|
<br />200802165
<br />
<br />above acts, if done without the written consent of Lender , shall be null and void and shall constitute a default under
<br />the aforesaid Note(s) and Deed of Trust and this Assigmnent
<br />
<br />OWNER'S WARRANTIES. Owncr further covenants with and warrants to Lender that: (a) the said lease(s) are
<br />valid, presently in full force and effect and that there are no defaults now existing thereunder; and (b) Owner has
<br />not: (I) executed or granted any prior assignment, encumbrance, or security interest concerning any lease( s) or the
<br />rentals thereunder; (2) performed any acts or executed any other instruments or agreements which would limit and
<br />prevent Lender from obtaining the benefit of and exercising its rights conferred by this Assignment; (3) executed
<br />or granted any modification of any lease(s) either orally or in writing; and (c) the Secured Property and the rents,
<br />income and profit derived from the use of the Secured Property are free of liens, encumbrances, claims and setoffs.
<br />
<br />REMEDIES. lt is mutually agreed between Lender and Owner that until a default or breach shall occur in the
<br />performance of Owner's covenants hereunder, or any default shall occur under the Deed of Trust or any loan
<br />agreement between Owner and Lender pertaining to any indebtedness referred to herein, or any default shall occur
<br />in the making of any of the payments provided for in the above described Deed of Trust or Note, Owner may
<br />receive, collect and enjoy the rents, income and profits accruing from the Secured Property, but not more than one
<br />(I) month in advance of the due date. In the event of any such default or breach, Lender may, at its option,
<br />immediately thereafter receive and collect all rents, income and profits from the Secured Property as they come
<br />due under the lease(s) described herein and all renewals and extensions thereof, and under any other lease(s)
<br />heretofore or hereafter entered into demising any part of the Secured Property, and Lender shall thereafter
<br />continue to receive and collect all such rents, income and profits as long as such default or breach shall exist, and
<br />during the pendency of any foreclosure proceedings and throughout any applicable redemption period ifthere is a
<br />deficiency after foreclosure sale, and during all such periods. Lender may, but is not obligated to, apply some or all
<br />of the rents, income and profits to protect Lender's interest in the Property, including, but not limited to, payment
<br />of property taxes.
<br />
<br />NOTICE. In the event of any such default or breach, Owner expressly authorizes Lender, at its option, to enter
<br />upon the Secured Property or any part thereof, by its officers, agents, or employees, for the collection of the rents,
<br />income and profits and for the operation and maintenance of the Secured Property. Owner authorizes Lender in
<br />general to perform all acts necessary for the operation and maintenance of the Secured Property in the same
<br />manner and to the same extent that the Owner might so act. After payment of all charges and expenses, including,
<br />without limitation, current and delinquent property taxes and customary operating expenses, the Lender shall credit
<br />the net amount of income received by virtue of Lender's exercise of this Assignment to any amounts due Lender
<br />under the terms and provisions of the aforesaid No{e(s) and Deed of Trust, and in the event of any foreclosure sale,
<br />to any deficiency during any redemption period. The manner of the application of such net income and the item or
<br />items to which it shall be applied shall be within the sole discretion of the Lender, and Lender shall be accountable
<br />only for money actually received by it pursuant to this Assignment. Such entry and taking possession of the
<br />Secured Property or any part thereofby Lender, may be made by actual entry and possession or by written notice
<br />scrved personally upon or sent by certified mail to the last owner of the Secured Property appearing on the records
<br />of the Lender, as the Lender may elect, and no further authorization or notice shall be required.
<br />
<br />WAIVER OF NOTICE. TO THE EXTENT PERMITTED BY LAW, OWNER W AlVES ANY RIGHT TO
<br />NOTICE, OTHER THAN THE NOTICE PROVIDED ABOVE, AND WAIVES ANY RIGHT TO ANY
<br />HEARING, JUDICIAL OR OTHERWISE, PRIOR TO THE LENDER EXERCISING ITS RIGHTS
<br />UNDER THIS ASSIGNMENT.
<br />
<br />LENDER AS OWNER OF SECURED PROPERTY. It is mutually agreed that nothing contained in the
<br />Remedies and Additional Remedies above shall in any way diminish, restrict, or affect any rights of Lender under
<br />the lease(s) referred to herein if Lender should become the owner of the Secured Property after the expiration of
<br />any redemption period in connection with any foreclosure proceedings.
<br />
<br />SUBSEQUENT LEASES. Owner agrees to promptly inform Lender of, and to promptly transfer, assign and
<br />deliver to the Lender, any subsequent lease(s) of the Secured Property or any part thereof, and to make, execute
<br />and deliver to the Lender, upon demand, any and all documents, agreements and instruments as may, in Lender's
<br />opinion, be necessary to protect the Lender's rights under this Assignment. Owner's failure to comply with the
<br />agreements herein made shall not impair Lender's rights hereunder with respect to any such subsequent lease(s),
<br />nor shall such failure in any way affect the applicability of this Assignment to such lease(s) and the rentals
<br />receivable thereunder.
<br />
<br />PROTECTION OF LENDER'S RIGHTS AND INTERESTS; NO WAIVER; DEFAULT. Owner further
<br />agrees to perform and discharge each and every obligation, covenant, and agreement required to be performed by
<br />the Landlord under the lease(s) referred to herein, and should Owner fail to do so, the Lender, without obligation
<br />to do so and without releasing Owner from any such obligation, may make or do the same in such manner and to
<br />such extent as the Lender deems necessary to protect its rights and interests under this Assignment. Nothing in this
<br />Assignment shall be construed to require the Lender to perform any of the terms and provisions contained in the
<br />lease(s), or otherwise to impose any obligation or liability upon the Lender. Neither the performance nor the
<br />nonperformance by the Lender of Owner's obligations shall be deemed a waiver of any default by the Owner under
<br />the Deed of Trust, this Assignment or under the Note(s). Owner agrees to indemnify and hold harmless Lender
<br />from all liability, loss, or damage, which may be incurred under the lease(s) or by reason of this Assignment. If
<br />Lender incurs any expenses due to performing Owner's obligations under the lease(s) and Assignment, or incurs
<br />damages, attorney fees or costs due to claims or demands under the lease(s) and Assignment, such amounts shall
<br />be payable on demand by Owner to Lender. Any default by Owner in the performance of any of the obligations in
<br />
<br />i!l2004-2006 Copyright Compliance Sy>teIlls, Inc. OFB7-5138 - 2006.11.101
<br />As,igm,.,nl of Lea,." and Rents. 1)1.4001
<br />
<br />rage 2 on
<br />
<br />WWW.CI..Ul1plianccsystcms.com
<br />800-968-8522 - Fax 616.956-1868
<br />
|