HomeMy WebLinkAbout0040 of the principal on any prior mortgage~ the Assignor does
hereby grant,.bargain, sell, transfer, assign, convey, and
set over to the Assignee all the rents, issues. and profits
due and that become due for the mortgage premises hereinafter #
described, together with all leases, agreements, service contract 1
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and insurance policies.affecting the mortgaged premises.
1. COLLECTION OF RENTS. The Assignee shall have
the power and the authority to enter upon and take possession ;
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of the mortgage premises and to demand, collect, and receive
from the tenants. lessees, or other occupants now or at any
time hereafter in possession of the mortgaged premises or
from any part thereof, rents now due or to become.due, to ~
endorse the name of the Assignor or any subsequent owner of
the premises on any checks, notes, or other instruments for
the payment of money, to deposit the same in bank accounts, ~ ~
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to give any and all acquittances or any other instrument in ~
relation thereto in the name of the Assignor or in the name
of the Assignee and either in his own name or in the name
of the Assignor, to institute, prosecute, settle, or compromise
any summary or legal proceedings for the recovery of such
rents, profit, or to recover the whole or any part of the ~
j premises, and to institute, prosecute, settle, or compromise
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any other proceedings for the prbtection of the mortgage premises
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~ for the recovery of any damage done to the premises, or for
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~ the abatement of any nuisance thereon~ also the power to defend
~ - any legal proceedings brought against the Assignor or against
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~ the owners arising out of the operation of the mortgage premises.
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~ 2: AUTHORITY TO LEASE. The Assignee shall have
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~ the power to lease or rent the mortgage premises, or any part `
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E thereof, to employ an agent to rent and manage the premises, ~
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~ compensation shall be fixed at 5% of the gross rents collected,
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' to make any changes or improvements thereon or therein deemed
~ by him necessary or expedient for the leasing.or the renting~
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~ of the premises to keep and maintain the premises in a tenantable
~ A'~DERSON, Ol1N(iEY ~
~ & HENSHEY, PA
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