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99105970
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99105970
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Last modified
3/13/2012 6:03:37 PM
Creation date
10/20/2005 11:39:48 PM
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DEEDS
Inst Number
99105970
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� 99-s�s9�o <br /> If the rents, revenues, profits and income from the Mortgaged Estate are not sufficient to <br /> meet the costs, if any, of taking possession and control of and managing the Mortgaged <br /> Estate and collecting the same, any funds expended by Lender for such purposes shall <br /> become indebtedness of Borrower to Lender secured by this Assignment. Such amounts <br /> shall be payable upon notice from Lender to Borrower requesting payrnent thereof and <br /> shall bear interest from the date of disbursement at the Late Rate provided by the Note. <br /> Any entering upon and taking possession and control of the Mortgaged Estate by Lender <br /> or the receiver and any application of rents, revenues, profits and income as provided <br /> herein shall not cure or waive any default hereunder or invalidate any other right or <br /> remedy of Lender under applicable law or provided therein. <br /> Borrower hereby represents and agrees that it is and will be the sole owner of the entire <br /> landlord's interest (or tenant's interest in the case of Leases with respect to which <br /> Borrower is the tenant) in all existing Leases, subject to Permitted Encumbrances (as <br /> defined in the Mortgage), that Borrower has not executed any prior assignment of said <br /> Leases or rents, revenues, profits and income except those being subordinated hereto, that <br /> Borrower has not performed, and will not perform, any acts, or has not executed, and will <br /> not execute, any instrument that would prevent Lender from exercising its rights under <br /> this Assignment, and that at the time of execution of this Assignment there has been no <br /> anticipation or prepayment of any of the rents of the Mortgaged Estate for more than one <br /> (1) month prior to the due dates of such rents. <br /> 3. Certain Agreements of Borrower. Borrower hereby agrees as follows: <br /> (a) If any of the Leases provide for a security deposit paid by the tenant <br /> thereunder to Borrower, this Assignment shall transfer to the Lender <br /> all of Borrower's right, title and interest in and to such security <br /> deposits; provided that, Borrower shall have the right to retain such <br /> security deposits so long as no Event of Default shall have occurred; <br /> and provided further that Lender shall have no obligation to any such <br /> tenant with respect to such security deposits unless and until Lender <br /> comes into actual possession and accepts control of such security <br /> deposits by notice to such tenant; <br /> (b) Borrower shall not collect any rent more than three (3) months in <br /> advance of the date on which it becomes due under the terms of each <br /> Lease; <br /> (c) Borrower shall not discount any future accruing rent and, after the <br /> occurrence of an Event of Default, Borrower waives any right of <br /> setoff against any tenant under the Leases; <br /> (d) Borrower shall not execute any further assignment of any rent or any <br /> interest therein or suffer or permit any such assignment to occur by <br /> operation of law; <br /> 3 <br />
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