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86-107516 6 1.10. Subordinate Mortgage. Without the prior written consent of Beneficiary being first had and obtained, Trustor will not Execute or deliver any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property ("Subordinate Mortgage ") . Beneficiary's consent shall not be unreasonably withheld. If Beneficiary consents to the foregoing or in the event the foregoing prohibition is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Trustor will not execute or deliver any Subordinate Mortgage unless there shall have been delivered to Beneficiary not less than ten (10) days prior to the date thereof a copy thereof which shall contain express covenants to the effect that: (a) the Subordinate Mortgage is in all respects subject and subordinate to this Deed of Trust; (b) if any action or proceeding shall be brought to foreclose the Subordinate Mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property, or any portion thereof, without the consent of Beneficiary; (c) the Rents and Profits, if collected through a receiver or by the holder of the Subordinate Mortgage, shall be applied first to the obligations secured by this Deed of Trust, including principal and interest due and owing on or to become due and owing on the Note, and then to the payment of maintenance expenses, operating charges, taxes, assessments and disbursements incurred in connection with the ownership, operation and maintenance of the Property; (d) if any action or proceeding shall be brought to foreclose the Subordinate Mortgage, prompt notice of the commencement thereof will be given to Beneficiary. 1.11. Maintenance and Compliance with Laws. Trustor will not commit any waste on the Premises or make any change in the use of the Property which will in any way increase any crdinary fire or other hazard arising out of construction of the Improvements or operation of the Property, nor will Trustor make any application to any federal, state or local governmental authority ( "Governmental Authority ") for a change in zoning or a change in any other law, ordinance, statute, rule, order, decree, directive or regulation ( "Laws ") affecting the Property nor will Trustor consent to any such change without the written consent of Beneficiary. Trustor will at all times comply with all Laws of any Government Authority having or exercising jurisdiction over construction of the Improvements or otherwise affecting the Property or any portion thereof and maintain and keep the Improvements in good operating order and condition and will promptly make, from time to time, all repairs, renewals, replacements, additions and improvements in connection therewith which are needful or desirable to that end. After completion of the Improvements they shall not be removed, demolished or substantially altered, nor shall any of the Personal Property be removed, without the prior written consent of Beneficiary, except where appropriate replacements free of superior title, liens and claims are immediately made having a value at least equal to the value of the Personal Property so removed. 1.12. Preservation of Trustor as an Entity. Trustor will, so long as it is the owner of or has an interest in the Property, do all things necessary to preserve and keep in full force and effect its existence, franchises, rights and privileges as a partnership, business or stock corporation or any other entity whatsoever under the laws of the state of its incorporation, formation, certification or registration, and will comply with -9-