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HomeMy WebLinkAbout0140 . sgent aad such other employeas ae the Aesignee msy deem nece~eary or desirable and all expen~ea of opcrsting and msintaining the property, including~ without beiug limiteci thereto~ all tases, charges, clsima a~mants, ~ water renta~ sewar renb snd aqy other liens~ und ~remiume for all insursnce whi~h the Aaeignee msy deem necessary or desirable, snd the cost of alt alterations, renovations, repairs or replacementa~ snd all e=pen.ve~s incident to taking and retaining poese~ion of the property; and (b) We priucipsl aum, interest and indebted- ness secured hereby and by said note and.mortgage~ together with all casts and attorneys' feea„ in euch order of priority as to aay of the items mentioned in this paragraph, as the Assignee in its aole discrction may deter- mine~ any statute~ law~ custom or use to the contrary notwithstandiug. The exerci~o by the Aesignee of the option granted it in thia paragraph and the collection oi the reuts, income and pmflte and the application thereof ex herein prnvided shall not be considered a waiver of any defuult by the Aseignor under said note or mortgago or under aaid leases or tl~iy nssignment. The Assignee shall not be liuble for any lo~ austained by the Assignor resulting fmm the Assignee's failure to let the pmperty de~cribed in such leases or mortgage after default~ or from any other act or omission of the Assignee in managing said prnperty after default unless loss is caused by the willful misconduct and bad faith of the Assignee. Nor shall the Assignee be obligated to perform or discharge nor dces the Assignee hereby undertake to perform or discharge any obligation, duty or liability under said le~~ or under or by reason of this agaignment and the Asaignor shaU. nnd dces hereby agree, to indemnify the Aesigaee for, and to hold the Asaignee harmless from, any and all liability~ loss or damage which may or might be incurred under said leas~. or under or by reanon of this assignment and from any and all claims and demands whatsoever which may be usserted agaiust the Assignee by rea4on of any alleged obligations or undertakings on its part to perfotm or dircharge any oi the terms. covenanta or agreements contained in said lea~es. Should the Assignee incur any ~uch liability under said leases or under or by rea~on of this ssaignment or in defense of ~q auch claime or demanda, the amount thereof, iacluding casts, eapenses and rea.gonable attomeys' fees shail be secured hereby aud the Aasignor ahall reimburse the Aseignee therefor immediately upon demand and upon the failure of the Aasignor so to do the Assignee may, at its option~ declare all sums secured herebq and by said note and mort- gsge immedistely due and payable. And it ia fnrther nnderstood that this aseignment shall not operate to place responsibility for the control, care~ management or repair of said property upon the Assignee~ nor for the per- formance of any of the terms and conditions of said leases; nor shall it operate to make the Aesignee responsible or liable for any waete coramitted on eaid property by the tenants or any other parties, or for any dangemua or defeetive condition of said property, or for any negligence in the management, upkeep~ repair or control of said property resulting in lass or injury or death to any tenant, licensee, employee or atranger. ' Upon payment in fuil of the principal sum, interest and indebtedness secured hereby and by said notc and mortgage, and any renewal or e.rtension thereof, this aa4ignment shall become and be void and of no effect. The Assignor hereby authorizes and directs the lessee named in said lea.ses or any other or future lessee or occupant of the pmperty described therein or in said mortgage upon receipt from the Assignee of written notice to the effect that the Aasigaee is then the holder of esid note and mortgage and that a defau;t eaists thereunder or under this sssignment to pay over to the Assignee all rents, income and profits arising or accruing under said leases or from the property described in said moMgage, and to continue so to do until otherwise notified by the Assignee. The Assignee may take or release otlier security for the payment of tlie principal sum, intei~est and indebt- _ ednese secured hereby and by said note and mortgage, and may release any party primarilq or secondarily liable therefor and ma3 apply any vther security held by it to the satisfaction of such principal sum, interest or in- debtedncss without prejudice to any of its righta under this assignment. ~I ~ Nothing contained in this assignment and no act done or umitted by the Assignee pursusnt to the po~vers ; xnd righta granted it hereunder shall be deemed to be a waiver bq the Assignee of its rights and remedies under said note and mortgage, and this assignment is made and accepted without prejndice to any of the rights and ~ remediee po~ed by the Asaignee under the terms of said note and mortgage. The right of the Assigaee to ~ collect the principal sum, interee4tt and indebtedness secured by said mortgage, and to enforce any other security ! therefor held by it may be exercised by the Assignee either prior to, simultaneously with, or subsequent to an}- action taken by it hereunder. i ' In case of any conflict between the terms of this instrument and the terms of the note and mortgage de- scribed above, the terms of said note and mortgagc shall prevail. ~ No waiver by Assignee of any default on the part of the Assig~ior or under said note or morigage s.hall be ~ held or construed to be e waiver of any other default then, theretofore or thereafter existing. , ~ This asaignment, together with the covenants and warranties herein contained, shall inure to the benefit ~ of the Assigaee and any subsequent holder of the said note and mortgage and shall be binding upon the Assignor, ~ his heira, executors, administrators, successors and assigns and any subsequent owner of the prnperty herein and r in said mortgage described. k ~ ~ The term "leaxes" as used herein means the leases or lease hereby assigned or any extension or reneKal ; thereof or any lease subsequently eaecuted by Assignor covering the property referred to above or any part ~ thereof. In this assignment, whenever the context so requires, the masculine gender includes the feminine or s neuter, and the singular number include9 the plural, and conversel)~. All obligations of each Assignor here- ~ nnder are joint and several. r m ~ The term "note" used herein shall mean note or not~ w•h~never the context so requires and the term ' "mortgage" shall be construed to mean deed of tivst, trust deed, aecuriLy deed, or anp other instniment or ~ instr~ments securing said note or notes owned and held by Assignee. ~ ~ IN WITNESS WHERF.O~', the Assignor ha4 executed this instrument this ._.13th { = da~ of. ..I~iarch._ . _ _ , l9 ?9 : . _ ~ . . ~ -'l / ~ ~c~--~A,GIt L . , ~ (SI~:AI.) R AI.~.~....KUTSCH ~KI~. 'I'RIISTF~ _(SEAL) ~ and Individually ~ _(SEAL) _ _ _ . _.....(SEAL) (over for ncknowledgment) : g(~rr ~ :~~:i 40 ~ ~ . _ - - y _