do so, (ii)
grant easements, licenses, rights of way and other rights in the nature of
easements with respect to the Mortgaged Property which are customarily granted
by prudent budget motel operators, managers or owners of such nature, extent and
duration as Owner or Tenant may reasonably request, (iii) release or relocate
existing easements and appurtenances which are for the benefit of the Mortgaged
Property, (iv) dedicate or transfer unimproved portions of the Mortgaged
Property for road, highway or other public purposes, (v) execute petitions to
have the Mortgaged Property annexed to any municipal corporation or utility
district, (vi) execute amendments to any covenants and restrictions affecting
the Mortgaged Property and (vii) execute and deliver to any Person any
instrument appropriate to confirm or effect such grants, releases, dedications
and transfers, and Lender shall execute and deliver any instrument necessary or
appropriate to consent (which consent shall not be unreasonably withheld or
delayed) to said action and/or to release said interest, right or portion from
the lien of this Indenture upon the delivery by Owner and receipt and
satisfactory review by Lender to its reasonable satisfaction of:

    

    (a)           such
instrument;

     

    (b)                      (i)
a certificate of Tenant stating (A) that such grant, release, dedication,
transfer, petition or amendment is not detrimental in any material respect to
the proper conduct of Tenant's business on such Mortgaged Property, (B) the
consideration, if any, being paid for such grant, release, dedication, transfer,
petition or amendment and that Tenant considers such consideration to be fair
and adequate, (C) that such grant, release, dedication, transfer, petition or
amendment does not materially impair Tenant's use of such Mortgaged Property or
materially reduce its value and (D) that, for so long as the Master Lease shall
be in effect, Tenant will perform all obligations, if any, of Owner under such
instrument, and (ii) duly authorized and binding undertakings of each of (w)
Tenant stating that Tenant will remain obligated under the Master Lease and the
Tenant Consent in accordance with their respective terms, and (x) Owner and
Remainderman stating that Owner and Remainderman will remain obligated under
this Indenture and the Master Lease Assignment, as applicable, in accordance
with their respective terms, (y) Master Lease Guarantor stating that Master
Lease Guarantor will remain obligated under the Master Lease Guaranty in
accordance with its respective terms, and (z) Residual Value Insurer stating
that Residual Value Insurer will remain obligated under the Residual Value
Policy in accordance with its respective terms; and

    

    (c)           such
other instruments, certificates, surveys, title insurance policy endorsements
and opinions of counsel as Lender may reasonably request.

    

    All
proceeds (after deducting reasonable expenses of collecting the same and
reconstructing the Mortgaged Property) received by Owner or Remainderman (other
than proceeds required to be paid to Tenant in accordance with the Master Lease)
by virtue of said action and/or release of said interest shall. be paid over to
Owner, provided, however, that if the
amount of such proceeds to be paid over to Owner exceeds $50,000 or if any Event
of Default shall have occurred and be continuing, such proceeds shall be paid to
Lender within ten (10) days of receipt by Owner or Remainderman and, at Lender's
sole election, shall be applied as a partial prepayment of the Note without
premium pursuant to Section 2.9 or, if a Lease Event of Default shall have
occurred and be continuing, shall be applied as Lender shall determine in its
sole discretion.

    

    Section
2.12                                 Costs of Defending and
Upholding the Lien. Lender may, (a) appear in and defend any action or
proceeding, in the name and on behalf Lender or Owner, in which Lender is named
or which Lender in its sole discretion determines may adversely affect the
Mortgaged Property, this Indenture, the Lien hereof or any other Loan Document;
and (b) institute any action or proceeding which Lender in its sole discretion
determines should be instituted to protect the interest or rights of Lender in
the Mortgaged Property or under this Indenture or any other Loan Document
provided, however, that if no Lease Event of Default has occurred and is
continuing, and if Tenant is contesting any Imposition or Legal Requirement in
accordance with the provisions of the Master Lease, Lender's rights hereunder
shall be subject to Tenant's right to contest the same under the Master Lease.
Lender shall provide prompt written notice of the foregoing to Owner and shall
endeavor to provide Owner with at least five (5) days prior written notice
thereof. Owner agrees to bear and shall pay or reimburse Lender within five (5)
days after. demand therefor for all Advances and expenses (including, without
limitation, reasonable attorneys' fees and disbursements) relating to or
incurred by Lender in connection with any such action or proceeding. Owner
hereby grants to Lender a security interest in each Owner's title insurance
policy and all insurance proceeds received by Owner thereunder or payable to
Owner thereunder. Owner hereby irrevocably appoints Lender as Owner's
attorney-in-fact, coupled with an interest, with full power of substitution,
with exclusive power to collect, receive and retain the insurance proceeds
relating to any such Owner's title insurance policy, subject to the provisions
of this Indenture, and, with exclusive power after the occurrence and during the
continuance of any Event of Default, to make any compromise or settlement in
connection with any claim thereunder. Owner shall execute and deliver to Lender
any and all instruments reasonably required in connection with any claim,
compromise, settlement, or proceeding in connection with any such Owner's title
insurance policy promptly after request therefor by Lender. So long as no Event
of Default shall have occurred and be continuing, Owner may adjust, compromise,
settle or enter into any agreement with respect to any claim, compromise,
settlement or other proceeding relating to any Owner's title insurance policy
with the prior written consent of Lender, which consent shall not be
unreasonably withheld or delayed and which consent shall not be required for any
adjustment, compromise or settlement thereof in an amount of less than
$100,000.

    

    Section
2.13                                 
Costs of
Enforcement. Owner agrees to bear and shall pay or reimburse Lender on
demand for all Advances, costs and expenses (including, without limitation,
reasonable attorneys' and appraisers' fees and expenses and the fees and
expenses of any receiver or similar official) of or incidental to the collection
of the Indebtedness or the enforcement of Owner's obligations under this
Indenture or any other Loan Document, any foreclosure (or Transfer in lieu of
foreclosure) of this Indenture or any other Loan Document or sale of all or any
portion of the Mortgaged Property by power of sale, any enforcement, compromise
or settlement of this Indenture, any other Loan Document or the Indebtedness, or
any defense or assertion of the rights or claims of Lender in respect of any
thereof, by litigation or otherwise.

    

    Section
2.14                                 Interest on Advances and
Expenses. All Advances made, interest thereon, and expenses incurred at
any time by Lender pursuant to the provisions of this Indenture or the other
Loan Documents or under applicable law shall be secured by this Indenture as
part of the Indebtedness, with equal rank and priority. All such Advances and
expenses (including all amounts reimbursable pursuant to Section 2.13) shall
bear interest at the Default Rate, payable on demand, from the date that each
such Advance or expense is made or incurred to the date of
reimbursement.

    

    Section
2.15                                 Indemnification. In
addition, and without limitation to any other provision of this Indenture, but
subject to the provisions of Section 4.3(z), Owner shall protect, indemnify and
save harmless Lender Parties from and against all liabilities, obligations,
claims, damages, penalties, causes of action,. costs and expense (including,
without limitation, reasonable attorneys' fees and expenses whether incurred
within or outside the judicial process) (any of the foregoing, a "Claim"), imposed
upon or incurred by or asserted against any Lender Party by reason of or with
respect to (a) the Lien of this Indenture (as such Lien relates to an event
occurring on or about the Mortgaged Property), the Mortgaged Property or any
portion thereof or any interest therein or the receipt of any Property Income;
(b) any accident, injury to or death of any person or loss of or damage to
property occurring in, on or about the Mortgaged Property or any portion thereof
or on the adjoining sidewalks, curbs, parking areas, streets or ways including,
without limitation, as a result of or arising from any negligent or tortious act
or omission of Owner or its agents, employees, officers and directors; (c) any
use, non-use or condition in, on or about, or possession, alteration, repair,
operation, maintenance or management of, the Mortgaged Property or any portion
thereof or on the adjoining sidewalks, curbs, parking areas, streets or ways;
(d) any failure on the part of Owner or of Remainderman to perform or comply
with any of the terms, covenants or conditions of this Indenture or any of the
other Operative Documents; (e) any representation or warranty made herein, in
any certificate delivered to Lender or in any other Operative Document or
pursuant hereto or thereto being false or misleading in any material respect as
of the date such representation or warranty was made; (t) performance of any
labor or services or the furnishing of any materials or other property in
respect of the Mortgaged Property or any portion thereof; (g) any claim by
brokers, finders or similar Persons claiming to be entitled to a commission in
connection with any Lease or other transaction involving the Mortgaged Property
or any portion thereof; (h) any Imposition, including, without limitation, any
Imposition attributable to the execution, delivery, filing, or recording of any
Loan Document, Lease or memorandum thereof; (i) any Lien or claim arising on or
against the Mortgaged Property or any portion thereof under any Legal
Requirement or any liability asserted against Lender with respect thereto; or
(j) the claims of any tenant of all or any portion of the Mortgaged Property or
any Person acting through or under any tenant or otherwise arising under or as a
consequence of any Lease. Notwithstanding the foregoing provisions of this
Section 2.15 to the contrary, Owner shall have no obligation to indemnify any
Lender Party pursuant to this Section 2.15 for liabilities, obligations, claims,
damages, penalties, causes of action, costs and expenses relative to the
foregoing which (I) result from such Lender Party's willful misconduct or gross
negligence, or (II) arise from and after the date title to the Mortgaged
Property is transferred to a Person (other than Lender, or its successors and
assigns, any designee of Lender, or an Affiliate of Owner) pursuant to a
foreclosure under this Indenture or a deed-in-lieu of such foreclosure. Except
as otherwise expressly provided in the immediately preceding sentence, the
obligations and liabilities of Owner and of Remainderman under this Section 2.15
shall survive any termination, satisfaction or assignment of this Indenture and
the exercise by Lender or by Trustee of any rights or remedies hereunder
including, without limitation, the acquisition of any Mortgaged Property by
foreclosure or deed-in-lieu of foreclosure. Any amounts payable to any Lender
Party by reason of the application of this Section 2.15 shall be secured by this
Indenture and shall become immediately due and payable and shall bear interest
at the Default Rate from the date any such Claim is suffered or incurred by such
Lender Party until paid by Owner.

    

    Section
2.16                                 Transfers.

    

    (a)           Except
as otherwise expressly permitted under the Master Lease and/or by Section 2.11
or by clauses (a) or (b) of this Section 2.16 (and subject to Section 2.19(f) of
this Indenture relating to the release of a Mortgaged Property in certain
circumstances), no Transfer shall be permitted, and Owner shall not suffer or
permit a Transfer to occur, without the prior written consent of Lender, provided, however, that
pursuant to this Section 2.16(a) Owner may convey, assign, sell or transfer (an
"Assumption")
its interest in, to and under all Mortgaged Properties (the "Assumed
Properties"), subject to the Lien hereof, to the Master Lease and to the
assignment of the Master Lease made herein and in the Master Lease Assignment;
provided that each of the following conditions have been met in conjunction
therewith:

    

    
      	
                                                    
      (i)  

            	
              no
      Event of Default shall have occurred and be
  continuing;

            

    

    

    (ii)            Owner
shall provide not less than thirty (30) days prior written notice to Lender
specifying the date (the "Assumption Date") on
which the Assumption is to occur;

    

    (iii)            Each
proposed transferee (the "Transferee") shall
be a reputable, single purpose, bankruptcy remote entity of good character, with
sufficient credit worthiness and financial worth considering the obligations
assumed and undertaken, each as evidenced by organizational documents, financial
statements and other information reasonably requested by and reasonably
satisfactory to Lender and each Transferee shall have certified that it is not
actively engaged in the management, operation or franchising of thirty (30) or
more limited service budget motels (determined without regard to the Mortgaged
Properties to be conveyed, assigned, sold or transferred by Owner);

    

    (iv)            the
Rating Agencies shall have confirmed in writing that such Transfer will not
result in a qualification, reduction, withdrawal or downgrade of any then
current ratings then assigned to any Securities issued in connection with any
Secondary Market Transaction;

    

    (v)            (A)
each Transferee from and after the date of such Transfer shall be and remain a
Single Purpose Entity, (B) Lender shall have consented to such Transfer (which
consent shall not be unreasonably withheld), (C) Lender shall have received
written confirmation from the Residual Value Insurer that the Loss Payee
Endorsement remains in full force and effect after such Transfer, and (D) Lender
and, if the Loan is included in a Secondary Market Transaction, the Rating
Agencies then rating any Securities issued in such Secondary Market Transaction
shall have received acceptable Opinions of Independent Counsel addressed to
Lender and the Rating Agencies, in form and substance reasonably satisfactory to
Lender and the Rating Agencies, covering matters relating to legal existence,
enforceability, tax status of any Secondary Market Transaction which includes
the Loan, the Single Purpose Entity nature of each Transferee,
non-consolidation, fraudulent conveyance and such other matters with respect to
such Transfer as they may reasonably request;

    

    (vi)            upon
any such sale, assignment or transfer, each Transferee thereof shall execute and
deliver to Lender, an instrument, in form and substance reasonably satisfactory
to Lender, irrevocably appointing Lender as agent and attorney-in-fact of such
Transferee to take all actions and do all things in its behalf of the character
which Lender is authorized by this Indenture to do as agent and attorney-in-fact
of the transferor, and to execute and deliver in the name and behalf of such
Transferee any deed, loan document or other instrument which, pursuant to the
terms hereof, Lender is authorized to execute and deliver in the name and behalf
of the transferor;

    

    (vii)            each
such Transferee shall have executed and delivered to Lender an assumption
agreement in form and substance acceptable to Lender and the Rating Agencies,
in which such
Transferee shall (A) agree that the interest or estate so acquired is subject
and subordinate to this Indenture, to the Master Lease, to the Sublease and to
the assignment of the Master Lease made herein and in the Master Lease
Assignment and (B) subject to the provisions of Section 4.3(z), assume and agree
to abide and be bound by all of the obligations and undertakings of Owner or
Remainderman as applicable, contained in this Indenture, in the other Operative
Documents and in the Residual Value Policy as to the Transferee and as to the
Assumed Properties;

    

    (viii)            Owner
shall deliver an Officer's Certificate of Owner certifying that the requirements
set forth in this Section 2.16 (a) have been satisfied;

    

    (ix)           Owner
and each Transferee shall deliver such legal opinions, title insurance
endorsements and other certificates, documents or instruments as Lender or the
Rating Agencies may reasonably request;

    

    (x)           In
the event that the Owner owns a fee simple estate in the Mortgaged Property and
Transfers (A) an Estate for Years interest in the Land Parcel and fee title to
the related Improvements with respect to the Mortgaged Properties to one
Transferee, such Transferee shall be deemed the Owner for all purposes of this
Indenture and other Operative Documents and (B) a remainder interest in the Land
Parcel with respect to the Mortgaged Properties to a second Transferee, such
Transferee shall be deemed the Remainderman for all purposes of this Indenture
and the other Operative Documents, Schedule I shall be amended as appropriate to
reflect such Transfers, and such Transfers shall each comply with the other
provisions of this Section 2.16 applicable thereto,

    

    (b)           Each
of the following shall be deemed a Transfer expressly permitted by this Section
2.16:

    

    
      	
                                                    
      (i)  

            	
              any
      Transfer made in accordance with Section
  2.16(a);

            

    

    

    (ii)           Transfers
of Equity Interests which (A) do not transfer any Controlling Interest and/or
(B) in the aggregate during the term of the Loan (1) do not exceed forty-nine
percent (49%) of the total interests in Owner, any SPE Equity Owner in Owner or
in any SPE Equity Owner in any SPE Equity Owner in Owner, as applicable, and (2)
do not result in any partner's, member's, shareholder's or other Person's
interest in Owner, any SPE Equity Owner in Owner or in any SPE Equity Owner in
any SPE Equity Owner in Owner, as applicable, exceeding forty-nine percent (49%)
of the total interests in Owner;

    

    (iii)            any
other Transfer of Equity Interests provided that (A) the Rating Agencies shall
have confirmed in writing that such Transfer will not result in a qualification,
withdrawal or downgrade of any then current ratings for any Securities issued in
connection with any Secondary Market Transaction, (B) acceptable opinions
(substantially in the form delivered on the Closing Date) relating to such
Transfer or Transfers addressed to Lender and to the Rating Agencies shall have
been delivered by Owner to Lender and to the Rating Agencies (including, without
limitation, tax, bankruptcy and substantive non-consolidation opinions which
have considered all direct or indirect legal or beneficial interests in Owner or
in any SPE Equity Owner for purposes of determining the appropriate Persons to
be covered thereby) and (C) if the transferee will own an Equity Interest in a
Delaware Business Trust after such Transfer and such transferee is not a Single
Purpose Entity, Lender and the Rating Agencies shall have received such
certificates and/or opinions as they may request confirming that Owner is and
will remain a Delaware Business Trust after such Transfer.

    

    (iv)            a
Transfer (direct or indirect) by Remainderman of its interest provided that the
conditions set forth in clauses (i), (ii), (iii), (iv) and (v) of Section
2.16(a) are satisfied in connection therewith and that Lender receives from the
transferee of Remainderman's remainder interest in the Mortgaged Property each
instrument, agreement or other item required pursuant to clauses (vi), (vii),
(viii) and (ix) of Section 2.16(a) in each case as if such clauses referenced
Remainderman instead of Owner;

    the
Master Lease;

    

           
(vi)             the
Permitted Encumbrances; and

    

    (vii)            Transfers
of ownership interests in any Person (a) which owns an Equity Interest and (b)
which is not Owner nor an SPE Equity Owner in Owner or in any SPE Equity Owner
in any SPE Equity Owner in Owner.

    

    (c)           Any
Transfer made in violation of Section 2.16(a) or Section 2.16(b) shall be an
immediate Event of Default without notice or opportunity to cure and shall be
void and of no effect as against Lender. Any Transfer shall not constitute the
transfer of the cure rights granted to Owner pursuant to Section 4.5, unless
consented to by Lender in its sole discretion, except as provided below. The
entire original cure rights granted pursuant to Section 4.5 shall reside at all
times prior to any Transfer in the original Owner so long as it or one of its
Affiliates which, directly or indirectly, has not less than a majority of the
voting control of Owner, has a net worth of not less than $50,000,000. Owner may
transfer the cure rights granted pursuant to Section 4.5 in connection with a
Transfer of the Landlord's Interest in the Mortgaged Properties to a Person
which is an Affiliate of a Person having (i) a net worth of $50,000,000 and (ii)
not less than a majority of the voting power of such Transferee. Owner shall not
transfer any cure rights to Tenant, Master Lease Guarantor, or Remainderman or
to any Affiliates of Tenant or Master Lease Guarantor. Prior to any such
Transfer which includes a transfer of cure rights with respect thereto, Owner
shall provide evidence reasonably satisfactory to Lender with respect to such
net worth and voting control of the Transferee. The exercise of such cure rights
by a past or present owner of the Mortgaged Property shall be attributed to each
owner of the Mortgaged Property for counting consecutive and aggregate numbers
of cures.

    

    (d)           Lender's
consent to any one Transfer shall not be deemed to be a waiver of Lender's right
to require such consent to any future Transfer. Any Transfer made in
contravention of this Section 2.16 shall be null and void and of no force and
effect.

    

    (e)           Owner
agrees to bear and shall pay or reimburse Lender on demand for all reasonable
costs, expenses and fees, if any (including, without limitation, reasonable
attorneys' fees and disbursements, title search costs, and title insurance
endorsement premiums) incurred by Lender and incurred or charged by the Rating
Agencies in connection with the review, approval and documentation of any such
Transfer,

    

    Section
2.17                                 
Estoppel
Certificates.

    

    (a)           Within
ten (10) Business Days after a request by Lender, Owner shall furnish to Lender
a duly acknowledged written statement confirming (i) the original principal
amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the
interest rate on the Note, (iv) the terms of payment and Maturity Date of the
Note, (v) the date installments of interest and/or principal were last paid,
(vi) whether any offsets or defenses exist against the Indebtedness, (vii)
whether any Event of Default or, to the knowledge of Owner, any Default has
occurred and is continuing with respect to this Indenture or any other Loan
Document, (viii) that the Note, this Indenture and each other Operative Document
entered into by the Owner are valid, legal and binding obligations of Owner and
have not been modified or, if modified, giving the particulars of such
modification, (ix) that each of the Master Lease, the Master Lease Guaranty and
each Granting Clause Document is unmodified and in force and effect (or if there
have been modifications, that the Master Lease, the Master Lease Guaranty and
each Granting Clause Document is in force and effect as modified, and
identifying the modification agreements), (x) the date to which Basic Rent has
been paid, (xi) whether there is any existing default by Tenant under the Master
Lease, by Master Lease Guarantor under the Master Lease Guaranty or by any party
under any Granting Clause Document of which Owner has actual knowledge and (xii)
whether there exists any material unrepaired damage to the Mortgaged Property.
In addition, Owner shall promptly request from Tenant or from Master Lease
Guarantor, as requested by Lender, and shall furnish to Lender promptly after
Owner's receipt thereof, an estoppel certificate from Tenant under the Master
Lease or from Master Lease Guarantor under the Master Lease Guaranty in the form
required thereunder promptly after any request therefor by Lender. If any
offsets or defenses are alleged to exist, such statement shall set forth in
reasonable detail the nature thereof.

    

    (b)           Within
ten (10) Business Days after a request by Owner, Lender shall furnish to Owner a
duly acknowledged written statement confirming (i) the original principal amount
of the Note, (ii) the unpaid principal amount of the Note, (iii) the interest
rate on the Note, (iv) the terms of payment and Maturity Date of the Note (v)
the date installments of interest and/or principal were last paid, and (vi)
whether any Event of Default has occurred and is continuing with respect to this
Indenture or any other Loan Document of which Lender has actual
knowledge.

    

    Section
2.18                      Assignment of Leases; Other
Contracts and Property Income.

    

    (a)           Subject
to the provisions of the Master Lease Assignment, Owner hereby absolutely and
unconditionally assigns and transfers to Lender the Leases, the Master Lease
Guaranty, the Granting Clause Documents and the Property Income. Owner shall not
otherwise assign, transfer or encumber in any manner the Leases, the Master
Lease Guaranty, the Granting Clause Documents or the Property Income, or any
portion thereof. The assignment in this Section 2.18 shall constitute an
absolute and present assignment of the Master Lease, any other Leases, the
Master Lease Guaranty, the Granting Clause Documents and the Property Income,
and not an assignment for additional security only, and the existence or
exercise of Owner's conditional license, if any, set forth in the Master Lease
Assignment to collect Property Income or otherwise act with respect to the
Master Lease, the Master Lease Guaranty, or any Granting Clause Document shall
not operate to subordinate this assignment to any subsequent assignment. The
exercise by Lender of any of its rights or remedies under this Section 2.18
shall not be deemed or construed to make Lender a
mortgagee-in-possession.

    

    (b)                      At
all times the Mortgaged Property shall be leased to Tenant under the Master
Lease in accordance with the terms of the Master Lease, subject to the rights of
Owner under Section 4.4. The Mortgaged Property, however, may be further
subleased or the Master Lease assigned by Tenant upon compliance with the Master
Lease. In connection with any such sublease or assignment by Tenant, there shall
be delivered to Landlord each item with respect thereto which is required (or
which may be requested by Lender) pursuant to Section 4.1 of the Master Lease,
each of which is hereby required by this Indenture. In addition, in connection
with any merger, consolidation or sale of assets relating to Tenant pursuant to
Section 10.3 of the Master Lease, Landlord shall cause to be delivered to Lender
an acknowledged instrument in recordable form executed by the surviving entity
or transferee of assets, as the case may be, assuming all obligations, covenants
and responsibilities of Tenant under the Master Lease and under any other
Operative Document, together with each other item required to be delivered
pursuant to said Section 10.3 of the Master Lease, each of which is hereby
required by this Indenture. At all times the obligations of Tenant under the
Master Lease shall be guaranteed by Master Lease Guarantor pursuant to the
Master Lease Guaranty. Owner will punctually perform all obligations, covenants
and agreements by it to be performed as landlord under the Master Lease in
accordance therewith, and will at all time do all things reasonably necessary to
compel performance by Tenant of all of its obligations, covenants and agreements
under the Master Lease. Owner will punctually perform all obligations, covenants
and agreements by it to be performed under each other Granting Clause Document
and will at all times do all things reasonably necessary to compel performance
by the other parties thereto of all of their respective obligations, covenants
and agreements thereunder. Owner will give to Lender notice of all defaults
under the Master Lease, the Master Lease Guaranty and each other Granting Clause
Document promptly after obtaining actual knowledge thereof. Owner will not amend
the Master Lease, the Master Lease Guaranty or any other Granting Clause
Document without the prior written consent of Lender (which will not be withheld
in the case of the Option Agreement or the Tripartite Agreement provided that
Lender receives the Rating Agencies confirmation required with respect thereto)
and without delivering to Lender evidence in writing from the Rating Agencies
that such amendment will not result in a withdrawal, qualification or downgrade
of any then current ratings for any Securities issued in connection with any
Secondary Market Transaction. Owner will maintain the validity and effectiveness
of the assignment to Lender of the Master Lease, the Master Lease Guaranty and
the other Granting Clause Documents made by this Indenture and the Master Lease
Assignment, all as specified in such documents and, except as expressly
permitted by the Master Lease, this Indenture or the Master Lease Assignment,
will take no action, and will not omit to take any action, which action or
omission would release Tenant from its obligations or liabilities under the
Master Lease or the Assignment, or of any other party from its obligations or
liabilities under the Master Lease Guaranty or any other Granting Clause
Document, or, except as expressly permitted in this Indenture and therein, would
result in the termination, amendment or modification or impair the validity of
the Master Lease, the Master Lease Guaranty, the Master Lease Assignment or any
other Granting Clause Document.

