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Fannie Mae Multifamily Security Instrument Form 6025.NE
<br />Nebraska 06 -12
<br />Prepared by RoboDocs®
<br />201210062
<br />(b) Until an Event of Default has occurred and is continuing, but subject to the limitations set
<br />forth 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 modify the terms
<br />of any Lease, extend or terminate any Lease, or enter into new Leases, subject to the limitations set forth in
<br />the Loan Documents), and to collect and receive all Rents, to hold all Rents in trust for the benefit of
<br />Lender, and to apply all Rents to pay the Monthly Debt Service Payments and the other amounts then due
<br />and payable under the other Loan Documents, including Imposition Deposits, and to pay the current costs
<br />and expenses of managing, operating and maintaining the Mortgaged Property, including utilities and
<br />Impositions (to the extent not included in Imposition Deposits), tenant improvements and other capital
<br />expenditures. So long as no Event of Default has occurred and is continuing (and no event which, with the
<br />giving of notice or the passage of time, or both, would constitute an Event of Default has occurred and is
<br />continuing), the Rents remaining after application pursuant to the preceding sentence may be retained and
<br />distributed by Borrower free and clear of, and released from, Lender's rights with respect to Rents under
<br />this Security Instrument.
<br />(c) If an Event of Default has occurred and is continuing, without the necessity of Lender
<br />entering upon and taking and maintaining control of the Mortgaged Property directly, by a receiver, or by
<br />any other manner or proceeding permitted by the laws of the Property Jurisdiction, the revocable license
<br />granted to Borrower pursuant to Section 3(b) shall automatically terminate, and Lender shall immediately
<br />have all rights, powers and authority granted to Borrower under any Lease (including the right, power and
<br />authority to modify the terms of any such Lease, or extend or terminate any such Lease) and, without
<br />notice, Lender shall be entitled to all Rents as they become due and payable, including Rents then due and
<br />unpaid. During the continuance of an Event of Default, Borrower authorizes Lender to collect, sue for and
<br />compromise Rents and directs each tenant of the Mortgaged Property to pay all Rents to, or as directed by,
<br />Lender, and Borrower shall, upon Borrower's receipt of any Rents from any sources, pay the total amount
<br />of such receipts to Lender. Although the foregoing rights of Lender are self- effecting, at any time during the
<br />continuance of an Event of Default, Lender may make demand for all Rents, and Lender may give, and
<br />Borrower hereby irrevocably authorizes Lender to give, notice to all tenants of the Mortgaged Property
<br />instructing them to pay all Rents to Lender. No tenant shall be obligated to inquire further as to the
<br />occurrence or continuance of an Event of Default, and no tenant shall be obligated to pay to Borrower any
<br />amounts that are actually paid to Lender in response to such a notice. Any such notice by Lender shall be
<br />delivered to each tenant personally, by mail or by delivering such demand to each rental unit.
<br />(d) If an Event of Default has occurred and is continuing, Lender may, regardless of the
<br />adequacy of Lender's security or the solvency of Borrower, and even in the absence of waste, enter upon,
<br />take and maintain full control of the Mortgaged Property, and may exclude Borrower and its agents and
<br />employees therefrom, in order to perform all acts that Lender, in its discretion, determines to be necessary
<br />or desirable for the operation and maintenance of the Mortgaged Property, including the execution,
<br />cancellation or modification of Leases, the collection of all Rents (including through use of a Iockbox, at
<br />Lender's election), the making of repairs to the Mortgaged Property and the execution or termination of
<br />contracts providing for the management, operation or maintenance of the Mortgaged Property, for the
<br />purposes of enforcing this assignment of Rents, protecting the Mortgaged Property or the security of this
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<br />© 2012 Fannie Mae
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