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<br />Rents shall not be deemed to be a part of the Mortgaged Property. However, if these present,
<br />absolute and unconditional assignments of Leases and Rents are not enforceable by their terms
<br />under the laws of the Property Jurisdiction, then each of the Leases and Rents shall be included
<br />as part of the Mortgaged Property, and it is the intention of Borrower, in such circumstance, that
<br />this Security Instrument create and perfect a lien on each of the Leases and Rents in favor of
<br />Lender, which liens shall be effective as of the date of this Security Instrument.
<br />(b) Until an Event of Default has occurred and is continuing, but subject to the
<br />limitations set forth in the Loan Documents, Borrower shall have a revocable license to exercise
<br />all rights, power and authority granted to Borrower under the Leases (including the right, power
<br />and authority to modify the terms of any Lease, extend or terminate any Lease, or enter into new
<br />Leases, subject to the limitations set forth in the Loan Documents), and to collect and receive all
<br />Rents, to hold all Rents in trust for the benefit of Lender, and to apply all Rents to pay the
<br />Monthly Debt Service Payments and the other amounts then due and payable under the other
<br />Loan Documents, including Imposition Deposits, and to pay the current costs and expenses of
<br />managing, operating and maintaining the Mortgaged Property, including utilities and Impositions
<br />(to the extent not included in Imposition Deposits), tenant improvements and other capital
<br />expenditures. So long as no Event of Default has occurred and is continuing (and no event which,
<br />with the giving of notice or the passage of time, or both, would constitute an Event of Default has
<br />occurred and is continuing), the Rents remaining after application pursuant to the preceding
<br />sentence may be retained and distributed by Borrower free and clear of, and released from,
<br />Lender's rights with respect to Rents under this Security Instrument.
<br />(c) If an Event of Default has occurred and is continuing, without the necessity of
<br />Lender entering upon and taking and maintaining control of the Mortgaged Property directly, by
<br />a receiver, or by any other manner or proceeding permitted by the laws of the Property
<br />Jurisdiction, the revocable license granted to Borrower pursuant to Section 3(b) shall
<br />automatically terminate, and Lender shall immediately have all rights, powers and authority
<br />granted to Borrower under any Lease (including the right, power and authority to modify the
<br />terms of any such Lease, or extend or terminate any such Lease) and, without notice, Lender shall
<br />be entitled to all Rents as they become due and payable, including Rents then due and unpaid.
<br />During the continuance of an Event of Default, Borrower authorizes Lender to collect, sue for
<br />and compromise Rents and directs each tenant of the Mortgaged Property to pay all Rents to, or
<br />as directed by, Lender, and Borrower shall, upon Borrower's receipt of any Rents from any
<br />sources, pay the total amount of such receipts to Lender. Although the foregoing rights of Lender
<br />are self - effecting, at any time during the continuance of an Event of Default, Lender may make
<br />demand for all Rents, and Lender may give, and Borrower hereby irrevocably authorizes Lender
<br />to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents to
<br />Lender. No tenant shall be obligated to inquire further as to the occurrence or continuance of an
<br />Event of Default, and no tenant shall be obligated to pay to Borrower any amounts that are
<br />actually paid to Lender in response to such a notice. Any such notice by Lender shall be
<br />delivered to each tenant personally, by mail or by delivering such demand to each rental unit.
<br />Fannie Mae Multifamily Security Instrument
<br />Nebraska
<br />Form 6025.NE
<br />06 -12
<br />Page 8
<br />© 2012 Fannie Mae
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