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<br /> 2.0498 File 1Jo. 958 ' _
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<br /> (al Notwithatanding the foregoing, how.ever, ao long as no Event oF - ai-.
<br /> ' • �• Defttult (as defined in Paxagruph 4 below) hae occurred, Borrower ehall _��
<br /> ' � have a revocable licenae to poaeess and control the Mortgaged Property and `�:LL,-.
<br /> ��•'�S collact and raceive all reats, revenupa, proEita and inaome. Upon the .,,,::-
<br /> }�,,,� occurrence of an Event of Default, such license ahall be deemed ��-,-
<br /> sutomatically rovoked. �`�
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<br /> aw,�..i.tA�iN' ��
<br /> � ' (b) Upon the occurxence of any Event of Default, Lender may, at ;:�
<br /> t any time up�n such notice ae is required by law, by a court-appointed 'j:�
<br /> ;; receiver, regardless oE the adequacy of Lender's aecurity, enter upon and :-
<br /> j� take poasession and control of the Mortgaged Property, or any part �f�'
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<br /> thereaf, to perform all acta necessary and appropriate to operate and
<br /> �5 maintain the Mortgaged Prop�srty, including, but not iimited to, execute,
<br /> oancel or modify the Leases, make repaira ta the Mortgaged Property, _
<br /> execute or terminate contracta providing for the management or maintenance
<br /> of the Mortgaged Property, all on such terme as are deemed best to protect `
<br />_, the, aecurity o£ this Asalgnment, and in Lender�a or Borrower�s name, aue
<br /> " for or otherwiae collect auch renta, revenuea, profite and income from the
<br /> Mortgaged Property ae apeai£ied in thie Asaignment as the same become due =
<br /> • • and payable, including, but not limited to, renta then due and unpaid. `
<br /> (c) All renta, revenuea, profita and income collected aYaall
<br /> , immediately be held by Borrower ae trustee for the benefit of Lender,
<br /> only; provided, however, until an Event of Default has occurred, Sorrower
<br /> ' may uae auch funda f or Borrower�a purposea. Borrower agree s that
<br /> ` commencing upon the occurrence of auch Event of Default, each Tenant of
<br /> --- ti?e M�rtgaged Property ahall make its rent payable to and pay euch Yent to
<br /> Lender (or Lender's agents) on Lender's written demand therefor, dellvered
<br /> to auch Tenant pezaonally, by mail, or by delivering such demand to each
<br />= zental unit, without any liability on the part of said Tenant to 3nquire
<br /> � Eurther as to the exiatence o£ an Event o� Default by Sorrower.
<br />- " (d) In the event Lendar electe to aeek the appointment of a
<br />�' � receiver for the Mortgaged Property upon Borrower�s broach o£ any covenant
<br />�� , or agreement of Borrower in this Aas ignrnent, Borrower hereby expresaly
<br /> conaenta to the appointment of such receiver. Lender or the receiver
<br />_ : shall be entitled to receive a reaeonable fee for so managing the
<br /> ti.�� �� . . Mortgaged Property.
<br /> '" y�' '+ � (e) All rents, revenuea, profits and income collected subaequent °
<br /> to the occurrence of any Event of Default ahall be applipd at the �
<br /> � '4 diacretion oE, and in auch order as determined by, Lender to the coets, if _
<br /> � any, of taking possesaion and control of and managing the Mortgaged =_
<br /> Property and collecting such amounts, including, but not limited to, _
<br /> attorney's feea, receiver's feea, premiume on receiver's bonds, coeta of
<br /> : • ,, � repaira to the Mortgaged Property, premiums on inaurance policiee, taxea,
<br /> • assesamenta and other charges on the Mortgaged Property, and the coats of
<br /> y *� diacharging any obligation or liability of Sorrower as lessor or landlord
<br /> 5 of the Mortgaged Property and to the sume secured by this Aasignment.
<br /> Lender or the recPiver ahall have accesa to the books and recorda used in
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<br /> the operation and maintenance of the Mortgaged Property and sha11 be ="A`'-
<br /> liable to account only for those rents actually received. �
<br /> - (f) If the rents, revenuea, profits and income from the Mortgaged
<br /> - Property are noC sufficient to meet the costs, if any, of taking
<br /> poasesaion and control of and managing the Mortgaged Property and
<br /> collecting the same, any funds expended by Lender for such purposes ahall
<br /> become indebtednesa of Borrower to Lender secured by this Aasignment. ��
<br /> : Such amounta shall be payable upon notice from Lender to Borrower
<br /> requeating payment thereof and ahall bear interest from the date of
<br /> - _ �iahuraement at the Default Rate provided by the Promisaory Note _
<br />= i (g) Any entering ugon and taking poaseasion an3 control o� the I
<br /> iMorCgaqed Property by Lender or the receiver and any applicatian of r�nts,
<br /> revenuea, profits aiid income as provided herein ahall not cure or waive I
<br /> - , any default hereunder or invalidate any other right or remedy ot Lender
<br /> under applicable law or provided therein.
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