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separate ownership of the Pleases, a Default under this Agreement relating to one Phase, the <br />applicable Phase Regulatory Agreement, applicable Phase Promissory Note or Agency Deed of <br />Trust shall not be considered a Default relating to any other Phase; its other words, there shall he <br />no cross- defaults between Phases or between the ownership entities for each Phase. If SLI h <br />separation occurs, the owner of Phase -1 shall be solely and exclusively responsible for the <br />Phase R-1 rights and obligations under this Agreement,., the owner of Phase R -2 shall be solely <br />and exclusively responsible for the Phase -2 rights and obligations under this Agreement, and <br />the owner of Phase PS shall be solely and exclusively responsi <br />