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84 - 005450 WHEREAS, the Bondholder has required as an ac'l.ditional condition for the purchase and acceptance of the Bond by it that the Issuer further secure the Bond by this Assignment of Rents. NOW, THEREFORE, in consideration of $300,000 made available to the Issuer by the Bondholder through the purchase of t-hp J'lnnil. "nCl nt-h..r crooil "nil V"ll1"hl.. cnn..id"'t'"tinn ,..,,,idhv t-hA B~~dh~id~r -t~ th~--IS~~~~, --the' ~-e-~;i-pt -~~d -;~ffi~i~n~y-~f -~hi~h are hereby acknowledged, the Issuer hereby grants, transf~is, bargains, sells, assigns, conveys and sets over unto the Bondholder, its successors and ass~gns, all right f title and interest of the Issuer in and to the Lease and all other leases and subleases now or hereafter affecting the Project, more particularly described on Exhibit "A" attached hereto and incorporated herein by this reference, or any part or parts thereof and all guarantees, modifications, renewals and extensions thereof (collectively the "Project Leases"), and all deposits made or hereafter made in respect of the Project Leases, together with all of the rents, income, revenues, issues and profits (collectively the "Rents") due and to become due or to which the Issuer may now or hereafter become entitled, arising out of the Project Leases, the Project or any part thereof. All of the Project Leases and the Rents are being hereby granted, transferred and assigned for the purpose of securing (collect,ively the "Secured Oblig2.{-5.' s"): (al Payment of all indebtedness evidenced by the Bond (including any extensions or renewals thereof); becoming covenants Mortgage; (bl due and and Payment of all other sums, with interest thereon, and payable to the Bondholder pursuant to the agreements contained herein, in the Bond and in the \e/ Performance and discharge of each and every OD~~- gation, covenant and agreement of the Issuer contained herein, in the Bond and in the Mortgage. AND TO PROTECT THE SECURITY OF RENTS, THE ISSUER AGREES AS FOLLOWS: m'UTe! ~ ~l..l."':) ASSIGNMENT ^'" v<C 1. Performance of Pro'ect Leases. The Issuer agrees to faithfully a 1.de by I ~ l.scharge each and every obligation, covenant and agreement under any and all Project Leases to be performed by the landlord thereunder; to observe and comply with all provisions of law applicable to the operation and ownership of the Project; not to amend or modify the Project I.eases wit,hout the prior consent of the Bondholder; to enforce or secure the performance of each and every obligation, covenant, condit-ion and agret::m~nt of the Project Leases by tht tenants thereunder to be performed; not to borrow against, pledge or assign any Rents; not to anticipate the Rents or reduce the amount of the Rents or other payments under the Project Leases; -2- u L L ...J I L