HomeMy WebLinkAbout1084same manner and to the same extent as the Assignor theretofore
might, including the right to effect new leases and sales, to can-
cel or surrender existinq leases and sales, to alter or amend the
terms of existinq leases and sales, to renew existing leases, or
to make concessions to tenants or vendees; the Assiqnor hereby re-
leasing all claims against the Assiqnee arisinq out of such
management, operation and maintenance, excepting the liability of
the Assiqnee to account as herein set forth.
4. The Assignee shall, after payment of all proper charges
and expenses•,~including reasonable compensation to such manaqinq
agent as Assiqnee shall select to employ, and after the accumula-
tion of a reserve to meet taxes, assessments, utility charges and
fire ancl liability insurance in requisite amounts, credit the net
amount of income received by it from the Property by virtue of
this Assignment to any amounts due and owing to it under the terms
of the Mortgage and the Promissory Note, but th~ manner of the
applica~ion of such net income and what items shall be credited
shall be determined in the sole discretion of the Assiqnee. The
Assiqnee shall not be accountable for more monies than it actually
receives from the Property; nor shall it be liable for failure to
collect rents, issues, proceeds and profits, reserving however,
within its own discretion, the riqht to determine the method of
collection and the extent to which enforcement of collection of
delir.vuent rents, issues, proceeds and profits shall be prose-
cuted.
5. The Assignor hereby covenants and warrants to the Assig-
nee that neither it nor any previous owner has executed any prior
assignment or pledge of the rents, issues, proceeds and profits of
the Property nor any prior assiqnment or pledge of its interest as
landlord or vendor in any lease or sales aqreement of any part of
tt-e Property which to this c~ate have not been exe~uted, _satisfied,
and released of record .
I
_ ..:.. : =;
ar;~K 34~ rNcc ~~$2
-3-