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84 - 005450 any remedy which it now has or hereafter may have under the terms or conditions of the Mortgage or the Bond or any other instrument securing the same, or by law. 8. Authorization to Tenants. The tenants under each of the Project Leases are hereby irrevocably authorized and directed to recognize the claims of the Bondholder or its ass1..gns, hereunder without investigating cu~ rea:SOIl L-or- any action taken by the Bondholder, or the validity or the.alllount'of indebtedness owing to the Bondholder, or the existence of any default in the Bond, the Mortgage, or under or by reason ofthil; Assignment of Rents, or the application of the Rents to be made by the Bondholder. The Issuer hereby irrevocably directs and authorizes each tenant to pay to the Bondholder all sums due under the Project Leases and consents and directs that such sums shall be paid to the Bondholder without the necessity for a judicial determination that a default has occurred hereunder or under the Bond or the Mortgage or that the Bondholder is entitled to exercise its rights hereunder. To the extent such sums are paid to the Bondholder, the Issuer agrees that the tenant shall have no further liability to the Issuer for the same. The sole signature of the Bondholder shall be sufficient for the exercise of any rights under this Assignment of Rents, and the sole receipt of the Bondholder for any ;~"ms received shall be a full discharge and release therefor t" ny such \.;,)nant or occupant of the Project. 9. Existing Leases. The Issuer hereby represents and warrants the following to the Bondholder: (a) The Lease, which is the only Project Lease, has been duly executed and unconditionally delivered by the parties thereto and is valid, subsisting and in full force and effect; (b) The Issuer has not executed or granted any modifications or amendments of the Lease, either orally or in writing; (c) There are no defaults now existing under the Lease and no event has occurred which with the delivery of notice or the passage of time or both would constitute a default or which would entitle the Issuer or the Company to cancel the Lease or otherwise avoid their respective obligations thereunder: (d) The Issuer has not accepted advance rent under the Lease: and (e) The Issuer has not executed an assignment of the Lease or of its right, title and interest therein or the rentals to accrue thereunder, except as provided in or permitted by the Mortgage. -5- u L ..J I L.-