HomeMy WebLinkAbout1644 agent and such other employees ae the Arignes may deem necessary or deeinble and sU expenses of operating
and maintaaniag the property, including, without being limited theretq all taxes, charges claims, aasoesmente,
water rents, sewer rents. and aqy other liens, and premiums for all insurance which the Assignee may deem
necessary or desinbla and the cost of all altenuons, renovations, re rs or replacements, and all expenses
incident to takung and re possession of the property; and (b) the princi sum, interest and indebted-
ness secured hereby and by said note and mortgage, together wtth all costs and attorneys' fees, in such order of
priority as to a4Y of the items mentioned in this paragnpb, as the Assignee in its sole discretion may deter-
mine, statute, law, custom or use to the contrary notwithstanding. The exercise by the Aesignes of the option
gnnted~t in this patagnph and the collection of the rents, income and profits sad the application thereof as
herein provided shall not be considered a waiver of any default by the Assignor under said note or mortgage or
under said leases or this assignment.
The Assignee shall not be liable for aqy loss sustained by the Assignor resulting from the Assignee's failure
to let the property described in such leases or mortgage after default, or from any other set or omission of the
Assignee in managing said property after default unless lass is caused by the willful misconduct and bad faith
of the Assignee. Nor shall the Assignee be obligated to perform or discharge nor does the Assignee hereby
undertake to perform or discharge any obligation, duty or liability under said leases or under or by reason of
this assignment and the Assignor shall, and does hereby agree, to indemnify the Assignee for, and to hold the
Assignee harmless from, any and all liability, lass or damage which rosy or might be incurred under said leaseK
or under or by reason of this assignment and from any and all claims and demands whatsoever which may be
asserted against the Assignee by reason of any alleged obligations or undertakings on its part to perform or
discha any of the terms, covenants or agreements contained in said leases. Should the Assignee incur any
xuch li~ility under acid leases or under or by reason of this assignment or in defense of any such claims or
demands, the amount thereof, including casts, ezpenaes and reasonable attorneys' fees shall be secured hereby
and the Assignor shall reimburse the Assignee therefor immediately upon demand and upon the failure of the
Assignor so to do the Assignee may, at its option, declare all sums secured hereby and by said note and mort-
gage immediately due and payable. And it is further understood that this assignment shall not operate to place
responsibility for the control, care, management or repair of said property upon the Assignee, nor for the per-
formance of any of the terms and conditions of said leases; nor shall it operate to make the Assignee responsible
or liable for any waste committed on acid property by the tenants or any other parties, or for any dangerous or
defective condition of said property, or for any negligence in the management, upkeep, repair or control of said
property resulting in lass or injury or death to any tenant, licensee, employee or stranger. -
Upon payment in full of the principal sum, interest and indebtedness secured hereby and by said note and
mortgage, and any renewal or extension thereof, this assignment shall become and be void and of no effect.
The Assignor hereby authorizes and directs the lessee named in said leases or any other or future lessee or
occupant of the property described therein or in said mortgage upon receipt from the Assignee of written notice
to the effect that the Assignee is then the holder of said note and mortgage and that a default ezista thereunder
or under this assignment to pay over to the Assignee all rents, income and profits arising or accruing under said
leases or from the property described in -said mortgage, and to continue so to do until otherwise notifted by the
Assignee. _
The Assignee rosy take or release other security for the payment of the principal sum, interest and indebt-
edne~s secured hereby and by said note and wortgage, and may release any party primarily or secondarily liable
therefor and may apply any other security held by it to the satisfaction o! such principal sum, interest or in-
debtedness without prejudice to any of its rights under this assignment.
~i Nothing contained in this assignment and na act done or omitted by the Asaignce pursuant to the powerx -
and rights granted it hereunder shall be deemed to be a waiver by the Assignce of its rights and remedies under
said note and mortgage, and this assignment is made and accepted without prejudice to any of the rights and
remedies possessed by the Assignce under the terms of said note and mortgage. The right of the Assignee to
collect the principal sum, interest and indebtedness secured by said mortgage, and to enforce any other security
therefor held by it may be exercised by the Assignee either prior to, simultaneously with, or subsequent to and
action taken by it hereunder.
In case of any conflict between the terms of this instrument and the terms of the note and mortgage de-
scribed above, the terms of said note and mortgage shall prevail.
No waiver by Assignee of any default on the part of the Assignor or under said note or mortgage shall be
held or construed to be a waiver of any other default then, theretofore or thereafter ezisting.
This assignment, together with the covenants and warranties herein contained, shall inure to the benefit
of the Assignee and any subsequent holder of the said note and mortgage and shall be binding upon the Assignor,
his heirs, ezecntors, administrators, successors and assigns and any subsequent owner of the property herein and
in said mortgage described.
The term "leases" as used herein means the lessee or lease hereby assigned -or any extension or renewal
thereof or any lease subsequently ezecuted by Assignor covering the property referred to above or any part
thereof. In this assignment, whenever the eontezt so requires, the masculine gender includes the feminine or
neuter, and the singular number includes the plural, and conversely. All obligations of each Assignor here-
under are joint and several. -
The term "note" used herein shall mean note or notes whenever the context so requires and the term
"mortgage" shall ~be construed to mean deed of trust, trust deed, security deed, or any other instrument or
instruments securing said note or notes owned and held by Assignee.
~ ~
IN WITNESS WHERE F, the Assignor has executed this instrument this._..._._.Z~?
v
, 19-
day of. -.._._....~=e=~-e - _ ~
~ . HIIAIAY PLAZA ASSOCIATES, ~
l.( ~~r~ ---P~rl;asrshi - SEAL
__-._....(SEAL) ~ or~.da. General F ( )
J. • -
• BY = _ SEAL ~
P er C. Smith, Authorized Partner
(over for acknowledgmeat~
ao0~l(c ~ r1C~~.~ 4 j