|
<br />200600863
<br />
<br />Security Instrument) and any other liens, charges and expenses which Lender may
<br />deem necessary or desirable; (iii) the cost of all alterations, renovations, repairs or replacements; (iv)
<br />all expenses incident to taking and retaining possession of the Property; and (v) the Debt, together
<br />with all costs and reasonable attorneys' fees.
<br />
<br />(b) In addition, upon the occurrence of an Event of Default, Lender, at its option,
<br />may (i) complete any construction on the Property in such manner and form as Lender deems
<br />advisable; (ii) exercise all rights and powers of Borrower, including, without limitation, the right to
<br />make, negotiate, execute, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue
<br />for, collect and receive all Rents from the Property and all sums payable under the Assigned
<br />Property; (iii) either require Borrower to pay monthly in advance to Lender, or any receiver
<br />appointed to collect the Rents, the fair and reasonable rental value for the use and occupancy of such
<br />part of the Property as may be in possession of Borrower or (iv) require Borrower to vacate and
<br />surrender possession of the Property to Lender or to such receiver and, in default thereof, Borrower
<br />may be evicted by summary proceedings or otherwise.
<br />
<br />Section 3.2. OTHER REMEQIE-S.. Nothing contained in this Assignment and no act done or
<br />omitted by Lender pursuant to the power and rights granted to Lender hereunder shall be deemed to
<br />be a waiver by Lender of its rights and remedies under the Note, the Security Instrument, or the Other
<br />Security Documents and this Assignment is made and accepted without prejudice to any of the rights
<br />and remedies possessed by Lender under the terms thereof. The right of Lender to collect the Debt
<br />and to enforce any other security therefor held by it may be exercised by Lender either prior to,
<br />simultaneously with, or subsequent to any action taken by it hereunder. Borrower hereby absolutely,
<br />unconditionally and irrevocably waives any and all rights to assert any setoff, counterclaim or
<br />crossclaim of any nature whatsoever with respect to the obligations of Borrower under this
<br />Assignment, the Note, the Security Instrument, the Other Security Documents or otherwise with
<br />respect to the loan secured hereby in any action or proceeding brought by Lender to collect same, or
<br />any portion thereof, or to enforce and realize upon the lien and security interest created by this
<br />Assignment, the Note, the Security Instrument, or any of the Other Security Documents (provided,
<br />however, that the foregoing shall not be deemed a waiver of Borrower's right to assert any
<br />compulsory counterclaim if such counterclaim is compelled under local law or rule of procedure, nor
<br />shall the foregoing be deemed a waiver of Borrower's right to assert any claim which would
<br />constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever against Lender in
<br />any separate action or proceeding).
<br />
<br />Section 3.3. OTI:lER SECURITY. Lender may take or release other security for the payment
<br />of the Debt, may release any party primarily or secondarily liable therefor and may apply any other
<br />security held by it to the reduction or satisfaction of the Debt without prejudice to any of its rights
<br />under this Assignment.
<br />
<br />Section 3.4. NON-WAIVER. The exercise by Lender of the option granted it in Section 3.1 of
<br />this Assignment and the collection of the Rents and other sums payable pursuant to the Assigned
<br />Property and the application thereof as herein provided shall not be considered a waiver of any
<br />default by Borrower under the Note, the Security Instrument, the Leases, this Assignment or the
<br />Other Security Documents. The failure of Lender to insist upon strict performance of any term
<br />hereof shall not be deemed to be a waiver of any term of this Assignment. Borrower shall not be
<br />relieved of Borrower's obligations hereunder by reason of (a) the failure of Lender to comply with
<br />any request of Borrower or any other party to take any action to enforce any of the provisions hereof
<br />or of the Security Instrument, the Note or the Other Security Documents, (b) the release regardless of
<br />consideration, of the whole or any part of the Property, or (c) any agreement or stipulation by Lender
<br />
|