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HomeMy WebLinkAbout2758 , . ~ iv. appear in and defend any action or proceeding arising under or in any manner connected with the Geases or with the obligations and undertakings of the landlord or the tenants thereunder. ~ 3. Borrower shall not, without the prior consent of Le nde r , ~ i. fucther assign or attempt to assign the-Leases or any portion of the Rents due and payable or to become due ' ~ and payable thereunder, ii. consent to any cancellation, surrender, amendment, or modification of the Leases, or iii. accept prepayments of any portion of the rents for a period of more than two (2) months in advance. 4. This Assignment shall not be deemed or construed to obligate Lender to take any action or incur any expense or perform or discharge any obligation, duty or liability under the Leases, and 8orrower hereby agrees to indemnify and hold Lender harmless from and against all liability, loss or damage, including, but not limited to, reasonable attorneys' fees, which Lender may or might incur under the Leases or under or by reason of this Assignment and from and against any and all claims whatsoever which may be asserted against Lender by reason of any alleged obligation or undertaking on Lender's part to perform or discharge any of the terms, covenants or provisions contained in the Leases. 5. This Assignment has been made as additional secucity for the payment of the Debt and the observance and performance by Borrawer of the terms, covenants and provisions of the Note, the Mortgage and this Assignment on Borrower's i part to be observed and performed. Subject to the provisions ~ of this Assignment hereinafter set forth, Lender waives the ~ right to enter the Premises for the purpose of collecting the ~ Rents, and grants eorrower the rgitht to collect the Rents. Borrower shall hold the Rents, or an amount sufficient to ~ discharge all current sums due on the Debt, in trust for use in the payment of the Debt. The right of Borrower to collect the Rents may be revoked by Lender upon any default by Borrower in Che observance or performance of any of the terms, covenants or provisions of the Note, the Mortgage or this Assignment on its part to be observed or performed or upon the occurrence of any one of the events described in the Mortgage which would entitle Lender, at .its option, to declare the Debt due (hereinafter referred to as ar~ "Event of Default"), by giving notice of such revocation to Borrower. Following such notice Lender may retain and apply the Rents toward payment of the Debt in such ~ priority and proportions as Lender, in its sole discretion, shall deem proper, or to the operation, maintenance and repair ~ of the Premises. ~ ~ ~ ~ ~ • ~ ~ _3_ ~ ~t~~x312 P~6E2754 ~ ~ ~