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HomeMy WebLinkAbout0121 . i . . . -Z- ~ . $ ~ This ag~eement is made as addition~l security fo~ the pay~msnt of ' one Principal Note. hereinafte~ called the Mo~tgaga Note, dsted ~Z- f q y~ for $ 2.750, 000. 00 wi th i nteres t as stipulated thecein. executed and delivered by the Assigno~ to the Assignee. and as ~dditional security for the fu11 and faithful performa~ce by tha ~ As~.ignor of all the terms a~d conditions of a certain Mortgsge dsted ~ f_ f~"_1 ~~'l/ . executed and del ivared by the Assignor to h Assignee to secura the payment of the Mo~tgage Note and covering the above desc~ibed p~emises. Assignor ag~ees that this assignment shslt cover sll future leases ~ whether writte~ or verbal. or any letting of~ or any ag~eement for the use ' or occupancy of any pa~t of said premises. ~ Assignor further agrees that it will not assig~ the ~ent or any part of the rent of said premises, no~ cancel or ame~d any lease now i~ existence or hereafter made. nor collect rents the~eunder for a period furthe~ in advance than 30 days without the written consent of the Assignee. nor do any other act whereby the lien of the aforesaid Mortgage may in ~he opinion of tfie Assignee be impaired i~ value or quality. Assignor further ag~ees that this assigrment sha11 ~emain in full force and effect so long as the Mortgage Note remains unpaid and that it may be enforced by the Assignee~ its successors and assigns~ or the holder of said Note. It is the i~tention of the Assignor to create a present assign- ~ ment of all the rents. issues and profits now due or Nhich may hereafter ~ became due, under or by virtue of any leasa. whether written or verbal~ or i any letting of, or agreement for the use or occupancy of any part of the i premises herein above described, but inesmuch as this assigrment is made ~ as additional sacurity for the payment of the Note herein above set fo~th~ ~ it is•agreed that the Assignee's right to collect said rentals shall be conditioned upon the existence of default in the payment of said Note acco~ding to its terms or in the pe~formance of the terms and condittons ~ of the Mortgage executed and delivered by Assignor to secu~e the payment of said Note, ~ i ~ in the event of a~y such default referred to in the preceding paragraph hereof Assignor does hereby authorize and anpower the Assignee, ; its successors and assigns. or the holder of the Mortgage Note, to collect ~ all of the rents. issues and profits, no+a due o~ which may hereafter become due under or by virtue of any lease, whether w~itte~ or ve~bal, or any ; ~ letting of, or agreement for use or occupancy of any part of said premisas ; and to take such action. legal or equitable~ as may be daemed netessary to ~ enforce payment of such rents, issues and profits. ~ ~ ~ Any amounts ~eceived or collected by Assignee. its successors or ~ assig~s. by virtue of this sgreeme~t, shall be appiied for the following ~ purposes~ but not necessarily in the order named, priority and appiication E of such funds being within the sole disc~etion of the holder of the ; ~ Mortgage Note: ; 4 ? ~ f (1) to the payment of all necessa~y expenses for the operation. ~ protection and preservation of said premises~ including tF?e ~ usual and custanary fees for management servFces. Y - (2) to the payment of taxes and assessments levied and assessed against the property described herein as said taxes and ~ assessments becane due and payable. ~ (3) to the payment of premiums dus and payable on policies ~ insuring said prcmises. _ r~ (4) to the payment of i~stsllments of principel and interest on the Mortgage Note as and when they become due and payable a~d to the payment of any other amounts whtch may became due a~d peyable pursuant to the terms of said Mortgage. ~ ~ ~ ~ BooK 191 120 } ~ ~ - _ : z~ . ~ .