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200709869 foreclosure or other enforcement action or procedure, shall be considered to have been first paid on and applied to the full payment of that portion of the Secured Obligations which is not secured or fully secured by the lien hereof. Section 5.07. Subrogation. To the extent that proceeds of the Bonds or advances hereunder are used to pay any outstanding lien, charge or prior encumbrance against the Encumbered Property, such proceeds or advances have been or will be advanced by the Beneficiary at the Grantor's request, and the Beneficiary shall be subrogated to any and all rights and liens held by any owner or holder of such outstanding liens, charges and prior encumbrances, irrespective of whether said liens, charges or encumbrances are released of record. Section 5.08. Change in Ownership. If the ownership of the Encumbered Property or any part thereof or interest therein becomes vested in a person other than the Grantor owning the same on the date hereof~ the Beneficiary may, without notice to the Grantor, deal with such successor or successors in interest with reference hereto and the Secured Obligations in the same manner as with the Grantor without in any way vitiating or discharging the Grantor's liability hereunder or upon the Secured Obligations. No sale of the Encumbered Property, and no forbearance on the part of the Beneficiary, and no extension of the time for the payment of the Secured Obligations, given by the Beneficiary, shall operate to release, discharge, modify, change or affect the original liability, if any, of the Grantor or the liability of any guarantors or sureties of the Grantor, either in whole or in part; provided that the Grantor may be released from its original liability hereunder upon transfer of the entire Encumbered Property with the written consent of the Beneficiary and as permitted under the Financing Documents. Section 5.09. Assignment of the Beneficiary's Interest. It is expressly agreed that any and all terms hereof, the other Financing Documents and all other agreements made or executed by the Grantor or others in favor of the Beneficiary, and all rights, powers, privileges, options and remedies conferred upon the Beneficiary herein and therein, shall inure to and be for the benefit of, and may be exercised by, the Beneficiary and its successors and assigns, and the word "the Beneficiary" shall also mean and inefude the successor or successors and the assign or assigns of the Beneficiary and its successors and aSSIgns. Section 5.10. Time Is of the Essence. Time IS of the essence hereunder and the other Financing Documents. Section 5.11. Obligations of Grantor. The obligations of the Grantor to make payments hereunder and under the other Financing Documents and to perform and observe all agreements on its part contained herein and therein shall be absolute and unconditional. Until this Deed of Trust is terminated or payment in full of all Bonds is made or is provided for in accordance with the Indenture, the Grantor (a) will not suspend or discontinue any payments under the Financing Documents or neglect to perform any of its duties required thereunder or hereunder; (b) will perform and observe all of its obligations set forth in the Financing Documents; and (c) except as provided herein will not terminate any of the Financing Documents or this Deed of Trust for any cause. [The remainder of page intentionally left blank.} -17-