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200411281 indebtedness and obligations secured by or arising under the Construction Security Agreement (hereinafter "Security Instrument ") on the Property dated as of the date hereof and securing the Note, and all of the other documents evidencing or securing the Loan (collectively the "Loan Documents "), as all of the same may be amended, extended, renewed or modified from time to time; and (c) the payment of all indebtedness and the performance of all obligations, which recite that they are secured by this Assignment, of Borrower to Lender now existing or arising after the date of this Assignment under this Assignment, as the same may be amended, extended, renewed or modified from time to time. 3. INTERPRETATION. It is the intention of Borrower that this Assignment shall constitute a present and absolute Assignment to Lender. However, so long as there shall exist no default by Borrower in the payment of any sum due to Lender under the Loan Documents, or in the performance of any obligation, covenant or agreement contained in this Assignment, the Loan Documents or the Leases, as the same are to be performed by Borrower, Borrower shall have the right to collect at the time of, but not more than thirty (30) days prior to, the date provided for payment, all rents, income and profits arising under the Leases and to retain and use the same. 4. COVENANTS. Borrower covenants and agrees as follows: (a) to perform all of the covenants, representations and agreements of the lessor, and not to violate any of the warranties of the lessor, under the Leases; not to suffer or permit any release, abatement or reduction of liability of any of the lessees; not to create any right or excuse for any of the lessees to withhold payment of rent or fail to comply with any other liability under any of the Leases or to otherwise cease performance of any of lessee's obligations under the Leases; and (b) to give prompt notice to Lender of any notice of default with respect to any of the Leases, whether the default be of the lessees or Borrower, and to furnish Lender with complete copies of said notices; and (c) not to terminate, modify or amend any of the terms of the Leases or grant any concession or waive, excuse or condone any failure of lessees under the Leases, or in any manner release or discharge the lessees from any obligations, covenants, conditions or agreements to be performed by the lessees under the Leases, including without limitation, the obligation to pay rent, or give any consent or exercise any option required or permitted by the terms of any of the Leases, either orally or in writing, without the prior written consent of Lender, which may be withheld in Lender's sole discretion, or to accept the surrender of any of the Leases without the prior written consent of Lender, which may be withheld in Lender's sole discretion, and that any attempted termination, modification, or amendment of any of the Leases, or any other action which requires Lender's consent, without such consent, shall be null and void; and (d) not to collect any of the rent, income or other liabilities arising or accruing under the Leases more than one (1) month in advance of the time when the same become due; and (e) not to discount any future accruing rents or other liabilities in connection with any of the Leases; and