HomeMy WebLinkAbout0237 ~ ~ TNIS INSTRUM~NT 1NiPM~ 8Y1
~ 2~g~32 OOBSON AND JOHNSOy, ItyG.
~ I I P~US PARK BOULL'rAj~p
NI?SHVILLE~ TENNESS~ ~jj,
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Knou all men by these presents, that c~~hereas, OUTDOOR RESORTS
OF AMERICA INC. of the city
or County of Davi n
znd State of . ennessee ,(hereinafter called the "unde:si~;ned")
has executed a mort~age, trust daed, deed of trust or deed to secure debt (herein- ?
after call~d the "nortgage") doted December 7, 1973to D . `
conveying the real estate legally described as: '
;
See Exhibit "A" Attached
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and given to secure a note or rotes of the undersigned in the principal sum of
~ _ u___J~..,1 TL............~1 'i,~~l Nnl~Q ~5,.~ 4~ ~Q.~ ) DOLI.ARS,
and DOBSON 8~ JOHNSON, INC. (hereinafter called the 'Snortgagee"),
is a legal oFmer and holder of the note or notes and said mortgage; and
WNEREAS, the undersigned is desirous of further securing the murtgage
in the indebtedness now due and to become due to the mortga~ee secured by the mortgage
or otherwise.
NOW, TEIEREFORE, the undersigned, for and in consideration of these pre-
sents and the mlitual agreenents herein contained and as further and additional security
to the mortgaRee, and in consideration of the sum of ONE I1pLLAR ($1.00) to the under-
sipned in hand paid, the receipt vhereof is hereby acknoWl~dged, does hereby sell,
assign and transfer unto the nortgagee all tl:a rents, issues an3 profits :.~w due a:~d
which may hereafter became due under or by virtue o€ anq lease, whether written or
verbal, or any letting of, or of any agreement for the use or occupancy of the pr~ises
~ above described or any part thereof, whicn may have been heretofore or may be here-
E after made or agreed to or which may be made or agreed to by the mortgagee under the
i po~aers herein granted, it being the intention hereby to establish an absolute transfer
~ and assigrnnent of all the said leases and agreerients, and all the avails thereof, to
g the mortgagee, and the undersigned does hereby apnoint irrevocabl_y the nortgagee its
~ true and lawful att~rney in its name and stead (with or witliouC taking possession of
the aforesaid pr~nises) , to rent, lease or let all or any nortion of said pre~:~ises
~ to any p~rty or parties at such rental and upon such ter~, in its discretion as it rRay
~ determine, and to collect all of said avails, rents, issues and profits arising fro:n
~ or accruing at any time hereafter, and all no~r due, or that r~ay hexeafter becaae due
under each and all of the leases and agreements, written or verbal, or other tenancy
existing or which may hereafter exist on said prer?ises, with the same rights and powers
and sub~ect to the same immunities, exoneration of liability and rights of recourse
and indesnnity as the mortgagee would have upon taking possession of the said premises
pursuant to the provisions hereinaf ter set forth.
~ The undersigned represents and agrees that no rent has been or vill be
~ paid by any person in possession of a~ portion of the abwe described premises for
~ more than one installment in advance and that the payment of noae of the rents to
~ accrue for any portion of said pren~isea has been or Will be waived, released, reduced.
or discounted, or otherwise dischatged or canpromised by the undersigned. The under-
signed Waives any right to set off against any persan in passession of anp poxtion of '
the abwe described premises. Undersigned agtees that it will not assiRn any of the
rents or profits except to the purchaser or grantee of the pre~isea.
Nothing herein contained ahall be construed as constituting the mort-
3` gagee a"mortgagee in possession" in the absence of the taking of actual posseseion
~
~3 of the said premises by the mortgagee pursuant to the provision hereinafter contained.
In the exercise of the powers herein granted the mortga~ee, no liability shall be
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asserted or enforced against the mortgagee, all such liability being e~cpressly Waiv
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~ and released by the undersigned.
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