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86-- 108984 of which shall be deemed to be included in the "'IndebtednessM) Owner irrevocably does hereby bargain, sell, transfer, assign, convey, set over and deliver unto Lender all right, title and interest of Owner in and to: (a) Any and all leases and any and all extensions or renewals thereof now or hereafter affecting all or any part of the Property; and (b) All deposits (whether for security or otherwise), rents, issues, profits, . revenues, royalties, contract rights and other benefits of every nature of and from the Property. (All such leases, deposits, rents, issues, profits, revenues, royalties, contract rights and other benefits being hereinafter collectively called "Leases'). With respect to each of the leases now existing or hereafter arising, Owner warrants, covenants and agrees with Lender as follows: 1. That it is and shall be the sole and absolute owner of the entire Lessor's interest in the Leases, that it has not and shall not execute any other assignment of any of the Leases or the rents, income and profits accruing thereunder, and that it has not and shall not perform any acts or execute any other instruments which might prevent Lender from fully exercising its rights under any of the terms, covenants and conditions of this Assignment. 2. That the Leases are and shall be valid and enforceable in accordance with their terms and have not been and shall not be altered, modified, amended, terminated, or renewed nor have any of the terms and conditions thereof been waived in any manner whatsoever except as approved in writing by Lender. 3. That there are no defaults now existing under any of the Leases and there exists no state of facts which, with the giving of notice or lapse of time or both, would constitute a default under any of the Leases; and that Owner will fulfill or perform each and every condition and covenant of each of the Leases to be fulfilled or performed by owner, give prompt notice to Assignee of any notice of default by owner under any of the Leases received by Owner together with a complete copy of any such notice. Owner shall, at the sole cost and expense of owner, enforce, short of termination of any Lease, the performance or observance of each and every covenant and condition of all such Leases to be performed or observed by the Lessee(s). 4. That it has not and shall not collect or accept payment of rent under any of the Leases more than one month in advance. -2- ILK • � J