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<br />Leases and Rents and to authorize and empower Lender to collect and receive all Rents without
<br />the necessity of further action on the part of Borrower. Borrower and Lender intend the
<br />assignments of Leases and Rents to be effective immediately and to constitute absolute present
<br />assignments, and not assignments for additional security only. Only for purposes of giving effect
<br />to these absolute assignments of Leases and Rents, and for no other purpose, the Leases and
<br />Rents shall not be deemed to be a part of the Mortgaged Property. However, if these present,
<br />absolute and unconditional assignments of Leases and Rents are not enforceable by their terms
<br />under the laws of the Property Jurisdiction, then each of the Leases and Rents sha11 be included
<br />as part of the Mortgaged Property, and it is the intention of Borrower, in such circumstance, that
<br />this Security Instrument create and perfect a lien on each of the Leases and Rents in favor of
<br />Lender, which liens shall be effective as of the date of this Security Instn�ment.
<br />(b) Until the occurrence of an Event of Default, but subject to the limitations set forth
<br />in the Loan Documents, Borrower shall have a revocable license to exercise all rights, power and
<br />authority granted to Borrower under the Leases (including the right, power and authority to
<br />modify the terms of any Lease or extend or terminate any Lease subject to the limitations set
<br />forth in the Loan Documents), and to collect and receive all Rents, to hold all Rents in trust for
<br />the benefit of Lender, and to apply all Rents to pay the Monthly Debt Service Payments and the
<br />other amounts then due and payable under the other Loan Documents, including Imposition
<br />Deposits, and to pay the current costs and expenses of managing, operating and mainta.ining the
<br />Mortgaged Properiy, including utilities and Impositions (to the extent not included in Imposition
<br />Deposits), tenant improvements and other capital expenditures. So long as no Event of Default
<br />has occurred, the Rents remaining after application pursuant to the preceding sentence may be
<br />retained by Borrower free and clear of, and released from, Lender's rights with respect to Rents
<br />under this Security Instrument.
<br />(c) From and after the occurrence of an Event of Default, without the necessity of
<br />Lender entering upon and taking and maintaining control of the Mortgaged Property directly, by
<br />a receiver, or by any other manner or proceeding permitted by the laws of the Property
<br />Jurisdiction, the revocable license granted to Borrower pursuant to Section 3(b) sha.11
<br />automatically terminate, and Lender shall immediately have all rights, powers and authority
<br />granted to Borrower under any Lease (including the right, power and authority to modify the
<br />terms of any such Lease, or extend or terminate any such Lease) and, without notice, Lender shall
<br />be entitled to all Rents as they become due and payable, including Rents then due and unpaid.
<br />From and after the occurrence of an Event of Default, Borrower authorizes Lender to collect, sue
<br />for and compromise Rents and directs each tenant of the Mortgaged Property to pay all Rents to,
<br />or as directed by, Lender, and Borrower shall, upon Borrower's receipt of any Rents from any
<br />sources, pay the total amount of such receipts to Lender. Although the foregoing rights of Lender
<br />are self-effecting, at any time from and after the occurrence of an Event of Default, Lender may
<br />make demand for all Rents, and Lender may give, and Borrower hereby irrevocably authorizes
<br />Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents
<br />to Lender. No tenant shall be obligated to inquire further as to the occurrence or continuance of
<br />an Event of Default, and no tenant shall be obligated to pay to Borrower any amounts that are
<br />Fannie Mae Multifamily Security Instrument Form 6025.NE Page 8
<br />Nebraska O1-11 �O 2011 Fannie Mae
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