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88.- 10002t1; I local laws, ordinances and requirements, (ii) warrant that said Alterations shall not reduce or impair the value of the Mortgaged Property and (iii) pay when due all claims for labor performed and materials furnished in connection with any Alteration. Mortgagor shall not remove or demolish the Improvements in whole or substan- tial part, without Beneficiary's prior written consent and in compliance with the Underlying Lease, unless pursuant to perfor- mance of an Alteration. Any alteration in excess of $10,000.00 shall require Beneficiary's prior written consent and and shall be in accordance with the Underlying Lease and shall be in accordance with such requirements as Beneficiary shall deem necessary includ- ing, without limitation, delivery to Beneficiary of" comparable documents, Plans and Specifications, Opinion of Counsel, Archi- tect's Certificate, Estimate, Letter of Credit and COlmni tment as those contained in Section 1.12,3. SECTION 1.15 Status of the Underlying Lease. Mortga- gor is presently the lessee under the Underlying Lease. The Underlying Lease is presently in full force and effect and unmodi- fied and Mortgagor is not in breach or default thereof and knows of no event presently existing or contemplated by Mortgagor which would give rise to a default under the Underlying Lease or this Deed of Trust. Beneficiary has paid all rents and charges due prior to the date of this Deed of Trust. Mortgagor further agrees that without the prior written consent of Beneficiary, Mortgagor shall not: (i) execute any assignment, sublease, encumbrance or transfer of any part of its interest in the Underlying Lease, (ii) execute any assignment of the rents, issues or profits from the Premises or any part thereof except for the assignment of rents provided herein, (iii) terminate, modify, cancel or surrender the Underlying Lease, however the prohibition of this subpart shall not apply to any rent reduction negotiated by Mortgagor, (iv) make any prepayments for a period in excess of one month, (v) default or fail to make any payment required under the Underlying Lease, and (vi) modify the Underlying Lease in any fashion, or otherwise prohibit or impair access by Beneficiary to the Personal Property or otherwise impair the security provided herein. Mortgagor further agrees to exercise any and all options to renew the Underlying Lease whether conferred therein or arising later in time. Mortgagor shall send notice of its exercise of any option to renew to Beneficiary as provided in this Deed of Trust. SECTION 1.16 Obligations with Respect to the Underly- ing Lease. Mortgagor hereby agrees to: (a) defend the leasehold estate created under the Underlying Lease for the entire remainder of the term set forth therein and all extensions and renewals thereof, against all and every person or persons lawfully claiming, or who may claim the same or any part thereof, subject to the payment of the rents in said Underlying Lease reserved and subject to the performance and observance of all of the terms, covenants, conditions and warran- ties thereof; -18- L L L i-"';: ,- -.J I / l