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200102662
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200102662
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Last modified
10/14/2011 2:07:36 AM
Creation date
10/20/2005 8:17:23 PM
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DEEDS
Inst Number
200102662
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200102662 <br />SECTION 7 <br />7.0 ATTORNEY IN FACT. Assignor hereby irrevocably appoints Lender and its <br />successors and assigns as its agent and attorney -in -fact, which appointment is coupled with an <br />interest, to exercise any rights or remedies hereunder and to execute and deliver during the term of <br />this Assignment such instruments as Lender may deem necessary to make this Assignment and any <br />further assignment effective, including, without limiting the generality of the foregoing, the right to <br />endorse on behalf and in the name of Assignor all payments of Rents that are made payable to <br />Assignor. <br />SECTION 8 <br />8.0 MISCELLANEOUS. <br />8.1 Mortgagee in Possession. Nothing herein contained and no actions taken pursuant <br />to this Assignment shall be construed as constituting Lender a mortgagee in <br />possession. <br />8.2 Security Deposit. Assignor acknowledges and agrees that the Rents absolutely and <br />presently assigned to Lender include any and all security deposits held by Assignor <br />under the terms of the Leases. Assignor may hold such security deposits pursuant to <br />the revocable license granted herein unless and until an event of Default hereunder, <br />at which time any and all such security deposits shall be paid directly to Lender. <br />8.3 Payment of Obligations. Upon payment in full of the Obligations secured hereby and <br />by the Loan Documents, this Assignment shall become and be void and of no effect; <br />provided, however, that the affidavit, certificate, letter or statement of any officer, <br />agent or attorney of the Lender showing any part of said Obligations remaining <br />unsatisfied shall constitute conclusive evidence of the validity, effectiveness and <br />continuing force of this Assignment, and any person or entity may, and is hereby <br />authorized to, rely thereon. The rights and powers ofLender hereunder shall continue <br />and remain in full force and effect until all Obligations, including any deficiency <br />remaining from a foreclosure sale, are satisfied in full, and shall continue after <br />commencement of foreclosure action and a foreclosure sale and until expiration of any <br />period of redemption if Lender is the purchaser at such sale. <br />8.4 Successors and Assigns. This Assignment, and each and every covenant, agreement <br />and provision hereof, shall be binding upon Assignor and Assignor's successors and <br />assigns and shall inure to the benefit of the Lender and its successors and assigns. As <br />used herein, the words "successors and assigns" shall be deemed to mean the heirs, <br />executors, representatives and administrators of any natural person who is a party to <br />this Assignment and the assigns or successor in interest of any other entity who is a <br />party to this Assignment. <br />8.5 Controlling Documents. In case of any conflict between the terms of this instrument <br />and the terms of the Mortgage with respect to the assignment of Leases, Rents, and <br />1048116.2 9 <br />
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