HomeMy WebLinkAbout1124 collected or accepted without the prior written consent of the Assignee. Anything
to the contrary notwithstanding Assignor hereby assigns to Assignee any award made
hereafter to it in any court procedure involving any of the lessees in any bank-
ruptcy, insolvency or reorganization proceedings in any state or Federal court;
and any and~all payments made by lessees in lieu of rent. Assignor hereby appoints
Assignee as its irrevocable attorney-in-fact to appear in any action and/or to
collect any such award or payment.
The Assignor, in the event of default in the performance of any of the
terms and conditions of said bond or note and mortgage or deed of trust, hereby
authorizes the Assignee, at its option, to enter and take possession of the taort-
gaged premises and to manage and operate the same, to collect all or any re nts
accruing therefrom and from said leases, to let or re-let said premises or any part
thereof, to cancel and taodify leases, evict tentants, bring or defend any suits in
connection with the possession of said premises in its own name or Assignor's name,
make repairs as Assignee deems appropriate, and perform such other acts in
connection with the management and operation of said premises as the Assignee, in
its discretion, may deem proper.
The receipt by the Assignee of any rents, issues or profits pursuant to
this instrument after the institution of foreclosure proceedings under said mort-
gage or deed of trust shall not cure such default nor affect such proceedings or
any sale pursuant thereto.
Assignee shall not be obligated to perform or discharge any obligation~
or duty to be performed or discharged by Assignor under any of said leases, and the
Assignor hereby agrees to indemnify the Assignee for, and to save it harmless from,
any and all liability arising from any of said leases or from this assignment, and this
assigrnnent shall not place responsibility for the control, care, management or re-
pair of said premises upon the Assignee, or make the Assignee responsible or liable
for any neligence in the management, operation, upkeep, repair or control of said
premises resulting in loss or injury or death to any tenant, licensee_, employee
or stranger.
The Assignor covenants and represents that said Assignor has full right
and title to assign said leases and the rents, income and profits due or to become
due thereunder, that the terms of said leases have not been changed from the term$
in the copies of said leases submitted Co the Assignee for approval, that no other
~ assignment of any interest therein has been made, that there are no existing de-
i faults under the provisions thereof, and that said Assignor will not hereafter
I cancel, surrender or terminate any of said leases, exercise any option which might
~ lead to such termination or change, alter or modify them or consent to the release
; of any party liable thereunder or to the assigrnaent of the lessees' interest in
~ them without the prior written consent of the Assignee.
~ Assignor hereby authorizes the Assignee to give notice in writing of
this assignment at any time to any tenant under any of said leases.
Violation of any of the covenants, representations and provisions con-
tained herein by the Assignor shall be deemed a default under the terms of said
note or bond and mortgage or deed of trust.
Default by the Assignor under any of the terms of the leases assigned
herein shall be deemed a default under the terms of said note or bond and mortgage
or deed of trust. Any expenditures made by the Assignee in curing such a default
on the Assignor~s behalf, with interest thereon at the highest rate for which it
is now lawful to contract, shall become a part of the debt secured by these
presents.
~ The full performance of said mortgage or deed of trust and the duly
~ " recorded release or conveyance of the property described therein shall render
this assignment void.
The net proceeds collected by the Assignee under the terms of this
- instrument shall be applied in reduction of the entire indebtedness from time
to time outstanding and secured by said mortgage or deed of trust.
-2- ~~204 ~~Ei123
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