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HomeMy WebLinkAbout1350 B. 1T 1S MUTUALLI' AGREED N1TH RESPECT TO EACH 'LEASE THAT: 1. So long as there shail 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 acerual. all rents. issues and profits from said leased premises andto retain. use and enjoy the same. 2. L~pon or at any time after default in the plyme»t of any indeUtedness secured hereby or in the performance of any obligation~ co~enant or agi•eement herein or in said mortgage or deed of trust or Lease contained, tiie Assignee may exercise all rights and remedies contained in said mortgage or deed of trust and ~~•ithout regard for the adec~uacy of security for the indebtedness hereby secured, either in person or by agent ~+•ith or ~~•ithout bringing any action or prceeeding. or by a recervei• to be ap- pointed Uy a court~ enter upon. take possession of~ manage and operate said demised premises or any part thereof~ make, enforce. modif~•, and ~~ccept the surrender of, le~~ses. obtain and e~•ict tenants. fix or n~odif~• i•ents. and do any acts ~~•hich the Assi~~ee deenis proper to protect the securit~~ hereof, and either ~~•ith or ~~•ithout taking possession of said propert~•, in its o~~•n nxme sue for or other~~•ise collect and receire :ill rents. i~.sues and protits, inch~dinK those past due xnd unpaid, and appl~~ the same. less costs and expenses of operation and collection. including reasonable attorne~•'s fees. upon an~~ indebtedness .ecured hereb~•, and in such order a~ the Assignee m~iy determine. The entering u~~on and taking {~o.sses- siou of said pibpe~~t~-, the collection of such rents, issues and profits and the application thereof as aforesaid. sh111 not cure or ~~•ai~•e any default or ~~•ai~•e, n~odif~• or affect notice of default under said n~ortgage or deed of trust or in~•alid~ite any act done pursuant to such notice. 3. The ~~•hole of the indebtedness shall become due upon the election b~• tlte Assig~~ee to accelerate the matui•it~~ of the indeUtedness pursuant to the pro~•isions of the note or bond secured bv the mortgage or deed of trust or of the mortgage. deed of trust or an~• other instrument ~~•hich may be held by the Assignee as security for the indebteclness. oi• at option of the Assignee after any attempt Uy the Assignor to terminate an~~ lease. accept surrendei• thereof or to ~~•aive or release any lessee from the oUser~•ance, performance of an~• obligation or to anticipate rents thereunder more than ~30 days prior to lccrual. -1. Tlie Assignee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under the Lease, or under or by reason of this assignment, and Assignoi• shall and dces hereby agree to indemnify 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 b~ 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 discharge any of the terms, covenants or agreements contained iri the Lease; should the Assignee incur any such liability, loss or damage under the Lease or under or by reason of this assignment, or in the d~ 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 lo ) 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 hereUy immediately due and payable. C. IT 1S FURTHER MUTUALLY AGFEED THAT: 1. Until the indebtedness secured hereby shall ha~e been paid in full, Assignor covenants and 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 j an~• such subsequent le~.se whether 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 ~ ha~•e been recorded another mortgage or deed of trust in favor of the rlssignee-covering the whole or ; any 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~ devisees, administrators, executors, successors and assigns. The term "Lease" as used herein means not only the Lease hereby assigned or any extension or ~•ene~~•al thereof, but also any lease subsequently executed by Assignor covering the demised premises or anl part thereof. In this assignment, «•hene~er the context so requires, the neuter gender includes the ~ masculine or feminine. and the singular number includes the plural, and conversely. All obligations of each Assignor hereunder are joint and se~ eral. All notices, d~mands or dceuments ~vhich are required or permitted to be given or served here- under shall be in ~vriting and sent by registered mail addressed as follows: ~ TO ASSIGNOR at the address appearinsr above unless a different address is furnished below. ~ This is a secondary assignment and is subject and inferior to the ~ ass igrunent he ld by Frederick Z. Pearson a d p., J. Ii~7~ler . ' ~ TO THE ASSIGNEE, Attention Mortgage Loan D~vision at i~+ North . Water - , ~ Street Milwaukee Wisconsin 53202 ~ ~ ~ ; Such addresses ma.r be changed from time to time byeither party by serving notice as above provided. ~ ADT~RESS nF ASSIGN08 ` ; ` ~ . : . ~ - ~ In Witness Whereof, the said Assignor has caused these preA~nts to be. ~ duly_..exEC d..under_._s ..and_.delivered t~,e__.da~._1t~.d._.y.~a~.._~~..~~~__ 4!Y.e..wr~ttien. ~ Witnes s: ~ FORT PIERC ST CTIO ~OAPOA~?TION . > ~ ~ ~ . ' , . mut t By ~ . ,J : ~ ~ D . J . el ler President ~ f" - : ~ . Robert K . Steuer Attest ~ ~c.., ~ r ~ $~~;UJ P~Cf~~ ~ Euqene F. Rie Secretary : ~ ~ E ~ ~ ~ _ ~ _ ~ . _ ' _ . . _ ~r~~