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<br />would constitute loss proceeds referred to in Section 1.04(b)(ii) and a Material Takin g would constitute
<br />loss or damage), the Controlling Person shall cause such awards to be applied to the costs to repair,
<br />rebuild or replace the portion of the Premises that was not subject to the taking, upon the terms and
<br />conditions as set forth in Section 1.04(b). If any of the conditions set forth in Section 1.04(b)(i)-(vi)
<br />hereof are not met, the Controlling Person may cause such awards to be applied to the mandatory
<br />prepayment of the Borrower Note as provided therein.
<br />(c) If, in the event of the happening of any permanent taking, the Beneficiary shall
<br />be obligated to apply any awards received by it in connection with such taking towards the restoration of
<br />the Premises, the Grantor shall promptly, whether or not the awards, if any, shall be sufficient for t he
<br />purpose, commence and diligently continue to restore, repair and rebuild the portion of the Premises that
<br />was not subject to the taking as nearly as possible to its value, condition and character immediately prior
<br />to such taking.
<br />Section 1.07. Obligations Unconditional; Waiver of Offset. All sums payable by the Grantor
<br />under this Mortgage shall be paid without notice, demand, counterclaim, set-off, deduction or defense and
<br />without abatement, suspension, deferment, diminution or reduction, and the obligations and liabilities of
<br />the Grantor hereunder shall in no way be released, discharged or otherwise affected (except as expressly
<br />provided herein or in any of the Funding Loan Documents) by reason of: (i) any damage to or destruction
<br />of or any condemnation or similar taking of the Property or any part thereof; (ii) any restriction or
<br />prevention of or interference by any third party with any use of the Property or any part thereof; (iii) any
<br />title defect or encumbrance or any eviction from the Premises or the Improvemen ts or any part thereof by
<br />title paramount or otherwise; (iv) any bankruptcy, insolvency, reorganization, composition, adjustment,
<br />dissolution, liquidation or other like proceeding relating to the Beneficiary, or any action taken with
<br />respect to this Mortgage by a trustee or receiver of the Beneficiary, or by any court, in any such
<br />proceeding; (v) any claim which the Grantor has or might have against the Beneficiary; (vi) any default or
<br />failure on the part of the Beneficiary to perform or comply with any of the terms hereof; (vii) any default
<br />or failure on the part of the Beneficiary to perform or comply with any of the terms of any other
<br />agreement with the Grantor; (viii) any homestead or similar rights; or (ix) any other occurrence
<br />whatsoever, whether similar or dissimilar to the foregoing; whether or not the Grantor has notice or
<br />knowledge of any of the foregoing. Except as expressly provided herein, the Grantor waives all rights
<br />now or hereafter conferred by statute or otherwise to any abatement, suspension, deferment, diminution or
<br />reduction of any sum secured hereby and payable by the Grantor.
<br />Section 1.08. Taxes and Impositions; Deposits into Tax and Insurance Escrow Fund.
<br />(a) In accordance with Section 8.2 of the Borrower Loan Agreement, the Grantor
<br />shall deposit with the Beneficiary the monthly tax and insurance amount required by the Controlling
<br />Person. If at any time and for any reason the funds so deposited are or will be insufficient to pay such
<br />amounts as may be then or subsequently due for the payment of all Impositions and the insurance
<br />premiums for policies required hereunder and under the Borrower Loan Agreement, the Controlling
<br />Person may, without any obligation to do so, advance any amounts required to make up the deficiency,
<br />which advances, if any, shall be secured hereby and shall be repayable to the Beneficiary for the
<br />reimbursement of the Controlling Person as herein elsewhere provided.
<br />(b) The Grantor shall not suffer, permit or initiate the joint assessment of any real or
<br />personal property which may constitute all or a portion of the Property or suffer, permit or initiate any
<br />other procedure whereby the lien of the real property taxes and the lien of the personal property taxes
<br />shall be assessed, levied or charged to the Property as a single lien; provided, however, that the Grantor
<br />shall have the right before any delinquency occurs to contest or object to the amount or validity of any
<br />such taxes, assessments or charges by appropriate proceedings, but this shall not be deemed or construed
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