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Home My WebLink About1055 6. In the event of the Assignor's default herein, the Assignee may, at its option, without notice or regard to the adequacy of the security, personally or by its agents, take'possession of the Premises and hold, lease, and manage the same on such terms and for such period of time as the Assignee deems proper and, with or without taking possession of the Premises, make demand and sue for a11 rents, income, and profits of the Premises, with power to make from time to time such alterations, repairs, and renovations as may seem proper to the Assignee, and to apply such rents, income, and profits to payment of all expenses of operating, manaqing, and maintaining the Premises, and the principal, interest, aszd other indebtedness secured by the note and mortqage, toqether with costs and attorney's fees, in such priority as the Assignee in its sole discretion may determine. However, the exercise or non- exercise by the Assignee of the options granted in this paragraph shall not be considered a waiver of any default by the Assignor under the note and mort- gage or under the leases or this assignment. The Assignee shall not be liable for any loss sustained by the Assignor resulting from the Assignee's failure to 2et the Premises or from any other act or omission of Assignee in managing the Premises, unless such loss is caused by the willful misconduct or bad faith of the Assignee. The Assignee shall further not be obligated to perform or discharge any obligation or duty under any lease or under this Assignment and the Assignor agrees to indemnify the Assignee from any liability, loss or damage which may be incurred under the leases or by reason of this Assignment. In the event the Assignee incurs any such liability above referred to or in defense of any such claims or demands, the amount thereof, including costs and reasonable attorneys' fees, shall be secured by this assignment and the Assignor shall reimburse the Assignee immediately therefor upon the demand of the Assignee. Further, this assignment shall not make the Assignee responsible for any waste committed an the property by the Lessees or any other parties, or for any dangerous or defective condition of the Premises, ar for any negligence in the management, repair, or control of the Premises. 8. Upon payment in full of the principal, interest, and all other ir~debtedness secured by this Assiqnment or other instruments referred to here- in, this Assignment shall cease, but the affidavit or statement of the Assignee or any agent, officer, or attorney of the Assignee showing any part of the principal, interest, or other indebtedness remaining unpaid shall constitute conclusive evidence of the effectiveness and force of this Assignment and any person is hereby authorized to rely thereon. 9. Assignor shall immediately upon the execution of this Assign- ment notify, in writing, all Lessees under the aforesa~d leases and any sub- sequent leases that, upon receipt of written notice from the Assignee, in _ the event the Assignor defaults hereunder, to pay to the Assignee all rents, income, and profits accruing under any leas~ and to continue to do so until otherwise notified by the Assignee. 10. The Assignee may take or release other security for payment of ~ the secured principal, interest, or other indebtedness, and may further release any party primarily or secondarily liable, and may apply any other security held by the Assignee to the satisfaction of the secured-principal, interests or other indebtedness without prejudice to any rights under this Assignment. 11. Nothing contained in this Assignment, nor any act done or - omitted by the Assignee pursuant to the terms of this Assignment shall be deemed a waiver by the Assignee of any of the rights or remedies under the note and mortgage, and this Assignment is executed without prejudice to any rights or remedies possessed by the Assignee under the terms of any other instruments referred to herein. The right of the Assignee to collect the secured principal, interest, an~ other indebtedness, and to enforce any other security may be exercised by the Assignee prior or subseguent to any action taken under this assignment. 12. The Assignor waives the following: (a) The right, if any, to c~tain the b~nefit or to direct the application of any security hypothecated to the Assignee until all indebtedness of any Lessee to the Assignee arising hereunder which is assigned to the Assignee hy the Assignor sha21 have been paid. (b) The right to require the Assignee to proceed against any Lessee, or to pursue aryo uther remedy. - 3 - EOOK ~AC~ ~U~ GREEWE AND IA~NE. PA, ATTORNEYS AT ~~w. 320 N E~6*~ STqEE• MIAM1. ~ ~ORiOw 33~32 z 4~ ~ i _.._.s~ ~ - - - _ t r+~ ~ . . . _ ~ _ -:a~, = ~s. v~;