Common use of Reliance Upon Lease Rent Notice Clause in Contracts

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and (iii) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary Lender of a Lease Rent Notice (as defined in Section 10.9 hereof)Notice, each lessee under the Leases Lessee is hereby authorized and directed to pay directly to Beneficiary Lender all Rents thereafter accruing accruing, and the receipt of Rents by Beneficiary Lender shall be a release of such lessee Lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases Lessee of a Lease Rent Notice shall be sufficient authorization for such lessee Lessee to make all future payments of Rents directly to Beneficiary Lender and each such lessee Lessee shall be entitled to rely on such the Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary Lender after receipt of such the Lease Rent Notice. Rents so received by Beneficiary Lender under this Assignment for any period prior to foreclosure under this the Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary Lender to the payment of the following (in such order and priority as Beneficiary Lender shall determine): (ia) all expenses relating to the operation of the PropertyOperating Expenses; (iib) all expenses incident to taking and retaining possession of the Mortgaged Property and/or collecting Rent as it becomes due and payable; and (iiic) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security AgreementIndebtedness. In no event The Indebtedness will the provisions of not be reduced under this Section 4 reduce the Tranche A Notes 3.3 except to the extent, if any, that Lender actually receives and applies any Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes Indebtedness in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary Lender may, at its option, at any time and from time to time, release to Grantor, Grantor any Rents so received by Beneficiary or any part thereofXxxxxx. As between Grantor and BeneficiaryXxxxxx, and any person Person claiming through or under Grantor, other than any lessee under the Leases Xxxxxx who has not received a Lease Rent Notice, this assignment Assignment is intended to be absolute, unconditional unconditional, presently and presently effective (immediately effective, and not an assignment a security for additional security), the repayment of the Indebtedness and the Obligations. The Lease Rent Notice hereof is intended solely for the benefit of each such lessee the Lessees and shall never inure to the benefit of Grantor or any person Person claiming through or under Grantor, other than a lessee Lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to RentsLease Rent Notice. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, LENDER HEREUNDER AND GRANTOR HEREBY INDEMNIFIES WILL INDEMNIFY AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE DAMAGE, OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEEXXXXXX’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUSTLEASE RENT NOTICE.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary Lender of a Lease Rent Notice (as defined in Section 10.9 7.1(h) hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary Lender all Rents thereafter accruing and the receipt of Rents by Beneficiary Lender shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary Lender and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor Borrower for any Rents paid to Beneficiary Lender after receipt of such Lease Rent Notice. Rents so received by Beneficiary Lender for any period prior to foreclosure under this Deed of Trust Mortgage or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary Lender to the payment of the following (in such order and priority as Beneficiary Lender shall determine): (ia) all expenses relating to the operation of the PropertyOperating Expenses; (iib) all expenses incident to taking and retaining possession of the Mortgaged Property and/or collecting Rent as it becomes due and payable; and (iiic) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security AgreementIndebtedness. In no event will the provisions of this Section 4 Article IX reduce the Tranche A Notes Indebtedness except to the extent, if any, that Rents are actually received by Beneficiary Lender and applied upon or after said receipt to the Tranche A Notes such Indebtedness in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary Lender may, at its option, at any time and from time to time, release to GrantorBorrower, Rents so received by Beneficiary Lender or any part thereof. As between Grantor Borrower and BeneficiaryLender, and any person Person claiming through or under GrantorBorrower, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment of Rents is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor Borrower or any person Person claiming through or under GrantorBorrower, other than a lessee who has not received such noticeLease Rent Notice. It shall never be necessary for Beneficiary Lender to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust Mortgage with respect to Rents. GRANTOR BORROWER SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY LENDER HEREUNDER, AND GRANTOR BORROWER HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S 'S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY LENDER CONTEMPLATED BY THIS DEED OF TRUSTMORTGAGE.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and (iii) the Secured Obligations in the manner set forth provided for in Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary Lender of a Lease Rent Notice (as defined in Section 10.9 hereof)Notice, each lessee under the Leases Lessee is hereby authorized and directed to pay directly to Beneficiary Lender all Rents thereafter accruing accruing, and the receipt of Rents by Beneficiary Lender shall be a release of such lessee Lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases Lessee of a Lease Rent Notice shall be sufficient authorization for such lessee Lessee to make all future payments of Rents directly to Beneficiary Lender and each such lessee Lessee shall be entitled to rely on such the Lease Rent Notice and shall have no liability to Grantor Borrower for any Rents paid to Beneficiary Lender after receipt of such the Lease Rent Notice. Rents so received by Beneficiary Lender under this Assignment for any