    

    Section
2.19                                 Cash
Management.

    

    (a)           Central Account. At
all times during the term of the Loan, Owner shall cause to be deposited into
the Central Account all payments of Basic Rent, Additional Rent (but in no event
including Excepted Payments, except from and after an Event of Default),
purchase prices, Stipulated Loss Values and Make-Whole Premiums which are
payable to Owner and all other payments by Tenant to Owner under the Master
Lease or by Master Lease Guarantor to Owner under the Master Lease Guaranty.
Owner acknowledges that it has concurrently executed, and caused Tenant to
execute, the Consent Agreement whereby Tenant has agreed to deposit into the
Central Account the Basic Rent, the Additional Rent, payments of purchase
prices, Stipulated Loss Values and Make-Whole Premiums and any other funds which
Tenant has agreed to deliver directly to Lender pursuant to the Tenant Consent.
Owner acknowledges that it has currently executed the Master Lease Assignment
whereby it has directed Master Lease Guarantor to deliver directly to Lender all
payments made by Master Lease Guarantor under the Master Lease Guaranty, which
Master Lease Guarantor has agreed to do pursuant to the Master Lease Guaranty.
Owner acknowledges that, subject to the Loss Payee Endorsement, the Residual
Value Insurer in the Residual Value Policy has agreed to deliver directly to
Lender all proceeds payable by Residual Value Insurer under the Residual Value
Policy. Lender may establish the Central Account in the name of Lender, its
successors and assigns, as secured party, or as Lender may otherwise designate.
The Central Account shall be under the sole dominion and control of Lender.
Owner hereby grants Lender a security interest in Owner's right, title and
interest in all amounts to be deposited into the Central Account and in any
Permitted Investments with respect thereto and the proceeds thereof and Owner
will take all actions necessary to maintain in favor of Lender a perfected first
priority security interest in the Central Account including, without limitation,
executing and filing UCC-1 Financing Statements and continuations thereof to the
extent applicable. Owner hereby irrevocably directs and authorizes Lender and
Lender's authorized representatives to withdraw funds from the Central Account
in accordance with the terms and conditions of this Indenture and the other Loan
Documents. Owner shall have no right of withdrawal in respect of the Central
Account. Owner shall, however, have the right to communicate with the depository
Institution which holds the Central Account to determine if any payment required
to be made under the Master Lease has been deposited into the Central Account.
All costs and expenses of establishing and maintaining the Central Account shall
be paid by Owner or Owner shall cause Tenant to pay the same.

    

    (b)           Payments from Central
Account. On each Payment Date, Lender shall withdraw from the Central
Account an amount necessary to make the Debt Service Payment and any other
amount necessary to pay any other Indebtedness then due and owing, which amount
shall be paid to Lender. If no Event of Default has occurred and is continuing,
on each Payment Date, any and all Excess Property Income shall be withdrawn from
the Central Account and paid promptly to Owner after such Payment Date but not
later than three (3) Business Days after Lender has received good funds into the
Central Account. If there are not sufficient funds deposited in the Central
Account on or before the Payment Date to fund the applicable Debt Service
Payment and any amount necessary to pay any other Indebtedness then due and
owing, then a Default shall exist hereunder and Owner shall deposit immediately
available funds (in addition to Property Income) into the Central Account in the
amount of any such deficiency, and failure to make such deposit within five (5)
Business Days after delivery of written notice pursuant to Section 4.1 (a) from
Lender to Owner that such payment was not received when due shall be an Event of
Default hereunder. After the occurrence, and during the continuance of an Event
of Default, Excess Property Income held in the Central Account which would
otherwise be distributable to Owner shall be distributed in accordance with the
provisions of Section 2.19(e) below.

    

    (c)           Permitted
Investments. Upon the written direction of Owner (which direction may be
given not more than one time per month), Lender shall instruct the depositary
institution holding the Central Account to invest and reinvest any balance in
the Central Account from time to time in Permitted Investments as instructed by
Owner and otherwise in accordance with this Section 2.19(c), provided that (i)
if Owner fails to so instruct such depositary, or upon the occurrence and during
the continuance of a Default or Event of Default, Lender may invest and reinvest
such balance in Permitted Investments as Lender shall determine in its sole
discretion, (ii) the maturities of the Permitted Investments on deposit in the
Central Account shall, to the extent such dates are ascertainable, be selected
and coordinated to become due not later than the day before any disbursements
from the Central Account must be made, (iii) all such Permitted Investments
shall be held in the name of Lender, its successors and assigns, and shall be
under the sole dominion and control of Lender, and (iv) no Permitted Investment
shall be made unless Lender shall retain a perfected first priority Lien in such
Permitted Investment securing the Indebtedness and all filings and other actions
necessary to ensure the validity, perfection, and priority of such Lien have
been taken. All funds in the Central Account that are invested in a Permitted
Investment are deemed to be held in the Central Account for all purposes of this
Indenture and the other Loan Documents. Neither Lender nor any of the other
Lender Parties shall have any liability for any loss in investments of funds in
the Central Account that are invested in Permitted Investments whether Owner or
Lender selected such Permitted Investment in accordance herewith and no such
loss shall affect Owner's obligation to fund, or liability for funding, the
Central Account. Owner agrees that Owner shall include all such earnings on the
Central Account as income of Owner (and, if Owner is a partnership or other
pass-through entity, the partners, members or beneficiaries of Owner, as the
case may be), and shall be the owner of such accounts for federal and applicable
state and local tax purposes. Owner shall be

    responsible
for any and all fees, costs and expenses with respect to Permitted
Investments.

    

    (d)           Loss Proceeds.
Subject to the provisions of Section 2.19(1) and subject to the rights of Tenant
pursuant to the provisions of the Master Lease, so long as no Lease Event of
Default shall have occurred and be continuing in the event of a casualty to the
Mortgaged Property, Owner shall cause all proceeds received under any insurance
policy required to be maintained by Owner or by Lessee ("Insurance
Proceeds") (less costs of recovering such Insurance Proceeds, including,
without limitation, reasonable attorneys' fees) to be paid by the insurer
directly to Lender, whereupon Lender shall deposit the same in the Restoration
Account, (after deducting out Lender's cost of recovering and paying out such
Insurance Proceeds, including, without limitation, reasonable attorneys' fees)
and shall apply the same in accordance with the applicable provisions of Section
2.4 of this Indenture. Subject to the rights of Tenant pursuant to the
provisions of the Master Lease, so long as no Lease Event of Default shall have
occurred and be continuing, Owner shall cause all of the proceeds and awards in
respect of any Taking (any such proceeds or awards, "Condemnation
Proceeds") (less costs of recovering such Condemnation Proceeds,
including, without limitation, reasonable attorneys' fees) to be paid to Lender,
whereupon Lender shall deposit the same in the Restoration Account, (after
deducting out Lender's cost of recovering and paying out such Condemnation
Proceeds, including, without limitation, reasonable attorneys' fees) and shall
apply the same in accordance with the applicable provisions of Sections 2.4 and
2.5 of this Indenture; provided, however, that,
subject to the rights of Tenant to receive Condemnation Proceeds in connection
with a temporary Taking pursuant to Section 3.6(c) of the Master Lease, any
Condemnation Proceeds received by Lender in connection with a temporary Taking
shall, subject to the rights of Tenant pursuant to the provisions of the Master
Lease, be maintained in the Central Account and applied by Lender in the same
manner as Property Income received from Owner with respect to the operation of
the Mortgaged Property; provided further, however, that in the
event that the Condemnation Proceeds of any such temporary Taking received by
Lender are paid in a lump sum in advance, Lender shall, subject to the terms of
the Master Lease, cause such Condemnation Proceeds to be held in the Restoration
Account, and Lender shall estimate, in Lender's reasonable discretion, the
number of Payment Dates that the Mortgaged Property shall be affected by such
temporary Taking, shall divide the aggregate Condemnation Proceeds in connection
with such temporary Taking by such number of Payment Dates, and shall disburse
from the Restoration Account into the Central Account each Payment Date during
the pendency of such temporary Taking an amount equal to the lesser of (i) Basic
Rent received with respect to a Payment Date on the date such Basic Rent is so
received or (ii) the amount remaining in the Restoration Account provided, however, funds in the
Restoration Account shall be applied as Loss Proceeds in accordance with
Sections 2.4 and 2.5 hereof. If any Insurance Proceeds or Condemnation Proceeds
(collectively, "Loss
Proceeds") are received by Owner, such Loss Proceeds (less costs of
recovering such Loss Proceeds, including, without limitation, reasonable
attorneys' fees) shall be received in trust for Lender, shall be segregated from
other funds of Owner, and shall be forthwith paid into the Restoration Account,
in each case to be applied or disbursed in accordance with the foregoing.
Subject to the rights of Tenant pursuant to the provisions of the Master Lease,
any Loss Proceeds made available to Owner or Tenant, as applicable, for
restoration in accordance herewith, to the extent not used by Owner or Tenant,
as applicable, in connection with, or to the extent they exceed the cost of,
such restoration, shall be deposited into the Restoration Account, whereupon
Lender shall apply the same in accordance with the applicable provisions of
Section 2.4 of this Indenture.

    

    (e)           Excess Property
Income. If at the time of receipt by Lender of any amounts in the Central
Account, there shall have occurred and be continuing an Event of Default, then
Lender shall retain any Excess Property Income in the Central Account and. shall
not distribute any such payments to Owner (provided that such amounts may be
applied by Lender to any Debt Service Payment (including the Balloon Payment),
thereafter due and

    unpaid)
until the earliest of (i) the first Business Day occurring more than 180 days
following (A) in the case of an Event of Default under Sections 4.1(a), (b) or
(c), the date of the occurrence of such Event of Default, or (B) in the case of
any other Event of Default, the date on which Owner shall have received notice
of such Event of Default (after giving effect to any applicable grace period),
in which case such Excess Property Income shall be utilized to pay any amounts
due under the Note and all other Indebtedness, (ii) such time as the Note shall
have become due and payable pursuant thereto whether at maturity by acceleration
or otherwise, in which case such Excess Property income shall be distributed to
make any payments due by Owner with respect to the Indebtedness, and (iii) such
time as such Event of Default shall no longer be continuing or shall have been
cured or waived; provided, however, that
following an Event of Default and the lapse of 180 days during which period
Lender failed to accelerate the Note, such Event of Default shall not thereafter
be the basis of a retention of Excess Property Income unless such lapse of time
was due to a stay in bankruptcy. After the occurrence of any of the events
specified in clauses (i), (ii) or (iii) above and the application of Excess
Property Income as set forth therein, the balance, if any, of any such Excess
Property Income shall be distributed to Owner.

    

    (f)           Stipulated Loss Value
Payments and Purchase Prices. Notwithstanding the provisions of Section
2.19(d) above, in the event of an Event of Loss, all Loss Proceeds with respect
thereto shall be held in the Restoration Account and released as set forth
herein upon receipt by Lender of the amounts required to be delivered pursuant
to this Section. If Tenant shall make a Rejectable Offer or a Rejectable
Substitution Offer with respect to a particular Mortgaged Property pursuant to
any provision of the Master Lease, which Rejectable Offer is accepted or deemed
accepted pursuant to the provisions of the Master Lease, then upon payment by
Tenant to Lender of the applicable Stipulated Loss Value and Make-Whole Premium,
if any, and all other amounts then due with respect to such Rejectable Offer in
accordance with the Master Lease, or upon conveyance of the Substitute Project
to Owner subject to this Indenture in accordance with the Master Lease and this
Indenture, Lender shall release its interests in the related Mortgaged Property
and Loss Proceeds, if any, to Owner or by delivery thereof directly to Tenant
pursuant to Section 2.27. If Tenant shall exercise its Purchase Option or its
FMV Purchase Option pursuant to the Master Lease, then upon payment by Tenant to
Lender of the Option Purchase Price or of the FMV Option Price, as applicable,
and compliance by Owner with the provisions of Section 2.20 or Section 2.9, as
applicable, in connection therewith, Lender shall release its interest in the
related Mortgaged Property to Owner or by delivery thereof directly to Tenant
pursuant to Section 2.27. Except as otherwise provided in Section 2.19(e), any
payments received and amounts realized by Lender upon acceptance of Tenant's
Rejectable Offer or as Option Purchase Price or as FMV Option Price shall in
each case be distributed first either (i) to pay the applicable Allocated
Property Debt or the Principal Amount, as applicable, and accrued and unpaid
interest thereon and any applicable Make-Whole Premium, and all Indebtedness
then due and owing or (ii) to deposit the appropriate Defeasance Deposit in the
Defeasance Account, as applicable, and the balance shall be distributed to
Owner. If Tenant shall make a Rejectable Offer with respect to Mortgaged
Property pursuant to any provision of the Master Lease, and Owner has made the
payment to Lender required with respect thereto pursuant to Section 2.8 of this
Indenture, then Lender shall release to Owner its interest in the related
Mortgaged Property and the Loss Proceeds, if any, pursuant to Section 2.27. Upon
receipt of any such amount required by Section 2.8(b) to be applied to prepay
the Allocated Property Debt with respect to the related Mortgaged Property, in
the case of a prepayment relating to an Event of Loss, the provisions of Section
2.9 shall apply and payments thereafter due under the Note shall be recalculated
in accordance with Section 2.1(b) of this Indenture. Upon receipt of any such
amount required by Section 2.8(c) to be applied as part of the Defeasance
Deposit to defease the Note or the Allocated Property Debt with respect to the
related Mortgaged Property, the provisions of Section 2.20 shall
apply.

    

    Section
2.20                                 Defeasance
Requirements.

    

    (a)           After
the Permitted Defeasance Date and provided that no Default or Event of Default
exists except as otherwise permitted in connection with a defeasance pursuant to
Section 4.6, Owner may voluntarily defease the Note or the Allocated Property
Debt with respect to a particular Mortgaged Property. Owner shall defease the
Principal Amount of the Note or the Allocated Property Debt with respect to the
related Mortgaged Property, as applicable, under the circumstances set forth in
Section 2.8(c). The Lien of this Indenture shall be released with respect to a
particular Mortgaged Property and Trustee and Lender, on demand of and at the
expense of Owner, shall execute proper instruments acknowledging satisfaction
and discharge of the Lien of this Indenture (except as limited in this Section
2.20) when Owner has irrevocably deposited or caused to be deposited the
Defeasance Deposit with respect to such Mortgaged Property into the Defeasance
Account as directed by Lender (or an agent selected by Lender which will act as
Lender's agent) and has otherwise complied with this Section 2.20 and, if
applicable, with Section 4.6. In the event only a portion of the Note is the
subject of a Defeasance Event, Owner shall prepare all necessary documents to
amend and restate the Note and issue two substitute notes, one note having a
principal balance equal to the defeased portion of the original Note (the "Defeased Note") and
the other note having a principal balance equal to the undefeased portion of the
Note (the "Undefeased
Note"). The Defeased Note and the Undefeased Note shall have identical
terms as the Note except for the principal balance and Debt Service Payment
amounts provided, however, that the aggregate principal balance of and the
aggregate Debt Service Payments on the Defeased Note and the Undefeased Note
shall be equal to the principal balance of and the Debt Service Payments on the
Note immediately prior to such defeasance. A Defeased Note cannot be the subject
of any further Defeasance Event.

    

    (b)           Any
defeasance of any portion the Loan by Owner shall be made on a Payment Date,
provided, however, that in the event the Master Lease requires or permits a
Termination Date which results in the payment of an amount required to be
deposited as a Defeasance Deposit pursuant to Section 2.8(c), such defeasance
may be made on a Business Day other than a Payment Date provided that the amount
of the Defeasance Deposit is

    appropriately
adjusted in a manner and in an amount satisfactory to Lender.

    

    (c)           Subject
to the terms and conditions of this Indenture, Owner may defease the Note
pursuant to clause (i)(1) below or Owner may defease the Allocated Property Debt
with respect to a particular Mortgaged Property pursuant to clause (i)(2) below
(each a "Defeasance
Event") if Owner:

    

    (i)            (1)
elects to defease the Note on or after the Permitted Defeasance Date pursuant to
Section 4.6 and provides not less than thirty (30) days prior written notice
thereof to Lender specifying the date such defeasance shall occur in accordance
with Section 4.6 hereof (the "Defeasance Release
Date") and has deposited with the Lender contemporaneously with the
giving of such notice the Notice Deposit Amount required pursuant to Section 4.6
with respect thereto and on the Defeasance Release Date has paid to or at the
direction of Lender any amount required to be so paid to Lender on such date
pursuant to Section 4.6, or (2) provides not less than thirty (30) days prior
written notice to Lender specifying a Payment Date after the Permitted
Defeasance Date (also a "Defeasance Release
Date") on which the payments provided in clauses (A) and (B) below are to
be made and the deposit provided in clause (C) below is to be made, (A) pays all
interest accrued and unpaid on the Indebtedness to and including the Defeasance
Release Date, (B) pays all other sums then due and payable under the Loan
Documents, (C) deposits with Lender an amount equal to the Defeasance Deposit,
and

    

    (ii)            in
any such event delivers to Lender the following:

    

    (1)           a
security agreement, in form and substance satisfactory to Lender, creating a
first priority perfected Lien on the deposits required pursuant to this Section
2.20 and the U. S. Obligations purchased on behalf of Owner in accordance with
this Section (the "Defeasance Security
Agreement");

    

    (2) for execution by Lender and
Trustee, a release of the related Mortgaged Property from the Lien of this
Indenture in a form appropriate for the jurisdiction in which the related
Mortgaged Property is located;

    

    (3)           an
Officer's Certificate of Owner certifying that the requirements set forth in
this Section and in Section 4.6, if applicable, have been satisfied and that the
Defeasance Deposit or the Notice Deposit Amount, as applicable, was not made by
Owner with the intent of preferring Lender over other creditors of Owner or with
the intent of defeating, hindering, delaying, or defrauding creditors of Owner
or any of its Affiliates;

    

    (4)           an
opinion of Owner's counsel in form and substance satisfactory to Lender in its
sole discretion stating, among other things, (x) that the U. S. Obligations have
been duly and validly assigned and delivered to Lender and Lender has a
perfected first priority security interest in the U. S. Obligations purchased
pursuant hereto and the Proceeds thereof, (y) that the defeasance will not
adversely affect the status of any REMIC formed in connection with a Secondary
Market Transaction in which the Loan is included, or if no Secondary Market
Transaction has occurred, that the defeasance will not cause Lender to recognize
income, gain or loss for Federal income tax purposes and Lender will be subject
to Federal income tax on the same amount, in the same manner and at the same
times as would have been the case if such defeasance had not occurred, and (z)
that the trust resulting from the Defeasance Deposit does not require
registration of the trust under the Investment Company Act of 1940, as
amended;

    

    (5)           written
confirmation from the Rating Agencies that such defeasance will not cause any
withdrawal, qualification or downgrade of any then current ratings for any
Securities issued in connection with any Secondary Market Transaction in which
the Loan is included, and, if required by the relevant Rating Agencies, Owner
shall also deliver or cause to be delivered a nonconsolidation opinion with
respect to the Successor Borrower in form and substance satisfactory to Lender
and the relevant Rating Agencies;

    

    (6)           a
certificate from any Independent certified public accountant certifying that the
U. S. Obligations purchased generate monthly amounts equal to or greater than
the Scheduled Defeasance Payments;

    

    (7)           such
other certificates, documents or instruments as Lender may reasonably request;
and

    

    (8) Owner shall pay all costs and
expenses of Lender and of the relevant Rating Agencies incurred in connection
with the Defeasance Event, including any costs and expenses associated with a
release of one or more Liens as provided in Section 2.27 hereof as well as
reasonable attorneys' fees and expenses.

    

    (d)           In
connection with each Defeasance Event, Owner hereby appoints Lender as its agent
and attorney-in-fact for the purpose of using the Defeasance Deposit to purchase
U.S. Obligations which provide payment on or prior to, but as close as possible
to, all successive scheduled Payment Dates after the Defeasance Release Date
upon which payments are required under the Note or under the Defeased Note, as
applicable, for the entire outstanding principal balance of Note or for the
Allocated Property Debt under the Defeased Note, as applicable, including,
without limitation, all Debt Service Payments under the Note or under the
Defeased Note, as applicable, including the Balloon Payment under the Note or
the balloon payment under the Defeased Note, as applicable, (the "Scheduled Defeasance
Payments").
Owner, pursuant to the Defeasance Security Agreement referenced in Section
2.20(c)(ii)(1) above or other appropriate document, shall authorize and direct
that the payments received from the U.S. Obligations may be made directly to a
Defeasance Account specified by Lender to Owner in writing and applied to
satisfy the obligations of Owner under the Note or under the Defeased Note, as
applicable with respect thereto. Any portion of the Defeasance Deposit in excess
of the amount necessary to purchase the U.S. Obligations required by this
Section 2.20 and satisfy Owner's obligation under this Section 2.20 and Section
2.27 as it relates hereto shall be remitted to Owner provided no Default or
Event of Default shall have occurred and be continuing under this
Indenture.

    

    (e)           If
any notice of defeasance is given, Owner shall be required to defease the Note
under Section 4.6 or the related Allocated Property Debt, as applicable, on the
specified Payment Date or in connection with a related Termination Date under
the Master Lease (unless such notice is revoked in writing by Owner prior to the
date specified therein in which event Owner shall immediately reimburse Lender
for any costs incurred by Lender in connection with Owner's giving of such
notice and revocation) provided, however, that Owner
may not revoke any defeasance notice by Owner pursuant to Section 4.6 or when a
Defeasance Deposit is required to be made pursuant to Section 2.8.

    

    (f)           If
the entire Note has been defeased and the requirements of this Section 2.20 have
been satisfied, all of the Mortgaged Property (other than the U.S. Obligations
and the Defeasance Account) shall be released from the Lien of this Indenture
and the U.S. Obligations and the Defeasance Account pledged pursuant to the
Defeasance Security Agreement shall be the sole source of collateral securing
the Note. If the Allocated Property Debt with respect to a particular Mortgaged
Property is defeased and the requirements of this Section 2.20 have been
satisfied in connection therewith, such Mortgaged Property shall be released
from the Lien of this Indenture as shall Owner's obligations under the Loan
Documents with respect to such Mortgaged Property (other than those expressly
stated to survive). In connection with any release of the Lien of this Indenture
with respect to a particular Mortgaged Property or all Mortgaged Properties,
Owner shall submit to Lender, not less than thirty (30) days' prior to the date
of such release, a release of such Lien (and related Loan Documents) for each
Mortgaged Property then being released for execution by Lender. Such release
shall be in a form appropriate in each jurisdiction in which a particular
Mortgaged Property is located and satisfactory to Lender in its sole discretion.
In addition, Owner shall provide all other documentation Lender reasonably
requires to be delivered by Owner in connection with such release, together with
an Officer's Certificate of Owner certifying that such documentation (i) is in
compliance with all Legal Requirements, (ii) will effect such release in
accordance with the terms of this Indenture, and (iii) in the case of a
defeasance of the Allocated Property Debt with respect to a particular Mortgaged
Property, will not impair or otherwise adversely affect the Liens, security
interests and other rights of Trustee and Lender under the Loan Documents not
being released (or the rights of the parties to the Operative Documents and
Mortgaged Properties subject to the Loan Documents not being
released).

    

    (g)           Nothing
in this Section shall release Owner from any liability or obligation relating to
any environmental matters with respect to the related Mortgaged Property arising
under Section 2.22 of this Indenture.

    

    (h)           In
the case of a Defeasance Deposit, if Lender or its agent is unable to apply
amounts received on the Defeasance Deposit in accordance with this Section 2.20,
by reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, Owner's obligations under this Indenture, the Indebtedness, as
applicable, shall be revived and reinstated as though no Defeasance Deposit had
been made, until such time as Lender or its agent is permitted to apply such
amounts in accordance with this Section 2.20; provided, however, that if
Owner has made any payment of Indebtedness because of the reinstatement of its
obligations hereunder, Owner shall be subrogated to the rights of Lender to
receive such amounts from the Defeasance Deposit when such amounts are
distributed by Lender or its agent.

