HomeMy WebLinkAbout1054 3. The Assignor warrants:
(a~ It is the sole owner of the
leases hereby assigne nso ar as t ey app y to t e Premises covered by this
Assignment and of all of the leasehold rights which the leases purport to
create, with full right to convey the same.
(b) The leases are now unencumbered, valid, and in full force
and effect in accordance with their terms.
(c) The Lessees are not~in default under any of their terms,
conditions, or covenants of the leases.
(d)~ The rental property, rental payments and other sums are
free from liens, encumbrances, claims, and setoffs of every kind whatsoever.
(e) In the event any payment under the leases hereby assiqned
is made to the Assignor, the Assignor will promptly transmit such payment to
the Assignee.
4. The Assignor agrees:
(a) To observe and perform all obligations imposed on the
Lesso= under the leases, hereby assigned, and to indemnify the Assignee from
the consequences of any failure to do so.
(b) Not to collect any rent, income, or profits aceruing under
the leases or from the Premises prior to the time when they shall become due. _
(c) To preserve the Premises free and clear of all liens and
encumbrances, except as otherwise ag~eed by the parties hereto.
(d) Not to execute any other assignment of the Lessor's interest
in the leases or assignment of rents accruing under the leases or from the
Premises.
(e) Not to alter, extend, or modify the terms of the leases or
give any consent or exercise any renewal or option required or permitted by
the terms of the leases without the prior written consent of the Assignee.
(f) Not to terminate, cancel, or accept a surrender of any -
lease, or transfer, convey, or permit a transfer or conveyance of the Premises
so as to cause a termination of or change in the obligations of the Lessees.
(g) Not to agree or consent to any Assiqnment of or subletting
under the leases without the prior written consent of the Assignee.
(h) In the event the Assignee so requests, to assign to the
Assignee at~y lease upon any part of the Premises made subsequent hereto, and
to execute and deliver to the Assignee such further assurances and assignments J
as the Assignee shall and/or may from time to time require. -
' (i) The Assiqnee may proceed against the Aasignor directly and
independently of the Lessees, and the cessation of any Lessee's liability for
any reason, other than full payment, shall not in any way affect the liability
of the Assignor hereunder, nor shall any extension, forebearance of acceptance,
release, or substitution of security, or any impairment or suspens~on of the
Assignee's remedies or rights against any Lessee in any way affect the liability
of the Assignor hereunder.
(j) At Assignor's sole cost and expense to appear and defend
any action or proceeding arising under, growing out of, or in any manner con-
:
nected with any lease or the obligations, duties or liabilities of the Lessor y
or Lessee thereunder and to pay-all costs and expenses of the Assignee, ~
including reasonable attorney's fees, in any action or proceeding in which -
the Assignee may appear in connection with this Assignment.
5. Until such time as the Assignor may default in payment of the
principal, interest, or other indebtedness secured by the note and mortgage
or in performance of any other obligation hereunder, the Assignor may collect
all rents, income, and profits arising under the leases or from the Premises,
when the same are due and payable, and retain the same.
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