HomeMy WebLinkAbout0332 any use, possession or occupancy of any portion or portions of the
Mortgaged Premises, (3) all right, title and interest of the Assignor in
and to all guarantees of the Assigned Leases, and (4) any award made in
- i
t
any court procedure involving any of the lessees in any bankruptcy,
i
insolvency, or reorganization proceedings in any state or federal court.
TO RAVB AND TO AOLD the same unto the Assignee, its successors and
assigns, until such time as the Indebtedness secured by the Mortgage
shall have-been paid-in full, for the purpose of further and collaterally
securing (1) payment of the indebtedness evidenced by the Note together
with the interest on said indebtedness; (2) payment of all other sums,
with interest thereon, to became due and payable to the Assignee hereunder
r
or under the provisions of the Mortgage, the Note, or any other obligation
of the Assignor to the Assignee now or hereafter existing; and (3) ~
r
performance and discharge of each and every obligation,,covenant and f
agreement of the Assignor contained herein, or in the Note, Mortgage or
any other oblication of the Assignor to the Assignee now or hereafter
- existing. this assignment, the Mortgage, the Note and said other
i
s
obligations are hereinafter collectively referred to as the "obligations").
i
This instrument of assignment is delivered and accepted upon the
3
following terms and conditions: ~
1. Assignor's License to Operate if no Default.
i
So long as no default shall exist under the Obligations, the
i
i
~ Assignor shall have a license to manage and operate the Mortgaged Premises
i
and to collect, receive and apply for its own account all rents, issues
i
f ?
f and profits accruing by virtue of the Assigned Leases, and to execute ~
and deliver proper receipt and acquittances therefor, provided, however,
that without the written consent of the Assignee, the Assignor shall not
s collect any installment of rent in advance of the respective dates
i
prescribed in the Assigned Leases for the payment thereof other than one
(1) month advance rental in the form of a security deposit for the last
month of any lease term (hereinafter referred to as "Permitted Advance
~ ~
Rental Payments").
. _ - t
-2-
g~~331 P~