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HomeMy WebLinkAbout1680 I~0~1', THEREFORE, i~i ronsidcration of tlie premiscs and of tl?e sum of Oue (S1.Q0) Dollar and other goud and ~•aluable consider:itions, il~e receipt and ~ufficieney of which ~ue hereby acknowledged, the Bor- rower does hercby.:usign, transfer and set over unto die L.endcr, as additional security for the aforesaid loan, all of its right, title und interest in and to all le:ues now on said property or which may hereafter be placed thereon, including, but not b~~ of limitation, d~e right to receive and collcct all rents, in- cume, revenues, i~ucs, profits, ~noneys :ind security payable or receivable under suid lease or leases or any uf tl~e provisions tl~ereof, wl~ether as rents or as the purchase price of all or any part of suid pmperty or othenvise, togetl~cr with all other rents, issues und proGts derived or derivable from said property. ln furtl~er:ince of d~e forcgoing assignment, the Borrow•er I?ereby audiorizes the Lender, upon and in the e~~ent of default in any of the pa}nnents or in the performance of any of die ternu, covenants and con- clitions se;t forth in ti~e aforesaid note or security instrument, at its option, to enter upon said premises and to collect, by its of[icers, agents or employees, in the name of the Borro~ver, or in its own name as a~- signee, the rents accrucd but unpaid at the date of such default, as well as the rents 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 mainte- nance of said premises, and in gener.~l to perform all actions necessary in connection therewith in the same manner and to the same extent as d~e Borrower might so act. Upon electing to exerc~se the rights herein granted, the Lender may make rca~onable effort to collect ihe rents, reserving, however, within its own dis- cretion, the right to deternune the method of collection aad the extent to which enforoement of eollection of delinquent renis shall be prosecuted, but it shall not be accountable for more money than it actually receives from the premises, and shall not be liable for failure to oollect rents. The Lender shall, after payznent of all pr~per ehazges aad expenses, credit the net amount received from the premis~.~s by virtue of this assignment, or by virtue of the exercise of any power herein granted, to any amounts due and o~ving to it by ihe Borrower under the terms of the aforesaid note and security instrument, but the manner of the application of such net income and the items which shall be credited shalt be ~vithin the sole discretion of the Lender. It is a rnndition of the granting of these powers, benefits and privileges, and of the maldng of this assignment, and the Lender by the acceptance of this instrumeat so agrees, that, until an act of default shall be made by the Borrower in the performance of any of the agreements, covenants and promises in the above mentioned note and security instrument, including the making of the payments as set out in said note and security instrument, the Borrower may receive and collect the rents from the leases covered by t~us instrument; but it is covenanted and agreed by the Borrower, for the consideration aforesaid, that upon the happening of any default in the performance of the covenants or in the making of the payments pro- vided for in said note and security instrument, the Lender may receive and collect all the said rents and at its option exercise all other powers, privileges and benefits granted by this instrument. The Borrower by these presents does hereby authorize and direct any lessee or lessees of all or any portion of the said premises, upon receipt of notice in writing from the Lender of an act of default by the Borrower under the note and security instrument, to pay to the Lender all rent then due or thereafter to become due under the terms of any lease or leases of the premises. The Borrower shall not be entitled to, and hereby covenants and agrees that it will not, without the written oonsent of the Lender: ; (a) Cancel the now existing lease or leases of the premises or accept a surrender thereof, except in i accordance with the oonditions and continge~ncies as set out therein; ~ ~ (b) Modify the now existing lease or leases of the premises in any way or grant any concession in connection with said lease or leases; ~ _ (c) Consent to an assignment of the lessee's iaterest in the now esisting lease or leases or to any sub- 5 letting except as specifically provided under the present terms of said lease; ~ ~ (d) CoIlect the rents under any lease or leases covered by this instrument in advance of the due dates; ~ ~ And any of the above acts, if done without the written oonsent of the Lend~r, shall be null and void. ~ F The Borrower hereby covenants and warrantr to the L,ender that neid~e~ it, nor any previous owner, x has executed any prior assignment or pledge of the rents, issues and profits oE the above described premises _ or of its interest in and to any lease of the whole or a part of said premises, and further covenants and s agrees that it has not performed any acts or executed any agreement which might prevent the Lender from operating under any of the terms and condition s of this instrument, or which would limit the Lender ~ s in such operatioa ~ ~ - 1\'othing in this instrument shall abridge, postpone or otherwise affect the rights aad remedies of the Lender under said security instrument or under the laws of the State in which said property is situated, _ but on the oontrary all such rights and remedies may be pursued by the Lender at any and all times as - fully and completely as if this instrument had r_ot been executed. The rights and powers herein ganted, con- veyed and assigned are continuing rights, and the exercise of same upon the ocrasion of one default shall not abrogate or diminish the rights and powers of the Lender hereunder upon the occasion of any subse- s quent default or defaults, aad 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 occasion of a subsequent default. The oollection and application of the rents, issues and profits to the indebtedness, or as ot~~erwise provided herein, shall not constitute a waiver of any default which : might at any time of the application or thereafter exist under the security instrument, and the payment of ~1 the indebtedness cavered by the security uutrument ma}• be accelerated in accord3nce with its terms, = nohvithstanding such application. ~ ~ 16~9 ~ ~ ~ _ _ ~ _ . - : ~ ~