    

    (i)           In
connection with any release of a Lien under Section 2.27 in connection with a
defeasance, Nomura Asset Capital Corporation (together with its successors and
assigns, "NACC") shall
establish or designate a successor entity (the "Successor Borrower") and Owner
shall transfer and assign all obligations, rights and duties under and to the
Note or the Defeased Note, as applicable, together with the pledged U.S.
Obligations to such Successor Borrower. The obligation of NACC to establish or
designate a Successor Borrower shall be retained by NACC notwithstanding the
sale or transfer of the Loan unless such obligation is specifically assumed by
the Transferee. Such Successor Borrower shall assume the obligations under the
Note or the Defeased Note, as applicable, and the Defeasance Security Agreement
and Owner shall be relieved of its obligations under such documents. Owner shall
pay $1,000 to any such Successor Borrower as consideration for assuming the
obligations under the Note or the Defeased Note, as applicable, and the
Defeasance Security Agreement. Notwithstanding anything in this Indenture to the
contrary, no other assumption fee shall be payable upon a transfer of the Note
in accordance with this Section 2.20(i), but Owner shall pay all costs and
expenses incurred by Lender, including Lender's reasonable attorneys' fees and
expenses, incurred in connection therewith and any revenue, documentary stamp or
intangible taxes or any other tax or charge due in connection with the transfer
of the Note, the creation of the Defeased Note and the Undefeased Note, if
applicable, or any transfer of the Defeased Note.

    

    Section
2.21                      Owner Information
Covenants. Owner covenants and agrees, from the date hereof and until
payment in full of the Indebtedness or the earlier release of this Indenture, as
follows:

    

    (a)           Litigation. Owner
will give prompt written notice to Lender of any litigation or governmental
proceedings pending or threatened (in writing) against Owner which might
materially adversely affect Owner's condition (financial or otherwise) or
business or the condition, value, use or ownership of the Mortgaged Property or
any part thereof.

    

    (b)           Financial
Reporting.

    

    (i)            Owner
will keep and maintain or will cause to be kept and maintained on a Fiscal Year
basis, in accordance with the income tax basis of accounting (or such other
accounting basis reasonably acceptable to Lender) consistently applied, proper
and accurate books, records and accounts reflecting all of the financial affairs
of Owner and all items of income and expense in connection with the operation of
the Mortgaged Property or in connection with any services, equipment or
furnishings provided in connection with the operation thereof, whether such
income or expense may be realized by Owner or by any other Person whatsoever,
excepting lessees unrelated to and unaffiliated with Owner who have leased from
Owner portions of the Mortgaged Property for the purpose of occupying the same.
Lender shall have the right from time to time at all times during normal
business hours upon reasonable notice to examine such books, records and
accounts at the office of Owner or other Person maintaining such books, records
and accounts, to make such copies or extracts thereof as Lender shall desire and
to discuss Owner's affairs, finances and accounts with Owner and its
accountants. After the occurrence of an Event of Default, Owner shall pay any
costs and expenses incurred by Lender to examine Owner's accounting records with
respect to the Mortgaged Property and to visit the Mortgaged Property, as Lender
shall determine to be necessary or appropriate in the protection of Lender's
interest,

    

    (ii)            Owner
will furnish Lender annually, within ninety (90) days following the end of each
Fiscal Year of Owner, with a complete copy of Owner's financial statement
audited by an Independent certified public accounting firm that is reasonably
acceptable to Lender (such audit to be in accordance with the income tax basis
of accounting, except as disclosed, in accordance with generally accepted
auditing standards relating to the income tax basis of accounting consistently
applied as in effect as of the end of such Fiscal Year) covering Owner and the
operation of the Mortgaged Property for such Fiscal Year and containing a
statement of revenues and expenses, a statement of assets and liabilities and a
statement of Owner's equity. Together with Owner's annual financial statements,
Owner shall furnish to Lender an Officer's Certificate certifying as of the date
thereof (A) that the annual financial statements accurately represent the
results of operation and financial condition of Owner and the Mortgaged Property
all in accordance with the income tax basis of accounting (except as disclosed)
and in accordance with generally accepted auditing standards relating to the
income tax basis of accounting consistently applied, and (B) whether there
exists an event or circumstance which constitutes, or which upon notice or lapse
of time or both would constitute, a Default or Event of Default under this
Indenture, the Note or any other Loan Document executed and delivered by Owner,
and if such event or circumstance exists, the nature thereof, the period of time
it has existed and the action then being taken to remedy such event or
circumstance,

    

    (iii)            Owner
shall furnish to Lender, within fifteen (15) Business Days after Lender's
request therefor, such further detailed information with respect to the
operation of the Mortgaged Property and the financial affairs of Owner as may be
reasonably requested by Lender. Promptly upon receipt thereof, Owner shall also
furnish to Lender any financial reports delivered to Owner by
Tenant.

    

    (iv)            Owner
shall, concurrently with Owner's delivery to Lender, provide a copy of the items
required to be delivered to Lender under this Section 2.21 to the Rating
Agencies, the trustee, and any servicer and/or special servicer that may be
retained in conjunction with the Loan or any Secondary Market
Transaction.

    

    (v)            Owner
shall furnish to Lender such other financial information with respect to Owner,
the Mortgaged Property or this Indenture as Lender may, from time to time
request (including, without limitation, in the case of a defeasance pursuant to
Section 2.20, a review by a third party acceptable to Lender, of the
calculations required to be made pursuant to Section 2.20).

    

    (vi)            Any
reports, statements or other information required to be delivered under this
Indenture, if required by the Lender and within the capacities of the Owner's
data system without change or modification thereto, shall be delivered by paper
and in electronic form. Any electronic delivery shall be prepared if possible by
Owner using Microsoft Word for Windows or WordPerfect for Windows files (which
files may be prepared using a spreadsheet program and saved as word processing
files.)

    

    (c)           Notice of Default.
Promptly after having notice or actual knowledge thereof, Owner will notify
Lender of any material adverse change in Owner's condition, financial or
otherwise, or of the occurrence of any Default or Event of Default known to
Owner.

    

    (d)           Other Notices.
Promptly after having notice or actual knowledge thereof, Owner will notify
Lender of the occurrence of any of the following: (i) receipt of written notice
from any Governmental Authority relating to the Mortgaged Property; (ii) any
material change in the occupancy of the Mortgaged Property; (iii) receipt of any
written notice from the holder of any other lien or security interest in the
Mortgaged Property; or (iv) commencement of any judicial or administrative
proceedings including, without limitation, any insolvency or bankruptcy
proceeding by, against or otherwise affecting Owner or the Mortgaged
Property.

    

    Section
2.22                                 Environmental
Matters.

    

    (a)           Environmental Compliance and
Remedial Work.

    

    (i)            Owner
agrees that it (A)
shall comply, and cause the Mortgaged Property to comply, with all Environmental
Laws applicable to the Mortgaged Property, (B) shall not use and shall prohibit
the use of the Mortgaged Property for the generation, manufacture, refinement,
production, or processing of any Hazardous Substance or for the storage,
handling, disposal, treatment, transfer or transportation of any Hazardous
Substance (other than in connection with the operation and maintenance of such
Mortgaged Property and in commercially reasonable quantities as a consumer
thereof and except as to such household or commercial products customarily
maintained in similar establishments, subject to, in any event, compliance with
Environmental Laws), (C) shall not install or knowingly permit the installation
on the Mortgaged Property of any underground storage tanks or surface
impoundments and shall not permit there to exist any contamination to the
Mortgaged Property originating on or off such Mortgaged Property (other than in
connection with the use, operation and maintenance of such Mortgaged Property
and then only in compliance with
applicable Environmental Laws and all other applicable laws, rules, orders,
ordinances, regulations and requirements now or hereafter enacted or promulgated
of every government and municipality having jurisdiction over such Mortgaged
Property and of any agency thereof) or asbestos-containing materials (it being
understood that neither Owner nor Tenant shall be obligated to remove existing
non-friable asbestos unless hereafter required pursuant to any Legal Requirement
or unless such non-friable asbestos is hereafter disturbed by renovation,
casualty or other event, in which event the non-friable asbestos shall be
removed and provided further that any existing non-friable asbestos shall be
maintained in accordance with prudent industry standards including an
appropriate operations and maintenance program) and (D) shall cause any
alterations of the Mortgaged Property to be done in a way so as to not expose
the persons working on or visiting the Mortgaged Property to Hazardous
Substances and in connection with any such alterations shall remove any
Hazardous Substances present upon the Mortgaged Property which are not in
compliance with Environmental Laws or which present a danger to persons working
on or visiting the Mortgaged Property. Compliance by Tenant with the
requirements of Article 7.1(b) of the Master Lease shall constitute compliance
by Owner with the requirements of this Section 2.22(a).

    

    (ii)            If
any investigation, site monitoring, containment, cleanup, removal, restoration
or other remedial work of any kind or nature (collectively, the "Remedial Work") is required on
the Mortgaged Property pursuant to an order or directive of any Governmental
Authority or under any applicable Environmental Law, or in Lender's opinion,
based upon recommendations of qualified environmental engineer reasonably
acceptable to Lender, after notice to Owner, is reasonably necessary to prevent
future liability under any applicable Environmental Law, because of or in
connection with the current or future presence, suspected presence, release, or
suspected release of a Hazardous Substance into the air, soil, ground water,
surface water, or soil vapor on, under or emanating from the Mortgaged Property
or any portion thereof, Owner shall (at Owner's sole cost and expense), or shall
cause such responsible third parties to, promptly commence and diligently
prosecute to completion (or cause to be commenced and diligently prosecuted to
completion by Tenant pursuant to the Master Lease) all such Remedial Work. All
such Remedial Work shall be commenced within thirty (30) days (or such shorter
period as may be required under any applicable Environmental Law) after the
earlier to occur of Owner's actual knowledge that remediation is required under
applicable Environmental Laws or any written demand reasonably made therefor by
Lender; however, Owner shall not be required to commence such Remedial Work
within the above-specified time periods if (x) prevented from doing so by any
Governmental Authority, (y) commencing such Remedial Work within such time
periods would result in Owner or such Remedial Work violating any Environmental
Law or (z) Tenant is contesting in good faith and by appropriate proceedings the
applicability of the relevant Environmental Laws in accordance with the
provisions of the Master Lease provided, however, that such contest shall not
(I) create or materially increase the risk of any civil or criminal liability of
any kind whatsoever on the part of Owner or Lender or (II) permit or materially
increase the risk of the spread, release or suspected release of any Hazardous
Substance into the air, soil, ground water, surface water, or soil vapor on,
under or emanating from the Property or any portion thereof during the pendency
of such contest.

    

    (iii) All Remedial Work shall be
performed by contractors, and under the supervision of a consulting engineer,
each approved in advance by Lender (which approval shall not be unreasonably
withheld or delayed). All costs and expenses reasonably incurred in connection
with such Remedial Work and Lender's reasonable monitoring or review of such
Remedial Work which Lender may, but is not obligated to, do (including
reasonable attorneys, fees and disbursements, but excluding internal overhead,
administrative and similar costs of Lender) shall be paid by Owner or by Tenant.
If Owner or Tenant does not timely commence and diligently prosecute to
completion the Remedial Work, then, subject to the terms of the Master Lease,
Lender may (but shall not be obligated to) cause such Remedial Work to be
performed. Owner agrees to bear and shall pay or reimburse Lender on demand for
all Advances and expenses (including reasonable attorneys' fees and
disbursements, but excluding internal overhead, administrative and similar costs
of Lender) reasonably relating to or incurred by Lender in connection with
monitoring, reviewing or performing any such Remedial Work.

    

    (iv)            Except
with Lender's prior written consent, which consent shall not be unreasonably
withheld or delayed, neither Owner nor Tenant shall commence any Remedial Work
or enter into any settlement agreement, consent decree or other compromise
relating to any Hazardous Substances or Environmental Laws which might, in
Lender's reasonable judgment, impair the value of the Mortgaged Property or of
Lender's security hereunder to a material degree. Lender's prior written consent
shall not be required, however, if the presence or threatened presence of
Hazardous Substances on, under or about the Mortgaged Property poses an
immediate threat to the health, safety or welfare of any person or is of such a
nature that an immediate remedial response is necessary, or if Lender fails to
respond to any notification by Owner hereunder within twenty (20) Business Days
from the date of such notification. In such event, Owner shall notify Lender as
soon as practicable of any action taken.

    

    (b)           Environmental Matters;
Inspection.

    

    (i)            Upon
reasonable prior written notice, Lender and its agents, representatives and
employees shall have the right at all reasonable times and during normal
business hours, except to the extent such access is limited by applicable law,
to enter upon and inspect all or any portion of the Mortgaged Property,
provided, however, that such inspections shall not unreasonably interfere with
the operation thereof or the tenants thereon. Except as provided in clause (ii)
below, (y) Lender, at its sole expense, may retain an environmental consultant
to conduct and prepare reports of such inspections and (z) Owner shall be given
a reasonable opportunity to review any and all reports, data and other documents
or materials reviewed or prepared by the consultant, and to submit comments and
suggested revisions or rebuttals to same. The inspection rights granted to
Lender in this Section 2.22(b) shall be in addition to, and not in limitation
of, any other inspection rights granted to Lender in this Indenture, and shall
expressly include the right to conduct soil borings and other customary
environmental tests, assessments and audits in compliance with applicable Legal
Requirements; provided, however, that, except as set forth in clause (ii) below,
Lender shall cause to be repaired any damage caused by such borings, tests,
assessments or audits.

    

    (ii)            Owner
agrees to bear and shall pay or reimburse, or shall cause Tenant to pay or
reimburse, Lender on demand for all Advances and expenses (including reasonable
attorneys' fees and disbursements, but excluding internal overhead,
administrative and similar costs of Lender) reasonably relating to or incurred
by Lender in connection with the inspections, tests and reports described in
this Section 2.22(b) in the following situations:

    

    (i)           If
Lender has reasonable grounds to believe at the time any such inspection is
ordered, that there exists an Environmental Violation or that a Hazardous
Substance is present on, under or emanating from the Mortgaged Property, or is
migrating to or from adjoining property, except under conditions permitted by
applicable Environmental Laws and not prohibited by any Loan
Document;

    

    (ii)           If
any such inspection reveals an Environmental Violation or that a Hazardous
Substance is present on, under or emanating to or from the Mortgaged Property or
is migrating from adjoining property, except under conditions permitted by
applicable Environmental Laws and not prohibited by any Loan Document;
or

    

    (iii) If an Event of Default exists and
is continuing at the time any such inspection is ordered.

    

    (c)           Environmental
Notices. To the extent that Owner has actual knowledge thereof, Owner
shall promptly provide notice to Lender of:

    

    (i) any proceeding or investigation
commenced or threatened by any Governmental Authority with respect to the
presence of any Hazardous Substance on, under or emanating from the Mortgaged
Property;

    

    (ii)            any
proceeding or investigation commenced or threatened by any Governmental
Authority, against Owner, with respect to the presence, suspected presence,
release or threatened release of Hazardous Substances from any property not
owned by Owner, including, but not limited to, proceedings under the Federal
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
§ 9601 et seq.;

    

    (iii) all claims made or any lawsuit
or other legal action or proceeding brought by any Person against (A) Owner or
the Mortgaged Property or any portion thereof, or (B) any other party occupying
the Mortgaged Property or any portion thereof, in any such case relating to any
loss or injury allegedly resulting from any Hazardous Substance or relating to
any violation or alleged violation of Environmental Law;

    

    (iv) the
discovery of any occurrence or condition on the Mortgaged Property or on any
real property adjoining or in the vicinity of the Mortgaged Property, of which
Owner becomes aware, which reasonably could be expected to lead to the Mortgaged
Property or any portion thereof being in violation of any Environmental Law or
subject to any restriction on ownership, occupancy, transferability or use under
any Environmental Law (collectively, an "Environmental
Violation") or which might subject Lender to an Environmental Claim;
and

    

    (v)           the
commencement and completion of any Remedial Work.

    

    (d)           Copies of Notices.
Owner will promptly transmit to Lender copies of any citations, orders, notices
or other communications received by Owner from any Person with respect to the
notices described in Section 2.22(c) hereof.

    

    (e)           Environmental Claims.
Lender may, but is not required to, join and participate in, as a party if
Lender so determines, any legal or administrative proceeding or action
concerning the Mortgaged Property or any portion thereof under any Environmental
Law, if, in Lender's judgment, the interests of Lender will not be adequately
protected by Owner and/or Tenant. Owner agrees to bear and shall pay or
reimburse Lender, on demand, for all Advances and expenses (including reasonable
attorneys' fees and disbursements, but excluding internal overhead,
administrative and similar costs of Lender) relating to or incurred by Lender in
connection with any such action or proceeding.

    

    (f)           Indemnification,
Owner agrees to indemnify, reimburse, defend, and hold harmless Lender and the
other Lender Parties for, from, and against all demands, claims, actions or
causes of action, assessments, losses, damages, liabilities, costs and expenses,
including, without limitation, interest, penalties, punitive and consequential
damages, costs of any Remedial Work, reasonable attorneys', fees, disbursements
and expenses, and reasonable consultants' fees, disbursements and expenses (but
excluding internal overhead, administrative and similar costs of Lender and the
other Lender Parties), asserted against, resulting to, imposed on, or incurred
by Lender and/or the other Lender Parties, directly or indirectly, in connection
with any of the following:

    

    (i)           the
events, circumstances, or conditions which are alleged to, or do, (1) relate to
the presence, or release into the environment, of any Hazardous Substance at the
Mortgaged Property or relate to circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law by Owner or by Tenant
or with respect to the Mortgaged Property, and in either case, result in
Environmental Claims, or (2) constitute Environmental Violations;

    

    (ii)            any
pollution or threat to human health or the environment that is related in any
way to Owner's or Tenant's or any previous owner's or operator's management,
use, control, ownership or operation of the Mortgaged Property, including,
without limitation, all onsite and offsite activities involving Hazardous
Substances, and whether occurring, existing or arising prior to or from and
after the date hereof, and whether or not the pollution or threat to human
health or the environment is described in the Environmental Report;

    

    (iii) any Environmental Claim against
any Person whose liability for such Environmental Claim Owner has or may have
assumed or retained either contractually or by operation of law;

    

    (iv) any Remedial Work under
subsection 2.22(a) hereof, required to be performed pursuant to any
Environmental Law or the terms hereof; or

    

    (v)            the
breach of any environmental representation, warranty or covenant set forth in
this Indenture or in any certificate delivered by Owner to Lender pursuant to
the Loan Agreement or this Indenture, including in each case, without
limitation, with respect to each of Lender Parties, as the case may be, to the
extent such Environmental Claims result from their respective negligence, except
in each case, to the extent that they result solely from their respective gross
negligence or willful misconduct.

    

    The indemnity provided in this Section
2.22(f) shall not be included in any exculpation of Owner or any other Person
from personal liability provided in this Indenture or in any of the other Loan
Documents (but in no event shall any trustee of Owner have any personal
liability hereunder, and nothing contained herein shall affect the provisions of
Section 4.3(z) hereof) and shall survive the repayment in full of the
Indebtedness, any foreclosure of the Mortgaged Property and the satisfaction and
release of this Indenture or reconveyance. Nothing in this Section 2.22(f) shall
be deemed to deprive Lender of any rights or remedies provided to it elsewhere
in this Indenture or the other Loan Documents.

    

    Section
2.23                                 Perform Operative Documents;
Cooperate in Legal Proceedings; Further Assurances.

    

    (a)           Perform Operative
Documents. Each of Owner and Remainderman shall observe, perform and
satisfy all the terms, provisions, covenants and conditions of, and shall pay
when due all costs, fees and expenses to the extent required under the Operative
Documents executed and delivered by, or applicable to, Owner or Remainderman, as
applicable.

    

    (b)           Cooperate In Legal
Proceedings. Each of Owner and Remainderman will cooperate fully with
Lender with respect to any proceedings before any court, board or other
Governmental Authority which may in any way affect the rights of Lender
hereunder or any rights obtained by Lender under any of the Operative Documents
and, in connection therewith, permit Lender, at its election, to participate in
any such proceedings at Lender's expense.

    

    (c)           Further Assurances.
Owner shall, at Owner's sole cost and expense:

    

    (i)            furnish
to Lender all instruments, documents, boundary surveys, footing or foundation
surveys, certificates, plans and specifications (to the extent in Owner's
possession or readily obtainable by Owner), Appraisals, title and other
insurance reports and agreements, and each and every other document,
certificate, agreement and instrument required to be furnished by Owner pursuant
to the terms of the Loan Documents or reasonably requested by Lender in
connection therewith;

    

    ii)            execute
and deliver to Lender such documents, instruments, certificates, assignments and
other writings, and do such other acts necessary or desirable, to evidence,
preserve and/or protect the collateral at any time securing or intended to
secure the Note or other Indebtedness, as Lender may reasonably require;
provided the same shall not create any personal liability on the part of Owner
except as expressly provided herein or in the other Loan Documents;
and

    

    (iii) do and execute all and such
further lawful and reasonable acts, conveyances and assurances for the better
and more effective carrying out of the intents and purposes of this Indenture
and the other Loan Documents, as Lender shall reasonably require from time to
time; provided, same shall not create any personal liability on the part of
Owner except as expressly provided herein or in the other Loan
Documents.

    

    Section
2.24                                 Cooperate with Secondary
Market Transactions.

    

    (a)           Each
of Owner and Remainderman acknowledges that Lender may enter into one or more
Secondary Market Transactions. Owner shall use its reasonable efforts to cause
Tenant and Master Lease Guarantor to cooperate in good faith with Lender in
effecting any Secondary Market Transaction in accordance with Section 5(e) of
the Tenant Consent, Section 10.8 of the Master Lease and Section 4.1(b) of the
Master Lease Guaranty, as applicable.

    

    (b)           Each
of Owner and Remainderman agrees to reasonably cooperate in good faith with
Lender in effecting any Secondary Market Transaction occurring within two (2)
years after the Closing Date (including satisfying the market standards for
publicly issued Securities rated by each of Duff, Fitch, Moody's and S&P
which involve credit lease loans) and to reasonably cooperate in good faith to
implement all requirements imposed by the Rating Agencies involved in any such
Secondary Market Transactions including, the following:

    

    (i)            to
provide, or use its reasonable efforts to cause to be provided by Tenant or by
Master Lease Guarantor, as applicable, such financial and other information with
respect to the Mortgaged Properties, Owner, Remainderman, Tenant and Master
Lease Guarantor together with appropriate verification of such information
through letters of auditors, if customary, provided, however, that such
information with respect to Master Lease Guarantor shall not include any
confidential or non-public information or any proprietary technical records and
information and any customer lists;

    

    (ii)            to
permit such site inspections and other similar due diligence investigation of
the Mortgaged Properties by Lender or the Rating Agencies as may be reasonably
requested by Lender or as may be requested by the Rating Agencies;

    

    (iii)            to
provide, or use its reasonable efforts to cause to be provided, additional or
updated appraisals, market studies, environmental reports and engineering
reports which are customary in Secondary Market Transactions and which shall be
reasonably acceptable to Lender and shall be acceptable to the Rating Agencies
provided that the foregoing shall only be required to the extent that any such
third party due diligence reports which were delivered in connection with the
origination of the Loan referenced therein additional information recommended or
required to be obtained or provided in connection therewith which has not been
so obtained or provided to Lender;

    

    (iv)            at
Owner's or Remainderman's expense, as applicable, to cause counsel to render
opinions as to non-consolidation or any other opinion customary in Secondary
Market Transactions with respect to the Mortgaged Properties and Owner or
Remainderman, as applicable, and their respective Affiliates, which counsel and
opinions shall be reasonably satisfactory to Lender and shall be acceptable to
the Rating Agencies;

    

    (v)            to
make such representations and warranties as of the closing date of any such
Secondary Market Transaction with respect to the Mortgaged Properties, Owner or
Remainderman, as applicable, and the Operative Documents as are customarily
provided in Secondary Market Transactions and as may be reasonably requested by
Lender or requested by the Rating Agencies and consistent with the facts covered
by such representations and warranties as they exist on the date thereof,,
including the representations and warranties made in or pursuant to the
Operative Documents; and

    

    (vi)            
to execute modifications to any Operative Documents to which Owner or
Remainderman is a party acceptable to the Rating Agencies, provided, however,
that neither Owner nor Remainderman shall be required to modify any Operative
Documents or its governing documents in any way which would (A) modify the
interest rate payable under the Note, modify the stated maturity of the Note,
modify the amortization of principal of the Note, otherwise change the economic
terms of such Operative Documents or which would impose additional financial
covenants on Owner or on Remainderman, or (B) modify the rights of Transfer set
forth in Section 2.16 hereof or modify Section 4.3(z) hereof (except as may be
specifically required by the Rating Agencies unless, in the good faith judgment
of Owner or Remainderman, as applicable, such modification would materially
impair the rights or materially increase the obligations of Owner or
Remainderman, as applicable, under such Operative Documents) or (C) which
otherwise, in the reasonable judgment exercised in good faith of Owner or
Remainderman, as applicable, would materially impair the rights of or materially
increase the obligations of Owner or Remainderman, as applicable, under such
Operative Documents.

    

    (c)           Each
of Owner and Remainderman shall make available to Lender all information and
documents relating to Owner or Remainderman, as applicable, and the Mortgaged
Property that Lender may reasonably request or as the Rating Agencies may
request in connection with any Secondary Market Transaction. Lender shall be
permitted to share such information with the investment banking firms, Rating
Agencies, accounting firms, law firms and other third-party advisory firms
involved with the Loan and the Operative Documents or the applicable Secondary
Market Transaction. It is understood that the information provided by Owner or
by Remainderman to Lender, including, without limitation, financial statements
relating to Owner, Remainderman and the Mortgaged Properties, may ultimately be
incorporated into the offering documents, including, without limitation, any
private placement memorandum, prospectus or other disclosure document for the
Secondary Market Transaction and thus, various investors may also see some or
all of such information.

