|
� 201504441
<br /> part of the Rea1 Property. Any reproduction of this Instrument or of any other secuxity agreement or fmancing
<br /> statement shall be sufficient as a financing statement. In addition, Borrower agrees to execute and deliver to
<br /> Lender, upon Lender's request, any financing statements, as well as extensions, renewals and amendments
<br /> thereof, and reproductions of this Instrument in such form as Lender may require to perfect a security interest
<br /> with respect to said items. Borrower sha11 pay all crosts of filing such financing statements and any extensions,
<br /> renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record
<br /> searches for financing statements Lender may reasonably require. Without the prior written consent of
<br /> Lender,Borrower shall not create or suffer to be created pursuant to the Uniform Commercial Code any other
<br /> security interest in said items, including replacements and additions thereto. Upon (a) Borrower's breach of
<br /> any covenant or agreement of Borrower contained in this Instruinent or (b) the occurrence of an Event of
<br /> Default (as such term is defined in the Loan Documents), Lender shall have the remedies of a secured party
<br /> under the Uniform Commercial Code and, at Lend�r's option, may also invoke the remedies provided in this
<br /> Instrun�ent as to such items. In exercising any of said remedbes,Lender may proceed against the items of real
<br /> properLy and any items olpersonal property specified above as part of the Real Property separately or together
<br /> and in any ordcr whatsoever, without in any way affecting the availability of Lender's remedies under the
<br /> Uniform Commercial Code or of the remedies provided elsewhere in this Instrument.
<br /> 16. LEASES OF THE PROPERTY. Borrower shall comply with and observe Borrower's
<br /> obligations as landlord under all subleases of the Real Property or any part thereof, provided Sorrower
<br /> obtained all requisite Lender written consents priar to entering said subleases. Borrower, at Lender's request,
<br /> shall furnish Lender with executed copies of all subleases now existing or hereafter made of all or any part of
<br /> the Real Property, and all subleases now or hereafter entered into will be in form and substance subject to the
<br /> terms as specified in the Assignxnent of Rents provided herein. Unless otherwise waived by Lender, all future
<br /> subleases of the Real Property shall specifically provide that such subleases: (a) are subordinate to this
<br /> Insh-ument; (b)that the subtenant attorns to Lender, such attornment to be effective upon Lender's acquisition
<br /> of title to the Real Property; (c) that the subtenant agrees to execute such further evidences of attornment as
<br /> Lender may from time to time request; and(d)that the attornment of the subtenant shall not be ternunated by
<br /> foreclosure. Borrower shall not modify, either orally or in writing, any sublease now e�sting or hereafter
<br /> made of all or any part of the Rea1 Property,permit an assignment or further sublease of such sublease without
<br /> Lender's written consent or request or consent to the subordination of any sublease of all or any part of the
<br /> Rcal Property to any lien subordinate to this Instrument, except as pernutted in the Assignment of Rents. If
<br /> Borrower becomes aware that any subtenant proposes to do, or is doing, any act or thing which may give rise
<br /> to any right of setoff against rent, Borrower shall (i) take such steps as shall be reasonably calculated to
<br /> prevent the accrual of any right to a setoff against rent, (ii) notify Lender thereof and of the amount of said
<br /> setoff and(iii)within ten(10) days after such accrual,reimburse the tenant who shall have acquired such right
<br /> to setoff or take such other steps as sha11 effectively discl�arge such setoff and as sha11 assure that rents
<br /> thereafter due sha11 continue to be payable without setoff or deduction.
<br /> 17. ASSIGNI�'�NT OF RENTS AND REVENUES; APPOINI'1VIENT OF RECEIVER;
<br /> LENDER IN POSSESSION. As part of the consideratflon for the loans made pursuant to the Loan
<br /> Agreement, Borrower hereby absolutely and unconditionally assigns and transfers to Lender a11 the rents and
<br /> revenues of the Real Property, including those now due, past due or to become due by virtue of any lease or
<br /> other agreement for the occupancy or use of all or any part of the Real Property;provided, however,that prior
<br /> to written notice given by Lender to Borrower of(a)the breach byBorrower of any covenant or agreement of
<br /> Borrower in this Instrument or(b) the occurrence of an Evena of Default (as such term is defined in the Loan
<br /> Documents), Bonower shall have a revocable license to collect and receive all rents and revenues of the Real
<br /> Property as trustee for the benefit of Lender and Borrower, to apply the rents and revenues so collected to the
<br /> sums secured by this Instniment in the order provided in Paragraph 3 hereof,with the balance, so long as no
<br /> such breach or Event of Default(as such term is defined in the Loan Documents)has occurred,to the account
<br /> of Borrower, it being intended by Borrower and Lender that this assignxnent of rents and revenues constitutes
<br /> an absolute assignment and not an assigntilent for additional security only. Upon delivery of written notice by
<br /> Lender to Borrower of (a) the breach by Borrower of any covenant or agreement of Borrower in this
<br /> Instrument or(b)the occurrence of an Event of Default(as such term is defined in the Loan Documents), and
<br /> without the necessity of Lender entering upon and taking and mauitaiiung fu11 control of the Real Property in
<br /> person, by agent or by a court-appointed receiver, Lender sha11 immediately be entitled to possession of all
<br /> rents and revenues of the Real Property as specified in this paragraph as the same become due and payable,
<br /> including but not limited to rents and revenues then due and unpaid, and all such rents and revenues shall
<br /> immediately upon delivery of such notice be held by Borrower as trustee for the benefit of Lender only;
<br /> provided, however, that the written notice by Lender to Borrower of the breach by Borrower or an Event of
<br /> Default (as such term is defined in the Loan Documents) shall contain a statement that Lender exercises its
<br /> rights to such rents and revenues. Borrower agrees that commencing upon delivery of such written notice by
<br /> Lender to Borrower of Borrower's breach or an Event of Default (as such term is defiiied in the Loan
<br /> Documents), each tcnant or user of the Real Property shall make such rents and revenues payable to and pay
<br /> such rents and revenues to Lender or Lender's agents on Lender's written demand therefore, without any
<br /> liabiliry on the part of said tenant ar user to inquire further as to the eYistence of a default by Borrower or an
<br /> Event of Default(as such term is defined in the Loan Documents).
<br /> 7
<br />
|