|
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 />
|