|
200205501
<br />Lender shall not be obligated to perform or discharge any obligation, duty, or liability of
<br />Borrower under the Leases, or by reason of this Assignment. Borrower hereby
<br />indemnifies and holds Lender harmless from and against any and all liability, loss,
<br />damage, cost or expense (including attorneys' fees) which Lender might incur or suffer
<br />under the Leases or by reason of this Assignment, and of and from any and all claims and
<br />demands whatsoever which may be asserted against Lender by reason of any alleged
<br />obligation or undertaking on Lender's part to perform or discharge any of the terms,
<br />covenants or agreements contained in any of the Leases.
<br />Lender shall not be liable for any loss sustained by Borrower or any third party resulting
<br />from Lender's failure to lease the Property after a Default or from any other act or
<br />omission of Lender in managing the Property after Default. Should Lender incur or suffer
<br />any liability, loss, damage, cost or expense (including attorneys' fees) under the Leases or
<br />by reason of this Assignment, or in the defense of any such claim or demands, the amount
<br />of such liability, loss, damage, cost, expense, and attorneys' fees, shall be secured by this
<br />Assignment and the Loan Documents, and Borrower shall pay the same to Lender upon
<br />demand by Lender. Upon failure of Borrower to so pay Lender, Lender may, at Lender's
<br />option, declare all sums secured by this Assignment and the Loan Documents immediately
<br />due and payable and exercise any other remedy available at law or in equity.
<br />It is further understood that this Assignment shall not operate to place responsibility for
<br />the control, care, management or repair of the Property upon Lender, nor for the carrying
<br />out of any of the terms and conditions of the Leases; nor shall it operate to make Lender
<br />responsible or liable for any waste committed on the Property by the lessees or any other
<br />parties, or for any dangerous or defective condition of the Property, or for any negligence
<br />in the management, upkeep, repair or control of the Property resulting in loss or injury or
<br />death of any lessee, licensee, employee, invitee or other person.
<br />8. FORECLOSURE.
<br />Upon issuance of a deed or deeds pursuant to any judicial or non- judicial foreclosure of
<br />the Deed of Trust, all right, title and interest of Borrower in and to the Leases shall, by
<br />virtue of this Assignment, vest in and become the absolute property of the grantee or
<br />grantees of such deed or deeds without any further act or assignment by Burrower.
<br />Borrower hereby irrevocably appoints Lender, and its successors and assigns, as its
<br />attorney in fact, to execute all instruments of assigmnent or further assurance in favor of
<br />such grantee or grantees of such decd or deeds, as may be necessary or desirable for such
<br />purpose.
<br />Nothing contained in this Assigmnent shall prevent Lender from terminating any
<br />subordinate Lease through such foreclosure, subject to any written agreement now or
<br />hereafter made by Lender in Lender's discretion to recognize the rights of any lessee if
<br />such lessee is not in default under its Lease.
<br />LOAN DOCUMENTS.
<br />This Assignment is supplementary to, and not in substitution or derogation of, any of the
<br />provisions of the other Loan Documents. To the extent that this Assignment is
<br />inconsistent with the provisions of the other Loan Documents, such other Loatr
<br />Documents shall control; and in particular, to the extent that this Assignment is
<br />inconsistent with the terms of the Deed of nwL the Deed of Trust shall control, Lender
<br />may enforce any of the provisions of this Assignment prior to, simultaneously with, or
<br />subsequent to any of the rights or remedies under the other Loan Documents.
<br />l0. NOTICES.
<br />All notices and other commmleations to be given under this Assignment must be in
<br />writing to be effective and shall be deemed sewed only upon deposit in the United States
<br />Postal Service, certified mail, postage prepaid, addressed to the parties at the addresses
<br />appearing on page 9 of this Assignment. Such addresses may be changed by notice given
<br />in the same manner,
<br />11. ATTORNEYS' FEES.
<br />If any legal action or proceeding is brought by either Borrower or Lender in order to
<br />enforce or construe a provision of this Assigmuent, the unsuccessful party in such action
<br />
|