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200102666 a receiver) in order for Lender to "perfect" or "activate" its rights and remedies as set forth herein, then Assignor waives the benefits of such law and agrees that such law shall be satisfied solely by: (1) Lender sending Assignor written notice that Lender intends to enforce, and is enforcing, its rights in and to the Premises and the Rents and other items assigned herein, and (2) Lender sending written notice to any or all Tenants on the Premises (hereinafter, "Tenants ") that said Tenants should commence making payments under the Leases directly to Lender or its designee. So long as there shall exist no Default hereunder, Assignor shall have a revocable license, as Lender's agent, to collect at the time of, but not prior to, the date provided for the payment thereof, all Rents, and to retain, use and enjoy the same. The revocable license granted hereunder shall automatically terminate without further action by Lender, except for written notice to Assignor at Assignor's address provided herein, if a Default occurs as defined hereunder. This Assignment shall survive any merger of the Lessors' and Tenants' interests under any and all of the Leases, and such Leases shall remain in full force and effect with all Rents payable thereunder to remain the property of Lender pursuant to the terms and conditions of this Assignment. SECTION 3 3.0 WARRANTIES. 3.1 Warranties With Respect to Leases. Rents and Guaranties. The Assignor warrants that: (a) Assignor is the sole owner of the entire lessor's or landlord's interest in the Leases, Rents and Guaranties, free and clear of all other liens and encumbrances, and has good right, title and interest in and to the Premises; (b) the Leases and Guaranties are valid and enforceable, and to Assignor's knowledge are not in default under any of the terms, covenants or conditions thereof, (c) no Rents reserved in said Leases have been assigned, waived, discounted, compromised, released or anticipated; (d) no Rent for any period subsequent to the date of this Assignment has been collected more than one month in advance of the time when the same shall become due under the terms of said Leases; and (e) Assignor has the right, power and authority under the Leases and Guaranties to execute and deliver this Assignment and to keep and perform all its obligations hereunder without causing or creating any default under any of the Leases. 1048117.1 3