88102044 - Laserfiche WebLink

Browse

I 88- 102044 Ass ignee, forever, as co lla tera 1 secu ri ty fa r the repayment by Assignor to Assignee of the Indebtedness, and Assignor does hereby bind itself, its successors and assigns to WARRANT and FOREVER DEFEND the title to the Leases and the Rents unto Assignee against every person whomsoever lawfully claiming or to claim the same or any part thereof. ARTICLE 3 LIMITED LICENSE, CONTINUATION AND TERMINATION OF ASSIGNMENT 3.1 Limi ted License. Prov ided that there exi sts no Event of Default hereunder or default under or in any Loan Document, Assignor shall have the right under a limited license (the "License"), to {a} occupy the Property pursuant to any Lease under which Assignor is the tenant, lessee, or the like, and (b) collect upon, but not more than one {l} month in advance (except for the last month' s rent, which may be prepaid), all of the Rents arising from or out of the Leases, or any renewal~ or extensions thereof, or from or out of the Property or any part thereof, and Assignor shall receive such Rents and hold the same, as well as the right and license to receive such Rents, as a trust fund to be applied, and Assignor hereby covenants to apply the Rents, to {i} the payment of interest and principal due, or which wi 11 be due wi thin thi rty (30) days, on account of the Indebtedness; and (ii) the satisfaction and discharge of the ObI igat ions, inc luding speci fica lly, but without limitation, to the payment of taxes and assessments upon the Property (to the extent such amounts are not paid by a Lessee) before payment of penalty or interest are due thereon, the cost of insurance on the Property, maintenance and repairs as may be required by the terms of the Loan Documents (to the extent such amounts are not paid by a Lessee) and in satisfaction of all obligations under the Leases; all prior to the application by Assignor of the Rents for any other purposes. Thereafter, so long as there exists no Event of Default hereunder or default under any of the Loan Documents, Assignor may use the Rents, to the extent they exceed amounts required to be paid by Assignor under the Loan Documents, in any manner. 3.2 Continuation and Termination of Assignment. Upon payment in full of the Indebtedness, this Assignment shall become and be void and of no force or effect, but the affidavit, certificate, letter or written statement of any officer of Assignee stating that any part of the Indebtedness remains unpaid and undischarged shall be and constitute conclusive evidence of the validity, effectiveness or cont inuing force of this Ass ignment, and any person, firm or corporation may, and is hereby authorized to, rely thereon. - 5 - L ~ L