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HomeMy WebLinkAbout2628 after become due under or by virtue of any lease, whether written or verbal, or any letting of, or of any agreement for - the use or occupancy of the Property or any purt tliereof, which may have been hcretofore or may be hereafter made or agreed to or which may be made or agreed to by Mortgagee under the powers herein granted, it being the intention hereby to estab- lish an absoluLe transfer and assignment of all of sucl~ leases and agreements, and all the avails thereunder, unto Mort- gagee, and Mortgagor hereby appoints Mortgagee its true and lawful attorney in its name and stead to rent, lease or let all or any portion of the Property to any party or parties at such rental and upon such terms as Mortgagee shall, in its discre- R tion, determine, and to collect all of such rents, issues and profits arising from or accruing at any time hereafter under each lease or other tenancy existing, or which may hereafter exist, on the Property. Mortgagor shall assign and transfer to rtortgagee all exist- ' ing and future leases upon all or any part of the Property ~ and shall execute and deliver all such further assurances and ~ assignments as Mortgagee shall from time to time require. ~ Ziort~agee shall not exercise any of the rights or powers conferred upon it by this paragraph until a default shall exist hereunder. 17. Right of Possession. When the right to foreclose the Mortgage exists, Mortgagor shall surrender to Mortgagee possession of the Property or any part thereof and Mortgagee may enter upon and take possession ' of all or any part of the Property, together with all documents, ~ books, records, papers and accounts of riortgagor or then owner of the premises relating thereto and may, as agent of Mortgagor or in its own name, operate, manage and control the Property and conduct the business, if any, thereof, either personally or by its agents, and with full power to use such measures, lega2 or equitable, as in its discretion may be deemed proper or necessary to enforce the payment or security of the rents, f issues and profits of the Property, hereby granting full power and authority to exercise each and every of the rights, privi- ! leges and powers herein granted at any and all times hereafter, ~ without notice to tiortgagor, to cancel any ]ease or agreement i subordin~te to the lien hereof and to make all necessary or f ' proper repairs. ~ ~ - ~ Should Mortgagec incur any liability, loss or da~age, under ~ any lease hereby assigned or under or by reason of the assign- ~ ment thereof, or in the defense of any claims or demands, the amount tliereof, including costs, expenses and reasonable attorneys' fees, shall be secured hereby, and riortgagor shall reimburse Mortgagee therefor immediatcly upon demand. 18. Application of Income. } t Mortgagee shall have full power to use and apply the ~ ; rents, issues and profits of the Property to the payment of ~ ~ or on account of the following, in such orcter as Mortgagee L may deterr~ine: # ~ (a) to the payment of all operating expenses ~ ~ of thc~ Property, including cost of managing and ~ ~ ~ leasing thereof; ~ f ~ ~ ~ (b) to the payment Qf all taxes, ins~~rance ~ premiums and special assessments no~a due or k~hich may ~ hereafter become due on the Property; ~ (c) to the payment of all repairs, alterations, ~ ~ - ` ~ ~ 8 y ~ ~ BOOK PbGE ; ` ~ry~ ~ . - , , _ ~Y~ ....3~~'' ~ly 1' . . ~'ikF - 9' _ mf~ ~ . .~3_'E'i-. ~ _ a[a. ~t ~ ~ ~ . .