    Each of
Owner and Remainderman understands that certain of such information may also be
used in connection with filings with the Securities and Exchange Commission
pursuant to the Securities Act of 1933, as amended, or the Securities and
Exchange Act of 1934, as amended.

    

    Lender
and all of the aforesaid third-party advisors and professional firms shall be
entitled to rely on the information supplied by, or on behalf of, Owner and
Remainderman and with respect to which Owner or Remainderman enters into an
indemnification agreement and which Owner or Remainderman approves for use in
the offering documents, Lender shall have the right to publicize the Secondary
Market Transaction in the following manner: (i) publicize any information
contained in the prospectus for the Secondary Market Transaction, and (ii)
describe the transaction in discussions with the media.

    

    Section
2.25                                 Affirmative Covenants of
Remainderman. Remainderman hereby represents, warrants, covenants and
agrees as follows:

    

    (a)           Remainderman
will, subject to its right to transfer its interest in the Mortgaged Property in
compliance with Section 2,16, preserve title to its interest in the Mortgaged
Property subject only to the Permitted Encumbrances; and will forever warrant
and defend the same to Lender and the claims of all Persons.

    

    (b)           Remainderman
will, at its expense, do, execute, acknowledge and deliver or cause to be done,
executed acknowledged and delivered all such further acts, instruments and
assurances reasonably requested by Lender for the granting to Lender of
Remainderman's interest in the Mortgaged Property or for carrying out the
intention of, or facilitating the performance of, this Indenture.

    

    (c)           Remainderman,
will, from time to time, perform or cause to be performed any other act as
required by law to publicize notice of and maintain the Lien of this Indenture
and will execute or cause to be executed any and all further instruments
(including financing statements, continuation statement and similar statements
with respect to any of said documents) reasonably requested by Lender for such
purposes. If Remainderman shall fail to comply with this Section, Lender shall
be and hereby is irrevocably appointed the agent and attorney-in-fact of
Remainderman, coupled with an interest, with full right of substitution, to
comply therewith (including the execution, delivery and filing of such financing
statements and other instruments), but this sentence shall not prevent any
default in the observance of this Section from constituting an Event of
Default.

    

    (d)           So
long as Remainderman owns an interest in the Mortgaged Property, Remainderman
will take all action required by law to permit Remainderman to own property and
enforce contracts in each State in which the Mortgaged Property is
located.

    

    (e)           All
right title and interest of Remainderman in and to all improvements,
alterations, substitutions, restorations and replacements of and all additions
and appurtenances to the Mortgaged Property, hereafter acquired by or released
to Remainderman, immediately upon such acquisition or release and without any
further granting by Remainderman, shall become part of the Mortgaged Property
and shall be subject to the Lien of this Indenture full, completely and with the
same effect as though now owned by Remainderman and specifically described in
the Granting Clauses hereof; at any time Remainderman will execute and deliver
to Lender any document as Lender may reasonably request to subject the same to
the Lien of this Indenture.

    

    (f)           Remainderman
will not, and will not permit any Person claiming by, through or under
Remainderman to, use the Mortgaged Property in a manner which would increase the
risk of contamination by any toxic or Hazardous Substance or the risk of any
violation of any Environmental Law.

    

    (g)           Remainderman
shall keep the Option Agreement and Tripartite Agreement in full force and
effect and shall not terminate, amend, modify, rescind or accept any surrender
of the optionee's rights under the Option Agreement without the prior written
consent of Lender.

    

    Section
2.26                         
Negative Covenants of
Remainderman. Remainderman will not (a) sell, lease, transfer, convey,
assign or otherwise dispose of its interest in the Mortgaged Property or any
part thereof, except as required under the Tripartite Agreement or as permitted
under Section 2.16(b); (b) directly or indirectly create or suffer to be created
any mortgage, lien, encumbrance, charge or other exception to title or ownership
upon or against its interest in the Mortgaged Property or any part thereof,
other than (i) Permitted Encumbrances and (ii) as otherwise expressly permitted
by this Indenture; (c) make or permit to remain outstanding any loan or advance
to any person except as expressly permitted by this Indenture; (d) own or
acquire any stock or securities to any Person or guarantee any obligation of any
Person; (e) engage directly or indirectly in any business other than the
acquisition and ownership of its interest in and leasing of the Mortgaged
Property; (f) transfer any of its interest in the Mortgaged Property to any
employee benefit plan (as defined in ERISA); or (g) create, assume, suffer to
exist or guarantee any indebtedness for borrowed money.. Remainderman shall be
and remain a Single Purpose Entity.

    

    Section
2.27                         Release of Lien on any
Mortgaged Property.

    

    (a)           Upon
any of:

    

    (i)            the
occurrence of an Event of Loss with respect to any Mortgaged Property which
results in Tenant making a Rejectable Offer or Rejectable Substitution Offer
pursuant to the Master Lease or the exercise by Tenant of the FMV Purchase
Option, and either (A) payment in full of the Allocated Property Debt with
respect to such Mortgaged Property and any accrued and unpaid interest thereon
in the case of an Event of Loss or payment in full of the Principal Amount, any
accrued and unpaid interest thereon, the Make Whole Premium and all other
Indebtedness then due and owing in the case of the exercise by Tenant of the FMV
Purchase Option, or (B) in the case of an Event of Loss the valid substitution
of a Substitute Project for such Mortgaged Property by Tenant in accordance with
the Master Lease and the satisfaction by Tenant of all of the conditions and
requirements of such substitution pursuant to the Master Lease and this Section
2.27(a), Lender and Trustee shall execute proper instruments of partial or full
reconveyance with respect to the related Mortgaged Property, as applicable, and
shall release the lien of the Indenture with respect to such Mortgaged
Property;

    

    (ii)            the
termination of the Master Lease with respect to any Mortgaged Property pursuant
to any provision thereof other than in connection with an Event of Loss or the
exercise by Tenant of the FMV Purchase Option, and (A) prior to the Permitted
Defeasance Date, the payment in full of (i) the Allocated Property Debt with
respect to such Mortgaged Property, and any accrued and unpaid interest thereon
and the Make-Whole Premium and all other Indebtedness then due and owing, and
(ii) on and after the Permitted Defeasance Date, the Defeasance Deposit and all
other amounts then required to be paid pursuant to Section 2.20, and upon
compliance with the other provisions of Section 2.20, or (B) the valid
substitution of a Substitute Project for such Mortgaged Property by Tenant in
accordance with Sections 3.3 and 3.4 of the Master Lease and the satisfaction by
Tenant of all of the conditions and requirements of such substitution pursuant
to the Master Lease and this Section 2.27(a);

    

    (iii)            
the optional defeasance by Owner, if any, on or after the Permitted Defeasance
Date upon compliance with the provisions of Section 2.20 with respect thereto;
and

    (iv) the
optional prepayment by Owner, if any, of the Note in whole on or after February
1, 2018 upon compliance with the provisions of Section 2.9 with respect
thereto;

    

    Lender
and Trustee shall execute proper instruments of reconveyance with respect to the
related Mortgaged Property and shall release the Lien of Indenture with respect
to such Mortgaged Property (provided no Lease Event of Default has occurred and
is continuing with respect to a Rejectable Offer pursuant to Section 3.3(b) or
Section 3.3(c) of the Master Lease) and provided that Lender shall have received
a request for such release from Owner, and, with respect to a release pursuant
to Section 2.27(a)(i) or Section 2.27(a)(ii) above, together with an Officer's
Certificate from each of Tenant and Owner, dated not more than five (5) days
prior to the request for release, stating in substance that such Mortgaged
Property is required or permitted to be so sold, disposed of, reconveyed or
released pursuant to the provisions of this Indenture and the Master Lease, and
that all conditions precedent in this Indenture and in the Master Lease with
respect thereto have been complied with, and provided, further, however, that in
the case of any proposed Substitution all of the following conditions are
satisfied:

    

    (A)            Lender
shall have received a request for such release and substitution from Owner
together with a copy of each of the items required (or which Lender or the
Rating Agencies may request) pursuant to Sections 3.3 or 3.4 of the Master Lease
in connection with a substitution thereunder, each of which items is hereby
required by this Indenture, in each case reasonably satisfactory in form and
substance to a prudent lending institution making a loan similar to the Loan and
acceptable to the Rating Agencies;

    

    (B)            Lender
shall have received an Officer's Certificate from each of Tenant and Owner,
dated as of the date of Substitution stating that all conditions precedent in
this Indenture and in the Master Lease provided for relating to such
Substitution have been complied with, provided, however, that to the extent such
Officer's Certificate of Owner relates to third party due diligence Substitution
Documents (as such term is defined in the Master Lease) or otherwise relates to
property specific matters, it may be limited to Owner's knowledge with respect
thereto;

    

    (C)            Lender
and the Rating Agencies shall have received certificates from Owner confirming
that no Lease Event of Default shall have occurred and be continuing to the best
of its knowledge, and a certificate from each of Owner and Remainderman stating
that their respective representations and warranties contained in their
respective certificates delivered on the Closing Date and in any Operative
Documents (as amended in connection with the Substitution) to which they are a
party are true and correct in all material respects on and as of the date of
Substitution with respect to itself, the Operative Documents to which it is a
party (including any amendment or supplement thereto in connection with such
Substitution) and the Substitute Project and containing such other
representations and warranties as Lender or the Rating Agencies may require. If
any such certificate cannot be given because it would be inaccurate, such
certificate shall disclose the inaccuracy of such representation and warranty
and such certificate shall be acceptable if the disclosure therein would be
reasonably satisfactory to a prudent lending institution making a loan similar
to the Loan. Any such certificate shall be in form and substance satisfactory to
the Rating Agencies;

    

    (D)            Amendments
to each of the following documents shall have been executed, acknowledged and
delivered by the parties thereto to each other party thereto and to Lender, in
each case subjecting the Substitute Project thereto and removing the Replaced
Project therefrom and covering such other matters as are appropriate in
connection therewith including the following:

    

    (1)           Amendment
to Master Lease,

    

    
      	
                
      

            	
               (2)

            	
              Memorandum
      of Master Lease with respect to the Substitute
  Project,

            

    

    

    (3)           Amendment
to Tenant Consent,

    

    
      	
               
      

            	
              (4)

            	
              Confirmation
      of Master Lease Guaranty by Master Lease Guarantor with respect to the
      Substitute Project,

            

    

    

    (5)           Amendment
to Residual Value Policy,

    

    (6)           Amendment
to Option Agreement, if any,

    

    (7)           Amendment
to Tripartite Agreement, if any

    

    (8)           Amendment
to this Indenture,

    

    (9)           Amendment
to Master Lease Assignment, and

    

    
      	
               
      

            	
              (10)

            	
              Two
      or three UCC Financing Statements with respect to the Substitute Project
      as recommended by local counsel to be recorded in appropriate county and
      state offices.

            

    

    

    In addition, Owner shall have executed,
acknowledged and delivered to Lender a letter from Owner countersigned by a
title insurance company acknowledging receipt of the Memorandum of Master Lease,
amendment to Indenture, amendment to Master Lease Assignment, amendment to
Option Agreement, if any, amendment to Tripartite Agreement, if any, and UCC-1
Financing Statements and agreeing to record or file, as applicable, such
Memorandum of Master Lease, amendment to Indenture, amendment to Master Lease
Assignment, amendment to Option Agreement, if any, amendment to Tripartite
Agreement, if any and one of the UCC-1 Financing Statements in the real estate
records for the county in which the Substitute Project is located, to file one
of the UCC-1 Financing Statements in the office of the Secretary of State of the
state in which the Substitute Project is located and, if required by local
counsel, to make such other filing of UCC-1 Financing Statements in such local
office as is appropriate, in each case, so as to effectively create upon such
recording and filing valid and enforceable Liens on the Substitute Project, of
the requisite priority, in favor of Lender (or such other trustee as may be
desired under local law), subject only to Permitted Encumbrances. The amendment
to Master Lease, Memorandum of Master Lease, confirmation of Master Lease
Guaranty, amendment to Indenture, amendment to Master Lease Assignment,
amendment to Tenant Consent, amendment to Residual Value Policy, amendment to
Option Agreement, if any, amendment to Tripartite Agreement, if any, and UCC-1
Financing Statements shall be in form acceptable to the Rating Agencies and
which would be reasonably satisfactory to a prudent lending institution making a
loan similar to the Loan and shall incorporate the same substantive provisions
as the original Operative Documents executed and delivered with respect to the
related Replaced Project, subject to modifications reflecting the Substitute
Project instead of the Replaced Property and such other modifications reflecting
the laws of the state in which the Substitute Project is located as shall be
recommended by the counsel admitted to practice in such state delivering the
opinion as to the enforceability of such documents required pursuant to clause
(G) below. The Amendment to Indenture encumbering the Substitute Project shall
secure all amounts evidenced by the Note, provided that in the event that the
jurisdiction in which the Substitute Project is located imposes a mortgage
recording, intangibles or similar tax and does not permit the allocation of
indebtedness for the purpose of determining the amount of such tax payable, the
principal amount secured by such Indenture shall be equal to one hundred fifty
percent (150%) of the Allocated Property Debt allocated to the Substitute
Project which shall be the same amount that was previously allocated to the
Replaced Project.

    

    
      	
              (E)

            	
              Lender
      shall have received (1) any "tie-in" or similar endorsement to each Title
      Insurance Policy insuring the Lien of the existing Indenture as of the
      date of the Substitution available with respect to the Title Insurance
      Policy insuring the Lien of the Indenture with respect to the Substitute
      Project and (2) a Title Insurance Policy (or a marked, signed and re-dated
      commitment to issue such Title Insurance Policy) insuring the Lien of the
      Indenture encumbering the Substitute Project, issued by the title company
      that issued the Title Insurance Policies insuring the Lien of the existing
      Indenture and dated as of the date of the Substitution and re-dated as of
      the date of recording, with reinsurance and direct access agreements that
      replace such agreements issued in connection with the Title Insurance
      Policy insuring the Lien of the Indenture encumbering the Replaced
      Project. The Title Insurance Policy issued with respect to the Substitute
      Project shall (1) provide coverage in the amount of the Allocated Property
      Debt if the "tie-in" or similar endorsement described above is available
      or, if such endorsement is not available, in an amount equal to one
      hundred fifty percent (150%) of such Allocated Property Debt, (2) insure
      Lender that the Indenture creates a valid first Lien on the Substitute
      Project encumbered thereby, free and clear of all exceptions for coverage
      other than Permitted Encumbrances and standard exceptions and exclusions
      from coverage (and as modified by the terms of any endorsements), (3)
      contains such endorsements and affirmative coverages as are contained in
      the Title Insurance Policies insuring the Liens of the Existing Indenture
      with respect to the other Mortgaged Properties or as may be necessitated
      by the facts and circumstances of the Substitute Project, subject to state
      law limitations with respect to such endorsements, and (4) name Lender as
      the insured. Lender also shall have received copies of paid receipts
      showing that all premiums in respect of such endorsements and Title
      Insurance Policies have been paid. Lender shall have received (1) an
      endorsement to the Title Insurance Policy insuring the Lien of the
      Indenture encumbering the Substitute Project insuring that the Substitute
      Project constitutes a separate tax lot or, if such an endorsement is not
      available in the state in which the Substitute Project is located, a
      letter from the title insurance company issuing such Title Insurance
      Policy stating that the Substitute Project constitutes a separate tax lot
      or (2) a letter from the appropriate taxing authority stating that the
      Substitute Project constitutes a separate tax
  lot.

            

    

    

    
      	
              (F)

            	
              Each
      of Owner and Remainderman shall deliver to Lender (1) updates certified by
      it of all organization documentation related to it and/or the formation,
      structure, existence, good standing and/or qualification to do business
      similar to that delivered to Lender in connection with the origination of
      the Loan; (2) good standing certificates, certificates of qualification to
      do business in the jurisdiction in which the Substitute Project is located
      (if required in such jurisdiction) and (3) evidence of the authority for
      it to undertake the Substitution and any actions taken in connection with
      such Substitution.

            

    

    

    
      	
              (G)

            	
              Lender
      shall have received the following opinions of counsel:  (1) an
      opinion or opinions of counsel admitted to practice under the laws of the
      state in which the Substitute Project is located stating that the
      Operative Documents delivered with respect to the Substitute Project
      pursuant to clause (D) above are valid and enforceable in accordance with
      their terms, subject to the laws applicable to creditors' rights and
      equitable principles, and that each of Owner and Remainderman is qualified
      to do business and in good standing under the laws of the jurisdiction
      where the Substitute Project is located or that such entity is not
      required by applicable law to qualify to do business in such jurisdiction;
      (2) an opinion of the respective counsel of each of Owner and of
      Remainderman acceptable to the Rating Agencies stating that the Operative
      Documents delivered by Owner or by Remainderman with respect to the
      Substitute Project pursuant to clause (D) above were duly authorized,
      executed and delivered by such entity and that the execution and delivery
      of such Operative Documents and the performance by such entity of its
      respective obligations thereunder will not cause a breach of, or a default
      under, any agreement, document or instrument to which such entity is a
      party or to which it or its properties are bound; (3) an opinion of
      counsel acceptable to the Rating Agencies and which would be reasonably
      satisfactory to a prudent lending institution making a loan similar to the
      Loan stating that subjecting the Substitute Project to the Lien of the
      related Indenture and the execution and delivery of the related Loan
      Documents does not and will not affect or impair the ability of Lender to
      enforce its remedies under all of the Loan Documents or to realize the
      benefits of the cross-collateralization provided for thereunder; and (4)
      an update of the nonconsolidation opinion delivered by Owner's counsel in
      connection with the origination of the Loan indicating that the
      Substitution does not affect the opinions set forth
    therein.

            

    

    

    
      	
              (H)

            	
              If
      any amount is required to be deposited in escrow by Tenant to cover
      deferred maintenance with respect to the Substitute Project, such amount
      shall be deposited into and held in the Restoration Account and disbursed
      as if such amount constituted Loss Proceeds pursuant to Section
      2.4(g).

            

    

    

    
      	
              (I)

            	
              Lender
      shall have received the following with respect to the Residual Value
      Insurer and the Residual Value Policy: (1) a certificate of the Residual
      Value Insurer stating that the representations and warranties contained in
      the closing certificate delivered by it pursuant to the Loan Agreement are
      true and correct in all material respects on and as of the date on which
      the Substitution is concluded with respect to itself and any amendment or
      supplement to the Residual Value Policy in connection with such
      Substitution and containing such other representations and warranties as
      Lender or the Rating Agencies may require, (2) an incumbency certificate
      with respect to the Residual Value Insurer attaching its organizational
      documents and including evidence of good standing and of the Residual
      Value Insurer's authority to execute and deliver the amendment or
      supplement to the Residual Value Policy in connection with such
      Substitution, and (3) an opinion of counsel of Residual Value Insurer
      acceptable to the Rating Agencies stating that the amendment or supplement
      to the Residual Value Policy delivered by Residual Value Insurer with
      respect to the Substitute Project is duly authorized, executed and
      delivered by the Residual Value Insurer and is legal, valid, binding and
      enforceable in accordance with its terms, and that the execution and
      delivery thereof and performance by the Residual Value Insurer of its
      obligations under the Residual Value Policy in connection therewith will
      not cause a breach of, or default under any agreement, document or
      instrument to which the Residual Value Insurer is a party or by which it
      or its properties or bound and covering such other matters as may be
      required by the Rating Agencies.

            

    

    

    

    
      	
              (J)

            	
              Owner
      shall submit to Lender, not less than thirty (30) days prior to the date
      of such substitution, a release of Lien (and related Loan Documents) for
      the Substitute Project for execution by Lender. Such release shall be in a
      form appropriate for the jurisdiction in which the Substitute Project is
      located.

            

    

    

    Upon the
satisfaction of the foregoing conditions precedent, Lender will release its Lien
from the Replaced Project to be released and the Substitute Project shall be
deemed to be a Mortgaged Property for all purposes of this Indenture and the
other Loan Document and the Allocated Property Debt with respect to such
Replaced Project shall be deemed to be the Allocated Property Debt with respect
to such Substitute Project for all purposes herein.

    

    (b)           [Intentionally
omitted]

    

    (c)           Upon
any release provided for under this Section 2.27, Lender and Trustee at Owner's
or Tenant's cost and expense, shall execute and deliver to Owner an instrument
releasing the lien in and to the applicable Mortgaged Property and shall execute
for recording in public offices, at the expense of Tenant, such instruments in
writing as Owner or Tenant shall reasonably request and as shall be reasonably
acceptable to Lender in order to make clear upon public records that such lien
has been released under the laws of the applicable jurisdiction.

    

    (d)           In
no event shall any purchaser or purchasers in good faith of any property
purported to be released hereunder be bound to ascertain the authority of Lender
to execute any instrument hereunder, or to see to the application of the
purchase money.

    

    Section
2.28                                 
Residual Value
Policy.

    

    (a)           Unless
all of the Indebtedness shall have been paid in full on or prior to the Maturity
Date and this Indenture released with respect to all of the Mortgaged Properties
subject hereto, Owner shall maintain in full force and effect the Residual Value
Policy from the Residual Value Insurer and comply with its obligations pursuant
to the Residual Value Policy. All proceeds of the Residual Value Policy shall be
applied to the payment of the Indebtedness.  The Residual Value
Insurer has agreed to make payment of proceeds to Lender pursuant to the Loss
Payee Endorsement of the Residual Value Policy. Owner agrees that (i) the
Residual Value Policy (including the Loss Payee Endorsement) shall not be
changed, amended, altered or modified and the Loss Payee Endorsement shall not
be terminated without the prior written consent of Lender and confirmation in
writing from the Rating Agencies to the effect that such action will not result
in a withdrawal, qualification or downgrade of any then current ratings for any
Securities issued in connection with any Secondary Market Transaction, (ii) any
consent, approval, agreement or waiver provided by Owner pursuant to the
Residual Value Policy shall not be valid unless consented to in writing by
Lender, and (iii) except as otherwise expressly set forth in the Loss Payee
Endorsement, Lender shall not, by reason of the Indenture, the Master Lease
Assignment or otherwise, be subject to any obligation, duty or liability under
the Residual Value Policy and Owner shall remain liable with respect to its
obligations thereunder.

    

    (b)           If
Owner shall have paid the Indebtedness in full on or prior to the Maturity Date
and this Indenture shall have been released with respect to all of the Mortgaged
Properties subject hereto, at the request and expense of Owner, Lender shall
consent in writing to a termination of the Residual Value Policy. If Owner shall
not have paid the Indebtedness in full on or prior to the Maturity Date, or if
on or prior to the Maturity Date Owner or Rerainderman shall otherwise fail to
comply with the applicable provisions of the Residual Value Policy and this
Section 2.28, Owner and Remainderman each hereby irrevocably appoints Lender as
its attorney-in-fact, coupled with an interest, with full right of substitution,
to take all actions necessary to make claims under and obtain the proceeds of
the Residual Value Policy and to comply with the applicable provisions of the
Residual Value Policy including, without limitation, the execution and delivery,
in the name and on behalf of Owner and Remainderman, or either thereof, or any
other assignee or owner of any interest in the Mortgaged Property, as the case
may be, of certificates, instruments and documents required
thereunder.

    

    (c)           Remainderman
agrees that it will promptly execute all certificates, instruments or documents
required under the Residual Value Policy upon the request of Owner or
Lender.

    

    Section
2.29                       Owner's Negative_
Covenants. From the date hereof until payment and performance in full of
all obligations of Owner under the Loan Documents or the earlier release of all
Liens encumbering the Mortgaged Properties in accordance with the terms of this
Indenture and the other Loan Documents, Owner covenants and agrees with Lender
that it will not do, directly or indirectly, any of the following:

    

    (a)           Liens. Owner shall
not, without the prior written consent of Lender, create, voluntarily incur or
assume any Lien on any portion of the Mortgaged Properties or, subject to the
provisions of Section 2.2(e), permit any such action to be taken,
except:

    

    
      	
                                            
      (i)  

            	
              Permitted
      Encumbrances;

            

    

    

    (ii)            Liens
created by or permitted pursuant to the Loan Documents;

    

    (iii)            Liens
for Impositions not yet due.

    

    (b)           Dissolution. Owner
shall not dissolve, terminate, liquidate, merge with or consolidate into another
Person.

    

    (c)           Change in Business.
Owner shall not enter into any line of business other than the ownership and
leasing of the Mortgaged Properties, or make any material change in the scope or
nature of its business objectives, purposes or operations, or undertake or
participate in activities other than the continuance of its present
business.

    

    (d)           Debt Cancellation.
Owner shall not cancel or otherwise forgive or release any material claim or
material debt owed to Owner by any Person, except for adequate consideration and
in the ordinary course of Owner's business.

