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2� 15�8�58 <br /> 1. Borr�wer's Autho�. The Borrower has good right and lawfu� authority �o <br /> grant, transfer, set over and assign, and, other than the Mortgage, Borrow�r has <br /> not ex�cuted any prior assignment or alienation of its rights, title and interest <br /> in, ta and under the Leases and to and in the Renta�s, or otherwrse en�umbered <br /> the same. <br /> 2. No �onflict�n A re�ments. The Borrower has not performed ar committed <br /> any act or execu�ed any instrument, and is not bound by any law, statu�e, <br /> regulati�n, order, mortgage, ind�nture, contract ar agreemen�, which might <br /> prevent the Lender from operating under any of the terms and conditions <br /> hereof, or which would limit the Lender in such operation. <br /> 3. No �ther Ass� ents. The Borrower has not executed or agr�ed to, sha�l nat <br /> execute or agree to, and sha�1 not permit to occur by�peration of Iaw any other <br /> assignment, alienation, pledge, encumbrance or transfer of any of its right, �itle <br /> or interest in, to or under �he Leases or Rentals, except as provided for in the <br /> Mor�gage. <br /> 4. No Further Subordinatian of Leases. The Borrower shall not permi� any of the <br /> Leases ta be�ome subordinate to any lien other than the liens hereof and of the <br /> Mortgage. <br /> C. It i s mutualiy agreed that: <br /> 1. Present Assi�nment. This is a pres�nt, abs�lute, effective, irre�ocable and <br /> complete assignment by the Borr�Wer to the Lender of the Leas�s and R.�ntals <br /> and of the r�ght to collect and apply the same, which is not contingent upon <br /> Lender being in possession of the Martgaged Premises. Lender grants to <br /> Borrawer a re�acab�e license �the "Rental License"} to co�iect �he Rentals, <br /> which license shall terminate au�omatically upon the occurrence af an E�ent of <br /> Default (after any natice requirements or cure period pro�ided in the Loan <br /> Documents or mandated by law� under �he N�te, under the Mor�gage, under <br /> the Loan Agreement, ar und�r any oth�r�nstrurnent which secur�s or refers to <br /> the Nate �hereinafter ca��ed "�ther Security Instrument"} �hereir�after called <br /> "Event of Default"}. So long as the Rental License has not been terminated, <br /> the Borrow�r shall ha�e a conditianal oppartun�ty to collect, but nat mflr�than <br /> �1} month in advance ali Rentals from�he Mortgaged Premises, in trust for the <br /> Lender, ar�d t� use the same for paymen� of all op�rating expenses of the <br /> Mor�gaged Premises, and al� capital repairs and rep�a�ements and a�l taxes, <br /> assessments, governmental charges, le�i�s, insuran�e pr�miums which the <br /> Borrower is required to pay under the Mortgage, all other �osts and expenses <br /> which the Borrower is required fo pay under and pursuant to the Note, the <br /> Mortgag�, und�r the Loan Agreement, and to this Assignment, as and when <br /> du�, before using said Rentals far any other purpase, and the excess only shall <br /> b e th�Barrow er's ab soiute prop�rty. <br /> 4 <br />