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<br />200511357
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<br />made by Lender, and all consents, approvals, or other determinations required or permitted of Lender
<br />or Beneficiary herein shall be made by Lender. MERS shall at all times comply with the instructions
<br />of Lender and its successors and assigns. If necessary to comply with law or custom, MERS (for the
<br />benefit of Lender and its successors and assigns) may be directed by Lender to exercise any or all of
<br />those interests, including without limitation, the right to foreclose and sell the Property, and take any
<br />action required of Lender, including without limitation, a release, discharge or reconveyance of this
<br />Security Instrument. Subject to the foregoing, all references herein to "Lender" shall include Lender
<br />and its successors and assigns.
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<br />b. Relationship. The relationship of Borrower and Lender under this Security Instrument and the other
<br />Loan Documents is, and shall at all times remain, solely that of borrower and lender (the role ofMERS
<br />hereunder being solely that of nominee as set forth in subsection (a) above and not that of a lender) and
<br />Lender neither undertakes nor assumes any responsibility or duty to Borrower or to any third party
<br />with respect to the Property. Notwithstanding any other provisions of this Security Instrument and the
<br />other Loan Documents: (i) Lender is not, and shall not be construed to be, a partner, joint venturer,
<br />member, alter ego, manager, controlling person or other business associate or participant of any kind of
<br />Borrower, and Lender does not intend to ever assume such status; (ii) Lender's activities in connection
<br />with this Security Instrument and the other Loan Documents shall not be "outside the SCOpe of
<br />activities of a lender of money" within the meaning of California Civil Code Section 3434, as amended
<br />or recodified from time to time, and Lender does not intend to ever assume any responsibility to any
<br />person for the quality, suitability, safety or condition of the Property; and (iii) Lender shall not be
<br />deemed responsible for or a participant in any acts, omissions or decisions of Borrower.
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<br />c. No Liabilitv. Lender shall not be directly or indirectly liable or responsible for any loss, claim, cause
<br />of action, liability, indebtedness, damage or injury of any kind or character to any person or property
<br />arising from any construction on, or occupancy or USe of, the Property, whether caused by or arising
<br />from: (i) any defect in any building, structure, grading, fill, landscaping or other improvements
<br />thereon or in anyon-site or off-site improvement or other facility therein or thereon; (ii) any act or
<br />omission of BorrOwer or any of Borrower's agents, employees, independent contractors, licensees or
<br />invitees; (iii) any accident in or on the Property or any fire, flood or other casualty or hazard thereon;
<br />(iv) the failure of Borrower or any of Borrower's licensees, employees, invitees, agents, independent
<br />contractors or other representatives to maintain the Property in a safe condition; or (v) any nuisance
<br />made or suffered on any part of the Property.
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<br />8.9 SEVERABILITY. If any term of this Security Instrument or any other Loan Document, or the application
<br />thereof to any person or circumstances, shall, to any extent, be invalid or unenforceable, the remainder of this
<br />Security Instrument or such other Loan Document, or the application of such term to persons or
<br />circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and
<br />each term of this Security Instrument or such other Loan Document shall be valid and enforceable to the
<br />fullest extent permitted by law.
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<br />8.10 RELATIONSHIP OF ARTICLES. The rights, remedies and interests of Lender under the Security
<br />Instrument established by Article 1 and the security agreement established by Article 4 are independent and
<br />cumulative, and there shall be no merger of any lien created by the Security Instrument with any security
<br />interest created by the security agreement. Lender may elect to exercise or enforce any of its rights, remedies
<br />or interests under either or both the Security Instrument or the security agreement as Lender may from time to
<br />time deem appropriate. The absolute assignment of rents and leases established by Article 3 is similarly
<br />independent of and separate from the Security Instrument and the security agreement.
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<br />8.11 MERGER. No merger shall occur as a result of Lender's acquiring any other estate in, or any other lien on,
<br />the Property unless Lender consents to a merger in writing.
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<br />8. I 2 OBLIGATIONS OF BORROWER, JOINT AND SEVERAL. If more than one person has executed this
<br />Security Instrument as "Borrower," the obligations of all such persons hereunder shall be joint and several.
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<br />1244250.5
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