Laserfiche WebLink
201400402 <br />(b) For purposes of Miss. Code Ann. § 89 -1 -49 and Miss. Code Ann. § 89 -5 -21, this <br />Assignment secures a line of credit. <br />(c) This Assignment secures all future advances of the Obligations, regardless of <br />whether such future advances are (a) optional or obligatory, (b) additional <br />advances of principal or advances to protect the Mortgaged Property, (c) being <br />advanced for the same purpose as advances previously made, (d) arising out of the <br />same transaction as previous advances, or (e) currently within the contemplation <br />of the parties. The priority of all such future advances shall relate back to the date <br />of filing of this Assignment. <br />(d) Upon payment and performance by Assignor of the Obligations, Assignee will <br />cancel this Assignment by filing or delivering to Assignor an authority to cancel <br />this Assignment in the office of the Chancery Clerk of each county (and each <br />judicial district, if applicable) in which the Mortgaged Property is located as <br />provided in Miss. Code Ann. § 89 -5 -21. This authority to cancel shall be in <br />recordable form. Assignor will pay Assignee's costs of preparing and filing this <br />cancellation, including attorneys' fees. <br />27. If the Mortgaged Property is located in the State of Nebraska, the following provision <br />shall apply: <br />This Assignment shall constitute a security instrument in the Lease and Rents, including <br />all future or after - arising leases and rents, and shall secure the Debt, all as provided in <br />Neb. Rev. Stat. §§ 52 -1701 to 52 -1708. <br />28. If the Mortgaged Property is located in the State of New Jersey, the following provisions <br />(a) through (d) shall apply: <br />(a) The word "securing" shall be deleted from the fourth "WHEREAS" clause <br />hereof; <br />(b) The words "as security for the Obligations" shall be deleted from paragraph 1 <br />hereof; <br />(c) The words "This Assignment is executed as collateral security and" shall be <br />deleted from paragraph 3 hereof; and <br />(d) With respect to the Mortgaged Property covered hereby, this document is deemed <br />an absolute assignment and not as security for any obligation. <br />29. If the Mortgaged Property is located in the State of Texas, the following provision shall <br />apply: <br />Notwithstanding anything to the contrary, this Assignment is intended to, and does, <br />constitute an assignment of rents as security for repayment of indebtedness as <br />contemplated in the Texas Assignment of Rents Act (Texas Property Code, Section <br />64.001, et seq.). Assignee shall be entitled to the remedies provided in said Act, in <br />18766395.1. BUSINESS <br />13 <br />