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HomeMy WebLinkAbout1070 fully perform, or cause to be performed, all of the covenants, conditions and agreements contained in all leases of the Premises now or hereafter existing, on the part of the lessor thereunder to be kept and performed. All such leases shall provide for the giv- ing by the lessee of certificates with respect to the status of such leases and Mortgagor shall ex.ercise its right to request such certificates within five (5) days of any demand therefor by Mort- gagee. (c) Mortgagor shall furnish to Mortgagee, within thirty (30) days after a request by hbrtgagee to do so, a written state- ment containing the names of all lessees of the premises, the terms of their respective leases, the space occupied and the ren- tal~s payable thereunder. (d) The rights of the lessee under each lease of the Premises, or any part thereof, shall be inferior and subordinate to this Mortgage, and the lien thereof, and upon the enforcement by Mortgagee of tlie remedies provided for by law or by this ~brt- gage, the lessee~thereunder will, upon demand of any person suc- ceeding to the interest of Nbrtgagor as a result of such enforce- ment: (i) vacate and surrender the property demised under the lease; or (ii) become the lessee of said successor in interest, without change in the terms or other provisions of such lease, provided, however, that said successor in interest shall not be bound by any prepayments of rent or additional rent for more than two (2) months in advance, or prepayments in the nature of secu- rity for the performance by saici lessee of its obligations under said lease, or any amendment or mociification of ttie lease made without the consent in writing of t•Sortgagee or such successor in interest. Each lease shall also provide that, upon demand by said successor in interest, such lessee shall execute and_deliver an instrument or instruments confirming such attornment. Section 1.14. 'I'llat Mortgagor hereby assigns to Mortga- gee the rents, issues, proceeds and profits of the mortgayed prop- erties as further security for the payment of the indebtedness se- cured he_reby and Mortgagor grants to hbrtgagee the right to enter the mortgaged properties, or any ~art thereof, for the purpose of collecting the same and to let the rnortgaged properties, or any part thereof, and to apply said rents, issues, proceeds and prof- its, after payment of all necessary cliarges and expenses, on account of said inJebtedness; that this assignment and grant shall continue in effect until the indebtedness secured by this t9ortyage is paid, but t•lortgagee hereby ~..aives the right to enter the mort- gaged property for the purpose of collectiny said rents, issues and profits, and t•lortgagor shall be entitled to collect and re- ceive said rents, issues and profits, until the occurrence of a 3efault by Mortgagor under the terms and provisions hereof; that Nbrtgagor agrees to use said rents, issues and profits in payr.ient of principal and/or interest payable pursuant to the tdote secured hereby, and in payment of all taxes, assessments, water rents, sewer rents and other charges on or against the mortgageci prop- erties; that such right of Mortgagor to collect and receive said rents, issues,_proceeds and profits may be revoked by ~rtgagee upon any default by Mortgagor under the terms and provis.ions of this t7ortgage; that, in respect of any lease which now or at any time is entered into, hbrtgagor will: (a) fulfill or perform each and every term, covenant and provision of any such lease to be fulfilled or performed by the lessor ther.eunder; (b) give prompt riotice to Mortgagee of any notice received by t~lortgagor of default by the lessor thereunder, together with a complete copy of any sucY- notice; and (c) enforce the performance or observance of each and every term, covenant and provision of any such lease by the lessee thereunder to be performed or observed; and that, in the -S- = i"~K,J~~ P.lGE 1Wv ~ -~~~--.~,~- ~~