HomeMy WebLinkAbout0715 ' l. In tlirthsrance oY ~ha fo:sgoing assi~;YUnents~ the Sorro~ere hereby
C(3RPORATIUN
authori~ THg Cc~MMpNWT~LTH/ ~ b~- its em~?I~yess or a~ents, at its
option, sfter the occurence oP ~ default as a~'oresaid~ to enter upon the
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~ortgaged pre~ai.s~s and to collect, in t.he nane of ~he Barrokers or in ita
oHn nac~e as as~~i~nee, tt~e rents accrued but unpaid ond in arrears at the
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date of such defaclt; ae ~+ell as.•the rents thereafter accrui:ig and becoming
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~;ayable during the period of t4ie cantiauance of the said or any other detault; ~
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and to tliis erad~ the Borrnwers furt'~er agres t;~at t~ze;~ ~ill facilitate in all '
reasonable ~a s C~~~oR'
.~~~~on of said rants, and will, ;
Y THS COI~ONWFALTH /o ~
CORPORATION t
upon raq::est by T~ Cp~~L~ / . e::ecute a~rftten nottce to each
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tenant directiii~ tne te~:ant to ~ay :~nt to said T~ CO~fMQNWEALTH COR~4B~N ;
- COEPO ~ION ;
2. 1',ze borroK3rs also he:~sb~ aut :orize TI~ COMMONWSDI,TH,/ u~io ;
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~ such entryj at it,s option, to ta:ce cver and ass~;TOe tne mana~;enent~ operatian ~
and nai:~tsnance of the said mort~aged prezises a:.d to perforu~ all acts necessary ~
and ~,rn~er~ o e:
pend such siuns out of t;?e incore of the mortgaged pre~ises as
may be needful in conr~ection theres~ith~ in t.ie sams manner and to the same
e.~ter.t as the ~orre~ers tnei~etofore mi~ht do, including ti~e right to effect
ne~ le2ses, to cancal or surrendei• e:isting leases~ to alter or amend the
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ter.as of existir_~ leases to rene~+ e~.s-cir.5 l~Gsas, or to na:;e. concessions to ~
tananT.s; the Borrc~ers her~~y r~leasii:L all clai~ns a~ainst Cp~p~L~ ~
CORPORATIo1i~ ~
a-rising out of such :nana~ement, operation and r:ainte:~ar.ce, Qxcepting i
- COItPORATION ;
the liability of T~ COMr:ONWBALTH/ tc acconnt as ner^inafter set forth. ~
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3. TAS COMMONV~EALTH fCORPO~~ONft,er ~:ayc:.snt of all groper charges
~ and expenses, including reasonable coara~satien t.o such :~.ar.a~.-~b aoent as it
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~ shall sel~ct a~ld e~3oy, a;~~ aft~:i• ttte acc::mulat~on of a rrs-~rve to meet
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z~xes, ass~ss.~e~ts, wat,er rrnts, and fi.e a~~d liability insurance i.n requisite
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ar.~ounts, credit t.~e ne~ a~:ou.r.t of ir.cone i~eceie~d ~3 i.t fro~ the mortga~ed
premi.s9s by virtae of this assiy~.ei:t, to ar~ aiaounts due and or~ing to it by thE
borrowers under thn teims of inort~age and the note szcured theraby, but t:~e
manner ot tlie a;.plication of s~ach net income and ~hat it~s shall be crc3dited,
shall be det~r.~ined in the solo discretion of T~ COMM~NWF.F?LTH CORPORATIpN
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s:~all not bc3 accountable for more monies than it
~ act?.ialltiy r~c~ivod fro~ tiie mor~ag~d preraises; -nor shall it be lia~le for
~ CORPORATION ~
~ failure -to collect rc3nts. TI~ COM~iONW EALTH / shall nak3 reason,able
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eff ort to collect r~nts, r~s~rvirg, hc~ever, Hithin its oHn discretion, the
right to determine ~he r:~ethod of eollaction a:~d tiie ext3nt to ~hici~ snforca::~a:~t
of collection cf dolinqua~t reai~.s s:~all 'ua ~rosecutc3d.
~ 4. In the event, houevor, th~ 13orroWers shall roinstate tha raortgabe loan
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B~OK ?Ai,E ~15
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