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<br /> __ 7.11 Ass�encin�nt� Ibl�n���r shall not have any ri�ht to transfer, assign,pledge� t:_
<br />,._� hypothecate ar martgage any of its rights, dutIes or abligations under this Agreement,and -M
<br />_..;_„� any attempt to do Fu►y of ttte foregoing shaU be nuU and void and of no force or effect and _
<br /> ,-.� be a default by Managar horeunder. __
<br /> �:� 7.12 Subord t'o . It is specially understood, agreed and stipulated by M�iager
<br /> that all rights and interesta,whethar legal or equitablz,choate or imc}znate�arising under tho
<br /> ,;�„ laws of the Stata of TexRS,either cons�Itntionai, stetutory or othezwise, owned,clai�t�d, or
<br />==�� held,or ta be owned,claimed or held,by Manager oa to which Manager is ar may beresftar =
<br />-x�� become entitled to essert,by reason or in consequence of this Agceement,are and shall be
<br />.-=-= in all things subordinate,junior and infarior to any and ell rlBhts, titles, �ntere3ts aad liens
<br />__�� of the oe�ners and holders o£any and all l�ens, mortgages, deeds of trust,securlty intereats
<br /> - or any other encumbranc�s now or hereafter evidencing or securing any indebtedness against
<br />==;;�� the Property and all ren�wals, �xtensions, amcndments,rearrangements, ar modiBcaHon� _
<br />--� thereof, regardless of how nften or in what manner tbe same may occur,arise or e�ist,and
<br />__ = the Manager furth�r acicn�owledges tfiat no no�cc thereof or consent by Manager shall avar _
<br /> -- be ne�essery and all such notica and consent are hereby expressly waived by Ms�nager.
<br /> 7.13 �p]�Anrr_withL�an1�OCUIri4t1�4.Notwitl�atandinganyctiingcuntaincdherain
<br /> to the contrary,Managex shell perform its obHgatior+s�ndcr the Management Agraement _
<br /> -- �n a �aaarincr which eauses Borrower to comply wlth anY and all of Borrower's obBgadons
<br /> , under trie Loan�°►grezmeni and 'cnc uiu►ci�c�.L'::�zrw.
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