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signee from f ully exercising its rights under any of the
terms, covenants and conditions of this Assignment.
2. That_the Leases are and shall be valid and
enforceable in accordance with their terms and have not been
altered, modified, amended, terminated, renewed nor have any
of the terms or conditions thereof been waived in any manner
whatsoever except as approved in writing by Assignee and
shall not be altered,. modified, amended, terminated, renewed
or any term or condition thereof be waived without the-prior ~
approval of Assignee.
3. That there are no defaults now existing under
any of the Leases and there exists no state of facts which,
with the giving of notice or lapse of ,time or both, would
constitute a default under any of the Leases; and that _
Assignor will fulfill or perform each and every condition
and covenant of each of the Leases by lessor to be fulfilled
or performed, and give prompt notice to Assignee of any
notice of default by Assignor under any of the Leases
received by Assignor together with a complete copy of any ~
such notice. Assignor shall, at the sole cost and expense
of Assignor, enforce, short of termination of any Lease, the
performance or observance of each and every covenant and
condition of all such Leases by the lessee(s) to be per-
formed or observed.
4. That it has.not and shall not collect, or
accept payment of, rent under any of ,the Leases more than
one month in advance:
5. That it shall not, without the prior written
consent of Assignee, enter into any other leases of all or _
any part of the Premises, except as permitted by the Mort-
gage.
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6. Thht it shall and does hereby assign and
transfer to the Assignee any and all subsequent leases upon
all or any part of the Premises and shall execute and
.deliver at the request of Assignee all such further assur-
ances and assignments as Assignee shall from time to time ~
require or deem necessary.
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The parties further agree as follows:
This Assignment is absolute and is effective
immediately. Notwithstanding the foregoing, until notified
~ by the Assignee in writing that a default has occurred under
~ the terms and conditions of the Note or Mortgage arrd Se-
curity Agreement or any other instrument constituting
~ additional security for the Note, Assignor may receive,
collect and enjoy the rents, income and profits accruing
from the Premises.
In the event of any default in the Note or
Mortgage and Security Agreement or any other instrument i
constituting additional security for the tiote, Assignee
_ may, at its option, receive and collect all such rents,
income and profits as they become due, from such Premises
s and under any-and all Leases of all or -any part of the
Premises. Assignee shall thereafter continue to receive
and collect all such rents, income and profits, as long
~ as such default or defaults shall exist, and during the
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8~339 PEE 442
MAHONEY NAOIOW b ADAMS, 1401 AMERIFIRST BUILDING, MIAMI, FLORIDA 33131 TEL. (305) 358-5550 J~
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