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<br /> drawi.ng under suGh l�tter �f�redit ar �b} Lender to become th� transf�ree b�ne�c�asy of su�h
<br /> Ietter �f credit, with Lender agr�eir�g, in each cas�tha� th�proceeds of any drawing under su�h
<br /> ��tter af cr�dit ar� to be dep�sited into th� �ash Mar�ag�ment Account, to be ap��ied i�
<br /> accordance w�th the pr�visions of th��aan Ag,reement.
<br /> ARTICLE 4-�BLIGATI�]11TS AI�D RELIAl��ES
<br /> S�ction 4.1 l�el�tionshi of individual B�rrower and Lender. Individual
<br /> Borrower and Lender intend that the relationships creat� h�reur�der ar�d u.�der the other L�an
<br /> I�ocuments be s��e�y�hat of debtar and creditor. Nothir�g h�rein or therein is int�nded t�create a
<br /> �joint �entur�, pa.rtnersh�p, tenanc�-in-�ommon, �r joint tena.r�cy re�ationship between Individual
<br /> �orrawer and Ler�der nor ta grar�t Lender any intere�t in the Pr�perty other than that of
<br /> martgagee,benefi�iary or�ender.
<br /> Se�tiun 4.Z No R�liance an L�nder. The �en�ral partr��rs, members,
<br /> principa�s and (if Indiv�idual Borrower is a tru�t} bene�cial owners of Ind��idual Barrower are
<br /> ex�erien�ed in th� �v�nership arad opera�ion af�roperties similar t� the Proper�y, arid Individua�
<br /> Barr�wer and Lender are re�ying sa�e�y upon such expertis�and business p�an in c,�nn►�c��on w�th
<br /> the owner�hip ar�d aperatian of the Pr�p�rty. Ir�dividual Borrower is nat re�ying an Lend�r's
<br /> ' e�p�rtise,bus�ness a�umen or adv�ce�n�onne�tion with the Property.
<br /> Secti�n 4.3 No_Lender„�,.bli��tions. �a� No�thstar�d�ng the provisions af
<br /> Subsections �.1 and � or Sect�on 1.�, L�nd�r �s not undextaking the p�rformance af��} any
<br /> obligati��s under the Leases or �ii} any �b�igations �ith respect �t� s�u�h agxeerr�er�ts, contracts,
<br /> certif�cat�s, instrurnents, franchises, permits, trademarks, licenses and other docu�ments, in either
<br /> case, priar to the �n�ry upon and tal�ing �f actua� physica� possessivn of the Praperty hy a
<br /> r�cei�er,Lenc�er�r ar�yone c�aiming by,through or under Lend�r.
<br /> �h} By accepting anything required ta be observed,pe�f�rmed or fulf 11ed ar ta
<br /> be g���n to I.�nder pursuan� to th�s Secur�ty Instrument, the Laan Agreemer�t, the Note or the
<br /> othez L,oan I]ocun-�e�ts, �ncluding, w�th�ut �imitativn, an� Offi�er's C��ficat�, balance sheet,
<br /> statemer�t af profit a�t�d�oss or other financial �tatement, sur�ey,appraisal,�r Policy, L�nder sha��
<br /> not b� deem�d #o ha�e warranted, conse�t�d ta, or a�rmed the suf�ic�en.cy, the �ega].ity or
<br /> effectivenes� af same, and such a�ceptance the�reof shall nat �anstitute any warranty �r "
<br /> affirmat�on with r�spect theret�by Lender.
<br /> Se�tivn 4.4 Relianc�. Indi�idual Borrawer recogniz�s and acknowl�ges that
<br /> in accept�ng. the Loan Agreement, th� �Tote, this Security Instrument and the other Loan
<br /> Do�um�nts, Lender�s ex�ressly a�d primarily rely7ing on the truth and ac�uracy of the warranties
<br /> and repres�ntat�ons s�t for�h ir� S�ction 4.1 of the Loan Agre�ment withaut any ab��gat�on to
<br /> in�estigat� the Praperty and�notw�thstanding ar�y in��stigat�on of the I�roperty by I.�nd�r; that
<br /> su�h reliance ex�sted �n the part of Lender pri�r ta the date hereof, that the warranties and
<br /> r�presentatians are a rnateria� induceme�nt�o L�nder in mal�ing the Loan; and that Lender w�u�d
<br /> not �e willing to rnake the Loan and accept th�rs Se�urity I�strumen� in the ab�ence of the
<br /> warranties arid repres�ntations as set forth in Secti�n 4.1 of the Loar�.Agreement.
<br /> I 073 t 5 I.If4-NYC5R03A-MSW
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