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200008622
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Last modified
10/13/2011 8:41:30 PM
Creation date
10/20/2005 9:52:22 PM
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DEEDS
Inst Number
200008622
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200008622 <br />effective and to constitute an absolute present assignment and not an assignment for <br />additional security only. For purposes of giving effectto this absolute assignment of Rents, <br />and for no other purpose, Rents shall not be deemed to be a part of the "Mortgaged <br />Property," as that term is defined in Section 1(s). However, if this present, absolute and <br />unconditional assignment of Rents is not enforceable by its terms under the laws of the <br />Property Jurisdiction, then the Rents shall be included as a part of the Mortgaged Property <br />and it is the intention of the Borrower that in this circumstance this Instrument create and <br />perfect a lien on Rents in favor of Lender, which lien shall be effective as of the date of this <br />Instrument. <br />(b) After the occurrence of an Event of Default, Borrower authorizes Lender to <br />collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property <br />to pay all Rents to, or as directed by, Lender. However, until the occurrence of an Event <br />of Default, Lender hereby grants to Borrower a revocable license 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 />installments of interest and principal then due and payable under the Note and the other <br />amounts then due and payable under the other Loan Documents, including Imposition <br />Deposits, and to pay the current costs and expenses of managing, operating and <br />maintaining the Mortgaged Property, t including utilities, Taxes and insurance premiums <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, the Rents <br />remaining after application pursuant to the preceding sentence may be retained by <br />Borrower free and clear of, and released from, Lender's rights with respect to Rents under <br />this Instrument. From and after the occurrence of an Event of Default, and without the <br />necessity of Lender entering upon and taking and maintaining control of the Mortgaged <br />Property directly, or by a receiver, Borrower's license to collect Rents shall automatically <br />terminate and Lender shall without noti ce be entitled to all Rents as they become due and <br />payable, including Rents then due and unpaid. Borrower shall pay to Lender upon <br />demand all Rents to which Lender isVntitled. At any time on or after the date of Lender's <br />demand for Rents, 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 <br />to Lender, no tenant shall be obligated to inquire further as to the occurrence or <br />continuance of an Event of Default, and no tenant shall be obligated to pay to Borrower <br />any amounts which are actually paid to Lender in response to such a notice. Any such <br />notice by Lender shall be delivered to each tenant personally, by mail or by delivering <br />such demand to each rental unit. Borrower shall not interfere with and shall cooperate <br />with Lender's collection of such Rents. <br />(c) Borrower represents and warrants to Lender that Borrower has not executed <br />any prior assignment of Rents (other than an assignment of Rents securing indebtedness <br />that will be paid off and discharged with the proceeds of the loan evidenced by the Note), <br />FANNIE MAE MULTIFAMILY SECURITY INSTRUMENT - Form 4028 4/98 Page 8 <br />NEBRASKA <br />
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