|
90--107184
<br />8. Assignor hereby covenants and warrants to the Assignee that (a) Assignor has not executedaany for has not
<br />assignment of the Lease or of its right tills and interest therein n1 the rentals to accrue raaauunde (b) Assignor
<br />performed any act w executed any instrument which might prevent the Assignee from operating under any of the terms and
<br />conditions hereof, or which would limit no Assignee in such operation; (c) Assignor has not accsp fad rent
<br />isrtothe sfeL a now for
<br />an period subsequent to the current period for which rent has already become due and payable; (d) there
<br />sithsru gorallyy under in �se,except as sal forth In not Schedule B, and that�ft any modification or Lease is in full foraeaeaand whatever otthe Lease
<br />6. IT IS MUTUALLY AGREED WITH RESPECT TO EACH LEASE THAT:
<br />1. Assignee hereby grants permission toAealgnortocollect upon. but not priortoaccrual ,atirents,issues.deposits
<br />and profits from the said Premises and to retain, and use any enjoy thesame, but reservesthe right* revoke such permission
<br />at anytime. with or without cause. byynot;ieelnwi tnpoAssignorbycertifiedmailsenttotheaddressherskaflerprescribedfor
<br />sending notices. In any -event sects permission to Asslgm shell be automatically revoked upon default by Assignor in the
<br />j payment of en�r of t�ies igalions secured herby or in the rmance of any obligation, covenant ag!eensent herein. in said
<br />mortgage or deed of trust, in the Lease or in any of the Obligations secured hereby, or in any securing document given in
<br />connection Userowilk (so of which will be referred to herein as "Defaulr'). In the event that the Assignee should revoke such
<br />permimicin or a4erthe occurrence oa Detautt theAssignee. mayet he option, after notification to Assignor. by certified mail, to
<br />the address hereinafter prescribed for sending notices, direct any or all of the tenants of the Premises to pay to Assignee, its
<br />agents or Its attomeys, such rents, issues, profits, revenues, deposits, rights and benefits as may now be due or shall
<br />hereinafter become due, and Assignee may collectlim some. TheafNdavitor written statement of an officer, agent or alomey
<br />of Assignee stating that there has been aoefaukshall constituteconclusive evidencethewol, and any tenant to other persons
<br />is authorized and directed to rely thereon. The Assignor further agrees, that In the event the permission to use and retain the
<br />rent% income, issues, deposits and profits, should be terminated or upon the occurance of a Default, to immediately turn over
<br />to Assignee, at the time and in the manner requested by Assignee, all security deposits cr other moonlos deposited by Lessees
<br />of the Premises in accordance with the provisions of the I eases
<br />2. Notwithstanding the provisions of paragraph 1 hereinabove, upon or at any time after a Default as defined
<br />hereinabove, theAssignee, at its option, may declare all Obligations secured hereby immediately due and ppaayable, and may, at
<br />Its option, without notice, and if any such Obligations be secured by dead of trust irrespective of wihether a declaration of
<br />mortgage or dead o ftrustand without regard for the adequacy ofsecurity for the Obligations hereby secured, ither in person
<br />or by agent with or without bringing any action or proceeding, or by a receiver to be appointed by a court enter upon, take
<br />posession of, manage and operate said Premises or any part thereof, make, enforce, modify, and accept the surrender of
<br />Leases, obtain and eyie.t tAnants, fix or modify rents, and do any acts which the Assignee deems proper to protect She security
<br />hereof, and either with or without taking possession of the Premises, in its own name, sue for or otherwise coi" -I and receive
<br />all rents, Issues and p rofits, including thosepast due and unpaid, any apply the same, less cost and expenses of operation and
<br />collection, Including, but not limited to, payments for wages and payroll taxes, compensation of managing agent and other
<br />rnanagernent costs and expenses, real estate taxers and assessments, water, sewer, and similar charges, insurance and
<br />1 worker's compensation premiums, ground rents, customary real estate commission, and reasonable attorney's f ees and court
<br />costs, upon any Obligations secured hereby, and in such order as the Assignee may determine. The entering upon and taking
<br />possession of the Premises, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not
<br />cure or waive any default or waive, modify, or affect notice of default under said mortgage or deed of trust or invalidate any act
<br />done pursuant to such notice. Assignor h ereby releases any and all claims which it has or might have against Assignee arising
<br />out of such collection, management operation and maintenance, excepting the liability of Assignee to account or amounts
<br />collected and expended by It
<br />3. The Assignee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or
<br />discharge, any obligetion, duty or liability under the Lease, or under or by reason of this Assignment. Assignor shall and does
<br />hereby agree to indemnify the Assignee against and hold it harmlessfrom any and all liability, loss or damage which it mayor
<br />might incur under the Lease or under or by reason of this Assignment and of and from any and all claims and demand
<br />whatsoever which maybe asserted against it by reason of any alleged obligation or undertaking on its part to perform or in the
<br />discharge of any of the terms, covenants, or agreements contained in the Lease; should the Assignee incur any such liability.
<br />loss or damage under the Lease or under or by reason of this Assignment, or in the defense against any such claims or
<br />demands, the amount thereof, including costs, expenses and reasonable attorney's fees, together with interest thereon at the
<br />highest rate set forth in any of the Obligations secured hereby, shall be secured hereby and by the said mortgage or deed of
<br />trust, and Assignor shall reimburse the Assigneetherefor immediately upon demand, and upon tlhelailure of Assignor so to do
<br />the Assignee may declare all Obligations secured hereby immediately due and payable.
<br />C. IT IS FURTHER MUTUALLY AGREED THAT:
<br />1. Until the Obligations secured hereby shall have been paid In full, Assignor covenants and agree :to keep leased
<br />at a good and sufficient rental the Premises and upon demand to transfer and assign to the Assignee any and all subsequent
<br />Leases upon all or any part of such Premises upon the same or substantially the same terms and conditions as are herein
<br />contained, and to make, execute, and deliver to the Assignee, upon demand, any and all instruments that may be necessary or
<br />desirable therefor, but the terms and provisions of this Assignment shall apply to any such subsequent Lease or Leases
<br />whether or not so assigned and transferred.
<br />2. Assignor shall, upon request of Assignee, furnish it a complete list as ollhedate of the request of all Leases and
<br />other tenancies of the Premises in such reasonable detail as may be requested by Assignee. Further, it requested. Assignor
<br />shall deliver to Assignee executed or certified copies of all Leases and other written agreements, correspondence, and
<br />memoranda between Assignor and Lessees and other tenants setting forth the contractual arrangements between them. Such
<br />requests may be made at any reasonable time.
<br />3. The failure to list any specific Leases under Schedule B hereto, shall not invaiwate or affect in any manner, ii-le
<br />general assignment of rents and leases provided for herein.
<br />4. Upon the payment in full of all Obligations secured hereby. as evidenced by the recording or filing of an
<br />instrument of satisfaction or full release of said mortgage or deed of trust unless there shall have been recorded another
<br />mortgage or deed of trust in favor of the Assignee covering the whole or any part of the leased Premises, this Assignment shad
<br />become null and void and of no effect.
<br />M 1. 96 ,t
<br />
|