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HomeMy WebLinkAbout0627 B. IT 1S MUTUALLY AGREED WITH RESPECT TO EACH 'LEASE THAT : l. So long as there shali exist no default by Assignor in the payment of any indebtedness secured . hereby or in the performance of any obligation. covenant or agreement herein or in said mortgage or deed of trust or Lease contained, Assignor shall have the right to collect upon but not prior to accrual, . all rents~ issues and profits from said leased premises, and to retain~ use and en~oy the same. , 2. t)pon ur at any time after default in the payment of any indebtedness secured hereby or in the performance of any obligation, co~enant or agreement herein or in said mortgage or deed of trust or Lease contained. the Assignee may exercise all rights and remedies contained in said mortgage or : deed of trust and ~~~ithout regard for the adequacy of security for the indebtedness hereby secured~ either in person or by agent H•ith or ~sithout bringing any action or prceeeding~ or by a receiver to be ap- pointed by a court, enter upon~ take possession of, manage and operate said demised premises or any part thereof, make, enforce, maiify, and accept the surrender of, leases, obtain and evict tenants, fix oi• modif~• rents, and do an~~ acts ~~•hich the Assi~,*nee deems proper to pi•otect the security hereof, a~id either ~~•ith or ~~•ithout taking possession of said propert~•, in its o~~•n name sue for or other~~•ise collect and receire all rents, issues and profits, includin~ those past due and wipaid. and apply the same. less costs and e~cpenses of operation and collection, including i~easonawle attorney's fees, upon any indebtedness ~ ,ecured hereby, and in such order as the Assignee ma~ determine. The entering upon and taking posses- sion of said propert~•, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or- ~~•ai~•e any default or ~~•ai~~e~ modify or affect notice of default under said ~ mortgage or deed of trust or inralidate an~~ act done pursuant to such notice. . 3. The ~~•hole of the indebtedness shall become due upon the election by the Assi~nee to accelerate the m~ituritt~ of the indebtedness pursuant to the pro~ isions of the note or bond secured by the mortgage or deed of trust or of the mortgage. deed of trust or any other instrument ~~•hich may be held bv the ? Assignee as securit~• for the indebtedness, oi• at option of the Assignee after any attempt by the Assignor to terminate an~• lease~ accept surrender thereof or to ~~~ai~e or release any lessee from the observance, pei•formance of an~~ obligation or to anticipate rents thereunder more thxn 30 days prior to accrual. The Assignee shall not I~e obligated to perform or discharge, nor dces it hereby undertake to ' perform or discharge, any ~bligation, duty or liability under the Lease~ or under or by reason of this ` assignment~ and Assignor shall and dces hereby~ agree to indemiiify the Assignee against and hold it harmless from any and all liability, loss or damage ~~•hich it may or might incur under the Lease or un- der or by reason of this assignment and of and from any and all claims and demands whatscever which may be asserted against it by reason of any alleged obligation or undertaking on its part to perform or dischaige any of the tei-ms, covenants or agreements contained in the Lease; should the Assignee incur :r any such liabilit~~, loss or damage under the Lease or under or by reason of this assignment, or in the de- fense against any such claims or demands. the amount thereof, including costs, expenses and reasonable attorney's fees, together ~~~ith interest thereon at six (6 ~o ) per cent per annum, shall be secured hereby and by the said mortgage or deed of trust, and Assignor shall reimburse the Assignee therefor immedi- ately upon demand, and upon the failure of Assignor so to do the Assignee may declare all sums secured ; hereby immediately due and payable. C. 1T IS FURTHEft MUTUALLY AGP.EED THAT: ' ~ ; 1. Until the indebtedness secured hereby shall ha~e been paid in full, Assignor covenants and j agrees to keep leased at a good and sufficient rental all the premises described in the mortgage or deed of trust and upon demand to transfer and assign to the Assignee any and all subsequent leases upon all or any part of such premises upon the same or substantially the same terms and conditions as are herein contained, and to make~ execute and deli~•er to the Assignee, upon demand, any and all instruments that ; ~nay be necessary or desirable therefor, but the terms and provisions of this Assignment shall apply to ~ a~iy such subsequent lease ~vhether or not so assigned and transferred. ; Upon the payment in full of all indebtedness secured hereby, as evidenced by the recording or ; filing of an instrument of satisfaction or full release of said mortgage or deed of trust, unless there shall = ; }ia~ e been recorded another mortgage or deed of trust in favor of the Assignee covering t~?e whole or ~ :;ny part of the leased premises, this assignment shall become and be void and of no effect. ~ 3. This assignment inures to the benefit of the named Assignee and its successors and assigns, ~ and binds the Assignor and Assignor's heirs, legatees, de~~isees, administrators, executors, successors and assigns. The term "Lease" as used herein means not only the Lease hereby assigned or any extension or i•ene~~•al thereof, but also any lease subsequently e~:ecuted by Assignor covering the demised premises or any part thereof. In this assignment, whenever the conteKt so requires, the neuter gender includes the n~asculine or feminine, and the singular number includes the plural, and conversely. All obligations of ~ each Assignor hereunder are joint and se~~eral. ~ 4. All notices, d~mands or dceuments «hich are required or permitted to be given or served here- ~ under shall be in ~vriting and sent by registered mail addressed as follows: ~ TO ASfiIGNOR at the address appearinst above unless a different address is furnished below. ~ 'I'his is a secondary assignment subordinate to the interests of Frederick Z. Pearson aiid D. J. }{eller in and to that certain $300,000. first mortgage encumbering the property described herein. 743 North Water y, TO THE ASSIGNEE~ Attention MO~tg~g~_..Z,O~n..~?i_v__~s~o~tat <:; Street, Milwaukee, Wisconsin 53 0 ~ Such addresses mav be changed from time to time 1iy either party by serving notice as above provided. ADT~RESS nF ASSIGNOR ~ ~ - - - ~ IN WITNESS WHEREOF, the said Assignor has caused tf~~ e~ ~ r~8enx.8~~ to ~ be ~uly...executed_.under__.seal_ and delivered t6e day and ye f' sti:BBove wr~.~ten. > • " " _ ~ O~~R~'tION ~ ~.a' tnesses: FORT PIE E , : ~ By ~8~j, ~nt ~ ~ ~ ~ Attes ~i~. f - ec re tary ~ T • ~ ' ~ x~, ~ - f - I _ ; . _ _ . _ .