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84 - 005450 r- I , 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 such tenants to be performed, including the obligation to pay the rental called for thereunder in the manner and at the place and time specified therein; and not to terminate the Project Leases or accept a surrender thereof except by reason of the expiration of the stated terms of the Project Leases. 2. Riqht to Assign. The Issuer represents and warrants that it is now and will be the absolute Owner of the Project Leases and the Rents with full right and title to assign the same; that there is no outstanding assignment or pledqeof the Project Leases or of the Rents; that no Rents have been waived, anticipated, discounted, compromised or released, except as may be permitted by the Project Le~ses; and that the tenants have no defenses, set-offs or counterclaims against the Issuer. 3. Present Assignment of Rents. This Assignment of Rents shall constitute an actual and present assignment, and the Issuer hereby irrevocably directs that all rents be paid to the Bondholder pursuant to Section 4.02 of the Lease. 4. Remedies. Upon occurrence of an Event of Dafil1.1J t-_ Mortgage, the Bondholder may, ' ~r at any time after the 1S that ~erm is defined in the ~ts opt1on, without notice: (a) In the name, place and stead of the Issuer (i) enter upon, manage and operate the Project or retain the services of an independent contractor to manage and operate the same, (ii) make, enforce, modify and accept' !';urrender of the Project Leases, (iii) obtain or evict tenants, collect, sue for, fix or modify rentals and enforce all rights of the Issuer under the Project Leases, and (iv) perform any and all other acts that may be necessary or proper to protect the security of this Assignment of Rents; or (b) Apply for, and the Issuer hereby consents to, the appointment of a receiver of the Project in accordance with the requirements of law, whether or not proceedings for the foreclosure of the Mortgage have been commenced, and if such proceedings have been commenced, whether or not a foreclosure sale has occurred. The exercise of any of the foreqoinq riqhts or remedies shall not cure or waive any default und-er the Mortgage or the Bond, or invalidate any act done by virtue of such default. 5. Application of Rents. All Rents collected by the Bondholder, or by a receiver, shall be held and applied in the following order: -3- L '-- L -.J I L