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200804831 tenancies or other agreements for occupancy (collectively "Rents and Revenues"), whether written or verbal, or any letting of, or of any agreement for the sale, use or occupancy of the Property or any part thereof, and all proceeds from, evidence of, and benefits and advantages to be derived therefrom, now or hereafter existing, whether or not with the Bank's approval. The Borrower does hereby appoint irrevocably the Bank its true and lawful attorney in its name and stead (with or without taking possession of the Property) to rent, lease or let any improvements located on the Property, and to collect all of said Rents and Revenues arising from or accruing at any time hereafter, and all now due or that may hereafter become due under each and every of the Leases, or other agreements, written or verbal, or which may hereafter exist on the Property, on the condition that Bank hereby grants to Borrower a license to collect and retain such Rents and Revenues (but expressly not including the right to collect any rents more than one (1) month in advance or any amount to prepay, tenninate, or "buyout" any Leases prior to the occurrence of any Event of Default under the Loan Documents. Borrower expressly covenants to apply the Rents and Revenue received, after application for operating expenses pennitted hereunder, to payment of the Secured Obligations as and when the same become due and in compliance with the Loan Documents. Such license shall be revocable by Bank without notice to Borrower at any time upon or after an Event of Default under the Loan Documents, and immediately upon any such revocation, Bank shall be entitled to receive, and Borrower shall deliver to Bank, any and all Rents and Revenues theretofore collected by Borrower which remain in the possession or control of Borrower and all Leases, and other such agreements. It is the intention of the Borrower to create and grant, and it is the intention of Bank to create and receive, a present and absolute assignment of all of the Leases, similar agreements, Rents and Revenue now due or which may hereafter become due, but it is agreed that the Bank's right to collect the Rents and Revenues is conditioned upon the existence of an Event of Default under the Loan Documents. Failure of Bank at any time or from time to time to enforce its rights under this ARTICLE 8 shall not in any manner prevent its subsequent enforcement, and Bank is not obligated to collect anything hereunder, but is accountable only for sums collected. Nothing contained herein shall be construed as constituting the Bank a mortgagee in possession in the absence of the taking of actual possession of the Property by the Bank pursuant to Section 8.7 (Bank's Right of Possession In Case of Default) hereof. In the exercise of the powers herein granted to the Bank, no liability shall be asserted or enforced against the Bank, all such liability being expressly waived and released by Borrower. 8.2 Covenants Regarding Leases. Borrower agrees: (a) Not to execute any leases affecting the property or any part thereof, without the prior written consent of Bank, except on a fonn approved by the Bank; (b) Not to collect any of the Rents for more than one (1) month in advance of the time when the same become due under the tenns thereof; (c) Not to discount any future accruing Rents (except on an occasional basis in the ordinary course of business); (d) Not to execute any other assignments of said Leases or any interest therein or any of the Rents and Revenues thereunder; 103209-60617-957802v5 19 us Bank I Riverbend Apartments Phase 1 Deed ufTrusl