|
200314438
<br />(iii) to take possession of the Property, and to have, hold,
<br />manage, lease and operate the same on such terms and
<br />for such period of time as Lender may deem proper and,
<br />either with or without taking possession of the Property
<br />in its own name, make, from time to time, all
<br />alterations, renovations, repairs or replacements thereto
<br />or thereof as may seem proper to Lender.
<br />Nothing set forth in this section shall be deemed to limit or otherwise alter the
<br />rights of Lender at law or in equity in the event of a Default, nor shall Lender be
<br />obligated to exercise any of its rights in this section.
<br />(d) NOTICE.
<br />Lessees under the Leases are hereby irrevocably authorized and notified by
<br />Borrower to rely upon and comply with (and shall be fully protected in so doing)
<br />any notice or demand by Lender for the payment to Lender of any rental or other
<br />sums which may be, or hereafter become, due under the Leases, or for the
<br />performance of any of such lessees' undertakings under the Leases, and such
<br />lessees shall have no right or duty to inquire as to whether any Default has
<br />actually occurred or is then existing.
<br />(e) PROCEEDS.
<br />Lender shall have the right to apply all such rents, income and profits received
<br />from the lessees under the Leases to the payment of any of the following in such
<br />amounts and in such order as Lender shall deem appropriate in Lender's sole
<br />discretion:
<br />(i) the indebtedness secured by this Assignment and by the
<br />Loan Documents, together with all costs and attorneys'
<br />fees of Lender incurred in attempting to enforce
<br />Lender's rights hereunder or thereunder, in such order or
<br />priority as Lender, in Lender's sole discretion, may
<br />determine, any statute, law, custom or use to the
<br />contrary notwithstanding;
<br />(ii) all expenses of managing the Property, including
<br />without limitation, the salaries, fees and wages of a
<br />managing agent and such other employees or
<br />independent contractors as Lender may deem necessary
<br />or desirable, and all expenses of operating and
<br />maintaining the Property, including without limitation,
<br />all taxes, charges, claims, assessments, water rents,
<br />sewer rents, any other liens, premiums for all insurance
<br />which Lender may deem necessary or desirable, the cost
<br />of all alterations, renovations, repairs or replacements,
<br />and all expenses incident to taking and retaining
<br />possession of the Property.
<br />(f) RELATIONSHIP.
<br />Nothing contained in this Assignment shall be construed as constituting
<br />Lender as trustee or "mortgagee in possession ".
<br />7. EXCULPATION.
<br />Lender shall not directly or indirectly be liable to Borrower or any other person as a
<br />consequence of the exercise of the powers granted to Lender in this Assignment, or as a
<br />result of Lender's exercise of Lender's rights in the event of a Default, and no such
<br />liability shall be asserted or enforced against Lender, all such liability being expressly
<br />waived and released by Borrower, and Borrower indemnifies Lender and holds Lender
<br />harmless from and against all such liability.
<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
<br />5
<br />
|