HomeMy WebLinkAbout1947ported and that no rent for any period subsequent to the date of this
assignment has been collected in advance of the time when the same be-
came due under the terms of said lease.
- Assignor covenants with assignee bo observe and perform all
the obligations ilg~~d upon the lessor under said lease and rot bo do
or permit to be done anything b4 i~air the security thereof; not to
collect any of the rent., income and profits arising or accruing under
said lease or fran the premises described in said mortgage in advance
of the time when the same shall became due; not to execute any other
assignment of lessor's interest in said lease or assigrment of rents
arising or accruing from said lease or from the premises described in
said mortgage; not t» alter, modify or change the terms of said lease
or cancel or terminate the same or accept a surrender thereof or ap-
prove or permit any assignment or subletting by lessee without the
prior written consent of assignee, which consent shall mt be unrea-
soazably withheld; at assignee's request to assign and transfer ~ the
assignee any and all subsequent leases upon all or any part of the
premises described in said lease or said mortgage and too execute and
deliver at the request of assignee all such further assurances and as-
signments in the premises as assignee shall from time ~ time require.
Zfiis assignment is made on the following terms, covenants,
and oo~nditions:
1. 50 long as there shall exist ro default by assignor in
the payment of the principal sum, interest and indebtedness secured
hereby and by said note and mortgage or in the performance of any ob-
ligation, covenant or agreement herein or in said note and mortgage or
in said lease contained on the part of assignor to be performed, as-
signor shall have the right to collect at the time of, but rot prior
to, the date provided for the payment thereof, all rents, income and
profits arising under said lease or from the premises described there-
in and to retain, use and enjoy the same.
2. Upon or at any time after default in the payment of the
principal sum, interest anti indebtedness secured hereby and by said
note and mortgage or in the performance of any obligation, covenant or
agreement herein or in said rote, mortgage or lease contained on the
part of assignor to be performed, assignee without in any way waiving
such default may at its option without notice and without regard U~
the adequacy of the security for the said principal sum, interest and
indebtedness secured hereby and by said rote and mortgage, either in
person or by agent, with or without bringing any action or proceeding,
or by a receiver appointed by a court, take possession of the premises
described in said lease and/or mortgage and have, hold, manage, lease
and operate the same on such terms and for such period of time as as-
signee may deem proper and either with or without taking possession of
said premises in its awn name, sue for or otherwise collect and re-
ceive all rents, insane and profits of said premises, including those
past due and unpaid with full paver to make from tame tb time all al-
terations, renovations, repairs or replacements thereto or thereof as
may seem proper to assignee and to apply such rents, income and pro-
fits to the payment of: (a) all expenses of managing the premises in-
cluding, without being limited thereto, the salaries, fees and wages
of the managing agent and such other e~loyees as assignee may deem
necessary or desirable and all expenses of operating and maintaining
the premises, including without being limited thereto, all taxes,
charges, claims, assessments, water rents, sewer rents and any other
liens and premiuns for all insurance which assignee may deem necessary
or desirable, and the cost of all alterations, renovations, repairs or
replacements, and all expenses incident to taking and retaining pos-
session of the premises; and (b) the principal sum, interest and in-
debtedness secured hereby and by said rote and mortgage, together with
all costs and attorneys' fees in such order of priority as too any of
the items mentioned in this paragraph numbered "2" as assignee in its
sole discretion may determine, any statute, law, custom or use too the
contrary notwithstanding. Zhe exercise by assignee of the option
granted in this paragraph numbered "2" and the collection of the
BOOKJ~~ PdGE~9~~
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LEWIS, VEGOSEN AND ROSENBACN, P. A., AT TORNErS AT LAW
E