    

    (e)           Affiliate
Transactions. Owner shall not, without Lender's prior written consent,
enter into, or be a party to, any transaction with an Affiliate of Owner or any
of the beneficial owners of Owner except in the ordinary course of business and
on terms which are fully disclosed to Lender in advance and are no less
favorable to Owner or such Affiliate than would be obtained in a comparable
arm's-length transaction with an unrelated third party.

    

    (f)           Zoning. Owner shall
not initiate or consent to any zoning reclassification of any portion of any
Mortgaged Property or seek any variance under any existing zoning ordinance or
use or permit the use of any portion of any Mortgaged Property in any manner
that could result in such use becoming a non-conforming use under any zoning
ordinance or any other applicable land use law, rule or regulation, without the
prior consent of Lender which shall not be unreasonably withheld or
delayed.

    

    (g)           Assets. Owner shall
not purchase or own any properties other than the Mortgaged
Properties.

    

    (h)           Debt. Owner shall not
create, incur or assume any debt other than the Note and other than unsecured
trade debt customarily payable within thirty (30) days in an aggregate amount
not to exceed $250,000.

    

    (i)           No Joint Assessment.
Owner shall not suffer, permit or initiate the joint assessment of the Mortgaged
Property (i) with any other real property constituting a tax lot separate from
the Mortgaged Property, and (ii) with any portion of the Mortgaged Property
which may be deemed to constitute personal property, or any other procedure
whereby the lien of any taxes which may be levied against such personal property
shall be assessed or levied or charged to the Mortgaged Property.

    

    (j)           ERISA. (i) Owner
shall not engage in any transaction which would cause any obligation, or action
taken or to be taken, hereunder (or the exercise by Lender of any of its rights
under the Note, this Indenture or the other Loan Documents) to be a non-exempt
(under a statutory or administrative class exemption) prohibited transaction
under the Employee Retirement Income Security Act of 1974, as amended
("ERISA").

    

    (ii)            Owner
further covenants and agrees to deliver to Lender such certifications or other
evidence from time to time throughout the term of the Loan, as requested by
Lender in its sole discretion, that (A) Owner is not an "employee benefit plan"
as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a
"governmental plan" within the meaning of Section 3(3) of ERISA; (B) Owner is
not subject to state statutes regulating investment and fiduciary obligations
with respect to governmental plans; and (C) one or more of the following
circumstances is true:

    

    
      	
              (A)

            	
              Equity
      interests in Owner are publicly offered securities, within the meaning of
      29 C.F.R. §2510.3-101(b)(2);

            

    

    

    
      	
              (B)

            	
              Less
      than twenty-five percent (25%) of each outstanding class of equity
      interests in Owner are held by "benefit plan investors" within the meaning
      of 29 C.F.R. §2510.3-101(f)(2); or

            

    

    

    
      	
              (C)

            	
              Owner
      qualifies as an "operating company" or a "real estate operating company"
      within the meaning of 29 C.F.R. §2510.3-101(c) or (e) or an investment
      company registered under The Investment Company Act of
    1940.

            

    

    

    ARTICLE
3

    Security
Agreement

    

    Section
3.1                      Representations and
Warranties. Owner and Remainderman each represents and warrants, solely
with respect to itself that, as of the date hereof, each and every
representation and warranty made by Owner or Remainderman in (i) its certificate
delivered to Lender in satisfaction of a closing condition pursuant to the Loan
Agreement, (ii) this Indenture and (iii) any other Loan Document is made as of
the date hereof (except as otherwise expressly provided therein or herein), is
true and correct, and is hereby incorporated by reference herein.

    

    Section
3.2                      Survival of Article
3. The representations and warranties referred to in Section 3.1 shall
survive the delivery of the Note and making of the Loan and shall continue for
so long as any Indebtedness remains owing to Lender; provided, however, that the
environmental compliance representations of Owner referred to in Section 3.1
shall survive in perpetuity. So long as any Indebtedness remains owing to
Lender, the security agreement, covenants and agreements of Owner set forth in
Section 3.3 shall survive any foreclosure of this Indenture by or on behalf of
Lender as if Section 3.3 were included in a separate document. All
representations, warranties, covenants and agreements made in this Indenture or
in the other Loan Documents shall be deemed to have been relied upon by Lender
notwithstanding any investigation heretofore or hereafter made by Lender or on
its behalf.

    

    Section
3.3                      
Security
Agreement. Owner covenants, warrants, represents and agrees with and to
Lender, as follows:

    

    (a)           This
Indenture constitutes a security agreement under the Code and serves as a
fixture filing in accordance with the Code. Owner hereby confirms the grant of a
security interest pursuant to Granting Clause Second in favor of Trustee, if
applicable, and Lender as secured party under the Code with respect to all
property (specifically including the Collateral) now or hereafter included in
the Mortgaged Property which is covered by the Code. Among other things, this
Indenture is filed as a fixture filing and covers property which is or will
become fixtures on the Mortgaged Property. The mention in a Financing Statement
filed in the records normally pertaining to personal property of any portion of
the Mortgaged Property shall not derogate from or impair in any manner the
intention of Owner and Lender hereby declared that all Equipment is part of the
real property encumbered by the Indenture to the fullest extent permitted by
law, regardless of whether any such item is physically attached to the
Improvements or whether serial numbers are used for the better identification of
certain items. Specifically, the mention in any such Financing Statement of the
rights in or to (i) any Insurance Proceeds, (ii) any Condemnation Proceeds,
(iii) Owner's interest in any Leases or Property Income, or (iv) any other item
included in the Mortgaged Property, shall not be construed to alter, impair or
impugn any rights of Lender as determined by this Indenture, or the priority of
Lender's lien upon and security interest in, that portion of the Mortgaged
Property which constitutes real property. Any such mention shall be for the
protection of Lender in the event that notice of Lender's priority of interest
as to any portion of the Mortgaged Property is required to be filed in
accordance with the Code to be effective against or take priority over the
interest of any particular class of persons, including the federal government or
any subdivision or instrumentality thereof.

    

    (b)           Except
for the security interest granted by this Indenture, Owner is, and as to
portions of the Collateral to be acquired after the date hereof will be, the
sole owner of the Collateral, free from any lien, security interest, encumbrance
or adverse claim thereon of any kind whatsoever except Permitted Encumbrances.
Owner shall notify Lender of, and shall defend the Collateral against, all
claims and demands of all persons at any time claiming the same or any interest
therein. Owner will execute and deliver to Lender for filing a Financing
Statement or Financing Statements in connection with the Collateral in the form
required to properly perfect Lender's security interest in the Collateral to the
extent that it may be perfected by such a filing. Owner agrees that at any time
and from time to time, at the expense of Owner, Owner shall promptly execute and
deliver all further instruments, and take all further action, that Lender may
request, in order to perfect and protect the pledge, security interest and lien
granted or purported to be granted hereby, or to enable Lender to exercise and
enforce Lender's rights and remedies hereunder with respect to, the
Collateral.

    

    (c)           Except
as otherwise provided in this Indenture, Owner shall not lease (other than in
the ordinary course of business) or Transfer all or any portion of the
Collateral without the prior written consent of Lender.

    

    (d)           The
Collateral is not used or bought for personal, family or household
purposes.

    

    (e)           The
Collateral which constitutes Equipment and fixtures shall be kept on or at the
Mortgaged Property, and Owner shall not remove such Collateral from the
Mortgaged Property without the prior consent of Lender, except such portions or
items thereof as are consumed or worn out in ordinary usage, all of which shall
be promptly replaced by Owner with items of equal or greater value.

    

    (f)           In
the event of any change in name, identity or structure of Owner, Owner shall
notify Lender thereof and promptly after request shall execute, file and record
such Code forms as are necessary to maintain the priority of Lender's lien upon
and security interest in the Collateral, and shall pay all expenses and fees in
connection with the filing and recording thereof. If Lender shall require the
filing or recording of additional Code forms or continuation statements, Owner
shall, promptly after request, execute, file and record such Code forms or
continuation statements as Lender shall deem necessary, and shall pay all
expenses and fees in connection with the filing and recording thereof, it being
understood and agreed, however, that no such additional documents shall increase
Owner's obligations under the Loan Documents.

    

    (g)           Owner
hereby irrevocably appoints Lender as its attorney-in-fact, with full right of
substitution, which power of attorney is coupled with an interest, to file or
record with the appropriate public office on its behalf any Financing Statement,
or other form or continuation statement in connection with the Collateral
covered by this Indenture as Lender may deem necessary or appropriate to
evidence, maintain, perfect and continue the security interests Granted by this
Indenture without notice to or the signature or consent of Owner, Remainderman,
any other debtor with respect thereto or any other Person.

    

    (h)           Any
disposition pursuant to the Code of so much of the Collateral as may constitute
personal property shall be considered commercially reasonable if made pursuant
to a public sale which is advertised at least twice in a newspaper of local
circulation in the community where the Land relating to the Collateral is
located. Any notice required by the Code to be given to Owner shall be
considered reasonably and properly given if given in the manner and at the
address provided in Section 5.1 at least ten (10) calendar days prior to the
date of any scheduled public sale.

    

    (i)           In
the event of the foreclosure of this Indenture as it relates to all or any
portion of the Mortgaged Property, or other transfer of title to or assignment
of all or any portion of the Mortgaged Property in extinguishment of all or any
portion of the Indebtedness, all right, title and interest of Owner in and to
all policies of insurance required by this Indenture and any Insurance Proceeds
shall inure to the benefit of and pass to Lender or any purchasers or
transferees of the Mortgaged Property.

    

    (j) A CARBON, PHOTOGRAPHIC OR OTHER
REPRODUCTION OF THIS INDENTURE OR ANY FINANCING STATEMENT RELATING TO THIS
INDENTURE SHALL BE SUFFICIENT AS A FINANCING STATEMENT.

    

    (k)           The
mailing address of Owner and the address of Lender from which information
concerning the security interest granted hereby may be obtained are set forth in
Section 5.1 of this Indenture. Owner maintains its chief executive office at c/o
U.S. Realty Advisors, LLC, 1370 Avenue of the Americas, 29th Floor, New York,
New York 10019, and Owner shall immediately notify Lender in writing of any
change in said chief executive office. Without limiting the foregoing, Owner
shall provide an annual certification to Lender with respect to the address of
Owner's chief executive office which shall accompany the delivery of Owner's
annual audited financial statements.

    

    (1)           Beyond
the exercise of reasonable care in the custody thereof, Lender shall not have
any duty as to any Cash Collateral Account or any income thereon or any other
Collateral in Lender's possession or control or in the possession or control of
any agents for or of Lender, or the preservation of rights against any Person or
otherwise with respect thereto. Lender shall be deemed to have exercised
reasonable care in the custody of any Collateral in Lender's possession or under
Lender's control if such Collateral is accorded treatment substantially equal to
that which Lender accords Lender's own property, it being understood that Lender
shall not be liable or responsible for any loss, damage or diminution in value
by reason of the acts or omissions of Lender, or Lender's agents, employees or
bailees.

    

    (m)           Owner
hereby irrevocably appoints Lender as Owner's attorney-in-fact, with full power
of substitution, which power of attorney is coupled with an interest, at any
time after the occurrence of an Event of Default (except as otherwise expressly
provided in the Master Lease Assignment) to execute, acknowledge and deliver any
instruments and to exercise and enforce every right, power, remedy, option and
privilege of Owner with respect to the Collateral, and do in the name, place and
stead of Owner, all such acts, things and deeds for and on behalf of and in the
name of Owner with respect to the Collateral, which Owner could or might do or
which Lender may deem necessary or desirable to more fully vest in Lender the
rights and remedies provided for herein with respect to the Collateral and to
accomplish the purposes of this Indenture.

    

    ARTICLE
4

    Default
and Remedies

    

    Section
4.1                      Events of Default.
The occurrence of any of the following events shall constitute an "Event of
Default" under this Indenture:

    

    (a)           if
default shall be made in the payment of the principal, interest or Make-Whole
Premium, if any, on the Note or in the payment of any Defeasance Deposit on the
date the same becomes due and payable, either as a Debt Service Payment, at
maturity, as part of any prepayment, defeasance or otherwise, as set forth in
the Note and any Loan Document and such failure continues for five (5) Business
Days after delivery of written notice from Lender to Owner at such payment was
not received when due;

    

    (b)           if
the Master Lease or the Master Lease Guaranty shall be terminated beforee the
expiration of the term thereof for any reason (other than expressly in
accordance with the provisions of the Master Lease or the Master Lease Guaranty,
as applicable) or if the Master Lease, the Master Lease Guaranty, or any other
Operative Document shall be amended, modified or waived or if any thereof shall
be encumbered by or through Owner without the prior written consent of Lender
(except as expressly otherwise provided for in this Indenture or in the Master
Lease Assignment);

    

    (c)           if
a Lease Event of Default shall occur (other than any such Lease Event of Default
arising by reason of nonpayment of, or- failure to perform with respect to, any
Excepted Payment) (but subject to the rights of Owner under Section 4.5 with
respect to such an Event of Default) or if default by Master Lease Guarantor
shall be made in the due observance or performance of any covenant or agreement
contained in the Master Lease Guaranty;

    

    (d)           other
than any Event of Default under this Section 4.1 for which no grace period or a
shorter grace period (as specified in such clause) shall be applicable, if Owner
shall continue to be in default under any of the other terms, covenants or
conditions of the Note, this Indenture or any other Loan Document for ten (10)
days after notice to Owner has been sent from Lender, in the case of any default
which can be cured by the payment of a sum of money, or for thirty (30) days
after notice from Lender, in the case of any other default which is not also a
Lease Event of Default; provided, however, that if such
nonmonetary default is susceptible of cure but cannot reasonably be cured within
such thirty (30) day period and provided further that Owner shall have commenced
to cure such default within such thirty (30) day period and thereafter
diligently and expeditiously proceeds to cure the same, such thirty (30) day
period shall be extended for such time as is reasonably necessary for Owner in
the exercise of due diligence to cure such default, but in no event to exceed
one hundred eighty (180) days from the date of such default;

    

    (e)           if
Remainderman shall be in default under any of the terms, covenants, or
conditions of this Indenture for ten (10) days after notice to Remainderman has
been sent from Lender, in the case of any default which can be cured by the
payment of a sum of money, or for thirty (30) days after notice from Lender, in
the case of any other default; provided, however, that if such
non-monetary default is susceptible of cure but cannot reasonably be cured
within such thirty (30) days, and provided further that Remainde-tman shall have
commenced to cure such default within such thirty (30) days and thereafter
diligently and expeditiously proceeds to cure the same, such thirty (30) days
shall be extended for such time as is reasonably necessary for Remainderman in
the exercise of due diligence to cure such default, but in no event to exceed
one hundred eighty (180) days from the date of such default;

    

    (f)           if
any representation or warranty made herein or in any other Loan Document, or in
any report, certificate, financial statement or other instrument, agreement or
document furnished by Owner in connection with this Indenture, the Note, the
Loan Agreement or any other Loan Document executed and delivered by Owner or
Remainderman, shall be false or misleading in any material respect as of the
date such representation or warranty was made in a manner which is material and
adverse to Lender;

    

    (g)           if
Owner or Remainderman (or any entity with whom Owner's or any SPE Equity Owner's
or Remainderman's assets would ordinarily be consolidated in such proceeding),
files or consents to the filing of, or commences or consents to the commencement
of, any Bankruptcy Proceeding with respect to Owner or any SPE Equity Owner or
Remainderman or such entity, or if Owner or any SPE Equity Owner or Remainderman
shall make an assignment for the benefit of its creditors or shall admit in
writing the inability to pay its debts generally as they become
due;

    

    (h)           if
any Bankruptcy Proceeding shall have been filed against Owner or any SPE Equity
Owner or Remainderman (or any entity with whom Owner's or any SPE Equity Owner's
or Remainderman's assets would ordinarily be consolidated in such proceeding),
and the same is not withdrawn, dismissed, canceled or terminated within ninety
(90) days after the date of such filing.

    

    (i)           if
a receiver, liquidator or trustee shall be appointed for Owner or Remainderman
or if Owner or any SPE Equity Owner or Remainderman shall be adjudicated a
bankrupt or insolvent, or if any petition for bankruptcy, reorganization or
arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, shall be filed by or against, consented to, or acquiesced in by, Owner or
any SPE Equity Owner or Remainderman, if any, or if any proceeding for the
dissolution or liquidation of Owner or any SPE Equity Owner or Remainderman, if
any, shall be instituted and any of the foregoing is. not withdrawn, dismissed,
canceled or terminated within ninety (90) days after the date of such filing,
adjudication, order or appointment;

    

    (j)           if
any Transfer occurs other than in accordance with this Indenture, if Owner fails
to maintain any insurance in violation of this Indenture or if Owner shall have
failed to comply with any negative covenant contained herein;

    

    (k)           (A)
if any provision of the organizational documents of Owner affecting the
purpose-for which
such Owner is formed or its status as a Single Purpose Entity or affecting
transfers of any SPE Equity Owner's interest in Owner or (B) if any provision of
the organizational documents of any SPE Equity Owner affecting the purpose for
which such SPE Equity Owner is formed or its status as a Single Purpose Entity
or affecting transfers of interests in such SPE Equity Owner is amended or
modified in either case without the prior written consent of Lender, or if the
constituent Partners of Owner or any SPE Equity Owner fail to perform or enforce
such provisions of such organizational documents, as the case may

    be, or
attempt to dissolve Owner or any SPE Equity Owner or terminate such
Person(s);

    

    (1)           if
any of the factual assumptions contained in the non-consolidation opinion
delivered to the Lender in connection with the organization of the Loan or in
any other non-consolidation opinion delivered subsequent to the closing of the
Loan is or shall become untrue in any material respect:

    

    (m)           if
an Event of Default as defined or described in the Note, the Loan Agreement or
in any other Loan Document occurs or if any other event shall occur or condition
shall exist, if the effect of such event or condition is to accelerate the
maturity of any portion of the Indebtedness as to all or any portion of the
Mortgaged Property or to permit Lender to accelerate the maturity of all or any
portion of the Indebtedness as to all or any portion of the Mortgaged Property;
or

    

    (n)           if
final judgment for the payment of money in excess of $25,000 shall be rendered
against Owner and Owner shall not discharge the same or cause it to be
discharged within sixty (60) days from the entry thereof, or shall not appeal
therefrom or from the order, decree or process upon which or pursuant to which
said judgment was granted, based or entered, and secured a stay of execution
pending such appeal.

    

    

    Upon the
happening of any Event of Default, Lender, at any time thereafter during the
continuance of any Event of Default, subject to any applicable provisions of the
Note and this Indenture, may accelerate and declare, by written notice to Owner,
all or any portion of the Indebtedness immediately due and payable, with
Make-Whole Premium, and upon any such declaration all Indebtedness so
accelerated, together with the Make-Whole Premium, shall become and be
immediately due and payable, anything in the Note, this Indenture or in any
other Loan Document to the contrary notwithstanding, provided, however, that if such
Event of Default shall have occurred under Section 4.1(g), (h) or (i), then no
written notice shall be required but acceleration shall occur immediately upon
such Event of Default.

    

    Section
4.2                      Remedies. Subject to
the provisions of Section 4.4, in case any one or more Events of Default shall
happen and be continuing, then and in each and every such case Lender,
personally or by its attorneys or agents, including, without limitation, Trustee
(as directed by Lender), is hereby authorized and empowered, and whether or not
the Indebtedness shall have matured or been declared due, to exercise any one or
more of the following remedies, and to do or cause to be done any or all of the
following acts and things, namely:

    

    (a)           To
the full extent permitted by law, enter into and upon and take possession of any
and all of the Mortgaged Property and each and every part thereof, and exclude
each of Owner and Remainderman, their respective successors or assigns, their
respective agents and servants, wholly therefrom; and have, hold, use, operate,
manage and control the Mortgaged Property and each and every part thereof, and,
in the name of Owner or of Remainderman or otherwise as deemed most appropriate,
conduct the business thereof, and exercise the franchises pertaining thereto and
all the rights and powers of each of Owner and Remainderman and use all the then
existing property and assets for that purpose either personally or by their
superintendents, managers, receivers, agents and/or servants or attorneys, as
Lender shall deem best; and, at the expense of the Mortgaged Property, from time
to time, either by purchase, repairs or construction, may maintain and restore,
and insure, and keep insured, the Mortgaged Property whereof Lender, personally
or by its attorneys or agent (as directed by Lender), shall become possessed as
aforesaid, in the manner and to the same extent as is usual with similar
properties, and likewise, from time to time, at the expense of the Mortgaged
Property, may obtain such appraisals and environmental reports as Lender may
deem appropriate with respect to the Mortgaged Property, make all necessary
and/or proper repairs, renewals and replacements and useful alterations,
additions, betterments, and improvements thereto and thereon, as Lender may seem
appropriate; collect and receive all tolls, earnings, income, rents, issues,
profits and revenues of the same and of every part thereof; and after deducting
the expenses of operating said premises and properties and of conducting the
business thereof and of all appraisals, environmental reports, repairs,
maintenance, renewals, replacements, alterations, additions, betterments and
improvements, and all payments which may be made for interest, taxes,
assessments, insurance and prior or other charges upon the Mortgaged Property or
any part thereof, as well as all expenses and just and reasonable compensation
for the services of Lender, Trustee and all attorneys, counsel, agents, clerks,
servants and other employees by them properly engaged and employed, apply the
balance of the moneys received by Lender, personally or by its attorneys or
agent (as directed by Lender), in the manner provided in Section 4.3(1).
Whenever all that is due and payable on the Indebtedness under any of the terms
of this Indenture and any other Loan Documents shall have been paid Lender or
Trustee, as applicable, shall surrender possession of the Mortgaged Property
taken under this Section (other than cash or securities at the time required to
be held hereunder and except to the extent the Mortgaged Property has
theretofore been foreclosed upon and sold pursuant to the terms of this
Indenture) to Owner, its successors or assigns; the same right of entry,
however, to exist upon any subsequent Event of Default.

    

    (b)           Lender
or Trustee, (as directed by Lender), as applicable, after giving written notice
that an Event of Default has occurred and written notice of sale to each of
Owner and Remainderman, with or without entry, may sell or dispose of, subject
to all the Liens thereon which then shall be prior and superior to the Lien of
this Indenture, if any, or free from such Liens as Lender may elect to
discharge, the Mortgaged Property and all or any part or parts of the right,
title, interest, claim and demand of Owner or of Remainderman therein and the
right of redemption thereof, at one or more private or public sales pursuant to
Section 4.3, in accordance with applicable law as an entirety or in parcels and
at such time or times and place or places and upon such conditions as to upset
or reserve bids or prices and as to terms of payment including terms as to
credit, partial credits and security for payment and other terms of sale as it
or they may fix, or as may be required by law, including power and authority to
rescind or vary any contract of sale that may be entered into and to resell
under the powers herein conferred. Any sums so collected or received shall be
held and applied by it in the manner provided in Section 4.3(1).

    

    (c)           Lender
or Trustee (as directed by Lender), as applicable, with or without entry, may
proceed to protect and to enforce its rights under this Indenture or any other
Loan Document by a suit or suits in equity or at law, whether for the specific
performance of any covenant or agreement contained herein or in any Loan
Document, or in aid of the execution of any power therein granted or for the
foreclosure of this Indenture, or for the sale of the Mortgaged Property under
the power of sale granted herein or the judgment or decree of any court or
courts of competent jurisdiction, or by any other appropriate legal or equitable
remedy as, being advised by Independent counsel, shall be deemed most effectual
to protect and enforce any rights or duties hereunder.

    

    (d)           Lender
or Trustee (as directed by Lender), as applicable, may exercise all remedies and
rights provided under the Code or similar laws.

    

    (e)           Subject
to Section 4.3(z) hereof and to any applicable provisions of the Loan Agreement
or the Note, Lender or Trustee may recover judgment on the Note (or any portion
of the Indebtedness evidenced thereby), either before, during or after any
proceedings for the foreclosure (or partial foreclosure) or enforcement of this
Indenture or any other Loan Document.

    

    (f)           Lender
or Trustee (as directed by Lender) may secure the appointment of a receiver,
trustee, liquidator or similar official of the Mortgaged Property or any portion
thereof, and each of Owner and Remainderman hereby consents and agrees to such
appointment, without notice to Owner or Remainderman and without regard to the
adequacy of the security for the Indebtedness and without regard to the solvency
of Owner or Remainderman or any other Person liable for the payment of the
Indebtedness, and, if Lender so elects and directs, such receiver or other
official shall have power to continue all then pending actions and to hold and
enforce all such choses-in-action as have accrued or are to accrue to Owner or
Remainderman, as well as all of the earnings, income and profits thereof, for
the sole benefit of Lender, and shall have all rights and powers permitted by
applicable law and such other rights and powers as the court making such
appointment may confer, but the appointment of such receiver or other official
shall not impair or in any manner prejudice the rights of Lender to receive the
Property Income with respect to any of the Mortgaged Property pursuant to this
Indenture or the Assignment.

    

    (g)           In
addition to the rights which Lender may have herein, upon the occurrence of any
Event of Default, Lender, at its option, may require Owner to pay monthly in
advance to Lender, or any receiver appointed to collect the Property Income, the
fair and reasonable rental value for the use and occupation of any portion of
the Mortgaged Property occupied by Owner and may require Owner or Remainderman
or both to vacate and surrender possession to Lender of the Mortgaged Property
or to such receiver and Owner or Remainderman or both may be evicted by summary
proceedings or otherwise.

