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<br />200603081
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<br />reI' I ,li..~': I j:.~nts, renewals, extensions, supplements, restatements and substitutions
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<br />thereof.
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<br />Section 1.2. TiRMINATIONOF ASSIGNMENT. Upon payment in full of the Debt and the
<br />delivery and reccm Iii 1" of a satisfaction or discharge of the Security Instrument duly executed by
<br />Lender, this Assi2i!; i:' shall become null and void and shall be of no further force and effect.
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<br />ARTICLE 2. M TERMS OF ASSIGNMENT
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<br />Section 2.1. 1-: 'SI3NT ASSIGNME~T ANPLICENSE BACK. It is intended by Borrower
<br />that this Assignllh :lstitute a present, irrevocable, absolute and unconditional assignment of the
<br />Assigned Property_ ;"hi not an assignment for additional security only. Nevertheless, subject to the
<br />terms of this Assigi1iih'nt and thc Security Instrument, Lender grants to Borrower a revocable license
<br />to collect and recl'; \ !Il~ Rents and other sums payable with respcct to the Assigned Property unless
<br />and until an Evcnl '.1: i),'fault (as defined in the Security Instrument) shall occur. Borrower shall hold
<br />the Rents and all SlIli.. rcceived pursuant to any Assigncd Property, or a portion thereof sufficient to
<br />discharge all ClllTe:, i: ns 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. i j l'lCETOLESSEES. Borrowcr hereby agrees to authorize and direct the
<br />lessees named in Ii:c' :'~ases or any other or future lessees or occupants of the Property and all Lease
<br />Guarantors to pay 10 Lender or to such other party as Lender directs all Rents and all sums due
<br />under any Lease Cl.d!;tIILies upon receipt from Lender of written notice to the effect that Lender is
<br />then the holder of till: .';ccurity Instrument and that an Event of Default exists, and to continue so to
<br />do until otherwise Ii( '. i :'il~d by Lender.
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<br />Section 2.3.
<br />covenants, cond i I:
<br />renewed, substitllll',:
<br />with the same forl'L' t
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<br />:\,JCORPORATIQN BY REfERENCE. All representations, warranties,
<br />..:d agreements contained in the Security Instrument as same may be modified,
<br />. l'xtended are hereby made a part of this Assignment to the same extent and
<br />- i fully set forth herein.
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<br />ARTICLE 3. - REMEDIES
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<br />Section 3.1.
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<br />,'" .\ I EDTES OF LENDER.
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<br />(a) :. I pon or at any time after the occurrence of an Event of Default, the license
<br />granted to Bornl\Y,': Section 2.1 of this Assignment shall automatically be revoked, and Lender
<br />shall immediately !"_ _'::Iitled to possession of all Rents and sums due and payable pursuant to any of
<br />the Assigned Pn,'. whether or not Lender enters upon or takes control of the Property. In
<br />addition, upon or iii . lime after an Event of Default, without waiving such Event of Default, to the
<br />extent permitted 11'/:\\, without notice and without regard to the adequaey of the security for the
<br />Debt, with or wilL), [.ringing any action or proceeding, either in person or by agent, nominee or
<br />attorney, or a rCCl'l \:'1 ,Ippointed by a court, Lender, at its option, may dispossess Borrower and its
<br />agents and serV:llll',: Iln the Property, and exclude Borrower and its agents or servants wholly
<br />therefrom and takL' i; )-,')cssion of the Property and all books, records and accounts relating thereto
<br />without liability rill :j,'spass, damages or otherwise. Thereafter, Lender may have, hold, manage,
<br />lease and operall' til,_ . ':1[1crty on such terms and for such period of time as Lender may deem proper
<br />and either with ()j . . ,ilut taking possession of the Property in its own name, demand, sue for or
<br />otherwise collect :l.'ceive all Rents and other sums payable pursuant to any of the Assigned
<br />Property, includill st: past due and unpaid with full power to make from time to time all
<br />alteration" rcno"",,, ,epairs or rePlacements~.. . or ther;:t)s may seem proper to Lender.
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