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HomeMy WebLinkAbout0841 existing leases, or ~o make concessions to tenants, Owner hereby releasing all claims a~ainst First Federal arising out of such manage- ment, operation and maintenance, excepti~g the liability of First Federal to account as hereinafter set forth. 3. First Federal shall, after payment of all proper charges and expenses, including reasonable compensa~i~r; ~uch Nansging Agent ~s - it may select and employ, and after the accumulation of a reserve to meet taxes, assessment, water rents, sewer charges, insurance costs, and any other charges in requisite amounts, credit the net amount of income received by it from the mortgaged premises by virtue of this Assignment, to any amounts due and owing to it by Owner under the terms of said mort~age and the note secured thereby, but the manner of applicatiori of such ne~ income and what items shall be credited, . shall be determined in the sole discretion of First Federal. First Federal shall not be accountable for more moneys than it actually receives from the mortgaged premises. ~ 4. In the event, however, that Owner shall reinstate the mortgage ~ loan completely in good standing, having complied with all the terms, . covenants and conditions of the said mortgage and the note secured thereby, and deliver written demand, then First Federal, within one month after demand, shall redeliver possession of the mortgaged ~ premises to Owner, who shall rema3n in possession unless and until ~ another default occurs, at which time First Federal may, at its option, again take possession of the mortgaged premises under authority of this instrument. 5. Owner hereby covenants and warrants to First Federal that neither he nor it, nor any previous owner, has executed any prior assignment or pledge of the rents, issues or profits of the mortgaged premises, nor any~prior assignment or pledge of his interest in any lease of the whole or any part of the mortgaged premises. Owner also hereby covenants not to collect the rents of the said mortgaged prem3ses in advance, other than as required to be paid in advance by the terms of the rental agreement under which payable, and further covenants that he will not, without the prior written consent of First Federal, alter or amend the provisions of any lease of any portion of the mortgaged premises, consent to the termination thereof, give his consent, where required, to the assignment thereof or subletting thereunder, and will not do any act which would destroy.or impair the benefits to Firs~ Federal of this Assignment. 6. It is not the intention of the parties hereto that an entry ; bx First Federal upon the mortgaged premises under the terms of this ; instrument shall constitute First Federal a"mortgagee in possession" in contemplatian of law except at the option of First Federal. ~ 7. This Assignment shall remain in full force and effect as ~ long as the said mortgage indebtedness remains unpaid in whole or in ~ ~ part. ~ ~ 8. No lessee need determine whether or not a default has occurred ~ makin this Assi nment o erative but shaZl g g p , pay over the rent to First Federal upon notice from it to do so, and upon so doing shall be ~ relieved from liability therefor to Owner in all respects. ~ ~ 9. Owner has obtained an agreement from each lessee of any ~ oortion of the mortgaged premises that it will give to First Federal at the address set forth above, a copy of any communication to Owner ! 1 ~ i9 E 't ~ E ~ 8D0%~.V~ ~IGf ~ ~ _ ~ - ~