    

    (h)           Lender
may pursue against Owner or Remainderman or both, any other rights and remedies
of Lender permitted by law, equity or contract or as set forth herein or in the
other Loan Documents.

    

    In case any Event of Default shall
occur, Lender or Trustee shall, upon being so directed in writing by Lender and
upon being indemnified to Trustee's reasonable satisfaction against costs,
expenses and liability which may be incurred by acting in pursuance of such
direction, proceed to lawfully exercise any one or more of the foregoing
remedies.

    

    Section
4.3                      General Provisions Regarding
Remedies.

    

    (a)           Effect of Judgment.
No recovery of any judgment by Lender or Trustee for the benefit of Lender, and
no levy of an execution under any judgment upon the Mortgaged Property or any
portion thereof or upon any other property of Owner shall adversely affect in
any manner or to any extent the lien of this Indenture upon the remaining
portion of the Mortgaged Property. Such lien, rights, powers and remedies of
Lender and Trustee shall continue unimpaired as before until full payment of the
Indebtedness secured hereby.

    

    (b) Continuing Power of
Sale. The right of Lender and Trustee (as directed by Lender), as
applicable, to foreclose under this Indenture shall not be exhausted by any one
or more sales of any portion of the Mortgaged Property but shall continue
unimpaired until all of the Mortgaged Property is sold or all of the
Indebtedness is paid in full.

    

    (c)           Power of Sale;
Receivership. In case any Event of Default shall occur and be continuing
and Lender or Trustee (as directed by Lender), as applicable, shall proceed by
suit or suits at law or in equity, or by any other judicial proceeding, as
Lender or Trustee (as directed by Lender), as applicable, shall be entitled to
have the Mortgaged Property or any portion thereof sold by judicial sale under
the order of a court or courts of competent jurisdiction, or by power of sale,
or under executory or other legal process, for or toward the satisfaction of the
Indebtedness entitled to the benefit of the security of this Indenture, and
Lender or Trustee (as directed by Lender), as applicable, shall be entitled to
the enforcement of the rights, liens and security provided by this Indenture as
a matter of right, and during the pendency of any such action, suit or
proceeding Lender or Trustee (as directed by Lender) shall be entitled, as a
matter of right, to one or more receiverships of the Mortgaged Property, or any
portion thereof, and of the earnings, revenues, issues, profits and income
thereof, without regard to the adequacy of the security for the Indebtedness and
whether the Mortgaged Property shall or shall not be adequate and sufficient to
pay and satisfy the Indebtedness then outstanding; but, notwithstanding the
appointment of any such receiver, Lender shall be entitled to the possession and
control of any cash and other securities payable or deliverable under the
provisions of this Indenture to Lender.

    

    (d)           Sale. In the event of
any sale, whether made under the power of sale herein granted or conferred, or
under or by virtue of judicial proceedings, or of any judgment or decree of
foreclosure and sale, the whole of the Mortgaged Property may be sold, in the
sole discretion of Lender, in one parcel as an entirety or in such parcels and
in such order as shall be determined by Lender, in its sole discretion, or,
otherwise, and this provision shall bind the parties hereto; and each for itself
and all persons, firms and corporations claiming by, through or under it, or who
may at any time hereafter become holders of Liens junior to the Lien of this
Indenture, hereby expressly waive and release, to the full extent permitted by
applicable law, any and all right to have the Mortgaged Property or any part
thereof marshaled

    upon any
sale, foreclosure or other enforcement hereof; and Lender or Trustee or any
court in which the foreclosure of this Indenture or the administration of any
trusts hereby created is sought, shall have the right as aforesaid to sell the
Mortgaged Property as a whole in a single parcel or in such parcels and in such
order as Lender may determine in its sole discretion.

    

    (e)           Notice of Sale.
Notice of any sale pursuant to any provision of this Indenture shall be given in
such manner and in such places as may be required by law and, in addition, as
Lender may deem advisable.

    

    (f)           Adjournment of Sale.
Any sale to be made under the provisions of this Indenture may be adjourned and
readjourned, from time to time, by announcement at the time and place appointed
for such sale or for such adjourned sale or sales; and, without further notice
or publication, such sale may be made at the time and place to which the same
shall be so adjourned or readjourned to the extent permitted by applicable
law.

    

    (g)           Conveyance Upon Sale.
Upon the completion of any sale or sales under or by virtue of the provisions of
this Indenture, Lender or Trustee (as directed by Lender) or any Person duly
appointed by any court of competent jurisdiction for such purpose, as may be
required by applicable law, shall execute and deliver to the accepted purchaser
or purchasers a good and sufficient deed or good and sufficient deeds of
conveyance of fee simple title with such covenants made on behalf of Owner or
Remainderman or both and other instruments conveying, assigning and transferring
the property and franchises sold as Lender may determine in its sole discretion.
Each of Lender and Trustee and their successors, are hereby appointed the true
and lawful irrevocable attorneys of each of Owner and Remainderman, in their
respective name and stead, to make all necessary deeds and conveyances of
property thus sold, and for that purpose either of them may execute all
necessary acts of assignment and transfer, and may substitute one or more
persons with like power, each of Owner and Remainderman hereby authorizing,
ratifying and confirming all that their respective said attorneys, or such
substitute or substitutes, shall lawfully do by virtue hereof. Nevertheless,
each of Owner and Remainderman, if so requested by Lender, agrees that it shall
ratify and confirm such sale or sales by executing and delivering to such
purchaser or purchasers all such instruments, transfers, assignments and
conveyances as may be necessary or desirable in the judgment of Lender for the
purpose designated in such request. Trustee shall not exercise the power of
attorney set forth herein except as directed by Lender to do so in
writing.

    

    (h)           Termination of Equity of
Redemption. To the full extent permitted by applicable law and subject to
the waivers set forth in Section 4.3(o), any such sale or sales made under or by
virtue of the provisions of this Indenture, whether under the power of sale
hereby granted and conferred, or under or by virtue of judicial proceedings,
shall operate to divest all right, title, interest, claim and demand whatsoever,
either at law or in equity, of each of Owner and Remainderman of, in and to the
Mortgaged Property sold, and shall be a conclusive and perpetual bar and
extinguishment of any and all equity of redemption, both at law and in equity,
against each of Owner and Remainderman, their respective successors and/or
assigns, and against any and all persons claiming or seeking to claim an
interest in the Mortgaged Property sold, or any part thereof from, through or
under each of Owner and Remainderman, their respective successors and/or
assigns.

    

    (i)           Fixtures. To the
extent that any particular item of Mortgaged Property is a fixture under
applicable real property law and is also a fixture subject to the security
interest under the Code, the option is hereby given (i) to treat any such item
as equipment under the Code and to sever (physically or constructively) such
item from the real estate and to exercise all remedies provided in the Code with
respect thereto; or (ii) to treat any such item as a part of the real estate and
to foreclose upon or sell same in accordance with the laws of the State
pertaining to the sale at foreclosure or sale under power of sale of real
estate. Said option may be exercised after the occurrence and during the
continuance of an Event of Default at any time or times, and any number of times
and the times and manner of the exercise of such option shall be solely within
the sole discretion and direction of Lender.

    

    (j)           Discharge of
Purchaser. The receipt or receipts of Lender or Trustee (as directed by
Lender) or of the court officer conducting any such sale for the purchase money
paid at any such sale shall be a sufficient discharge therefor to any purchaser
of the Mortgaged Property or any part thereof sold as aforesaid; and no such
purchaser or his representatives, grantees and/or assigns, after paying such
purchase money and receiving such receipt, shall be bound to see to the
application of such purchase money upon or for any trust or purpose of this
Indenture, or in any manner whatsoever be answerable for any loss,
misapplication or non-application of any such purchase money or any part
thereof, or be bound to inquire as to the authorization, necessity, expediency
or regularity of any such sale.

    

    (k)           Credit for
Indebtedness. Upon any sale made under the power of sale granted in this
Indenture or under or by virtue of judicial proceedings, any holder or holders
of Indebtedness may bid for and purchase the property being sold and upon
compliance with the terms of sale may hold, retain and dispose of such property
in its or their own absolute right without further accountability and in lieu of
paying cash therefor may make settlement for the purchase price by crediting
upon the Indebtedness of Owner secured by this Indenture the net proceeds of
sale after deduction of all costs, expenses and other amounts to be paid
therefrom as herein provided. The Person making such sale shall accept such
settlement without requiring the production of the Note, and without such
production there shall be deemed credited thereon the net proceeds of sale
ascertained and established as aforesaid.

    

    
      	
              (1)  

            	
              Disposition of
      Proceeds of Sale and Other Amounts Received Under Article 4.
      Except to

            

    

    the
extent governed by the terms and provisions of Section 4.3(k) hereof, all
amounts received under this Article and all purchase money, proceeds or avails
of any sale or sales referred to in this Article, whether under the power of
sale herein granted or pursuant to judicial proceedings, together with any other
amounts of cash which then may be held by Lender under any of the provisions of
this Indenture, shall be applied in such order and priority as determined by
Lender in its sole discretion to the payment of (i) the costs and expenses of
such collection, sale, including reasonable compensation to Lender and Trustee,
their agents, attorneys and counsel, and of all expenses, liabilities and
Advances made or incurred by Lender or Trustee under this Indenture or under any
other Loan Document, with interest thereon in accordance therewith, (ii) all
taxes, assessments or Liens prior to the Lien of this Indenture except any
taxes, assessments or other prior Liens subject to which such sale has been made
and to the payment of all other costs incurred in connection with the
enforcement of the Loan Documents, (iii) all Late Charges, Make-Whole Premiums,
Default Rate Interest or other sums payable under the Note, this Indenture or
any other Loan Document, to all other interest which shall be due and payable
with respect to the Indebtedness and to the principal of the Indebtedness,
together with post-judgment interest as permitted by law, and (iv) the surplus,
if any, to Owner, its successors or assigns, or to whomsoever may be lawfully
entitled to receive the same.

    

    (m)           Action Upon the Note.
In case, pursuant to Section 4.1 hereof, the Indebtedness shall have become
immediately due and payable and Owner shall fail to pay the same forthwith,
subject to Section 4.3(z) hereof, Lender, in its own name, as required by
applicable law, shall be entitled to sue for and to recover judgment for the
whole amount so due and unpaid.

    

    Lender shall be entitled to recover
judgment as aforesaid either before or after or during the pendency of any
proceedings for the enforcement of the Lien of this Indenture upon all or any
portion of the Mortgaged Property, and the right to recover such judgment shall
not be affected by any entry or sale hereunder or by the exercise of any other
right, power or remedy for the enforcement of the provisions of this Indenture
or the foreclosure of the Lien hereof; and in case of a sale of any of the
Mortgaged Property and of the application of the proceeds of sale to the payment
of the Indebtedness hereby secured, Lender, in its own name, shall be entitled
to enforce payment of and to receive all amounts then remaining due and unpaid
upon any and all of the Indebtedness secured hereunder and then outstanding, and
shall be entitled to recover judgment for any portion of such Indebtedness
remaining unpaid. No recovery of any such judgment and no attachment or levy of
any execution upon any such judgment, upon the Mortgaged Property or any part
thereof or upon any other property pledged by Owner as security for the
Indebtedness, shall, in any manner or to any extent, affect the Lien of this
Indenture upon the Mortgaged Property or any part thereof, or any lien, rights,
powers or remedies hereunder, or of the holder or holders of the Indebtedness
secured hereby but such lien, rights, powers and remedies shall continue
unimpaired as before.

    

    Any moneys collected under the
provisions of this Section shall be applied as set forth in Section
4.3(1).

    

    (n)           Impairment of
Security. Lender or Trustee (as directed by Lender), as applicable, shall
have power to institute and maintain such suits and proceedings as Lender shall
deem necessary, appropriate or expedient to prevent any impairment of the
security hereunder or to preserve and to protect their interests and security in
respect of the Mortgaged Property, or in respect of the income, earnings, rents,
issues, profits and revenues arising therefrom, including power to institute and
to maintain suits or proceedings to restrain the enforcement of, or compliance
with, or the observance of, any legislative or other governmental order that may
be deemed unconstitutional or otherwise invalid, if in the sole judgment of
Lender the enforcement of, or compliance with, or observance of, such order
would impair the security hereunder or be prejudicial to the interests of
Lender.

    

    (o)           Waivers and Agreements
Regarding Remedies. To the fullest extent each of Owner and Remainderman
may legally do so, each of Owner and Remainderman:

    (i)            agrees
that it will not at any time insist upon, plead, claim or take the benefit or
advantage of any laws now or hereafter in force providing for any appraisal or
appraisement, valuation, stay, extension or redemption, and waives and releases
all rights of redemption, valuation, appraisal or appraisement, stay of
execution, extension and notice of election to accelerate or declare due the
whole or any portion of the Indebtedness, except as otherwise expressly provided
herein or in the other Loan Documents;

    

    (ii)            waives
all rights to a marshaling of the assets of Owner or Remainderman, as
applicable, its partners, members or other owners, if any, and others with
interests in Owner or Remainderman, as applicable and the Mortgaged Property, or
to a sale in inverse order of alienation in the event of foreclosure of the
interests hereby created, and agrees not to assert any right under any laws
pertaining to the marshaling of assets, the sale in inverse order of alienation,
homestead exemption, the administration of estates of decedents, or any other
matters whatsoever to defeat, reduce or affect the right of Lender or Trustee
(as directed by Lender) under the Loan Documents to a sale of the Mortgaged
Property for the collection of the Indebtedness without any prior or different
resort for collection, or the right of Lender to the payment of the Indebtedness
out of the Net Proceeds of the Mortgaged Property in preference to every other
claimant whatsoever;

    

    (iii)            waives
any right to bring or utilize any counterclaim (other than a compulsory
counterclaim) or set-off and any counterclaim or set-off raised by it in such
foreclosure action, shall be dismissed; provided, however, that if such
counterclaim or set-off is based on a claim which could be tried in an action
for money damages, the foregoing waiver shall not bar a separate action for such
damage (unless such claim is required by law or applicable rules of procedure to
be pleaded in or consolidated with the action initiated by Lender), but such
separate action shall not thereafter be consolidated with any foreclosure action
of Lender or Trustee (as directed by Lender); and provided further that the
bringing of such separate action for money damages shall not be deemed to afford
any grounds for staying any such foreclosure action;

    

    (iv)            waives
and relinquishes any and all rights and remedies it may have or be able to
assert by reason of the provisions of any laws pertaining to the rights and
remedies of sureties or guarantors;

    

    (v)            waives
the defense of laches and any applicable statute of limitation; and

    

    (vi)            waives
any right to have any trial, action or proceeding tried by a jury.

    

    (p)           No Impairment of Lender's
Rights. No delay or omission of Lender or Trustee to exercise any right
or power arising from any default shall impair any such right or power, or shall
be construed to be a waiver of any such default or an acquiescence therein, nor
shall the action of Lender or Trustee in case of any default, or of any default
and the subsequent waiver of such default, affect or impair the rights of Lender
or Trustee (as directed by Lender) in respect of any subsequent default on the
part of Owner or of Remainderman or impair any right resulting therefrom and
every power and remedy given by this Article may be exercised from time to time,
and as often as may be deemed expedient by Lender.

    

    (q)           Restoration of
Rights. In case of any waiver of any default or Event of Default
hereunder, each of Owner and Remainderman and Lender shall be restored to their
former positions and rights hereunder, respectively, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

    

    (r)           Remedies
Non-Exclusive. Except as herein expressly provided to the contrary, no
remedy herein conferred upon or reserved to Lender or Trustee (as directed by
Lender) is intended to be exclusive of any other remedy, but each and every such
remedy shall be cumulative, and shall be in addition to every other remedy given
hereunder or now of hereafter existing at law or in equity or by statute; and
the employment of any remedy hereunder, or otherwise, shall not, to the extent
permitted by applicable law prevent the concurrent or subsequent employment of
any other appropriate remedy or remedies.

    

    (s)           No Waiver or Release.
Lender may resort to any remedies and the security given by the Loan Documents,
in whole or in part, and in such portions and in such order as determined in
Lender's sole discretion.. No such action shall in any way be considered a
waiver of any rights, benefits or remedies evidenced or provided by the Loan
Documents. The failure of Lender to exercise any right, remedy or option
provided in the Loan Documents shall not be deemed a waiver of such right,
remedy or option or of any covenant or obligation secured by the Loan Documents.
No acceptance by Lender of any payment after the occurrence of an Event of
Default and no payment by Lender of any Advance or obligation for which Owner is
liable hereunder shall be deemed to waive or cure any Event of Default, or
Owner's liability to pay such obligation. No forbearance on the part of Lender,
and no extension of time for the payment of the whole or any portion of the
Indebtedness or any other indulgence given by Lender to Owner or any other
Person, shall operate to release or in any manner affect the interest of Lender
in the remaining Mortgaged Property or the liability of Owner to pay the
Indebtedness. No waiver by Lender shall be effective unless it is in writing and
then only to the extent specifically stated.

    

    (t)           Lender's Right to Waive,
Consent or Release. Lender may at any time, in writing, (i) waive
compliance by Owner or by Remainderman with any covenant herein made thereby to
the extent and in the manner specified in such writing; (ii) consent to Owner or
Remainderman doing any act which Owner or Remainderman is prohibited hereunder
from doing, or consent to Owner or Remainderman failing to do any act which
Owner or Remainderman is required hereunder to do, to the extent and in the
manner specified in such writing; or (iii) release any portion of the Mortgaged
Property, or any interest therein, from this Indenture and the lien of the other
Loan Documents. No such act with respect to Owner or Remainderman shall in any
way impair the rights of Lender hereunder with respect to Owner or Remainderman
or any of the remaining Mortgaged Property except to the extent expressly
provided by Lender in such writing.

    

    (u)           No Impairment: No
Release. The interests and rights of Lender under the Loan Documents
shall not be impaired by any indulgence, including (i) any renewal, extension or
modification which Lender may grant with respect to any of the Indebtedness;
(ii) any surrender, compromise, release, renewal, extension, exchange or
substitution which Lender may grant with respect to the Mortgaged Property or
any portion thereof; or (iii) any release or indulgence granted to any maker,
endorser, guarantor or surety of any of the Indebtedness.

    

    (v)           Limitation Upon Exercise of
Remedies. All rights, remedies and powers provided by this Indenture or
any supplemental indenture may be exercised only to the extent that the exercise
or enforcement thereof does not violate any applicable provision of law and all
the provisions of this Indenture or any supplemental indenture are intended to
be subject to all applicable mandatory provisions of law that may be controlling
and to be limited to the extent necessary so that they will not render this
Indenture or any supplemental indenture or the Indebtedness invalid or
unenforceable, or render this Indenture or any supplemental indenture not
entitled to be recorded or filed under the provisions of any applicable law in
order to create or maintain the Lien intended to be created
thereby.

    

    (w)           Lender's Discretion.
Except to the extent expressly provided to the contrary herein, in the other
Loan Documents, in the Master Lease or as may be required by applicable law,
Lender may exercise its rights, options and remedies and may make all decisions,
judgments and determinations under this Indenture, the other Loan Documents and
the Master Lease in its sole, unfettered discretion.

    

    (x)           Recitals of Facts. In
the event of a sale or other disposition of all or any portion of the Mortgaged
Property pursuant to Section 4.2 or Section 4.3 hereof and the execution of a
deed or other conveyance pursuant thereto, the recitals therein of facts (such
as default, the giving of notice of default and notice of sale, demand that such
sale should be made, postponement of sale, terms of sale, purchase, payment of
purchase money and other facts affecting the regularity or validity of such sale
or disposition) shall be conclusive proof of the truth of such facts. Any such
deed or conveyance shall be conclusive against all Persons as to such facts
recited therein.

    

    (y)           Possession of the Mortgaged
Property. Upon the occurrence and during the continuance of any Event of
Default hereunder and demand by Lender at its option, Owner shall immediately
surrender or cause the surrender of possession of the Mortgaged Property to
Lender or Trustee, if so directed by Lender. If Owner or any other occupant is
permitted to remain in possession, such possession shall be as a licensee of
Lender or Trustee, as applicable, and such occupant (i) shall on demand pay to
Lender monthly, in advance, reasonable use and occupancy charges for the space
so occupied (which shall not, in any event, be less than one hundred percent of
the Basic Rent and the Additional Rent set forth in the Master Lease), and (ii)
in default thereof, may be dispossessed by summary proceedings. Upon three (3)
days prior demand, Owner shall assemble the Collateral and make it available at
any place Lender may designate to allow Lender to take possession and/or dispose
of the Collateral. The covenants herein contained may be enforced by a receiver
of the Mortgaged Property or any portion thereof. So long as no Lease Event of
Default has occurred and is continuing Lender's rights under this Section 4.3(y)
shall apply solely to Owner and Lender shall not disturb Tenant's right to
occupy the Mortgaged Property so long as it complies with the Master
Lease.

    

    (z)           Limitations on
Liability. Notwithstanding anything herein or in any other Loan Document
to the contrary, except as otherwise expressly set forth in Section 2.22(f)
hereof or in this Section 4.3(z) to the contrary, Lender shall not enforce the
liability and obligation of Owner or Remainderman or (I) if Owner or
Remainderman is a partnership, its constituent partners or any of their
respective partners, (II) if Owner or Remainderman is a trust, the trustee of
such trust or its beneficiaries or any of their respective members or partners,
(III) if Owner or Remainderman is a corporation, any of its shareholders,
directors, principals, officers or employees, or (IV) if Owner or Remainderman
is a limited liability company, any of its members or managers (the Persons
described in the foregoing clauses (I)-(IV), as the case may be, are hereinafter
referred to as the "Partners") to make
any payment or perform and observe the obligations contained in this Indenture
or any of the other Loan Documents by any action or proceeding wherein a money
judgment shall be sought against Owner or Remainderman or the Partners, except
that Lender may bring a foreclosure action, action for specific performance, or
other appropriate action or proceeding (including, without limitation, an action
to obtain a deficiency judgment) solely for the purpose of enabling Lender to
realize upon (i) Owner's interest in and/or Remainderman's interest in the
Mortgaged Property, (ii) the Property Income arising from the Mortgaged Property
to the extent received by or distributed to Owner or Remainderman (or actually
received by or distributed to its Partners) after the earlier to occur of
Owner's actual knowledge of or the delivery of written notice of the occurrence
of an Event of Default, and thereafter during the continuance of, such an Event
of Default and not applied to its respective obligations under the Loan
Documents (all Property Income covered by this clause (ii) being hereinafter
referred to as the "Recourse Distributions") and
(iii) any other collateral given to Lender under the Loan Documents (the
property referred to in clauses (i), (ii) and (iii) collectively is the "Default
Collateral"); provided, however, that any
judgment in any such action or proceeding shall be enforceable against Owner and
Remainderman, or either of them, and the Partners only to the extent of any such
Default Collateral. The provisions of this Section shall not, however, (a)
impair the validity of the Indebtedness evidenced by the Note or any other Loan
Document or in any way affect or impair the lien of this Indenture or any of the
other Loan Documents or the right of Lender to foreclose this Indenture
following the occurrence of an Event of Default; (b) impair the right of Lender
to name Owner and Remainderman, or either of them, as a party defendant in any
action or suit for judicial foreclosure and sale under this Indenture or under
any other Loan Document; provided that no personal liability is sought against
Owner and Remainderman, or either of them or their respective Partners except as
provided herein; (c) affect the validity or enforceability of the Loan
Agreement, the Note, this Indenture, the Master Lease, the Master Lease
Guaranty, the Master Lease Assignment, the Tenant Consent, or any of the other
Loan Documents, or any of the Granting Clause Documents, or impair the right of
Lender to seek a personal judgment against Owner and/or its Partners under
Section 2.22(f) of this Indenture (enforcement of which shall be limited to the
Recourse Distributions), against Tenant under the Master Lease, the Master Lease
Assignment or the Tenant Consent, against Master Lease Guarantor under the
Master Lease Guaranty, the Master Lease Assignment or the Tenant Consent or any
party (other than Owner) under any other Loan Document or any Granting Clause
Document; (d) impair the right of Lender to obtain the appointment of a
receiver; (e) impair the enforcement of the Master Lease, the Master Lease
Guaranty, the Master Lease Assignment or the Tenant Consent or any Granting
Clause Document; (f) impair the right of Lender to bring suit for a monetary
judgment with respect to fraud or intentional misrepresentation by Owner or
Remainderman, or any other Person in connection with this Indenture, the Loan
Agreement, the Note or any other Operative Document, and the foregoing
provisions shall not modify, diminish or discharge the liability of Owner or
Remainderman, or the Partners or any other Person with respect to same; (g)
impair the right of Lender to bring suit for a monetary judgment to obtain the
Recourse Distributions received by Owner or Remainderman including, without
limitation, the right to bring suit for a monetary judgment against any Partner,
to the extent of any such Recourse Distributions theretofore distributed to and
received by such Partner, and the foregoing provisions shall not modify,
diminish or discharge the liability of Owner or Remainderman or the Partners
with respect to same; (h) impair the right of Lender to bring suit for a
monetary judgment with respect to Owner's or Remainderman's misappropriation of
any tenant security deposits or Property Income, and the foregoing provisions
shall not modify, diminish or discharge the liability of Owner or Remainderman
or the Partners with respect to same; (i) impair the right of Lender to obtain
Loss Proceeds due to Lender pursuant to this Indenture; (j) prevent or in any
way hinder Lender from exercising, or constitute a defense, or counterclaim, or
other basis for relief in respect of the exercise of, any other remedy against
any or all of the collateral securing the Note and the other Indebtedness as
provided in the Loan Documents; or (k) impair the right of Lender to bring suit
for a monetary judgment with respect to any misapplication of Loss Proceeds, and
the foregoing provisions shall not modify, diminish or discharge the liability
of Owner or Remainderman or the Partners with respect to same. The provisions of
this Section 4.3(z) shall be inapplicable to Owner or Remainderman, as
applicable, if any Bankruptcy Proceeding shall be filed by, consented to or
acquiesced in by or with respect to Owner or Remainderman, as applicable, or if
Owner or Remainderman, as applicable, shall institute any proceeding for its
dissolution or liquidation, or shall make an assignment for the benefit of
creditors in which event, Lender shall have recourse against all of the assets
of Owner or Remainderman, as applicable, including, without limitation, any
right, title and interest of Owner or Remainderman, as applicable, in and to the
Mortgaged Property, any interests of the Partners in Owner or Remainderman, as
applicable, and any Recourse Distributions actually made to or received by the
Partners of Owner or Remainderman, as applicable (but excluding the other assets
of such Partners to the extent Lender would not have had recourse thereto other
than in accordance with the provisions of this Section 4.3(z)). Anything herein
to the contrary notwithstanding, it is agreed that a Person (or Partner), other
than Owner or Remainderman, shall only be personally liable to the extent of
Recourse Distributions actually made to or received by such Person (or Partner).
To the extent that this Section 4.3(z) places personal liability on either Owner
or Remainderman, such liability shall not be the joint liability of such
parties. Each of Owner and Remainderman shall be responsible for its own
individual acts and omissions referred to in this Section 4.3(z), but shall not
be responsible for the acts or omissions of the other party.

