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HomeMy WebLinkAbout2628~~ s ~2 f,~6E 5k3 4 t3i_K SC'11E:[iE:1~, the Le•uder, ae a condition to maliriglCtr~ a~l"oEc Ci i loan, h:as required an assignment of the rents and profits accruin~ or accrued iu and out of said property and a grant of all of the Borrower's right, title and int~•rest in and to ail leases now on said property or wh: h may hereafter i,c Y;atc' thereon, as additional security for said loan; i\;OW THEREFORE, in consideration of the premises aforesaid and of the sum of One Dollar, •and other end valuable considerations, paid to the Borrower b}• the Lender, the receipt and sufficiency of which are hereby acknowledged, the Borrower does hereb}' assign, transfer and set over unto the Under all of its righ!, title and interest in and to all leases now on said property or N•hich may hereaf:cr be placed thereon, and all of the rents, issues and profits now due or to become due and derived from said property, until the obligations above referred to have been fully paid and satisfied of record. In furtherance of the foregoing assignmert, the Borrower hereby authorizes the bender, upon and in the event of default in any of the payments, or in the performance of any of the terms, covenants and conditions of the aforesaid note or security instrument, at its option to enter upon said premises and to collect, by its officers, agents or employees, in the name of the Borrower, or in its own name as assignee, the yenta accrued but unpaid and in arrears at the date of such default, as well as the yenta thereafter accruing and becoming payable during the period of said or any other default. The Borrower also authorizes the Lender upon such entry, at its option, to take over and assume the management, operation and maintenance of said premises, and in general to perform all actions necessary in connection therewith in the sans manner and to the same extent as the Borrower might reasonably so act. Upon electing to exercise the rights herein granted, the Lender shall male reasonable effort to collect the rents, reserving, however, within its own dixretion, the right to determine the method of collection and the extent to which enforcement of collection of delinquent rents shall be prosocuted, but it shell not be accountable for more mone}• than it actually receives 4rom the premises, and shall not be liable for failure to col- lect rents. The Lender shall, after payment of all proper charges and tzpenses, credit the net amount received from the premises by virtue of this assignment, or by virtue of the ezercix of any power herein granted, to any amounts due and owing to it by the Borrower under the terms of the note and security instrument, but the manner of the application of such net income and the items which shall be credited shall be within the sole dixretion of the Lender. It is a condition of the granting of these powers, benefits and privileges, and of the making of this as~ign- meat, and the Lender by the acceptance of this instrument so agrees, that, until an act of default shall be made by the Borrower in the full and complete performance of any of the agreements, covenants and promises in the above mentioned bond or note and security instrument, including the making of the payments as set out in said note and security instrument, the Borrower may rccaive, collect and enjoy the rents, issues and profits from the above property; but it is covenanted and agreed by the Borrower, for the consideration aforesaid, that upon the hap- pening of any default in the performance of the covenants or in the making of the paymeata provided foi in sod note and security instrument, the Lender may receive and collect all the said rents, isanea and profits and at its option ezerciae all other powers, privileges and benefits granted by this instrument, and the Borrower will immedi- ately turn over all leases to the Lender at its request, and will execute any further assignment necessary to periext ouch transfer. The Borrower by these presents does hereby authorise and duoct an lessee or lessees of all or any portion of the said premises, upon receipt of notice in writing from the Lender of an ad of ddanlt by the Borrower seder the note and security instrument, to pay to the Lender all rent then dot or thereafter to become due ender the terms of any lease or leases of the premises. The Harrower shall not be entitled to, and hereby covenants and agrees that it will not, without the written consent of the Lender: (a) Cancel the now existing lease or leases of the premises or accept a surrender thereof, a:ceps in accordance with the conditions and contingencies as set out therein, unless the Borrower and each lessee or lessec+s shall execute a new lease or leases which shall go into effect simultaneously with said cancellation or surrender, said new lease or leaser to provide for a rental not lees than tho rent payable under the cancelled lease or leases, and which shall not diminish the tenant's obligation to pay taxes and insurance to the extent that such obligation may exist under the cancelled lease or leases, attd which new Icare or Issas shall run to a date which shall. sot be prior to the expiration daft set out in the said cancelled lease or leases. (b) Modify the row existing lease or leases of the premises so as to decrease the term of such lease or leases, reduce the rent or change the time of payment of same, or diminish the o3,ligation of the tenant with regard to the pa}•ment of taxes and insurance. (c) Conant to an aa.~ignment of the lessee's interest of the now existing lease or leases which will relieve the tenant of liability for the payment of rent and the performance of the terms and conditions of the lease or ltasea. (d) Collect the rents and profits of the property covered by said security instrument for snore than ono month in advance, except and unless otherwise stipulated in any now existing lease or lessee of said premises, and then not in advance of the period so se! out. And any of the above acts, if done without the written consent of the Leader, shall be null and void. The Borrower shall have the right to modify any lease or Isaacs of the premises, or take any other adios with respect thereto which does not violate the specific provisions of this instrument. The Borrower 1-.ereby covenants and warrants to the Lender that neither it, nor any previous owner, has executed any prior assignment or pledge of the rents, issues and profits of the above described premixa or of its interest in and to any lease of the whole or a part of said premises, and further covenants and agrcea that it has not performed any acts or executed any agrcement which might prevent the Lender from operating under any of the terms and conditions of this instrument, or which would limit the Lender in such operation. Nothing in this instrument shall abridge, postpone or otherwise affect the rights and remedies of the I~nder under said security instruient or under the laws of the State in which said property is situated, but on the con• trary all such rights and remedies may be pursued by the Lender at any and all tisea as fully and completely u if this instrument had not been executed. The rights and powers herein granted, conveyed and assigned are con• tinuing rights, and the exercise of same upon the occasion of one default shall not abrogate or diminish the rights and powers of tl-e Lender hereunder upon the occasion of any subsequent default or defaults, and likewise, the failure to exercise same upon the occasion of any default shall not constitute a waiver of the right of the Lender to exercise the powers and privileges herein granted upon the oceaaion of a subsequent default. The collodion and application of the rents, issues and profits to the indebtednesa, or as otherwise provided herein, shall not constitute a waiver of any default which might at the time of the application or thereafter exist under the security instrument, and the pa}•ment of the indebtedness covered by the security instrument may be accelerated in ac• cordance with ire terms, notwithstanding such application.