How does the LV9050 operate?

L9050 LV9050 (ANSI F04) Entrance/Office Lock 

Latchbolt retracted by knob/lever from either side unless outside is made inoperative by key outside or by turning inside thumbturn. When outside is locked, latchbolt is retracted by key outside or by knob/lever inside. Outside knob/lever remains locked until thumbturn is returned to vertical or unlocked by key. Auxiliary latch deadlocks latchbolt when door is locked. Inside knob/lever is always free for immediate egress.

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