HomeMy WebLinkAbout0333 2. Assignee's Rights in 8vent of Default.
2.1 Immediately upon the occurrence of any default under the ,
obligations, and until such default shall have been cured as.hereinafter
defined, the license mentioned in the foregoing paragraph 1 hereon shall
cease and determine, and in such event the Assignee is hereby expressly
and irrevocably authorized to enter and take possession of the Mortgaged
Premises by actual physical possession, or by written notice served ,
personally upon or sent by registered mail to the Assignor as the Assignee
nay elect, without further authorization, notice or demand (except as
otherwise specifically provided in the Note) and without the commencement
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of any action to foreclose the Mortgage or to exercise its power of sale. ~
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thereunder.
2.2 The Assignor does hereby constitute and appoint the Assignee,
following such entry and taking of possession, irrevocably, with full
power of substitution and revocation, its true and lawful attorney, for i
it and in its name, place and stead, to do and perform any or all of the .
following actions, as fully, to all intents aad purposes, as it would do
if personally present, hereby ratifying and confirming all that its said
attorney or its substitute shall lawfully do or cause to be done by
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virtue hereof:
(a) manage and operate the I~iortgaged Premises or any part
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thereof; ~
I' (b) lease any part or parts thereof for such periods of time,
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and upon such terms and conditions as the Assignee may,
in its sole discretion, deem proper;
(c) enforce, cancel or modify any of the Assigned Leases;
(d) demand, collect, sue for, attach, levy, recover, receive,
coupromise and ad~uat, and make, execute and deliver
receipts and releases for all rents, issues, profits and
other amounts that may then be or may thereafter become
due, owing or papable with respect to the Mortgaged
Premises or any part thereof from any present or future
lessees, tenants, subtenants or occupants thereof;
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