|
201906785
<br />unconditional and presently effective, and not an assignment for additional security only. THIS IS AN
<br />ABSOLUTE ASSIGNMENT, NOT AN ASSIGNMENT FOR SECURITY ONLY.
<br />4.2 LIMITED LICENSE. Lender hereby grants to Grantor a limited license (the "License")
<br />to exercise and enjoy all the rights and benefits of the landlord or lessor of the Leases and the Rents,
<br />including without limitation, the right to collect, demand, sue for, attach, levy, recover, and receive the
<br />Rents, as and when, but not before, they become due and payable, and to give proper receipts, releases,
<br />and acquittances therefor. Grantor hereby agrees to receive all Rents and hold the same as a trust fund to
<br />be applied, and to apply the Rents so collected, first to the payment of the Indebtedness then due and
<br />payable, next to the payment of the taxes and assessments on the Property and the insurance premiums
<br />required by the terms of the Loan Documents, and then to the costs of maintaining, repairing and
<br />operating the Property pursuant to the requirements of the Loan Documents and the Leases. Thereafter, so
<br />long as an Event of Default is not then outstanding, Grantor may use the balance of the Rents collected in
<br />any manner.
<br />4.3 TERMINATION OF LICENSE. Upon the occurrence of an Event of Default, and
<br />thereafter for so long as the same has not been cured, the License shall terminate immediately and without
<br />notice or any kind, and Lender shall have the right, power, and authority, without taking possession of the
<br />Property, in Grantor's name, to collect, demand, sue for, attach, levy, recover, and receive the Rents and
<br />to give proper receipts, releases and acquittances therefor, and after deducting all reasonably incurred
<br />costs and expenses of operation and collection, including reasonable attorney's fees, to apply the net
<br />proceeds thereof in reduction or repayment of the Indebtedness in such order of priority as Lender may
<br />determine, in its sole discretion. Upon termination of the License and prior to reinstatement thereof, and
<br />without regard to the adequacy of the security, with or without any action or proceeding through any
<br />person or by any agent, Lender may and shall have the complete right, power, and authority hereunder to
<br />answer upon, take possession of, manage and operate the Property, or any part thereof; subject to the
<br />provisions of the Leases, to make, modify, enforce, cancel or accept surrender of any Lease; subject to the
<br />provisions of the Leases, to remove and evict any tenant or lessee under any of the Leases or to increase
<br />or decrease the Rents; and to decorate, clean and repair, and otherwise do any act or incur any cost or
<br />expense which Lender may deem reasonably necessary to protect the status and value of the Property. In
<br />the event the License shall terminate due to the occurrence of an Event of Default, the License shall
<br />immediately be reinstated upon cure of the subject Event of Default and Lender's rights set forth above
<br />shall terminate effective as of the date of cure.
<br />4.4 APPOINTMENT OF RECEIVER; POSSESSION OF THE PROPERTY. Upon the
<br />occurrence of and during the pendency of an Event of Default, Lender may in person, by agent or by a
<br />court-appointed receiver, regardless of the adequacy of Lender's security, enter upon and take and
<br />maintain full control of the Property in order to perform all acts necessary and appropriate for the
<br />operation and maintenance thereof, including without limitation, subject to the provisions of the Leases,
<br />the execution, cancellation or modification of Leases, the collection of Rents, the making of repairs to the
<br />Property, and the execution or termination of contracts providing for the management or maintenance of
<br />the Property, all on such terms as are deemed best to protect the security of this Instrument. In the event
<br />Lender elects to seek the appointment of a receiver for the Property upon the occurrence and during the
<br />pendency of an Event of Default, Grantor consents to the appointment of such receiver. Lender or the
<br />receiver shall be entitled to receive a reasonable fee for so managing the Property.
<br />4.5 AFFIRMATIVE COVENANTS. Grantor shall (a) submit any non-residential Leases and
<br />residential leases with a term longer than one year to Lender for approval prior to the execution thereof,
<br />and provide such information as Lender may require to determine the creditworthiness of any proposed
<br />tenant; (b) perform and comply with any and all representations, warranties, covenants, and agreements
<br />expressed as binding upon the landlord or lessor under any Lease; (c) enforce the obligations of all
<br />tenants under the Leases; (d) appear in and defend any action or proceeding in any manner connected
<br />2932707_3 10
<br />
|