HomeMy WebLinkAbout0035 or pre~udice any right which the Assignee may have by reason
of any default, present or future, under the terms of the
mortgage.
5. EVENTS OF DEFAULT. The amount due the Assignee
shall, at the option of. the Assignee, immediately become due
and payable, anything in this agreement to the contrary notwithsta~din
in the event a voluntary or involuntary petition in bankruptcy
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shall be filed by or against the Assignor, or against any
subsequent owner of the premises covered by this rent assignment,
or in ~he event that there is a voluntary or involuntary proceedin
for the dissolution of the Assignor or any subsequent owner
of the premises covered by this rent assignment, instituted
in any court having jurisdiction thereof,~or in the event
that any proceeding or action has begun in any Court in which
it is claimed that the Assignor or any subsequent owner of -
the premises covered by this ~ent assignment is insolvent, ~
then a temporary or permanent receiver of its assets shall
be appointed; or in the event that a petition for reorganization
or arrangement under the bankruptcy act is filed by or against
the Assignor, or against any subsequent owner of the premises
covered by this rent assignment; or in the event that a judgment
is rendered against the Assignor or against any subsequent
'
f owner of the premises covered by this rent assignment; or
~ a mechanics lien is filed against the property and the Assignor
~ shall fail, within five days after the rendition of such 3udgment
~ ' - -
~ or the filing of such mechanics lien to remove, satisfy, bond,
~ release such judgment or mechanics lien; and in any of the above
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~ described events, the Assignor does hereby waive notice of
~ protest and respect as such at any or all such payments.
~ 6. RIGHTS OF ASSIGNEE AND COLLATERAL. This Assignment
~
~
~ of Rents and Leases is intended for use in the connection
x with the loan evidenced by the note and secured by the mortgage
~ ~
= in this agreement mentioned. It is understood and agreed
~
q by the parties that this assignment shall in no way prejudice
~
~ the Assignee or estop the Assignee in any way in the exercise
t+NDERSON, pUNGEY
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