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201903153
<br />the Loan Agreement, or under any other instrument which secures or refers to
<br />the Note (hereinafter called "Other Security Instrument") (hereinafter called
<br />"Event of Default"). So long as the Rental License has not been terminated,
<br />the Borrower shall have a conditional opportunity to collect, but not more than
<br />(1) month in advance all Rentals from the Mortgaged Premises, in trust for the
<br />Lender, and to use the same for payment of all operating expenses of the
<br />Mortgaged Premises, and all capital repairs and replacements and all taxes,
<br />assessments, governmental charges, levies, insurance premiums which the
<br />Borrower is required to pay under the Mortgage, all other costs and expenses
<br />which the Borrower is required to pay under and pursuant to the Note, the
<br />Mortgage, under the Loan Agreement, and to this Assignment, as and when
<br />due, before using said Rentals for any other purpose, and the excess only shall
<br />be the Borrower's absolute property.
<br />2. Lender Rights Upon Default. Upon or at any time after the occurrence of an
<br />Event of Default hereunder, under the Note, under the Mortgage, under the
<br />Loan Agreement, or under any Other Security Instrument (after any notice
<br />requirements or cure period provided in the Loan Documents or mandated by
<br />law, if such default remains uncured), or if any representation or warranty
<br />made by the Borrower to the Lender in connection with the Loan evidenced by
<br />the Note is untrue in any material respect, the Lender may, at its option, but
<br />without obligation to do so, without notice to or consent of the Borrower,
<br />either in person or by agent, without regard for the adequacy of the security for
<br />the indebtedness secured hereby, the commission of waste or the solvency of
<br />the Borrower, with or without bringing any action or proceeding, by a receiver
<br />or trustee to be appointed by a court, enter upon, take possession of, maintain,
<br />manage and operate the Mortgaged Premises, make, execute, enforce, modify,
<br />alter, cancel and accept the surrender of Leases (whether or not the same
<br />extend beyond the term of the Mortgage), obtain or evict tenants, fix or modify
<br />Rentals, refund and collect security deposits, and do any acts which the Lender
<br />deems proper to protect the security hereof, and either with or without taking
<br />possession of the Mortgaged Premises, in its own name or in the name of the
<br />Borrower, sue for or otherwise demand, collect, receive, and give receipts for
<br />all Rentals, and apply the same upon the costs of collection thereof, including
<br />the fees and costs of agents and attorneys employed by the Lender; upon the
<br />costs of managing, operating and leasing the Mortgaged Premises, including
<br />taxes, insurance, maintenance, repairs, improvements, the fees of professional
<br />managing agents, architects, engineers, and appraisers, license and permit fees,
<br />leasing fees and commissions, and Lender's out-of-pocket expenses; and upon
<br />any indebtedness secured hereby, in such order as the Lender may determine,
<br />subject to applicable statutory requirements, if any, and to the requirements of
<br />the Mortgage. The Lender or such a receiver shall be entitled to remain in
<br />possession of the Mortgaged Premises and to collect the Rentals throughout
<br />any statutory period of redemption from a foreclosure sale. The entering upon
<br />and taking possession of the Mortgaged Premises, the collection of Rentals and
<br />the application thereof as aforesaid shall not cure or waive any Event of
<br />Default or waive, modify or affect any notice of default under the Note, under
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