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<br />88-104345 <br /> <br />b. Each Lease is and shall be valid and <br />enforceable in accordance with its terms; <br /> <br /> <br />c. No part of the Mortgaged Premises is the <br />homestead of any person or used for agricultural <br />purposes; <br /> <br />d. As to any Lease now in existence, neither <br />Mortgagor nor the other party to any Lease are now in <br />default under any of the terms, covenants or conditions <br />thereof, and Mortgagor has not waived, and will not <br />waive, any provisions thereunder to be complied with by <br />the other party thereto; <br /> <br />e. Mortgagor has not performed any act or executed <br />any instrument and is not bound by any law, charter or <br />agreement which might prevent Mortgagee from operating <br />under any of the terms and conditions hereof, or which <br />would limit Mortgagee in such operation; and <br /> <br />f. No Rents have been waived, anticipated, <br />discounted, compromised or released, except as may be <br />permitted by the Leases, provided, however, that <br />Mortgagor may collect, in advance, the first and last <br />month's rent due under any Lease, and the tenants under <br />the Lease have no defenses, setoffs or counterclaims <br />against Mortgagor. <br /> <br />2.2 To protect the security of this Assignment, <br />Mortgagor agrees as follows: <br /> <br />a. To faithfully abide by, perform and discharge <br />each and every obligation, covenant and agreement which <br />Mortgagor is now or hereafter becomes liable to observe <br />or perform under any present or future Lease; to give <br />prompt written notice to Mortgagee of any notice of <br />default on the part of Mortgagor received from a tenant <br />under any Lease; at the sole cost and expense of <br />Mortgagor, to enforce or secure the performance of each <br />and every obligation, covenant, condition and agreement <br />to be performed by the tenant under each and every Lease <br />not to borrow against, pledge or assign the Rents, or <br />anticipate the Rents except as herein permitted, or <br />reduce the amount of the Rents or other payments under <br />the Leases or waive, excuse, condone, or in any manner <br />release or discharge the tenants thereunder of or from <br />the obligations, covenants, conditions and agreements by <br />said tenants to be performed, including the obligation <br />to pay the Rents called for thereunder in the manner and <br />at the place and time specified therein; and not to <br />terminate any of the Leases or accept a surrender <br />thereof except by reason of the expir.ation of the stated <br />terms of the Leases; <br /> <br />-3- <br />