88102044 - Laserfiche WebLink

Browse

I 88-- .102044 written demand by Assignee delivered to any Lessee for payment of Rents by reason of the occurrence of any Event of Default claimed by Assignee shall be sufficient evidence of each such Lessee's obligat ion and authori ty to ma ke a 11 future payments of Rents to Assignee without the necessity for further consent by Assignor. Assignor shall not seek payment of and Rents from any Lessee that pays such Rents to Assignor in compliance with any demand for payment of Rents made by Assignee contemplated by the preceding sentence. ARTICLE 4 WARRANTIES AND REPRESENTATIONS In addition to the representations and warranties of Assignor set forth in the other Loan Documents, Assignor hereby unconditionally warrants and represents to Assignee as follows: 4.1 Ownership of Leases and Rents. Assignor is the owner .of (i) the fee title to the Land described in Exhibit A-I hereto, and (i i) the leasehold estate created by the Primary Leases, and Assignor has good title to the Leases and Rents and all requisite right, pm'ler and authority to assign the Leases and Rents, and no other person, firm or corporation has any right, title or interest therein. 4.2 No Default. Assignor has duly and punctually performed, all and singular, the terms, covenants, condi tions and warranties of the Leases on Assignor's part to be kept, observed and performed; and, to the best knowledge of Assignor based on due inquiry in connection with Assignor's acquisition of the Primary Leases, the Lessees thereunder are ~ot in default of any of the terms or provisions of the respective Leases. 4.3 No Modification of Leases or Anticipation or Hypothecation of Rents. The Leases are valid and unmodi fied, except for any modifications, copies of which have been delivered to Assignee, and are in full force and effect; Assignor has not previous Iy so ld, ass igned, transfer red, mortgaged or pledged the Leases or the Rents, whether now due or hereafter to become due. except for the sales, assignments, transfers, mortgages and pledges for which Assignor has obtained a full release; the Rents now due, or to become due, for any periods subsequent to the date hereof have not been collected and payment thereof has not been anticipated, waived or released, discounted. setoff or otherwise discharged or compromised; Assignor has not received any funds or deposi ts from any Lessee for which credit has not already been made on account of accrued Rents, excepting only any security deposits described in the Purchase Agreements; and Assignor has not made - 6 - L .-J L