period prior to foreclosure under this the Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary Lender to the payment of the following (in such order and priority as Beneficiary Lender shall determine): (ia) all expenses relating to the operation of the PropertyOperating Expenses; (iib) all expenses incident to taking and retaining possession of the Mortgaged Property and/or collecting Rent as it becomes due and payable; and (iiic) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security AgreementIndebtedness. In no event The Indebtedness will the provisions of not be reduced under this Section 4 reduce the Tranche A Notes 3.3 except to the extent, if any, that Lender actually receives and applies any Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes Indebtedness in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary Lender may, at its option, at any time and from time to time, release to Grantor, Borrower any Rents so received by Beneficiary or any part thereofXxxxxx. As between Grantor Borrower and BeneficiaryLender, and any person Person claiming through or under GrantorBorrower, other than any lessee under the Leases Lessee who has not received a Lease Rent Notice, this assignment Assignment is intended to be absolute, unconditional unconditional, presently and presently effective (immediately effective, and not an assignment a security for additional security), the repayment of the Indebtedness and the Obligations. The Lease Rent Notice hereof is intended solely for the benefit of each such lessee the Lessees and shall never inure to the benefit of Grantor Borrower or any person Person claiming through or under GrantorBorrower, other than a lessee Lessee who has not received such noticeLease Rent Notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR BORROWER SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, LENDER HEREUNDER AND GRANTOR HEREBY INDEMNIFIES BORROWER WILL INDEMNIFY AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE DAMAGE, OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEEXXXXXX’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUSTLEASE RENT NOTICE.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and (iii) the Secured Obligations Obligations, in the manner set forth in Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and (iii) the Secured Obligations in the manner set forth provided for in Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a ------------------------------- Lease Rent Notice (as defined in Section 10.9 7.1 (h) hereof), each lessee under the --------------- Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (ia) all expenses relating to the operation of the PropertyOperating Expenses; (ii) and all expenses incident to taking and retaining possession of the Mortgaged Property and/or collecting Rent as it becomes due and payable; and (iiib) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security AgreementIndebtedness. In no event will the provisions of this Section 4 Article IX reduce the Tranche A Notes Indebtedness ---------- except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes such indebtedness in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment Assignment of Rents is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S 'S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and (iii) the Secured Obligations in the manner set forth in Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.

Reliance Upon Lease Rent Notice. Upon receipt from Beneficiary of a Lease Rent Notice (as defined in Section 10.9 hereof), each lessee under the Leases is hereby authorized and directed to pay directly to Beneficiary all Rents thereafter accruing and the receipt of Rents by Beneficiary shall be a release of such lessee to the extent of all amounts so paid. The receipt by a lessee under the Leases of a Lease Rent Notice shall be sufficient authorization for such lessee to make all future payments of Rents directly to Beneficiary and each such lessee shall be entitled to rely on such Lease Rent Notice and shall have no liability to Grantor for any Rents paid to Beneficiary after receipt of such Lease Rent Notice. Rents so received by Beneficiary for any period prior to foreclosure under this Deed of Trust or acceptance of a deed in lieu of such foreclosure shall be applied by Beneficiary to the payment of the following (in such order and priority as Beneficiary shall determine): (i) all expenses relating to the operation of the Property; (ii) all expenses incident to taking and retaining possession of the Property and/or collecting Rent as it becomes due and payable; and (iii) the Secured Obligations Liabilities, in the manner set forth in specified by Section 5.08 of the Tranche A Security Agreement. In no event will the provisions of this Section 4 reduce the Tranche A Notes except to the extent, if any, that Rents are actually received by Beneficiary and applied upon or after said receipt to the Tranche A Notes in accordance with the preceding sentence. Without impairing its rights hereunder, Beneficiary may, at its option, at any time and from time to time, release to Grantor, Rents so received by Beneficiary or any part thereof. As between Grantor and Beneficiary, and any person claiming through or under Grantor, other than any lessee under the Leases who has not received a Lease Rent Notice, this assignment is intended to be absolute, unconditional and presently effective (and not an assignment for additional security), and the Lease Rent Notice hereof is intended solely for the benefit of each such lessee and shall never inure to the benefit of Grantor or any person claiming through or under Grantor, other than a lessee who has not received such notice. It shall never be necessary for Beneficiary to institute legal proceedings of any kind whatsoever to enforce the provisions of this Deed of Trust with respect to Rents. GRANTOR SHALL HAVE NO RIGHT OR CLAIM AGAINST ANY LESSEE FOR THE PAYMENT OF ANY RENTS TO BENEFICIARY HEREUNDER, AND GRANTOR HEREBY INDEMNIFIES AND AGREES TO HOLD FREE AND HARMLESS EACH LESSEE FROM AND AGAINST ALL LIABILITY, LOSS, COST, DAMAGE OR EXPENSE SUFFERED OR INCURRED BY SUCH LESSEE BY REASON OF SUCH LESSEE’S COMPLIANCE WITH ANY DEMAND FOR PAYMENT OF RENTS MADE BY BENEFICIARY CONTEMPLATED BY THIS DEED OF TRUST.