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<br />receiver, <br /> <br />(al To payment of all <br />if any, approved by the court; <br /> <br />84- 005450 <br /> <br />reasonable fees of the <br /> <br />(b) To the repayment when due of a11 tenant <br />security deposits, with interest thereon; <br /> <br />(c) To payment of all delinquent or current real <br />estate taxes and special assessments payable with respect to the <br />Project, or if the Mortgage requires periodic escrow payments for <br />such taxes and assessments, to the escrow payments then due; <br /> <br />(d) To payment of all premi~~s then due for the <br />insurancE! required by the provisions of the Mortgag~, or if the <br />Mortgage requires periodic escrow payments for such premiums, to <br />the escrow payments then due; <br /> <br />(el To payment of expenses incurred for normal <br />maintenance of the Project; <br /> <br />(f) To the Bondholder in payment of the Secured <br />Obligations in such order of application as the Bondholder may <br />elect; and <br /> <br />(gl The surplus, j"' any, shall be paid to the <br /> <br />Company. <br /> <br />The rights and powers of the Bondholder under this <br />Assignment of Rents, and the application of the Rents pursuant to <br />this paragraph 5, shall continue and remain in full force and <br />effect both before and after commencement of any action or <br />proceeding to foreclose the Mortgage, after the foreclosure sale <br />of the Project in connection with the foreclosure of the <br />Mortgage, and until judicial confirmation of sale and expiration <br />of the period of redemption from any such foreclosure sale, <br />whether or not any deficiency from the unpaid balance of the <br />Secured Obligations exists after such foreclosure sale. <br /> <br />6. No Liability for Bondholder. The Bondholder shall <br />not be obligated to perform or discharge, nor does it hereby <br />undertake to perform or discharge, any obligation, duty or <br />liability under the Project Leases; this Assignment of Rents <br />shall not operate to place responsibility for the control, care, <br />management or repair of the Project upon the Bondholder, nor for <br />the carrying out of any of the terms and conditions of the <br />Project Leases; and this Assignment of Rents shall not operate to <br />make the Bondholder responsible or liable for any waste commited <br />on the Project by the tenants or any other party, or for any <br />dangerous or defective condition of the Project, or for any <br />negligence in the management, upkeep, repair or control of the <br />Project resulting in loss, injury or death to any tenant, <br />licensee, employee or stranger. <br /> <br />7. Remedies Not Exclusive. This Assignment of Rents <br />shall in no way operate to prevent the Bondholder from pursuing <br /> <br />-4- <br /> <br />u <br /> <br />L <br /> <br />~ <br /> <br />I <br />'-- <br />