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88- 104LI08 FOUR. Payment of any amounts by the Assignee pursuant to that-Certain Letter of Credit, dated June 30, 1988, bearing No. 1821, in the amount of $210,000.00, issued by the Assignee, with Pacific Mutual Life Insurance company as beneficiary and the Assignor as the account party. AND TO PROTECT THE SECURITY OF THIS ASSIGNMENT, ASSIGNOR AGREES: 1. Performance of Leases. To faithfully abide by, perform and discharge each and every obligation, covenant and agreement under any Leases of the Premises to be performed by the landlord thereunder: to enforce OI' secure the performance of each and every obligation, covenant, condition and agreement of said Leases by the tenants thereunder to be performed: not to borrow against, pledge or assign any rentals due under said Leases, or anticipate the rents thereunder or reduce the amount of the rents and other payments thereunder: not to waive, excuse, condone or in any manner release or discharge the tenants thereunder of or from the obligations, covenants, conditions and agreements by said tenants to be performed under the Leases or to permit the tenant to assign its interest in the Leases unless required to do so by the terms of the Leases: not to terminate the Leases or accept a surrender thereof or a discharge of the tenant unless required to do so by the terms of the Leases: not to consent to a subordination of the interest of the tenants thereunder to any party other than Assignee and then only if specifically required to do so by the Assignee. 2. Protect Security. The Assignee shall have the right at Assignor's sole cost and expense, to appear in and defend any action or proceeding arising under, growing out of or in any manner connected with the Leases or the Obligations, duties or liabilities of the landlord thereunder, and Assignor agrees to pay all costs and expenses of Assignee, including attorney's fees in a reasonable sum, in any such action or proceeding in which the Assignee in its sole discretion may appear. 3. Representations. Assignor represents and warrants that it is now the absolute owner of said Rents with full right and ti tIe to assign the same: that there are no existing defaults under the provisions of any of the Leases on the part of any party to the Leases: that no Rents have been waived, anticipated, discounted, compromised or released, except as disclosed to Assignee: and that the tenants have no defenses, setoffs, or counterclaims against Assignor. 4. Present Assignment. This Assignment shall constitute a perfected, absolute and present assignment, provided the Assignor at the sole discretion of Assignee shall have the right to collect but not prior to accrual all of the Rents, and to retain, use and enjoy the same unless and until a default shall occur in the payment when due of interest or principal under the - 2 -