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200314438
<br />evidenced by the Note (the "Loan "), including without
<br />limitation, all indebtedness and obligations secured by or arising
<br />under the Construction Security Agreement (hereinafter
<br />"Security Instrument ") on the Property dated as of the date
<br />hereof and securing the Note, and all of the other documents
<br />evidencing or securing the Loan (collectively the "Loan
<br />Documents "), as all of the same may be amended, extended,
<br />renewed or modified from time to time; and
<br />(c) the payment of all indebtedness and the performance of all
<br />obligations, which recite that they are secured by this
<br />Assignment, of Borrower to Lender now existing or arising after
<br />the date of this Assignment under this Assignment, as the same
<br />may be amended, extended, renewed or modified from time to
<br />time.
<br />3. INTERPRETATION.
<br />It is the intention of Borrower that this Assignment shall constitute a present and
<br />absolute Assignment to Lender. However, so long as there shall exist no default by
<br />Borrower in the payment of any sum due to Lender under the Loan Documents, or in the
<br />performance of any obligation, covenant or agreement contained in this Assignment, the
<br />Loan Documents or the Leases, as the same are to be performed by Borrower, Borrower
<br />shall have the right to collect at the time of, but not more than thirty (30) days prior to,
<br />the date provided for payment, all rents, income and profits arising under the Leases and
<br />to retain and use the same.
<br />4. COVENANTS.
<br />Borrower covenants and agrees as follows:
<br />(a) to perform all of the covenants, representations and agreements
<br />of the lessor, and not to violate any of the warranties of the
<br />lessor, under the Leases; not to suffer or permit any release,
<br />abatement or reduction of liability of any of the lessees; not to
<br />create any right or excuse for any of the lessees to withhold
<br />payment of rent or fail to comply with any other liability under
<br />any of the Leases or to otherwise cease performance of any of
<br />lessee's obligations under the Leases; and
<br />(b) to give prompt notice to Lender of any notice of default with
<br />respect to any of the Leases, whether the default be of the
<br />lessees or Borrower, and to furnish Lender with complete copies
<br />of said notices; and
<br />(c) not to terminate, modify or amend any of the terms of the Leases
<br />or grant any concession or waive, excuse or condone any failure
<br />of lessees under the Leases, or in any manner release or
<br />discharge the lessees from any obligations, covenants,
<br />conditions or agreements to be performed by the lessees under
<br />the Leases, including without limitation, the obligation to pay
<br />rent, or give any consent or exercise any option required or
<br />permitted by the terms of any of the Leases, either orally or in
<br />writing, without the prior written consent of Lender, which may
<br />be withheld in Lender's sole discretion, or to accept the
<br />surrender of any of the Leases without the prior written consent
<br />of Lender, which may be withheld in Lender's sole discretion,
<br />and that any attempted termination, modification, or amendment
<br />of any of the Leases, or any other action which requires Lender's
<br />consent, without such consent, shall be null and void; and
<br />(d) not to collect any of the rent, income or other liabilities arising
<br />or accruing under the Leases more than one (1) month in
<br />advance of the time when the same become due; and
<br />(e) not to discount any future accruing rents or other liabilities in
<br />connection with any of the Leases; and
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