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any taxes, assessments, fire and liability insuranc~ credit the net amount of
income received by ASSIGNEE from the leased p~emises by virtue of this
Agreement to any amounts due and owing to ASSIGNEE by ASSIGNOR, but the
manner of fhe application of such nei income and whot items shal) be credited shall
be determined in the sole discretion of ASSIGNEE. ASSIGNEE shall not be
accountable for more monies than it actually receives and collects from the leosed
premises nor ~shall it be liuble for laches or for failure to collect rents, profits,
royalties, and benefits.
4. Upon occurrence of a default by ASSIGNOR in payment of the NOTES
(or either of fhem) or a default by ASSIGNOR under any other agreement entered
into by them with ASSIGNEE, ASSIGNEE shall have and may exercise, with respect
to the Leoses, uny and ult rights and remedies of a Secured Parfy under the
Uniform Cotnmercial Code and any and al) rights and remedies available to it under
any other applicable (aw; any Notice of Sale or disposition or ot~~er intended action
by ASSIGNEE, with respect to any Leases, sent to ASSIGNOR by Certified Mail!
return receipt requested, at the last address for ASSIGNOR in ASSIGNEE'S records,
at least five (S) days prior to such action, as determined from date of refusal or
delivery, shall constitute reasonabte notice to ASSIGNOR; ASSIGNOR shall
promptly pay all costs of ASSIGt~E for enforcement of rights hereunder, including
reasonable attorney's fees and legal expenses.
S. ASSIGNOR agrees as follows:
~
G (a) ASSIGNOR will not agree toy consent tq or permit any
amendment, modification, termination or assignment of any of the Leases.
; (b) ASSIGNOR will keep and perform all of the obligations to be
~ performed on their part under the Leoses of the Property and will save ASSIGNEE
f
~ harmless from any failure to do so.
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~ (c) Notwithstanding this Assignment or any notice thereof, the
e
; ASSlGNEE shall not be obligated to perform any of the obligations on the part of
~ ASSIGNOR arising under any Leases.
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~ (d) ASSIGNOR will, on request of ASSIGNEE, execute and deliver
~ to ASSIGNEE, in record~le form, separate assignments for each Lease presently
~ existing and will execute and deliver to ASSIGNEE, in recordable form, assignments
~ of Leases which relate to the Property which are entered into by the ASSIGNOR
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~ with third parties after the date hereof.
:s:
~ 6. ASSIGNOR represents and inrarrants to ASSIGNEE that:
~ (a) It is the owner of aii Leases herein assigned and of the real
property which is the subject matter of said Leases, free and clear of any liens or ~
encunbrances, with full right to convey its interest in the same. ~
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~ (b) Said Leases are in full force and effect, and Lessees therein are ~
not in default under same. ~
-3- .
FRIEDMAN 9c BRITTON
y BT.+ FLGOR. SOUTHE45T FIF75T NATIONAL BANK BLOG. ~p) ~Qn r nA` {
~µx MIAMt. FI.ORI~A 33131 JO~K vV ~ac. J~iIJ ~
~ 371 -5192
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