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6. Upon the occurrence of an event of Default, the
tenants under the Leases shall, upo~ notice from Lender of the ~
occurrence of such an Event of Default, thereafter pay to .
Lender or to ariy 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 j
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. ~
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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 proper 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 waives all claims against Lender arising out of ~
such management, operation and maintenance. ~ ~
8. Nothing 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. Nothinq 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,
i document or instrument evidencing, securing or guaranteeinq
~ 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
Note, 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 in any manner or
~ diminish or release ariy 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, ~r 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 condi~tion preceden"t to exercising its
~ rights and remedies under this Assignment. All remedies
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~ j~ 312 P~e~ 276~
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