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6. Upon the occurrence of an event of Default, the
tenants under the Leases shall, upon notice from Lender of the
occurrence of such an Event of Default, thereafter pay to
Lender or to any appointed receive the Rents due or to become
due under the Leases without any obligation to determine
whether or not such an Event. of Default does~ in fact exist and
Borrower shall facilitate in all reasonable ways the collection
of the Rents by Lender, and will, upon the request of Lender,
execute written notices to the tenants under the Leases
directing said tenants to pay the Rents to Lender, which Rents
may be retained and applied by Lender toward the 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. -
7. Upon the occurrence of an Event of Default,
Lender shall have the right, at its option, to enter upon and
take over and assume the management, operation and maintenance
of the Premises and to perform all necessary and prop~r acts
and to expend such sums out of the income of the Premises as
may be necessary in connection therewith, in the same manner
and to the same extent as Borrower theretofore might do,
including the right to effect new leases, cancel or surrender
the Leases, alter, modify, or amend the provisions thereof, or
make concessions to the tenants thereunder, and Borrower hereby
releases and wai~~es all claims against Lender arising out of
such management, operation and maintenance.
8. ~othing contained in this Assignment and no •
entry by Lender upon the Premises as hereinabove provided, -
shall be construed as to constitute Lender as a mortgagee in
possession. ,
9. Nothing contained in this Assignment is intended
or shall be construed to prevent Lender in the exercise of its
arbitrary discretion from foreclosing the Mortgage or otherwise
' enforcing the provisions thereof or of the Note or any other~
' document or instrument evidencing, securing or guaranteeing
' payment of the Debt, in whole or in part, in accordance with
~ their terms.
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; 10. No alteration, extension, renewal, change,
~ modification, release, amendment, compromise or cancellation,
in whole or in part, of any term, covenant or provision of the
~ l~ote, the Mortgage or any other document of instrument
evidencing, securing or guaranteeing payment of the Debt, in
whole or in part, shall affect this Assignment ih any, manner or
diminish or release any of the rights of Lender hereunder.
11. Borrower hereby waives any and all legal
requirements that Lender institute any action or proceeding in
law or in equity against any other party, or exhaust its
remedies under the Note, the Mortgage, or. any other document or
~ instrument evidencing, security or guaranteeing payment of the
~ Debt, in whole or in part, or in respect to any other security ~
~ held by Lender as a condition precedent to exercising its
~ rights and remedies under this Assignment. All remedi~es
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