HomeMy WebLinkAbout0231 THIt MiTRUMEt~R IVAitp olfi
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~ ~ D06SON AND ~N~O~, IC~1Gi
• ) I I P6US PARK PO~~~p
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~1SSTG.~ ,._2+T' OF RF.VTS - CO;~DITI(~VAL ~Q~~~ S~~ 3?2
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Know all nan by these presents, that whcrels, .Ql~jQ00 RES RT$
QF~MERICA~ II~L o: the ci
oF _____jy,~shyllle County of = D_avidson _ _ _ _
and State of Tennessee ,(hzreinafter called the "undersibn~d")
hzs e:cecuted a mort~uRe, trust deed, deed oc trust ar deed to secure debt (herein-
aFter called the "nor~ga~e") do~ed March 30;a973 to DOBSON J4HNSON. (NC.,
conv~yin~ the real estate leRally described as:
See Exhibit "A" Attached
and ~iven to secure a note or notes of the undersigned in the principal sum of
S~x Hundred Thousand and No/100---------------- (5600,000.00 ) DOLLARS,
and DOBSON 8~ JOHNSON, INC. (hereinafter called the "mortgagee"),
is a legal o~ner and holder of the note or notes and said mor[gage; and
WHEREAS, the undersigned is desirous of further securing the mortgage
in the indebtedness now due and to becoae due to the mortga~ee secured by the mortgage
or otherWise.
NOW, 111EREFORE, the undersiRned, for and in consideration of these pre-
sents and the mutual agree:nents herein contained and as further and additional security
to the mortRa~ee, an3 ii: considezation of the s~tn of ONE I10LLAR ($1.00) to the ur.der-
signed in hand paid, tt~e receipt Wheree€ is hereby acknowledged, does Tnereby setl,
assign and transfer unto the mortgagee all the rents, issues anu pro~its ~ow due and
- which may hereafter became due under or by virtue of any lease, whether written or
verbal, or any~lettin~ of, or of any agreznent for the use or o~cupaacy of the presnises
i above described or any part thereof, whict~ may have been heretofore or taay be here-
i after r.zade er agreed to or which may be made or a~reed to by the mortgagee u:~der thz
~ po~~rers h~rein granted, it bein; the intention hereby to establish an absolutc transfer .
! and ass±grn??ent of all ~he said leases and agreeiaents, and all Lhe avails thereaf, to
3 the mortgagee, and tha und~rsigned does her~.~y apnoint irrevocably the ~:ort~aFee its
true and la:~ful attorney in its na-~~ and stead (with or ~aithout taking possessio;~ of
the aforesaid preniszs), to rent, lease or let all or any portion of said pre::~ises
to any party or parties at suc~ rental ~nd u;~on such term, in its d3scretion as it r.iay
determine, and to collect all of said avails, rents, issu~~ and profits arising from
~ or accruing at any t3.r,~e her.eafter, and all now due, or that may hareafter becane due
~ under each and all of the leases and agreP:nents, Written or verbal, or ot~zr tenancy
~ ~isting or h~hich may hereafter exist on said premises, with the same ri~hts and powers
~ ar_d sub3ect to the same immunities, exoneration of liability and ri~hts of recourse
and indetnnity as the mortgagee would have upon taking possession of the said premises
~ pursuant to the provisions hereinafter set forth.
~
~ The undersigned represents and agrees that no rent has been or will be
~ paid by any person in possession of any portion of the abwe described premises foz
more than one instal]3aenL ia advance and that the payment of none of the rer.ts to
~
~ accrue for any portion of said premises~has been or will be waived, released, reduced,
or discounted, or otherwise discharged ox ~ompromised by the undersigned.- The under-
signed waives any right to set off against anq person in possession af any partian af _
the above described premises. Undersigned agrees that it Will not assign any of the ~
~ rents or profits except to the purchaser or grantee af the premises. i
Nothing herein contained shall be construed as constituting the mort-
_
~ gagee a"mortgag~e in possession" in the absence of the taking of actual possesel.on =
~ of the said preraises by the mortga~;ee pursuant to the provision hereinafter contained. ~
In the exercise o€ the po~ers herein granted the mortgagee, no liability shall be
~ asserted o~'enforced against the mortgagee, all such liability being eapressly waived
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and released by the undersigned.
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