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ties , rights and benefits as they shall become due under said leases
and agreements, and does direct each and all of the tenants of the
premises to pay the rents and aII condvminiur~i unit putchasers Lo pay
all sums owing for the purchase of condominium units, as now may
be due or shall become due hereafter to the Mortgagee, its successors •
and assigns, upon demand for payment by the Mortqagee, its suc- ~
cessors and assigns . It is understood and agreed, however, that no
such demand shall be made unless and until there l~as been a default
in tne paymenz oi i[3@ indei~ieui~c~~ ~C~iiicu a~'ij: i,ic i;v;:^y.°.y^~ :~~:f°-
mentioned, or default in the obligations of Owner under the Loan
Agreement with Mortgagee dated a¢.C~ia~?~, ?Jg , 19 72 ,
but the tenants shall pay the rents and the escrow aqent shall pay ihe ~
escrowed sums to the assignee upon such demand without the necessity .
of inquiry into the propriety of doing so, and shall be fully protected in
so doing . Until such demand is made, the Owner is authorized to collect,
or continue collecting, the rents, issues, profits, revenues, royalties,
rights and benefits; but this privilege shall not operate to permit the col-
lection by the Owner of any installment of rent in advance of the date
prescribed in the lease or leases for its or their payment.
The terms of this assignment shall be until the certain Mortgage
Note and Mortgage (or any extension or renewal) dated the day
of ~c.` , 1972 , made, executed and delivered by the Owner
to the Mortgagee, covering the above-described premises for the sum of
SEVEN HUNDRF:D THIRTY-EIuHT THOt3SAND TWO HUNDRED SEVENTY-NINE DOLLARS
($738, 279. 00 shall have been paid and satisfied fully, or until
the expiration of the period of redemption, ff any, at which tfine this
assignment is to be fully satisfied , cancelled and released , and the
releasing Of t}lE3 rn~~tyaye 5f1u11 CUIiSiILUiG 8 r@IGa'?5C; Oi th~s assfG;,;r~ent.
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