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Section 8. It is hereby covenanted to and agreed by the
said University that the holders of said bonds outstanding shall
have a sole and exclusive first lien and pledge upon all of the
gross receipts derived from the operation of said buildings and
required by this resolution to be paid into the Bond Fund, including
rentals from the aforesaid dormitories.

Section 9. It is hereby covenanted to and agreed by the said
University that so long as any of the bonds herein authorized remain
outstanding and unpaid, it will continuously operate and maintain
the said two Dormitories and will fix and maintain such rates and
service charges, and collect and account for all the income and
revenues derived therefrom as will be sufficient in each fiscal
year (1) to set aside and pay into the Bond Fund the respective
amounts hereinabove provided for (2) to pay operation and maintenance
costs of said buildings; and (3) to provide a reasonable depreciation
fund for said buildings.

Section 10. The said University hereby irrevocably covenants,
binds and obligates itself to and with the holder or holders of
the bonds herein authorized, or any of them, that so long as any
of the said bonds are outstanding said University will not pledge,
mortgage or otherwise encumber the said buildings or any part
thereof, or any revenues therefrom, and will not sell, lease or
dispose of any of the said buildings; provided, however, that the
University may issue additional bonds payable from the revenues
of said buildings if such additional bonds are junior and subordinate
in all r respects to the lien of the bonds herein authorized.

Section 11. The said University further covenants to and
with the holders of said bonds that it will adopt reasonable mles
and regulations governing the operation of said buildings so as to
insure maximum occupancy of the said dormitories, and that it will
maintain for the benefit of the holders of the bonds outstanding
adequate insurance on said buildings sufficient to protect and
save harmless the holders of said bonds from any and all loss.