    

    (aa)           Subrogation. If all
or any portion of the proceeds of the Note or any Advance shall be used directly
or indirectly to pay off, discharge or satisfy, in whole or in part, any prior
lien or encumbrance upon the Mortgaged Property or any portion thereof, then
Lender shall be subrogated to, and shall have the benefit of the priority of,
such other lien or encumbrance and any additional security held by the holder
thereof.

    

    (bb)           Joint and Several Grants of
Mortgaged Property. If and to the extent that the Mortgaged Property
consists of more than one parcel, it is intended that the grant of each parcel
of the Mortgaged Property contained herein shall each be construed and treated
as a separate, distinct grant for the purpose of securing the entire
Indebtedness hereunder in the same manner as though each such parcel was
mortgaged and transferred to Lender or Trustee, as applicable, by a separate and
distinct mortgage and security agreement, so that if it should at any time
appear or be held that this Indenture fails to transfer to Lender or Trustee, as
applicable, the title to any such parcel or any part thereof, as against
creditors of Owner or Remainderman, as applicable, other than Lender or
otherwise, such failure shall not operate to affect in any way the transfer of
any other parcel or any part thereof; but nothing herein contained shall be
construed as requiring Lender or Trustee (as directed by Lender) to resort to
any parcel in any particular order for the satisfaction of the Indebtedness
hereby secured in preference or priority to any other parcel or the remainder of
the Mortgaged Property hereby conveyed, but Lender or Trustee, (as directed by
Lender), may seek satisfaction out of all of the Mortgaged Property or any part
thereof, in Lender's absolute discretion.

    

    Section
4.4                      Enforcement of
Remedies. Subject to Sections 4.5 and 4.6 hereof and the limitations set
forth in this Section 4.4, if an Event of Default that arises out of a Lease
Event of Default shall have occurred and be continuing, then in every such case
Lender, as mortgagee, beneficiary, assignee and grantee or secured party
hereunder or otherwise, may exercise or cause Trustee to exercise any or all of
the rights and powers and pursue any or all of the remedies set forth in Section
4.2 and 4.3 hereof; provided, however, that,
notwithstanding any provision herein to the contrary, Lender shall not exercise
or cause Trustee to exercise any remedies against the Mortgaged Property seeking
to deprive Owner or Remainderman of their respective interests therein unless
the Note shall have been accelerated in accordance with this Indenture, and
provided, further, however, that
notwithstanding any contrary provision hereof, if Remainderman shall be the sole
Person in default under this Indenture (and no other Event of Default shall have
occurred and be continuing hereunder), Lender's sole remedies shall be to
enforce Lender's rights or to direct the Trustee to exercise the Trustee's
rights against Remainderman, including the foreclosure against Remainderman's
interest in the Mortgaged Property. Any provision of the Master Lease, the Loan
Agreement, this Indenture or any other Loan Document to the contrary
notwithstanding, but subject to the provisions of Section 4.5, Lender shall not
foreclose the lien of this Indenture or otherwise exercise remedies which would
result in the exclusion of Owner or Remainderman from the Mortgaged Property or
any part thereof demised as a result of any Event of Default that arises solely
by reason of one or more events or circumstances that constitute a Lease Event
of Default under the Master Lease unless either (i) Lender has exercised or is
currently exercising remedies under the Master Lease involving termination of
the Master Lease or termination of Tenant's right to possession thereunder or
(ii) (A) such Lease Event of Default shall have continued for a period of at
least 270 days and (B) a stay is in effect prohibiting the exercise of such
remedies as of the expiration of such 270 day period.

    

    Section
4.5                      Right of Owner to Pay
Interest. Principal, Etc. Substitute Lessee.

    

    (a)           In
the event of any default by Tenant in the payment of any installment of Basic
Rent due under the Master Lease, Owner or any owner of a beneficial interest in
Owner, without the consent of Lender, may pay to Lender, for application in
accordance with the Note and this Indenture, a sum equal to the amount of all
(but not less than all) principal and interest (not including any accelerated
portion) as shall then be due and payable on the Note, together with any Default
Rate Interest and Late Charges on account of such payment being overdue,
provided, however, that (i) such cure rights may not be exercised in respect of
more than three (3) consecutive such Lease Events of Default or six (6) such
Lease Events of Default in the aggregate, and (ii) any such payment must be made
by Owner no later than five (5) Business Days after delivery of written notice
pursuant to Sections 4.1 (a) from Lender to Owner that the payment then due on
the Note was not received when paid.

    

    (b)           In
the event of any default by Tenant in the performance of any obligation under
the Master Lease (other than the obligation to pay Basic Rent), Owner, without
the consent of Lender, may exercise Owner's rights under the Master Lease to
perform such obligation on behalf of Tenant.

    

    (c)           Solely
for the purpose of determining whether there exists an Event of Default, (A) any
payment by Owner pursuant to, and in compliance with, Section 4.5(a) shall, for
the purposes of this Indenture, be deemed to remedy any default by Tenant in the
payment of installments of Basic Rent theretofore due and payable under the
Master Lease and to remedy any default by Owner in the payment of any amount due
and payable under the Note and (B) any performance by Owner of any obligation of
Tenant under the Master Lease pursuant to, and in compliance with, Section
4.5(b) shall, for the purposes of this Indenture, be deemed to remedy any
default by Tenant in the performance of such obligation under the Master Lease
and to remedy any related default by Owner under this Indenture, provided that
such performance by Owner occurs within the grace period provided for under this
Indenture with respect thereto.

    

    (d)           Upon
the exercise of any cure right under this Section 4.5, Owner shall not obtain
any lien on any part of the Mortgaged Property on account of any payment made or
the costs and expenses incurred in connection therewith nor shall any claim of
Owner against Tenant or any other Person for the repayment thereof impair the
prior right and security interest of Lender in and to the Mortgaged
Property.

    

    (e)           So
long as any default exists by Tenant in the performance of any obligation under
the Master Lease or by Master Lease Guarantor under the Master Lease Guaranty
and Owner has and is curing such default in accordance with the foregoing
provisions of this Section 4.5, Owner shall have the right to obtain a
substitute tenant or a substitute guarantor under the Master Lease or under the
Master Lease Guaranty provided, however, that each of
the following conditions shall have been met in conjunction
therewith:

    

    (i)           upon
any such substitution, Owner, Tenant, any Master Lease Guarantor or the
substitute tenant or the substitute guarantor shall pay all costs and expenses
of Lender in connection with such substitution (including attorneys'
fees);

    

    (ii)           any
such substitute tenant shall expressly agree to be bound by all of the
obligations and undertakings of Tenant contained in the Master Lease and in the
Tenant Consent and any such substitute guarantor shall expressly agree to be
bound by all of the obligations and undertakings of Master Lease Guarantor
contained in the Master Lease Guaranty and in the Tenant Consent;

    

    (iii)            any
substitute tenant shall have all permits, licenses and other governmental
approvals, if any, as are necessary or desirable in connection with the use and
occupancy of the Mortgaged Property by substitute tenant;

    

    (iv)           Lender
shall receive such opinions and certificates with respect to such substitution
as it may reasonably request; and

    

    (v)           any
such substitute tenant or substitute guarantor shall have a long term unsecured
debt rating issued by S&P at least equal to the higher of the long term
unsecured debt rating issued by S&P of Master Lease Guarantor on the Closing
Date and the rating of Master Lease Guarantor at the time the Event of Default
occurred giving rise to Owner's right to substitute hereunder, and, if the Loan
is included in a Secondary Market Transaction, the Rating Agencies shall have
confirmed in writing that such substitution will not result in a withdrawal,
qualification or downgrade of any then current ratings for any Securities issued
in connection with any Secondary Market Transaction.

    

    Section
4.6                      Note Purchase or Note
Defeasance. In the event that at any time one or more Events of Default
caused by a Lease Event of Default shall have occurred and (i) any such Event of
Default shall have continued for a period of 180 days or more during which time
the Note shall not have been accelerated and was not stayed from acceleration,
or (ii) the Note shall have been accelerated pursuant to the Loan Documents,
Owner may, at its option,

    

    (i)           prior
to the Permitted Defeasance Date, give at least thirty (30) days' notice to
Lender that Owner will purchase the Note on the Date specified in such notice
(which Payment Date shall be not less than thirty (30) days nor more than sixty
(60) days after the date of such notice) in accordance with this Section 4.6
and, concurrently with the delivery of such notice, Owner shall deposit with
Lender, whether or not such Event of Default is then continuing, an amount equal
to the outstanding principal balance of the Note, together with accrued and
unpaid interest thereon to the date specified for purchase plus the Make-Whole
Premium; and

    

    (ii)            on
and after the Permitted Defeasance Date, give at least thirty (30) days' notice
to Lender that Owner will defease the Note on the Payment Date specified in such
notice (which Defeasance Release Date shall be not less than thirty (30) days
nor more than sixty (60) days after the date of such notice) in accordance with
Section 2.20 and this Section 4.6, and concurrently with the delivery of such
notice, deposit with the Lender, whether or not such Event of Default. is then
continuing, an amount equal to the Defeasance Deposit, all Debt Service Payments
due and unpaid with respect to the Note to and including the Defeasance Release
Date and all other sums then due and payable under the Loan Documents to and
including the Defeasance Release Date (the "Notice Deposit
Amount"). No later than 9:30 A.M. East Coast Time on the Defeasance
Release Date, Owner and Lender shall confirm on a telephone conference call the
actual amount of the Defeasance Deposit required on such date to purchase the
U.S. Obligations required to effect the defeasance on such Defeasance Release
Date. In the event that the Notice Deposit Amount is less than the actual amount
needed on the Defeasance Release Date to effect defeasance on such date (i.e. an
amount equal to the sum of the Defeasance Deposit needed to effect the
defeasance on such date, all Debt Service Payments due and unpaid with respect
to the Note to and including the Defeasance Release Date and all other sums then
due and payable under the Loan Documents to and including the Defeasance Release
Date (the "Actual
Defeasance Amount")) Owner shall pay an amount equal to such deficit to
or at the direction of Lender prior to the release of any Lien pursuant to
Section 2.20 hereof.

    

    (iii) Upon Owner's making of such
purchase deposit or of such defeasance deposit, as applicable, Lender will
terminate any foreclosure proceeding then in progress and, either transfer the
Note to Owner on the purchase date specified or cause the discharge of this
Indenture as and to the extent required in Section 2.20, as applicable. Lender
may recommence any such foreclosure proceedings if Owner fails to comply with
this Section 4.6 or with Section 2.20, as applicable. The provisions of this
Section 4.6 shall not apply during any period when Tenant or Master Lease
Guarantor controls Owner. The rights contained in this Section 4.6 shall
automatically terminate at such time as Lender obtains title to the Mortgaged
Property pursuant to foreclosure of this Indenture or otherwise.

    

    
      	
               
      

            	
              ARTICLE
      5

            

    

    
      	
               
      

            	
              Miscellaneous

            

    

    

    Section
5.1                      Notices. All notices,
consents, approvals and requests required or permitted hereunder or under any
other Loan Document shall be given in writing and shall be effective for all
purposes if hand delivered or sent by (i) certified or registered United States
mail, postage prepaid, return receipt requested, or (ii) expedited prepaid
delivery service, either commercial or United States Postal Service, with proof
of attempted delivery, in each case addressed as shown below, or (iii) by
facsimile to the facsimile numbers shown below followed by notice sent in
accordance with clause (ii) to the addresses shown below:

    

    If to
Lender:                           Nomura
Asset Capital Corporation

    Two World Financial Center, Building
B

    New York, New York
10281

    Attention: Barry Funt,
Esq.

    Fax No.: (212) 667-1567

    

    with a copy
to:                       Nomura
Asset Capital Corporation

    c/o Nomura Asset Capital Services
LLC

    600 E. Las Colinas Blvd. Suite
1300

    Irving, TX 75039

    Attention: Legal
Department

    Fax No.: (972) 401-8854

    

    with a copy
to:                       Day,
Berry & Howard LLP

    260 Franklin Street

    Boston, Massachusetts
02110

    Attention: Cynthia J. Williams,
Esq.

    Fax No: (617) 345-4745

    

    If to Owner or

    Remainderman:                       M-Six
Penvest II Business Trust

                                                                      c/o
Wilmington Trust Company 

                         
1100
North Market Street 

                         
Rodney
Square North

                        
Wilmington,
Delaware 19890

     Attention: Corporate Trust
Administration

                            
Fax No: (302) 651-8882

    

    with a copy
to:                       M-Six
Penvest II Business Trust

     c/o U.S. Realty Advisors,
LLC

     1370 Avenue of the Americas,
29th Floor

     New York, New York
10019

     Attention: David M.
Ledy

     Fax No: (212)
581-4950

    

    with a copy
to:                       Proskauer
Rose LLP

     1585 Broadway

     New York, New York
10036

     Fax No.: (212)
969-2900

    

    If to any
Trustee:                   At
its address set forth on Schedule I hereto.

    

    Such
address or facsimile number may be changed by any party in a written notice to
the other parties hereto in the manner provided for in this Section. A notice
shall be deemed to have been given: in the case of hand delivery, at the time of
delivery; in the case of registered or certified mail, when delivered or the
first attempted delivery on a business day; in the case of expedited prepaid
delivery, upon the first attempted delivery on a business day; or in the case of
facsimile delivery upon receipt noted on the copy of the facsimile notice
retained in the records of the sender thereof. A party receiving a notice which
does not comply with the technical requirements for notice under this Section
5.1 may elect to waive any deficiencies and treat the notice as having been
properly given.

    

    Section
5.2                      Binding_ Obligations; Joint
and Several. The provisions and covenants of this Indenture shall run
with the land, shall be binding upon each of Owner and Remainderman, and their
respective legal representatives, successors and assigns, and shall inure to the
benefit of Lender, its legal representatives, successors and assigns. If Owner
or Remainderman consists of more than one Person or party, the obligations and
liabilities of each such Person or party hereunder shall be joint and several
(except that the obligations and liabilities of Owner and Remainderman shall not
be joint, but only several). Owner and Remainderman acknowledge and agree that
Lender may assign its duties, rights or obligations hereunder or under any Loan
Document in whole, or in part, to a servicer and/or trustee or other entity in
Lender's sole discretion.

    

    Section
5.3                      Captions. The
captions of the sections and subsections of this Indenture are for convenience
only and are not intended to be a part of this Indenture and shall not be deemed
to modify, explain, enlarge or restrict any of the provisions
hereof.

    

    Section
5.4                      Severability. If any
one or more of the provisions contained in this Indenture shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Indenture, but this Indenture shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.

    

    Section
5.5                      Owner's Indebtedness
Absolute; No Credits on Account of the Indebtedness.

    

    (a)           Except
as set forth to the contrary in the Loan Documents, all sums payable by Owner
hereunder shall be paid without notice, demand, counterclaim, set-off, deduction
or defense and without abatement, suspension, deferment, diminution or
reduction, and the obligations and liabilities of Owner hereunder shall in no
way be released, discharged, or otherwise affected (except as expressly provided
herein) by reason of:

    

    (i)            any
damage to or destruction of or any condemnation or similar taking of the
Mortgaged Property or any portion thereof;

    

    (ii)            any
restriction or prevention of or interference with any use of the Mortgaged
Property or any portion thereof;

    

    (iii)            
any title defect or encumbrance or any eviction from a Mortgaged Property or any
portion thereof by title paramount or otherwise;

    

    (iv)            any
Bankruptcy Proceeding relating to Owner or any SPE Equity Owner of Owner, if
any, or any action taken with respect to this Indenture or any other Loan
Document by any trustee or receiver of Owner or any such SPE Equity Owner, or by
any court, in any such proceeding;

    

            
(v)            any
claim which Owner has or might have against Lender;

    

    (vi)            any
default or failure on the part of Lender to perform or comply with any of the
terms hereof or of any other agreement with Owner; or

    

                   (vii)           any
other occurrence whatsoever, whether similar or dissimilar to the foregoing,
whether or not Owner shall have notice or knowledge of any of the foregoing.
Except as expressly provided herein, Owner waives all rights now or hereafter
conferred by statute or otherwise to any abatement, suspension, deferment,
diminution or reduction of any sum secured hereby and payable by
Owner.

    

    (b)           Owner
will not claim or demand or be entitled to any credit or credits on account of
the Indebtedness for any part of the Impositions assessed any Mortgaged
Property, or any part thereof, and no deduction shall otherwise be made or
claimed from the assessed value of any Mortgaged Property, or any part thereof,
for real estate tax purposes by reason of this Indenture or the
Indebtedness.

    

    Section
5.6                      Amendments. This
Indenture cannot be altered, amended, modified or discharged orally and no
executory agreement shall be effective to modify or discharge it in whole or in
part, unless in writing and signed by the party against which enforcement is
sought and by Lender.

    

    Section
5.7                      Other Loan Documents and
Schedules. All of the agreements, conditions, covenants, provisions and
stipulations contained in the Note, the Loan Agreement and the other Loan
Documents, and each of them, which are to be kept and performed by Owner or by
Remainderman are hereby made a part of this Indenture to the same extent and
with the same force and effect as if they were fully set forth in this
Indenture, and each of Owner and Remainderman shall keep and perform the same
which are applicable to it, or cause them to be kept and performed, strictly in
accordance with their respective terms. The cover sheet to this Indenture and
each schedule, rider and exhibit attached to this Indenture are integral parts
of this Indenture and are incorporated herein by this reference. In the event of
any conflict between the provisions of any such schedule or rider and the
remainder of this Indenture, the provisions of such schedule or rider shall
prevail.

    

    Section
5.8                      Merger. So long as
any Indebtedness shall remain unpaid, fee title to and any other estate in the
Mortgaged Property shall not merge, but shall be kept separate and distinct,
notwithstanding the union of such estates in any Person.

    

    Section
5.9                      Time of the Essence.
Time shall be of the essence in the performance of all obligations of each of
Owner and Remainderman under this Indenture.

    

    Section
5.10                    Release on Payment in
Full. Lender shall, upon the written request and at the expense of Owner
(to the extent permitted by the law of the State), upon payment in full of all
of the Indebtedness, release the Lien of this Indenture and in that event only
all rights of Lender under this Indenture and the other Loan Documents shall
terminate and the Mortgaged Property shall become free and clear of the liens,
grants, security interests, conveyances and assignments evidenced hereby and
thereby, and this Indenture and the estate hereby granted shall cease and become
void; provided,
however, that
no provision of this Indenture or any other Loan Document which, by its own
terms, is intended to survive such payment, performance, and release (nor the
rights of Lender under any such provision) shall be affected in any manner
thereby and such provision shall, in fact, survive. Recitals of any matters or
facts in any release instrument executed by Lender under this Section 5.10 shall
be conclusive proof of the truthfulness thereof. To the extent permitted by law,
such an instrument shall be without warranty and may describe the grantee or
releasee as "the person or persons legally entitled thereto," and Lender shall
not have any duty to determine the rights of persons claiming to be rightful
grantees or releases of the Mortgaged Property. When this Indenture has been
fully released or discharged by Lender, the release or discharge hereof shall
operate as a release and discharge of the Assignment and as a reassignment of
all future Leases and Property Income with respect to the Mortgaged Property to
the person or persons legally entitled thereto, unless such release expressly
provides to the contrary.

    

    Section
5.11                    Offsets, Counterclaims and
Defenses. Any assignee of Lender's interest in and to this Indenture, the
Note and the other Loan Documents shall take the same free and clear of all
offsets, counterclaims or defenses which are unrelated to this Indenture, the
Note and the other Loan Documents which Owner may otherwise have against any
assignor of this Indenture, the Note and the other Loan Documents, and no such
unrelated counterclaim or defense shall be interposed or asserted by Owner in
any action or proceeding brought by any such assignee upon this Indenture, the
Note and other Loan Documents and any such right to interpose or assert any such
unrelated offset, counterclaim or defense in any such action or proceeding is
hereby expressly waived by Owner.

    

    Section
5.12                    No Joint Venture or
Partnership. Owner and Lender intend that the relationship created
hereunder be solely that of borrower and lender. Nothing herein is intended to
create a joint venture, partnership, tenancy-in-common, or joint tenancy
relationship between Owner and Lender nor to grant Lender any interest in the
Mortgaged Property other than that of mortgagee or lender.

    

    Section
5.13                    Publicity. All
promotional news releases, publicity or advertising by Owner or its Affiliates
through any media intended to reach the general public shall not refer to the
Loan Documents or the financing evidenced by the Loan Documents, or to Lender
without the prior written approval of Lender, in each instance. Any of the
Lender Parties shall be authorized to provide information relating to the
Mortgaged Property, the Loan and matters relating thereto to rating agencies,
underwriters, placement agents, any other Persons engaged in connection with a
proposed Secondary Market Transaction intending to include the Loan, potential
securities investors, auditors, regulatory authorities and to any parties which
may be entitled to such information by operation of law.

     

           
Section
5.14                   Governing Law. The
terms and provisions of this Indenture shall be governed by the laws of the
State of New York, except the Granting Clauses hereof and the creation of the
Lien of this Indenture with respect to each Mortgaged Property, Section 3.3, the
rights and remedies with respect to each Mortgaged Property set forth in Article
IV and the related State Addendum shall be governed by the laws of the State in
which such Mortgaged Property is located. To the fullest extent permitted by
law, each of Owner and Remainderman hereby unconditionally and irrevocably
waives any claim to assert that the law of any jurisdiction other than New York
or the law of the State in which the Mortgaged Property is located, as
applicable, governs this Indenture, the Note and the other Loan Documents and
this Indenture, the Note and the other Loan Documents.

    

    Section
5.15                    Trustee's Fees; Substitute
Trustee. Owner shall pay all costs, fees and expenses incurred by Trustee
and Trustee's agents and counsel in connection with the performance by Trustee
of Trustee's duties hereunder and all such costs, fees and expenses shall be
secured by this Indenture. Trustee shall be under no duty to take any action
hereunder except as expressly required hereunder or by law, or to perform any
act which would involve Trustee in any expense or liability or to institute or
defend any suit in respect hereof, unless properly indemnified to Trustee's
reasonable satisfaction. Trustee, by acceptance of this Indenture, covenants to
perform and fulfill the trusts herein created, being liable, however, only for
willful negligence or misconduct, and hereby waives any statutory fee and agrees
to accept reasonable compensation, in lieu thereof, for any services rendered by
Trustee in accordance with the terms hereof. Trustee may resign at any time upon
giving thirty (30) days' notice to Owner and to Lender. Lender may remove
Trustee at any time or from time to time and select a successor trustee. In the
event of the death, removal, resignation, refusal to act, or inability to act of
Trustee, or in its sole discretion for any reason whatsoever, Lender may,
without notice and without specifying any reason therefor and without applying
to any court, select and appoint a successor trustee, by an instrument recorded
wherever this Indenture is recorded and all powers, rights, duties and authority
of Trustee, as aforesaid, shall thereupon become vested in such successor. Such
substitute trustee shall not be required to give bond for the faithful
performance of the duties of Trustee hereunder unless required by Lender. The
procedure provided for in this paragraph for substitution of Trustee shall be in
addition to and not in exclusion of any other provisions for substitution, by
law or otherwise.

