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2� 1 ��435 Borr�w�r's rig�t,title and int�rest in,ta and under t�e Leases. Barrawe�and Lender�ntend this assignment of the Leases t� be �mmediately ef�ective and to constitute an abso�ute�resent assignment and not an assignment for ad�itional s�curity on�y. For purpases of giving effect to this abso��te assignment �f the Leases, and for n� other purpose, the Leases shal� r�ot be deemed to be a part of the Mortgaged Prop�rty. However, if this present, absolute and unc�nc�it�onal assignment�f Leases is not enforceable by its terms under th� �aws o�`the Property Jurisdiction, then the Leases shall be included as a�art of th� Mortgaged Property and�t is the intenti�n o�' Borrower that in this circumstance this Security Instrument create and p�rfe�t a lien on the Leases in favor af Lender, which��en sha�l be �ffective as of the date �f this Security Instrument. �b� Unti1 Lender gives Noti�e to BarroWer of Lender's ex�rcise of its rights under this Se�tion 4, B�rrower sha�l have all rights,power and auth�rity granted to B�rroWer under any Lease �except as oth�rwise 1im�ted by this Section ar any other pro�ision of�his Security Instrument}, includ�ng the right, power and auth�rity to modify the terms of any Lease or extend or terminate any Leas� as such rights are �imited or affected by the terms of the Loan Dncuments and Program �bligations. Upon the �ccurrence �f an Event of I3efault and thraughout its continuation, the permission given to Borr�wer pursuant to the preceding sentence t� exercise �ts rights, povver and authority under Leases shall autamat�cally terminate. Sh�l�ld su�h Event of Default be subsequently cured, th� B�rrower's aforesaid permission shall be reinstated. Borrawer shal� comply with and observe Barrovver's ob�igations under all L�as�s, �nclud�ng BorroWer's �b�igat�ons, if any,pertaining to the maint�nance and dispositx�n of se�urity . deposits. �c� Borrovver acknoWledges and agrees that the exercise by Lender, either direct�y or by its d�signee, of any of the rights c�nferred under this Sect�on 4 sha11 not be constru�d t� make Lender a lender-in-possessi�n�f the Mnrtgaged Proper�y so l�ng as Lender, �r an authorized agent af Lender, has not ent�red into actuai possessian of the Land and the Improvements. Th� acceptance by Lender of the assignrnent of the Leas�s�ursuant to 5ect�an 4�a} shall not at any time or in any ev�nt ob�igate Lender to ta1�e any act�on under this Security Instrument or to e�pend any m�ney ar to incur any expenses. Lender sha�� not be liable in any way for any �njury �r damage ta pers�n or prnperty sustained by any p�rs�n or persons, f�rm or�orporat�on in or about the Martgaged Pr�perty unless Lender is a�ender-in-possession. Pr�or to Lender's actual entry int� and tak�ng possessian�f the Mortgaged Pr�perty, Lender sha�l not �� be obligated t� perform any af the t�rms, covenants and conditi�ns contained in any Lease �ar atherwise hav� any ob��gation with respect to any Lease�; ��} be ab�igat�d to appear in or defend any action or proceeding re�ating t� the Lease or the Mortgaged Property; �r (3} be respons�ble f�r the �peration, contral, car�, management or repair�f the Mortgaged Property or any portion of the Mortgaged Property. The execution of this �ecurity Instrument by Borrower sha11 cflnst�tut� conc�usive ev�dence that a�1 resp�nsibility f�r the operation, �ontral, care, management and repa�r�f the Mortgaged Property�s and shall b�that of Borrower, pri�r ta such actuai entry and tak�ng of possession. �d� Upon de�ivery of Notice by Lender to BorraWer of Lender's exercise of Lender's rights under this Section 4 at an�time after the occurr�nce �f an Event of I]efau�t, and without the necess�ty of Lender entering upon and taking and maintaining c�ntr�1 of the Martgaged Previaus versions obsolete Page '�5 farm H U D-94D0�-aRCF (�612��4}