200602198 - Laserfiche WebLink

Browse

200602198 ARTICLE II ENVIRONMENTAL MATTERS The Grantor hereby incorporates and reaffirms those covenants and representations contained in Sections 2.2 and Article V of the Loan Agreement (including its covenant to provide certain environmental indemnifications) as an integral part hereof; provided, however, it is the intent of the parties that the environmental indemnifications contained herein are separate and independent obligations of the Grantor which shall survive any release, foreclosure or other satisfaction hereof, and such indemnifications shall not be subject to any anti - deficiency defense. ARTICLE III ASSIGNMENT OF RENTS AND LEASES Section 3.01. Assignment of Rents. The Grantor hereby absolutely assigns and transfers to the Beneficiary all of its right, title and interest in the Rents under any and all leases and agreements for use or occupancy of the whole or any part of the Mortgaged Estate, and hereby gives to and confers upon the Beneficiary the right, power and authority to collect such Rents arising from the Mortgaged Estate. The Grantor irrevocably appoints the Beneficiary its true and lawful attorney -in -fact, at the option of the Beneficiary, at any time and from time to time, to take possession and control of the Mortgaged Estate and to demand, receive and enforce payment, to give receipts, releases and satisfaction, and to sue, in the name of the Grantor or the Beneficiary, for all such Rents and apply the same to the Secured Obligations; provided, however, that the Grantor shall have a license to possess and control the Mortgaged Estate and to collect such Rents (but not more than one month in advance), which is revocable at any time upon an Event of Default by the Grantor under any of the Financing Documents. The assignment of the Rents of the Mortgaged Estate in this Article III is intended to be an absolute assignment from the Grantor to the Beneficiary and not merely the passing of a security interest. Section 3.02. Collection Upon Default. Upon any Event of Default under any of the Financing Documents, the Beneficiary may, at any time without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of any security for the Secured Obligations (1) enter upon and take possession of the Mortgaged Estate, or any part thereof, and in its own name sue for or otherwise collect such Rents, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including attorneys' fees, upon any Secured Obligations, and in such order as the Beneficiary may determine, and (2) prepare and submit any applications or other documentation as necessary in order to permit the Beneficiary to collect the State Payments. The collection of such Rents, or the entering upon and taking possession of the Mortgaged Estate, or the application thereof as aforesaid or the preparation and submission of applications or other documentation, as necessary, shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default. Section 3.03. Statutory Rights. The Beneficiary, in addition to and not in limitation of any of the foregoing or any other remedies provided herein or otherwise available under applicable law, shall have all of the rights provided under the laws of the State regarding enforcement of the assignment of rents and leases contained herein. -12-