Laserfiche WebLink
� <br />ARTICLE 3- ASSIGNME'l�t' OFLEASES AND RENTS � 0:�.10 4 914 <br />- Section 3.1 Assignment. As additional security for the Obligations, Trustor hereby absolutely, <br />presently and unconditionally grants, assigns, transfers and ptedges to Beneficiary all Rents (hereinafter defined) <br />and all of Trustor's rights in and under all Leases (hereinafter defined). Trustor shall have a revocable license (the <br />"License") to collect the Rents, subject to the provisions of Section 3.2 herein, until an event of default occurs under <br />the Loan. Upon the occurrence of a default hereunder, Beneficiary shall have the right, power and.privilege (but <br />shall be under no duty) ta terminate the License, demand possession of the Rents, which demand shall to the fullest <br />extent permitted by applicable law be sufficient action by Beneficiary to entitle Beneficiary to irnmediate and direct <br />payment of the Rents (including delivery to Beneficiary of Rents collected for the period in which the demand <br />occurs and for any subsequent period), for application as provided in this Deed of Trust, all without the necessity of <br />any further action by Benefciary, including, without limitation, any action to foreclose the lien of this Deed of Trust <br />or to obtain possession of the Land, Improvements or any other portion of the Mortgaged Property. Trustor hereby <br />authorizes and directs the tenants under the Leases to pay Rents to Beneficiary upon written demand by Beneficiary, <br />without further consent of Trustor, without any obligation to determine whether a default has in fact occurred and <br />regardless of whether Beneficiary has taken possession of any portion of the Mortgaged Properiy, and the tenants <br />may rely upon any written statement delivered by Beneficiary to the tenants. Any such payment to Beneficiary shall <br />constitute payment to Trustor under the Leases, and Trustor hereby appoints Beneficiary as Trustor's lawful <br />attorney-in-fact for giving, and Beneficiary is hereby empowered to give, acquittance to, any tenants for such <br />payments to Beneficiary after a default. As used herein: (i) "Lease" means each existing or future lease, sublease (to <br />the extent of Trustor's rights thereunder) or other agreement under the terms of which any person has or acquires <br />any right to occupy or use r.he Mortgaged Property, or any part thereof, or interest therein, and each existing or <br />future guaranty of payment or performance thereunder, and all extensions, renewals, modifications and replacements <br />of each such lease, sublease, agreement or guaranty; and (ii) "Rents" means all of the rents revenue, incom�, profits <br />and proceeds derived and to be derived from the Mortgaged Property or arising from the use of enjoyment of any <br />portion thereof or from any Lease, including but not limited to liquidated damages following default under any such <br />Lease, all proceeds payable under any policy of insurance coverin� loss of rents resulting from untenantability <br />caused by damage to any part of the Mortgaged Property, all of Trustor's rights to recover monetary amounts from <br />any tenant in bankruptcy nicluding, without limitation, rights of recovery for use and occupancy and damage claims <br />arising out of Lease defaults, including, rejections, under any applicable Debtor Relief Law (as hereinafter defined), <br />together with any sums of money that may now or at any time hereafter be or become due and payable to Trustor by <br />virtue of any and all royalties, overriding royalties, bonuses, delay rentals and any other amount of any kind or <br />character arising under any and all present and all future oil, gas, mineral and mining leases covering the Mortgaged <br />Property or any part thereof, and all proceeds and other amounts paid or owing to Trustor under or pursuant to any <br />and aIl contracts all bonds relating to the construction or renovation of the Mortgaged Properly. <br />Section 3.2 Covenants, Representations and Warranties Concerning Leases and I3ents. Trustor <br />covenants, represents and warrants that: (i) Trustor has good title to, and is the owner of the entire lessor's interest <br />in, the Leases and Rents (if any) hereby assigned and has the authority to assign them; (ii) all Leases (if any) are <br />valid and enforceable, and in full force and effect, and are unmodified except as stated therein; (iii) unless otherwise <br />stated in a Permitted Encumbrance, no Rents or Leases have been or will be assigned, mortgaged, pledged or <br />otherwise encumbered and no other person has or will acquire any right, title or interest in such Rents or Leases; (iv) <br />no Rents have been waived, released, discounted, set �ff or compromised in any material respect; (v) except as <br />stated in the Leases, Trustor has not received any material amoimt of funds or deposits from any tenant for which <br />credit has not already been made on account of accrued Rents; (vi) Trustor shall perform all of its oblygations under <br />the Leases and enforce the tenants' obligations under the Leases to the extent enforcement is prudent under the <br />circumstances; (vii) Trustor will not without the prior written consent of Beneficiary, which consent shall not be <br />unreasonably withheld, conditioned or delayed, enter into any Lease after the date hereof, or, in any material respect, <br />waive, release, discount, set off, compromise, reduce or def�r any Rent, receiv� or collect Rents more than one (1) <br />year in advance, grant any rent-free period to any tenant, reduce any Lease term or waive, release or otherwise <br />modify any other rnaterial obligation under any Lease, renew or extend any Lease except in aceordance with a right <br />of the tenant thereto in such Lease, approve or consent to an assigmment of a Lease or a subletting of any part of the <br />premises covered by a Lease, or settle or compromise any claim against a tenant under a L,ease in bankruptcy or <br />otherwise (if Beneficiary so requests, Trustor shall cause tl�e tenant under any Lease consented to by 13eneficiary to <br />enter into a subordination agreement with Beneficiary satisfactory in the sole discretion of Beneficiary); (viii) <br />promptly upon request by Beneficiary, Trustor shall deliver to Beneficiary exeauted originals of atl Leases and <br />10 <br />