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and conditions:
l. So long as there is no default in any or the terrr?s and
conditions of this Assignmezit, or of the note and mortgage herein i
referred to, or of the obligations oP the Lease herein referred to
on the part of the Aasignor to be perPormed, the Asaignor shall - ~
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continue to manage said property as owners and collect all income
arising therefrom, but only as it accrues;-provided, howevEr, ~
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notwithstanding any provision herein to the contrary, the Assignee ~
at its option shall hsve the right and privilege at any time, upon - ~
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notice to the Assignor and the Lessee under the above described ,
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Lease, to collect and receiae the rentals ac~ruing ~.:nder said Leas~ ~
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and to apply same as hereinafter provided to the indebtedness secured ~
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by this Assignment. ;
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2. In the event of any default in the performance of an;t ;
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agreeraent or covenant in this Assignment, or in the note or mortgage _ '
herein referred to, or in the obiigations of the Lease herein referred
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to on the part of the Assignor to be performed, the Assignee may take ~
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~ possession and asaume management of said premises and collect the ~
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~ rentals and other income therefrom, execute all powers and authority
reserved to the Lessor under the Lease terms, including any-right or
power therein to forfeit or cancel said Lease, and modify'the pro- ~
visions of said Lease, or make netiv leases or rental contracts in the _
name of the owner of the property, or otherwise; and the Lessees and
other occupants of said premises are hereby authorized and directed,
upon demand, to pay to the Assignee, at its election, or to any
person designated by it for that purpose, all amounts due.or to become
due under said Lease and any extensions or renewals thereof, or by
reason of sueh occupancy; and such collection of rente or possession
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~ and management by the Asaignee shall not in any way affect, nor be
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~ conatrued as a waiver of, any of its rights whatsoever under said
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~ SOOK 16O PACE J s
72
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