200314438 - Laserfiche WebLink

Browse

200314438 5. REPRESENTATIONS AND WARRANTIES. In order to induce Lender to make the Loan to Borrower, Borrower represents and warrants to Lender that: (a) the Existing Leases are in full force and effect and are enforceable in accordance with their respective terms, and that no breach or default, or event which would constitute such a breach or default after notice or the passage of time, or both, of any of the terms, covenants or conditions exists with respect to any of the Existing Leases; and (b) no rent payment or other payment under any of the Existing Leases has been paid by any lessee for more than one (1) month in advance; and (c) the Existing Leases constitute all the Leases existing with respect to the Property as of the date of this Assignment; and (d) each of the Existing Leases constitutes the entire agreement between the respective lessees and Borrower, and there are no other agreements, undertakings or representations, either written or oral, with respect to the Property; and (e) none of the lessor's interest under any of the Leases has been transferred or assigned to any person or entity other than Lender. 6. DEFAULTS AND REMEDIES. (a) DEFINITION. "Default" shall mean a default in payment of any of the indebtedness secured by this Assignment or the Loan Documents, after giving effect to any express curative provisions set forth herein or therein or a default in the performance of any obligation, covenant or agreement of Borrower contained in this Assignment or any of the Loan Documents or any of the Leases after giving effect to any express curative provisions set forth herein or therein. (b) LOAN DOCUMENTS. A Default under this Assignment shall be a default under each and every one of the Loan Documents. (C) REMEDIES. In addition to any and all remedies contained in the other Loan Documents, in the event of a Default, Lender shall, and without regard to the adequacy of the security for the indebtedness and obligations secured by this Assignment and by the Loan Documents, either in person or by its agent, and with or without bringing any action or proceeding or obtaining a receiver appointed by a court, and without notice to or demand on Borrower, and without releasing Borrower from any obligations under this Assignment, have the following rights and remedies, each of which shall be exercisable in Lender's sole discretion: (i) to receive directly from the lessees under the Leases all rents, income, liabilities and other amounts arising or accruing under the Leases or from the Property and to so continue until Borrower is otherwise notified by Lender; and (ii) to collect, sue for, settle, compromise and give acquittances for all of the rents and other payments that may become due under the Leases and avail Lender of and pursue all remedies for the enforcement of the Leases and Borrower's rights in and under the Leases as Borrower might have pursued but for this Assignment, all at Borrower's sole cost and expense; and 4