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<br />I' <br /> <br />200604217 <br /> <br />Development Revenue Bonds ofthe Issuer (Regency Retirement Proj ect), Series 1993, the proceeds <br />of which were used to provide certain facilities for the Company. <br /> <br />The terms of the Series 2006 Note with the exception of the monthly payment <br />provision therein, are identical with the terms of the Series 2006 Bonds, as to principal payment <br />dates and amounts, interest rates and prepayment and provisions. <br /> <br />Additional Bonds may be issued by the Issuer and Additional Notes may be issued <br />by the Company, all as provided in the Agreement (such Additional Notes and the Series 2006 Note <br />are hereinafter collectively referred to as the "Notes"). <br /> <br />As further security for the payment of the Series 2006 Bonds and any Additional <br />Bonds the Issuer has, pursuant to the terms ofthe Agreement, assigned all of its rights in and to the <br />Notes and this Mortgage to the Purchaser. <br /> <br />As additional security for the Notes, and the indebtedness, obligations or liabilities <br />of the Company to the Issuer or the Purchaser under and in accordance with the Agreement, the <br />Company hereby covenants and agrees as follows: <br /> <br />SECTION 1. Title to the Proiect and the Status of the Lien of this Mortgage. <br /> <br />(a) The Company is lawfully seized of the fee simple title in and to the <br />Land and the Company has a good right to grant and convey the same; the lien ofthis <br />Mortgage is a first, prior, and superior lien and encumbrance on the Land, subject <br />only to Permitted Encumbrances as defined in the Agreement, and the Company <br />hereby warrants and will defend fee simple title thereto against the lawful claims of <br />all persons, subject only to such Permitted Encumbrances. <br /> <br />(b) The Company will be lawfully seized of the fee simple title to the <br />entire Project upon its completion pursuant to the terms ofthe Agreement and the <br />Company shall have a good right to grant and convey the same; upon the completion <br />of the Project, this Mortgage shall be a first, prior, and superior lien and encumbrance <br />on the entire Project, subject only to Permitted Encumbrances as defined in the <br />Agreement, and the Company hereby warrants and will defend fee simple title thereto <br />against the lawful claims of all persons. <br /> <br />4 <br />