HomeMy WebLinkAbout1958Zfie mortgagee shall not be obligated to perform or dis-
charge, nor does it hereby undertake to perform or discharge, any ob-
ligation, duty or liability under any leases or rental agreements re-
lating to said premises, and the undersigned shall and does hereby
agree to indemnify and hold the mortgagee harmless of and from any and
all liability, loss or damage which it may or might incur under any
leases or-under or by reason of the assignment thereof and of and from
any and all claims and demands whatsoever which may be asserted again-
st it by reason of any alleged obligations or undertakings rn its part
to perform or discharge any of the terms, oovelants or agreements oo~rr-
tained in said leases. 9iould the mortgagee incur any such liability,
loss or damage, under said lease or under or by reason of the assign-
ment thereof, or in the defense of any claims or demands the ender-
s igned agrees to reimburse the mortgagee for the amaa~t thereof , in-
cluding costs, expenses and a reasonable attorney's fee, immediately
upon demarxl.
Zfie mortgagee in the exercise of the rights and powers con-
ferred upon it by this Assignment of Rents shall have full power to
use and apply the avails, rents, issues and px+ofits of the premises to
the payment of or on account of the following, in such order as the
mortgagee may determine:
(a) Zb the payment of the operating expenses of said pro-
perty, including cost of management and leasing thereof (which shall
include reasonable ca~ensation to the mortgagee and its agent or
agents, if management be delegated tQ an agent or agents, and it shall
also include lease commissions and other compensation and expenses of
seeking and procuring tenants and entering into leases), establish
claim for damages, if any, and premiums on insurance hereinabove auth-
orized;
(b) Zb the payment of taxes and special assessments row due
or which may hereafter 'become due .on said premises;
(c) 4b the payment of all repairs, decorating, renewals,
replacements, alterations, additions, or betterments, and improvements
of said premises, including the cost from time to time of installing,
replacing refrigeration and gas or electric stoves therein, and of
placing said property in such condition as will, in the judgment of
the mortgagee, make it readily rentable;
(d) Zb the payment of any indebtedness secured by the des-
cribed Nbrtgage or any deficiency which may result from any foredo-
sure sale.
Zhe undersigned does further specifically authorize and in-
struct each and every present and future lessee or tenant of the whole
or any part of the above described -premises to pay all unpaid rental
agreed upon in any tenancy to the mortgagee upon receipt of demand
from said mortgagee to pay the same.
It is understood and agreed that the provisions set forth in
this Assignment herein shall be deemed as a special remedy given to
the mortgagee, and shall not be deemed exclusive of any of the reme-
dies granted in the above described mortgage, but shall be deemed an
additional remedy and shall be cumulative with the remedies therein
granted.
Whenever the word "undersigned" is mentioned herein, it is
hereby understood that the same includes and shall be binding upon
successors and assigns (including successors by oo~nsolidation) of the
undersigned, and any party or parties holding title to the above de-
scribed premises by, through or under the undersigned. All of the
rights, powers, privileges and immunities herein granted and assigned
to the mortgagee shall also inure to its successors and assigns, in-
cluding all holders, from time to time, of the above described Note.
Whenever used, the singular number shall included the plural
the plural the singular and the use of any gender shall include all
genders.
_3_ ~ ~~.~ 344 ~~~E 1958
i.EW15. VEGOSEN AND ROSENBACH, P.A., ATTORNEYS AT LAW
~.