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11.30 SS <br />6177I <br />4a I 4. .4 4u 4 <br />(iii) Notice of the change in identity or power of <br />the Active Lender shall be given promptly to Borrower by <br />MBIA; provided, however, that failure to give such <br />notice shall not affect Borrower's obligation to pay the <br />indebtedness evidenced by the Note. <br />(c) Application of Proceeds. <br />Any moneys (including, without limitation, the proceed <br />of any sale of the Development, any part thereof or any <br />interest therein) received by the Active Lender pursuant to <br />the exercise of any remedies provided in this Deed of Trust <br />or by law shall be applied at the direction of the Active <br />Lender; provided that such proceeds shall be distributed in <br />the following order of priority (i) first, in payment of any <br />premiums on the Policy then due and payable, (ii) then to <br />provide for any Bonds not then defeased as set forth in <br />Section 1201 of the Indenture, (iii) then to the payment of <br />MBIA of its cost and expenses in effecting such remedies <br />under this Deed of Trust, (iv) then to the payment of the <br />Agency of its cost and expenses in effecting such remedies <br />under this Deed of Trust, (v) then to the payment of any <br />other sums due to the Agency pursuant to the Promissory Note <br />and the Loan Documents, (vi) then to the payment of any other <br />sums due to MBIA pursuant to the Promissory Note and that <br />certain Developer Agreement between the Trustor and MBIA, and <br />(vii) last, to the Borrower. <br />(d) Remedies Cumulative. <br />Each right, power and remedy of the Active Lender <br />provided for in this Deed of Trust, the Promissory Note, the <br />Loan Documents and the Developer Agreement or now or <br />hereafter existing at law or in equity or by statute or <br />otherwise shall be cumulative and concurrent and shall be in <br />addition to every other right, power or remedy provided for <br />in this Deed of Trust, the Promissory Note, the Loan <br />Documents and the Developer Agreement or now or hereafter <br />existing at law or in equity or by statute or otherwise, and <br />the exercise or beginning of the exercise or partial exercise <br />by the Active Lender or any one or more of such rights, <br />powers or remedies shall not preclude the simultaneous or <br />later exercise by the Active Lender of any rights, powers or <br />remedies. <br />(e) No Liability Between Lenders. <br />No Lender shall have any liability in connection with a <br />Lender's exercise of its judgment or discretion when acting <br />as Active Lender or in exercising the rights of the Active <br />Lender unless in acting as Active Lender a Lender acts in a <br />fraudulent or grossly negligent manner. <br />-3- <br />