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r 84 - 005450 10. Specific Assignment of Subsequent Leases. The Issuer covenants and agrees promptly upon request of the Bondholder to transfer and assign to the Bondholder any subsequent lease of all or any part of the Project upon the sama tenns and conditions as are herein contained, provided, however, that so long as the Company is not in default under the Leasa,. the Lease prohibits the Issuer from entering into any Project Leases with respect to the Project. 11. Bankruptcy of Tenants. The Issuer agrees that, in the e~!'ent any of the Project Leases is rejected by reason o:f-' any proceeding under any federal or state insolvency or bankruptcy statute permitting the termination or rejection of any of the Project Leases, no settlement will be made without the prior wri tten consent of the Bondholder; and any payment of, damages .' for rejection of any Project Leases will be paid to the Bondholder for application to the Secured Obligations as the Bondholder may elect. The Issuer hereby irrevocably appoints the Bondholder as its attorney-in-fact to appear in any such action and/or to collect any such award or payment. 12. No Merger. The fact that any o~ the Project Leases or the leasehold estate c:"_.Tted thereby might be held directly or indirectly by or fC'_ue accoclt of any person or entity which might hav{' 2.n intc .:st in any oth2r estate in the Project will not, by operation of law or otherwi-se, merge any of the Project Leases or the leasehold estates created thereby with any other estate in the Project so long as the Secured Obliga- tions remain unpaid, unless the Bondholder consents in writing to such merger. 13. No Pecuniary Liability. Notwithstanding anything to the contrary contained herein, in the Bond or in the Mortgage, any obligation the Issuer may hereby incur for the payment of money shall not give rise to a pecuniary liability of the Issuer or a charge against its general creditor taxing powers, but shall be solely payable from the Rents, payments and revenues derived under the Project Leases, from proceeds of the sale of the Bond, from certain insurance and condemnation awards or from any other revenue arising out of or in connection with the Project. 14. Bondholder Attorney-in-Fact. The Issuer hereby irrevocably appoints the Bondholder and its successors and assigns as its agent and attorney-in-fact to execut.e and delivery during the term of this Assignment of Rents such further instruments as the Bondholder may deem necessary to make this Assignment of Rents and any further assignment effective. 15. Notices. All notices, demands, consents or requests which are either required or desired to be given or furnished hereunder shall be in writing and shall be deemed to have been properly given if either delivered personally or sent -6- u L ~ L