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2 01302392 <br />Lender for such purposes shall become an additional part of the Indebtedness as provided <br />in Section 13; provided that Lender shall have the right, but no obligation to make any such <br />advances; and provided further that so long as the Loan is insured by HUD, no such <br />advances by Lender shall become an additional part of the Indebtedness unless such <br />advances receive the prior written approval of HUD. <br />(g) Any entering upon and taking of control of the Mortgaged Property by Lender <br />or the receiver, as the case may be, and any application of Rents as provided in this <br />Security Instrument shall not cure or waive any Event of Default or invalidate any other <br />right or remedy of Lender under applicable law or provided for in this Security Instrument. <br />4. ASSIGNMENT OF LEASES; LEASES AFFECTING THE MORTGAGED <br />PROPERTY. <br />(a) As part of the consideration for the Indebtedness, Borrower absolutely and <br />unconditionally assigns and transfers to Lender all of Borrower's right, title and interest in, <br />to and under the Leases, including Borrower's right, power and authority to modify the <br />terms of any such Lease, or extend or terminate any such Lease. It is the intention of <br />Borrower to establish a present, absolute and irrevocable transfer and assignment to <br />Lender of all of Borrower's right, title and interest in, to and under the Leases. Borrower <br />and Lender intend this assignment of the Leases to be immediately effective and to <br />constitute an absolute present assignment and not an assignment for additional security <br />only. For purposes of giving effect to this absolute assignment of the Leases, and for no <br />other purpose, the Leases shall not be deemed to be a part of the Mortgaged Property. <br />However, if this present, absolute and unconditional assignment of the Leases is not <br />enforceable by its terms under the laws of the Property Jurisdiction, then the Leases shall <br />be included as a part of the Mortgaged Property and it is the intention of Borrower that in <br />this circumstance this Security Instrument create and perfect a lien on the Leases in favor <br />of Lender, which lien shall be effective as of the date of this Security Instrument. <br />(b) Until Lender gives Notice to Borrower of Lender's exercise of its rights under <br />this Section 4, Borrower shall have all rights, power and authority granted to Borrower <br />under any Lease (except as otherwise limited by this Section or any other provision of this <br />Security Instrument), including the right, power and authority to modify the terms of any <br />Lease or extend or terminate any Lease. Upon the occurrence of an Event of Default, the <br />permission given to Borrower pursuant to the preceding sentence to exercise all rights, <br />power and authority under Leases shall automatically terminate. Borrower shall comply <br />with and observe Borrower's obligations under all Leases, including Borrower's obligations <br />pertaining to the maintenance and disposition of tenant security deposits. <br />(c) Borrower acknowledges and agrees that the exercise by Lender, either <br />directly or by a receiver, of any of the rights conferred under this Section 4 shall not be <br />construed to make Lender a lender -in- possession of the Mortgaged Property so long as <br />Lender, or an authorized agent of Lender, has not entered into actual possession of the <br />Previous editions are obsolete HUD MF Security Instrument HUD- 94000M (Rev. 04/11) <br />Mortgage Restructuring Mortgage Page 15 FRENCH VILLAGE <br />