    

    Section
5.16                    State Specific
Provisions. An Addendum is attached hereto and incorporated herein by
reference which contains provisions specifically relating to the State in which
the related Mortgaged Property is located. To the extent such Addendum conflicts
with the terms set forth above, the provisions of the Addendum shall
control.

    

    Section
5.17                    Lender's Discretion.
Whenever pursuant to this Indenture, Lender exercises any right given to it to
approve or disapprove, or any arrangement or term is to be satisfactory to
Lender, the decision of Lender to approve or disapprove or to decide whether
arrangements or terms are satisfactory or not satisfactory shall (except as is
otherwise specifically provided in this Agreement) be in the sole discretion of
Lender and shall be final and conclusive.

    

    Section
5.18                    Concerning Wilmington Trust
Company and William J. Wade. It is expressly understood and agreed by the
parties hereto that (a) this Indenture is executed and delivered (i) by
Wilmington Trust Company and by William J. Wade, not individually or personally
but solely as trustees of Owner, in the exercise of the powers and authority
conferred and vested in them individually or collectively, as applicable, under
the Trust Agreement dated as of April 22, 1998 between Wilmington Trust Company
and by William J. Wade, as trustees, and USRA Leveraged Net Lease, LLC, as
beneficiary thereunder, and (b) each of the representations, undertakings and
agreements herein made on the part of Owner is made and intended not as personal
representations, undertakings and agreements by Wilmington Trust Company or by
William J. Wade but is made and intended for the purpose of binding only Owner
and (c) under no circumstances shall Wilmington Trust Company or William J. Wade
be personally liable for the payment of any indebtedness or other obligations of
Owner or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by Owner under this Indenture or the
other Loan Documents.

    

    Section
5.19                    Servicer. At the
option of Lender, the Loan may be serviced by a servicer and/or trustee selected
by Lender and Lender may assign and/or delegate all or any portion of its rights
and responsibilities under this Indenture and the other Loan Documents to such
servicer pursuant to servicing agreement between Lender and such servicer. Any
such servicer shall constitute an authorized representative of Lender for all
purposes of this Indenture and the other Loan Documents, Owner shall pay or
shall cause Tenant to pay any reasonable set-up fees or any other initial costs
of such servicer and/or trustee relating to the Loan, provided, however, such
amount shall not exceed the amount mutually agreed between Owner and Lender and
provided further that Owner shall not be responsible for payment of the monthly
servicing fee due thereunder.

    

    Section
5.20                    Assignment. Lender
shall have the right to assign or transfer its rights under this Indenture and
the other Loan Documents without limitation. Any assignee or transferee of
Lender shall be entitled to all benefits afforded Lender under this Indenture
and any other Operative Documents.

    

    Section
5.21                    Waiver of Jury Trial.
EACH OF OWNER AND REMAINDERMAN HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE NOTE,
THIS INDENTURE, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER
ACTION ARISING IN CONNECTION HEREWITH OR THEREWITH. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH OF OWNER AND
REMAINDERMAN, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH
ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE OCCUR. LENDER IS
HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER BY OWNER AND BY REMAINDERMAN.

    

    Section
5.22                    Counterparts. This
Indenture may be executed simultaneously in two or more counterparts each of
which shall be deemed an original, and it shall not be necessary in making proof
of this Indenture to produce or account for more than one such
counterpart.

    

    Section
5.23                    Consents and
Approvals. Any consent or approval by Lender in any single instance shall
not be deemed or construed to be Lender's consent or approval in any like matter
arising at a subsequent date, and the failure of Lender to promptly exercise any
right, power, remedy, consent or approval provided herein or at law or in equity
shall not constitute or be construed as a waiver of the same nor shall Lender be
estopped from exercising such right, power, remedy, consent or approval at a
later date. Any consent or approval requested of and granted by Lender pursuant
hereto shall be narrowly construed to be applicable only to the matter
identified in such consent or approval and to the Person and/or Persons with
respect to whom such consent or approval was delivered by Lender and no third
party shall claim any benefit by reason thereof. Any such consent or approval
shall not be deemed to constitute Lender a venturer or partner with any Person
benefitting from such consent or approval nor shall privity of contract be
presumed to have been established with any other third party. If Lender deems it
to be in its best interest to retain assistance of Persons (including, without
limitation, attorneys, title insurance companies, appraisers, engineers and
surveyors) with respect to a request for consent or approval, Owner shall
reimburse, or shall cause Tenant to reimburse, Lender for all costs reasonably
incurred in connection with the employment of such Persons.

    

    Section
5.24                    No Interest in Excess of the
Maximum Amount Permissible Under Applicable Law. The
parties hereto intend to conform to and contract in strict conformance with all
applicable usury laws. The provisions of this Indenture, the Note and of all
agreements between Owner and Lender are hereby expressly limited so that in no
contingency or event whatsoever, whether by reason of prepayment, late payment,
default, demand for payment, acceleration of the maturity of this Note or
otherwise, shall the amount contracted for, charged, paid or agreed to be paid
to Lender for the use, forbearance or detention of money to be loaned under the
Note or this Indenture or otherwise (including the Make-Whole Premium and/or the
Late Charges, if and to the extent either or both are deemed to be interest
under applicable law) exceed the maximum amount permissible under applicable law
(the "Maximum
Rate"). If, from any circumstance whatsoever, performance or fulfillment
of any provision hereof, of the Note or of any of the other Loan Documents or of
any agreement between Owner and Lender shall, at the time of the execution and
delivery thereof or at the time performance of such provision shall be due,
involve or purport to require any payment in excess of the limits prescribed by
law, the obligation to be performed or fulfilled shall be reduced automatically
to the limit of such validity without the necessity of execution of any
amendment or new document. If, from any circumstance whatsoever, Lender shall
ever receive anything of value deemed interest under applicable law which would
exceed interest at the Maximum Rate, an amount equal to any amount which would
have been excessive interest shall be applied to the reduction of the
outstanding principal balance of this Note in the inverse order of its maturity
and not to the payment of interest, or if such amount which would have been
excessive interest exceeds the outstanding principal balance of this Note, such
excess shall be refunded to Owner. All sums contracted for, charged, paid or
agreed to be paid to Lender for the use, forbearance or detention of the
Indebtedness of Owner to Lender shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated
term of such Indebtedness so that the amount of interest on account of such
Indebtedness does not exceed the Maximum Rate. Notwithstanding anything to the
contrary contained herein or any of the other Operative Documents, it is not the
intention of Lender to accelerate the maturity of any interest that has not
accrued at the time of such acceleration or to collect unearned interest at the
time of such acceleration. The provisions of this paragraph shall control all
existing and future agreements between Owner and Lender.

    

    Section
5.25                    Entire Agreement. The
Operative Documents, including, without limitation, the Loan Documents contain
the entire agreement between the parties hereto relating to or connected with
the Loan. Any other agreements relating to or connected with the Loan and not
expressly set forth in the Operative Documents, including, without limitation,
the Loan Documents, are null and void and superseded in their entirety by the
provisions of the Operative Documents, including, without limitation, the Loan
Documents.

    

    IN
WITNESS WHEREOF, the foregoing instrument has been executed by the undersigned
as of the date above written.

    

    [Signature
pages follow of William J. Wade, and Wilmington Trust Company, each as a Trustee
of  M-Six Penvest II Business Trust; William J. Wade, as Trustee of
M-Six Penvest II Business Trust (LA); and M-Six Penvest II GP Corp. (Nev.), as
general partner of M-Six Penvest II Limited Partnership (Nev.)]ex107.htm

    
 

    

    Exhibit
10.7

    

    THIS
DOCUMENT WAS, WITH THE ADVICE

    OF LOCAL
COUNSEL, PREPARED BY:

    Cynthia
Williams, Esq.

    Day,
Berry & Howard

    260
Franklin Street

    Boston,
MA 02110

    

    RECORDING
REQUESTED BY AND UPON

    RECORDATION
RETURN TO:

    Cynthia
Williams, Esq.

    Day,
Berry & Howard

    260
Franklin Street

    Boston,
MA 02110

    
      

    

    

    

    AMENDMENT
NO. 1 TO INDENTURE AND OTHER OPERATIVE DOCUMENTS

    
      

    

    

    Indenture
of Mortgage, Deed of Trust, Security Agreement, Fixture Filing, Financing
Statement and Assignment of Rents and Leases and Other Loan Documents dated as
of April 30, 1998 from each Owner listed on Schedule I attached thereto with
respect to the related Mortgaged Property, collectively as trustors or as
Mortgagors, as applicable to the Trustee listed on Schedule I attached thereto
with respect to the related Mortgaged Property, as Trustee for the benefit of
Lender as beneficiary, or to the Lender as Mortgagee.

    

    
      	
               
      

            	
              Recorded:

            	
              [RECORDING
      INFORMATION TO BE SUPPLIED BY THE TITLE
COMPANY]

            

    

    

    

    Assignment
of Master Lease and Guaranty, dated as of April 30, 1998 from each Owner listed
on Schedule I attached thereto to Lender with respect to the Mortgaged
Property.

    

    
      	
               
      

            	
              Recorded:

            	
              [RECORDING
      INFORMATION TO BE SUPPLIED BY THE TITLE
COMPANY]

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    AMENDMENT NO. 1 TO
INDENTURE

    AND OTHER OPERATIVE
DOCUMENTS

    

    

    This
Amendment No, 1 to Indenture and Other Operative Documents (this "Amendment"), dated
as of September 1, 1998, among M-Six Penvest II Business Trust, a Delaware
business trust, and M-Six Penvest II Business Trust (LA), a Delaware business
trust and M-Six Penvest II Limited Partnership (NEV), a Delaware limited
partnership, each other Owner listed on Schedule I thereto, which is hereby
incorporated by reference herein, through which it directly or indirectly holds
title to the estate for years in the land and fee title to the improvements
located on the land described in Exhibit A hereto (together with their
respective permitted successors and assigns, referred to herein as "Owner" either
individually or collectively as appropriate in the context used) and THE CAPITAL
COMPANY OF AMERICA LLC, a Delaware limited liability company (successor in
interest to Nomura Asset Capital Corporation ("NACC") and,
together with its successors and assigns, referred to herein as "Lender").

    

    PRELIMINARY
STATEMENT

    

    Pursuant
to that certain Loan Agreement, dated as of April 30, 1998, between Owner and
Lender, NACC made a Loan to Owner in the amount of $51,934,489.93 ("Loan"). The Loan
was evidenced inter alia by a Promissory Note in such amount from the Owner to
NACC (the "Original
Note"). The Loan was secured by, among other things, (i) that certain
Indenture of Mortgage, Deed of Trust, Security Agreement, Fixture Filing,
Financing Statement and Assignment of Rents and Leases, dated as of April 30,
1998, from Owner to one or more trustees as shown on Schedule I attached thereto
with respect to the related Mortgaged Property, for the benefit of NACC, its
successors and assigns, as beneficiary, or to Lender, as mortgagee, as provided
therein (the "Original
Indenture"), and (ii) that certain Assignment of Master Lease and
Guaranty, dated as of April 30, 1998, from Owner to NACC, its successors and
assigns, (the "Original Master Lease
Assignment"). Capitalized terms used but not defined herein shall have
the meaning ascribed to them in the Original Indenture.

    

    Pursuant
to that certain __________________ dated June 26, 1998 between NACC and The
Capital Company of America LLC recorded _____________________________________,
NACC transferred and assigned the Loan and the Loan Documents to
Lender.

    

    The total Principal Amount remaining
outstanding on the Original Note as of September 1, 1998 after application of
the Debt Service Payment due and paid on such date is $51,776,544.25. Lender and
Owner have agreed to amend the Loan by amending and restating the Original Note
as two separate notes such that the Loan shall be evidenced by two notes.
Accordingly, Owner is delivering to Lender a note in the amount of $6,814,708.78
(the "Class A
Note") and a note in the amount of $41,949,038.22 (the "Class B Note") in
exchange for the Original Note.

    

    In connection with such split and
bifurcation, Owner and Lender desire to amend the Original Indenture, the
Original Master Lease Assignment and certain other Operative Documents in
accordance with the terms of this Amendment, The Original Indenture, as amended
by this Amendment, is hereinafter referred to as the "Indenture". The
Original Master Lease Assignment, as amended by this Amendment, is hereinafter
referred to as the "Master Lease
Assignment". Each other Operative Document, as amended by this Amendment,
is referred to by the defined term used with respect thereto in the
Indenture.

    

    NOW, THEREFORE, in consideration of the
foregoing and for other valuable consideration the receipt and sufficiency of
which are hereby acknowledged, the parties, intending to be legally bound,
hereby agree as follows:

    
      
        
          Pool
IX

          (AZ, CA,
KY, LA, MI, MO, NV, OH, TX, WV)

          

        

      

      
        
          

        

      

       

    

    

    1.           Amendments to the
Indenture

    

    1.1           The
definition of the term "Allocated Property
Debt" in Article I of the Original Indenture is hereby deleted in its
entirety and replaced with the following:

    "Allocated Property
Debt" shall mean, with respect to a particular Mortgaged Property, the
original allocated property debt set forth on Exhibit B hereto with respect to
such Mortgaged Property, multiplied by a fraction, the numerator of which equals
the aggregate outstanding principal balance of the Class A Note and the Class B
Note at the time the calculation is made and the denominator of which equals (a)
$51,934,489.93, minus (b) the original allocated property debt (as set forth on
said Exhibit B) of any other Mortgaged Property which has been released from the
lien of this Indenture."

    

    1.2.           The
definition of the term "Balloon Payment" in
Article 1 of the Original Indenture is hereby deleted in its entirety and
replaced with the following:

    

    "Balloon Payment"
shall mean the payment of the outstanding principal balance of the Class B Note
due on the Maturity Date.

    

    1.3.           Article
I of the Original Indenture is hereby amended by adding a definition of the term
"Class A Note"
and of the term "Class
B Note" in the proper alphabetical order in the list of definitions in
said Article I as follows:

    

    "Class A Note" means
that certain promissory note in the amount of $6,814,708.78, dated the Closing
Date, which, together with the Class B Note, evidences the Loan from Owner, as
maker, to Lender, as lender, or order, as payee, together with any extension,
modification, amendment or supplement thereto and any note(s) issued in exchange
therefor or in replacement thereof.

    

    "Class B Note" means
that certain promissory note in the amount of $41,949,038.22, dated the Closing
Date, which, together with the Class A Note, evidences the Loan from Owner, as
maker, to Lender, as lender, or order, as payee, together with any extension,
modification, amendment or supplement thereto and any note(s) issued in exchange
therefor or in replacement thereof.

    

    1.4.           The
definition of the term "Debt Service
Payment" in Article 1 of the Original Indenture is hereby amended by
adding the phrase ", if any," after the phrase "Balloon Payment".

    

    1.5.           The
definition of the term "Maturity Date" in
Article 1 of the Original Indenture is hereby deleted in its entirety and
replaced with the following:

    

    "Maturity Date"
means, (i)(a) September 1, 2008 with respect to the Class A Note and (b) May 1,
2018 with respect to the Class B Note or (ii) such earlier date resulting from
the acceleration of the Indebtedness by Lender.

    

    1.6.           The
definition of the term "Note" in Article 1
of the Indenture is hereby deleted in its entirety and replaced with the
following:

    

    "Note" means
collectively and individually, as appropriate in the context used, the Class A
Note and the Class B Note.

    

    1.7.           The
definition of the term "Payment Date" in
Article 1 of the Original Indenture is hereby amended by deleting the phrase in
the fourth line "on which the Balloon Payment is due".

    

    1.8.           The
definition of the term "Principal Amount" in
Article 1 of the Original Indenture is hereby amended by adding the following
sentence thereto:

    

    "Any
advance made by Lender under any Loan Document which increases the principal
amount of the Loan shall be pro rated between the Class A Note and the Class B
Note in proportion to their then outstanding principal balances."

    

    1.9.           Section
2.1 (a) of the Original Indenture is hereby amended as follows:

    

    
      	
               
      

            	
              a.

            	
              The
      third sentence of said Section 2.1 (a) is hereby deleted in its entirety
      and replaced with the following:

            

    

    

    "Owner
shall pay all outstanding Indebtedness with respect to a particular Note on the
Maturity Date relating thereto."

    

    
      	
                                              b.

            	
              The
      fifth sentence of said Section 2.1 (a) is hereby amended by deleting the
      proviso at the end of such sentence in its entirety and replacing it with
      the following:

            

    

    

    "provided,
however, that any Late Charge relating to a failure to pay the Balloon Payment
on the Maturity Date of the Class B Note shall not be due until thirty (30) days
after such failure to pay such Balloon Payment."

    

    
      	
                                   
                c.

            	
              The
      sixth sentence of Section 2.1 (a) is hereby deleted in its entirety and
      replaced with the following:

            

    

    

    "On the
Maturity Date of the related Note, Owner shall pay to Lender all amounts then
due and owing under the Loan Documents including, without limitation, interest,
principal, Late Charges, Default Rate Interest and any Make-Whole
Premium."

    

    1.10.           Section
2.1(b) of the Original Indenture is hereby amended as follows:

    

    
      	
               
      

            	
              a.

            	
              The
      second sentence of said Section 2.1(b) is hereby deleted in its entirety
      and replaced with the following:

            

    

    

    "On the
Maturity Date of the related Note, Owner shall pay to Lender, without
duplication, the Balloon Payment, if any, and the entire outstanding Principal
Amount of the related Note, to the extent not theretofore paid, together with
all accrued and unpaid interest thereon and any other Indebtedness then due
hereunder, under the related Note or under any other Loan
Document."

    

    
      	
               
      

            	
              b.

            	
              The
      remainder of Section 2.1(b) is hereby deleted in its entirety and replaced
      with the following:

            

    

    

    "Any
prepayment, whether required pursuant to this Indenture or resulting from the
application of Loss Proceeds or proceeds received pursuant to Section 4.3 hereof
to payments with respect to the Note, shall be allocated pro rata between the
Class A Note and the Class B Note proportionate to the then outstanding
principal balances thereof. In the event that Lender elects, agrees or is
obligated to accept a partial prepayment in accordance with this Indenture, each
Debt Service Payment which shall thereafter be payable with
respect to the Class A Note and/or to the Class B Note, as applicable, shall be
reduced by an amount equal to the product of such Debt Service Payment times a
fraction, the numerator of which equals the principal amount being prepaid of
the related Note and the denominator of which equals the entire principal amount
outstanding under such Note at the time of determination prior to giving effect
to such prepayment, such that upon the due payment of all remaining Debt Service
Payments with respect to the related Note, there shall have been paid to Lender
the entire unpaid principal amount of the related Note together with accrued
interest thereon on a stepped installment basis, Schedule 1 shall be revised by
Owner to so reamortize the remaining Debt Service Payments for the Class A Note
and/or the Class B Note, as applicable and a new Schedule I shall be delivered
to Lender to be substituted for the Schedule 1 then attached to the related
Note. Such revised Schedule 1 shall reflect payments on the same Payment Dates
set forth in the original Schedule 1 and at the same interest rate utilized in
the original Schedule 1 over the remaining life of the related Note and, absent
error, the Debt Service Payments thereafter due on the related Note shall be as
set forth in such revised Schedule 1. If any such partial prepayment occurs on
any date other than a Payment Date, Schedule I shall be adjusted or annotated as
appropriate as it relates to interest with respect to the next succeeding
Payment Date."

    

    Section
1.11                                
Section 2.9(a) is hereby deleted in its entirety and replaced with the
following:

    

    "(a)
Owner shall not have the right to optionally prepay the Class A Note or the
Class B Note, in whole or in part, provided, however, that the Owner shall have
the right to optionally prepay the Class B Note in whole on or after February 1,
2018 in an amount sufficient to pay the Principal Amount with respect thereto,
any accrued and unpaid interest thereon, the Make-Whole Premium and all other
Indebtedness then due and owing."

    

    Section 1.12 The fourth sentence of
Section 2.20(a) of the Original Indenture is hereby deleted in its entirety and
replaced with the following:

    

    "In the
event only a portion of the Note is the subject of a Defeasance Event, such
Defeasance Event and the Defeasance Deposit with respect thereto shall be
prorated between the Class A Note and the Class B Note in proportion to their
then outstanding principal balances and, in connection therewith, Owner shall
prepare all necessary documents to amend and restate the Class A Note and/or the
Class B Note, as applicable, and issue two substitute notes with respect to each
class of notes then being defeased, one such note having a principal balance
equal to the defeased portion of the original Class A Note or Class B Note, as
applicable (collectively and individually, as appropriate in the context used,
the "Defeased
Note"), and the other such note. having a principal balance equal to the
undefeased portion of the Class A Note or Class B Note, as applicable
(collectively and individually, as appropriate in the context used, the "Undefeased Note").
Each Defeased Note and Undefeased Note shall have identical terms as the related
class of Note except for principal balance and Debt Service Payment amount,
provided, however, that the aggregate principal balance of and the aggregate
Debt Service Payments on each Defeased Note and each Undefeased Note shall be
equal to the principal balance of any Debt Service Payments on the related class
of Note immediately prior to such defeasance."

    

    2.           Consent.

    

    (a)           Owner
and Lender hereby agree and consent to the Class A Note and Class B Note
delivered to Lender in exchange for the Original Note contemporaneously with the
delivery of this Amendment which Lender agrees evidences the Loan and shall
constitute the Note for all purposes under the Indenture and the other Operative
Documents.

    

    (b)           Owner,
Remainder and Lender hereby agree and, consent to this Amendment.

    

    (c)           Each
other party executing this Agreement does so in order to acknowledge and agree
that to the extent certain capitalized terms used in any Operative Document
executed and delivered by such party refers to the definitions included in the
Indenture, such definitions shall be and hereby are amended as set forth in this
Amendment and that each such Operative Document executed and delivered by such
party is and shall continue in full force and effect and is confirmed and
ratified hereby.

    

    3.           No Other Amendments.
Except as expressly amended by this Amendment and by the Class A Note and the
Class B Note, the Original Indenture, the Original Assignment and the other
Operative Documents shall continue in full force and effect and are confirmed
and ratified hereby, and the liens thereby created shall continue in full force
and effect without abatement or interruption.

    

    4.           Miscellaneous.

    

    (a)           This
Amendment may be executed in any number of counterparts and by different parties
hereto on separate counterparts, each of which shall be deemed to be an
original. Such counterparts shall constitute but one and the same
agreement.

    

    (b)           This
Amendment shall be governed by the laws of the State of New York.

    

    (c)           Each
of the undersigned parties hereto respectively represents that such party has
full power, authority and legal right to execute, deliver and perform its
obligations pursuant to this Agreement and that this Agreement has been duly
executed and delivered and represents the valid and binding obligations of such
party.

    

    (d)           It
is expressly understood and agreed by the parties hereto that (a) this Amendment
is executed and delivered (i) by Wilmington Trust Company, William J. Wade, or
either or both of them, as applicable, not individually or personally but solely
as trustees of Owner individually or collectively, as applicable, in the
exercise of the powers and authority conferred and vested in them individually
or collectively, as applicable, under the Trust Agreement of Owner dated as of
April 22, 1998 between Wilmington Trust Company and by William J. Wade, as
trustees, and the Deed of Trust Trustee (if any, as identified in Schedule I of
the Indenture), as beneficiary thereunder, (b) each of the representations,
undertakings and agreements herein made on the part of Owner is made and
intended not as personal representations, undertakings and agreements by
Wilmington Trust Company or by William J. Wade but is made and intended for the
purpose of binding only Owner, as applicable, and (c) under no circumstances
shall Wilmington Trust Company or William J. Wade be personally liable for the
payment of any indebtedness or other obligations of Owner or be liable for the
breach or failure of any obligation, representation, warranty or covenant made
or undertaken by Owner under this Amendment, the Indenture or the other Loan
Documents.

    
      	
                                             
      (e)

            	
              The
      obligations of Owner hereunder are subject to the limitations on liability
      set forth in Section 4.3(z) of the
Indenture.

            

    

    

    [The
remainder of this page intentionally left blank]

    IN
WITNESS WHEREOF, the foregoing instrument has been executed by the undersigned
as of the date above written.

    

    [Signature
pages follow of Lennar Partners, Inc., as attorney-in-fact for LaSalle Bank
National

           
Association, as Trustee for BH Finance LLC Trust, Credit Lease Loan Pass-Through
Certificates,

     Series
2000-A Pools V-IX; Lennar Partners Inc., as attorney-in-fact- for LaSalle Bank
National

    Association,
as Trustee for Capco America Securitization Corporation, Commercial
Mortgage

     Pass-Through
Certificates, Series 1998-D7; William Wade and Wilmington Trust Company
as

            
Trustees for the M-Six Penvest II Business Trust; William Wade as Trustee for
the M-Six Penvest

    II
Business Trust (LA); USRA Leveraged Net Lease, LLC; and Motel Assets Holdings
LLC]

    

    
      
        
          Pool
IX

          (AZ, CA,
KY, LA, MI, MO, NV, OH, TX, WV)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]