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201109343
<br /> Borrower ta establish present, absolute and irrevacable transfers and assignments to Lender of all
<br /> Leases and Rents and to authorize and empower Lender to callect and receive all Rents without
<br /> the necessity of further action on the part of Borrower, Borrower and Lender intend the
<br /> assignments of Leases and Rents to be effective immediately and to constitute absolute present
<br /> assignments, and not assignments for additional security only, Only for purposes of giving effect
<br /> to these absolute assignments of Leases and Rents, and for no other purpose, the Leases and
<br /> Rents shall not be deemed to be a part of the Mortgaged Property. However, if these present,
<br /> absolute and unconditional assignments of Leases and Rents are not enforceable by their terms
<br /> under the laws of the Property Jurisdiction, then each af the Leases and Rents shall be included
<br /> as part of the Mortgaged Property, and it is the intentian of Baxrower, in such circumstance, that
<br /> this Security Instrument create and perfect a lien on each of the Leases and Rents in favor of
<br /> Lender, which liens shall be effective as of the date of this Security Instrument.
<br /> (b) Until the occurrence of an Event of Default, but subject to the limitations set forth
<br /> in the Loan Documents, Borrower shall have a revocable license to exercise all rights, power and
<br /> authority granted to Borrawer under the Leases (including the right, power and authority to
<br /> modify the terms of any Lease or extend or terminate any Lease subject to the limitations set
<br /> forth in the Loan Documents), and to c�llect and receive all Rents, to hold all Rents in trust for
<br /> the benefit of Lender, and to apply all Rents to pay the Monthly Debt Service Payments and the
<br /> other amounts then due and payable under the other Loan Documents, including Imposition
<br /> Deposits, and to pay the current costs and expenses of managing, operating and maintaining the
<br /> Mortgaged Property, including utilities and Irrapositions (to the extent not included in Imposition
<br /> Deposits), tenant improvements and other capital expenditures. So long as no Event of Default
<br /> has occurred, the Rents remaining after application pursuant to the preceding sentence tnay be
<br /> retained by Borrower free and clear of, and released from, Lender's rights with respect to Rents
<br /> under this Security Instrument,
<br /> (c) From and after the occurrence of an Event of Default, without the necessity of
<br /> Lender entering upon and taking and maintaining control of the Mortgaged Property directly, by
<br /> a receiver, or by any other mannex or proceeding permitted by the laws af the Property
<br /> Jurisdiction, the revocable license granted to Borrower pursuant to Section 3(b) shall
<br /> automatically terminate, and Lender shall immediately have all xights, powers and authority
<br /> granted to Borrower under any Lease (including the right, power and authority to modify the
<br /> terms of any such Lease, or extend or terminate any such Lease) and, without notice, Lender shall
<br /> be entitled to all Rents as they become due and payable, including Rents then due and unpaid.
<br /> From and after the occurrence of an Event of Default, Borrower authorizes Lender to collect, sue
<br /> for and compramise Rents and directs each tenant of the Mortgaged Property to pay all Rents ta,
<br /> or as directed by, Lender, and Borrower shall, upon Borrower's receipt of any Rents from any
<br /> sources, pay the total amount of such receipts to Lender. Although the foregoing rights of Lender
<br /> are self-effecting, at any time from and after the occurrence of an Event of Default, Lender may
<br /> make demand for all Rents, and Lender may give, and Borrower hereby irrevocably authorizes
<br /> Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents
<br /> Fannie Mae Multifamily Security Instrument Form 6025.NE Page 8
<br /> Nebraslca 01-I1 OO 2011 Fannie Mae
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