HomeMy WebLinkAbout1720 .1101?~~ 293
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shall be sufficient to fully repay the principal and interest of
Granada's said indebtedness to the Bank over the remaining term of
said loan as provided in the aforesaid pro~nissory note of Granada .
to the Bank.
The Bank, by acceptance of this assignment, covenants
and agrees to and with Granada that, until the occurrence of an
event of default (as defined in the aforesaid Loan Agreement) under
the Loan Agreement or until a default shall occur in the performance
of Granada's agreements provided for in the aforesaid protaissory
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note, Granada may receive, collect and enjoy the rents, issues and ~
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profits accruing under said Lease; but it is covenanted and agreed
by Granada, for the considerations aforesaid, that upon the happen-
ing of any event of default or upon the happening of any default in
the performance of any of the agreements of Granada under said
promissory note, the Bank inay, at its option, receive and collect ;
all the said rents, issues and profits. Granada, upon the occurrence
of an event of default as defined in the Loan Agreement or upon the
occurrence of any default in the perfortaance by Granada of any o~
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~ its agreements-under the pranissory note, hereby authorizes the `
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~ Bank at its option to enter upon the leased property by its officers,:
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agents or employees for the collection of the rents and for the
operation and maintenance of the leased property, Granada hereby
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authorizing the Bank in general to perform all acts necessary for :
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the operation and maintenance of said leased property in the same
manner and to the same extent that Granada might reasonably so act,
but the Bank not being obligated so to do. The Bank shall, after
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payment of all proper charges and expenses, credit the net amount j
of income which it may receive by virtue of this assiqnment and from
the leased property, to any amounts due the Bank from Granada under
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