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<br />88- 104345 <br /> <br />4.8 This Assignment shall not operate to prevent <br />Mortgagee from pursuing any remedy which it now has or hereafter <br />may have under the terms or conditions of the Mortgage or the <br />Note or any other instrument securing the same, or by law. <br /> <br />4.9 The tenants under each of the Leases are hereby <br />irrevocably authorized and directed to recognize the claims of <br />Mortgagee, or its assigns, hereunder without investigating the <br />reason for any action taken by Mortgagee, or the validity or the <br />amount of indebtedness owing to Mortgagee, or the existence of <br />any default in the Mortgage, or under this Assignment, or the <br />application of the Rents to be made by Mortgagee. Mortgagor <br />hereby irrevocably directs and authorizes each tenant,to pay to <br />Mortgagee all sums due under its Lease and consents and directs <br />that said sums shall be paid to Mortgagee without the necessity <br />for a Judicial determination that an Event of Default has <br />occurred hereunder or under the Note or Mortgage or that <br />Mortgagee is entitled to exercise its rights hereunder. To the <br />extent such sums are paid to Mortgagee, Mortgagor agrees that the <br />tenant shall have no further liability to Mortgagor for the same. <br />The sole signature of Mortgagee shall be sufficient for the <br />exercise of any rights under this Assignment and the sole receipt <br />by Mortgagee for any sums received shall be a full discharge and <br />release therefor to any such tenant or occupant of the Mortgaged <br />premises. <br /> <br />4.10 Mortgagee, and not Mortgagor, shall be deemed to <br />be the creditor of the tenants of the Leases in respect of <br />assignments for the benefit of creditors and bankruptcy, <br />reorganization, insolvency, dissolution, or receivership <br />proceedings affecting any such tenants (without obligation on the <br />part of Mortgagee, however, to file or make timely filings of <br />claims in such proceedings or otherwise to pursue creditor's <br />rights therein) with an option to Mortgagee to apply any money <br />received by Mortgagee as such credit in reduction of the <br />Obligations. <br /> <br />4.11 Mortgagor hereby irrevocably appoints Mortgagee, <br />and its successors and assigns its agent and attorney-in-fact to <br />execute and deliver during the term of this Assignment such <br />further instruments as Mortgagee may deem necessary to make this <br />Assignment and any further assignment effective. <br /> <br />ARTICLE V <br /> <br />Notice <br /> <br />All notices, demands or other communications which are <br />required or permitted to be given or served by either party <br />hereunder shall be in writing and shall be deemed given, when <br />deposited in the United States mail, registered or certified <br />mail, postage prepaid, addressed to the parties at the addresses <br />shown from time to time by either party by prior notice to the <br />other party as above provided. <br /> <br />-9- <br /> <br />u <br />