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<br />200600863
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<br />ARTICLE 2. - TERMS OF ASSIGNMENT
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<br />Section 2. 1. PRESENT."ASSIGNMENT AND LICENSE BACK. It is intended by Borrower
<br />that this Assignment constitute a present, irrevocable, absolute and unconditional assignment of the
<br />Assigned Property, and not an assignment for additional security only. Nevertheless, subject to the
<br />terms of this Assignment and the Security Instrument, Lender grants to Borrower a revocable license
<br />to collect and receive the Rents and other sums payable with respect to the Assigned Property unless
<br />and until an Event of Default (as defined in the Security Instrument) shall occur. Borrower shall hold
<br />the Rents and all sums received pursuant to any Assigned Property, or a portion thereof sufficient to
<br />discharge all current sums due on the Debt, in trust for the benefit of Lender for use in the payment of
<br />such sums.
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<br />Section 2.2. NOTICE TO LESSEES. Borrower hereby agrees to authorize and direct the
<br />lessees named in the Leases or any other or future lessees or occupants of the Property and all Lease
<br />Guarantors to pay over to Lender or to such other party as Lender directs all Rents and all sums due
<br />under any Lease Guaranties upon receipt from Lender of written notice to the effect that Lender is
<br />then the holder of the Security Instrument and that an Event of Default exists, and to continue so to
<br />do until otherwise notified by Lender.
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<br />Section 2.3. INCORPORATION BY REFERENCE. All representations, warranties,
<br />covenants, conditions and agreements contained in the Security Instrument as same may be modified,
<br />renewed, substituted or extended are hereby made a part of this Assignment to the same extent and
<br />with the same force as if fully set forth herein.
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<br />Section 3.1.
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<br />ARTICLE 3. ~ REMEDIES
<br />REMEDIES OF LENDER,
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<br />(a) Upon or at any time after the occurrence of an Event of Default, the license
<br />granted to Borrower in Section 2.1 of this Assignment shall automatically be revoked, and Lender
<br />shall immediately be entitled to possession of all Rents and sums due and payable pursuant to any of
<br />the Assigned Property, whether or not Lender enters upon or takes control of the Property. In
<br />addition, upon or at any time after an Event of Default, without waiving such Event of Default, to the
<br />extent permitted by law, without notice and without regard to the adequacy of the security for the
<br />Debt, with or without bringing any action or proceeding, either in person or by agent, nominee or
<br />attorney, or a receiver appointed by a court, Lender, at its option, may dispossess Borrower and its
<br />agents and servants from the Property, and exclude Borrower and its agents or servants wholly
<br />therefrom and take possession of the Property and all books, records and accounts relating thereto
<br />without liability for trespass, damages or otherwise. Thereafter, Lender may have, hold, manage,
<br />lease and operate the Property on such terms and for such period of time as Lender may deem proper
<br />and either with or without taking possession of the Property in its own name, demand, sue for or
<br />otherwise collect and receive all Rents and other sums payable pursuant to any of the Assigned
<br />Property, including those past due and unpaid with full power to make from time to time all
<br />alterations, renovations, repairs or replacements thereto or thereof as may seem proper to Lender.
<br />Lender may apply the Rents and sums received pursuant to any of the Assigned Property to the
<br />payment of the following in such order and proportion as Lender in its sole discretion may
<br />determine: (i) all expenses of managing and securing the Property, including, without limitation, the
<br />salaries, fees and wages of a managing agent and such other employees or agents as Lender may
<br />deem necessary or desirable; (ii) all expenses of operating and maintaining the Property, including,
<br />without limitation, all utility charges, Taxes, and Other Charges (as such terms are defined in the
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