|
202605043
<br />6. Upon the occurrence and during the continuation of a default hereunder or under any of the other Loan
<br />Documents (beyond applicable notice and cure periods), Lender shall have the right and power to exercise and enforce
<br />any or all of the following rights and remedies, which rights shall be cumulative:
<br />(a) To revoke the license granted to Assignor to collect the Rents, and then thereafter, without
<br />taking possession, in Lender' s own name, to demand, collect, receive, sue for, attach and levy the Rents, to give
<br />proper receipts, releases and acquittances therefor, and after deducting all necessary, proper and reasonable costs and
<br />expenses of operation and collection, as determined by Lender, including without limitation, reasonable attorneys'
<br />fees and all disbursements, to apply the net proceeds thereof, together with any funds of Assignor deposited with
<br />Lender, to any indebtedness secured by this Assignment or the Loan Documents and in such order of priority as
<br />Lender may determine in its sole and absolute discretion; the tenants shall be, and hereby are, irrevocably authorized
<br />to rely upon and act in accordance with (and shall be fully protected in so doing) any notice or demand by the Lender
<br />for the payment to the Lender of any Rents which may then be or thereafter become due under the Leases, or for the
<br />performance of any of the tenants' obligations under the Leases, and shall have no duty to inquire whether any default
<br />has actually occurred or is then continuing;
<br />(b) To declare all sums evidenced by the Note and secured by this Assignment and by the Mortgage
<br />immediately due and payable and, at its option, exercise any or all of the rights and remedies provided in any of the
<br />Loan Documents, or at law or in equity; and/or
<br />(c) Without regard to the adequacy of any security, and with or without any action or proceeding
<br />through any person or by agent or court -appointed receiver and irrespective of Assignor' s possession, then or
<br />thereafter to (i) enter upon, take possession of, manage and operate the Property, or any part thereof, (ii) make,
<br />modify, enforce, cancel or accept surrender of any of the Leases, (iii) remove and/or dispossess any tenant, (iv)
<br />increase or decrease the Rents, (v) decorate, clean and repair, and (vi) otherwise do any act or incur any costs or
<br />expenses as Lender may deem proper to protect the security of this Assignment, as fully and to the same extent as
<br />Assignor could do if in possession, and in any such event to apply the Rents so collected to such costs and expenses
<br />in such order of priority as Lender may determine in its sole and absolute discretion, including without limitation to
<br />the payment of management, brokerage and reasonable attorneys' fees, disbursements, the costs of maintenance, repair
<br />or replacement of the Mortgaged Property and the indebtedness secured by this Assignment or the Mortgage.
<br />Provided, however, that the acceptance by Lender of this Assignment, with all of the rights and powers
<br />created by this Assignment, shall not, prior to entry upon and taking of possession of the Mortgaged Property by
<br />Lender, be deemed to constitute Lender a mortgagee -in -possession nor thereafter or, in any event, obligate Lender
<br />to appear in or defend any action or proceeding relating to any of the Leases or the Rents or the Mortgaged Property,
<br />or to take any action under this Assignment, or to expend any money or incur any expense or perform or discharge
<br />any obligation or liability under any of the Leases, or with respect to the Rents or the Mortgaged Property, nor shall
<br />Lender be liable in any way for any injury or damage to person or property sustained by any person, firm, or entity
<br />in or about or relating to the Leases, the Rents on the Mortgaged Property.
<br />And provided further that the collection and application of the Rents as aforesaid and/or the taking of
<br />possession of the Mortgaged Property or the taking by Lender of any other remedial action shall not cure or waive
<br />any default or waive, modify or affect any notice of default under any of the Loan Documents or invalidate any act
<br />done pursuant to such notice, and the enforcement of one or more such rights or remedies by Lender, once exercised,
<br />shall continue for so long as Lender shall elect, notwithstanding that the collection and application of such Rents as
<br />aforesaid may have cured the original default. If Lender thereafter elects to discontinue the exercise of any such right
<br />or remedy, that or any other right or remedy hereunder may be reasserted at any time and from time to time following
<br />any subsequent default.
<br />ASSIGNMENT OF LEASES AND RENTS RIDER
<br />ALRR3.CST 09/27/24 Page 4 of 6
<br />DocMagic
<br />
|