HomeMy WebLinkAbout1085The Assiqnor covenants and agrees not to do any other act which
would destroy or impair the benefits to the Assignee of this
Agreement.
6. It is not the intention of the parties hereto that an
entry by the Assignee upon the Property, or any part thereof,
under the terms of this instrument shall constitute the Assignee a
"mortgaqee in possession" in contemplation of law, except at the
option of the Assignee.
7. This Assignment shall remain in full force and effect so
long as the mortqaqe debt owed to the Assignee remains unpaid in
whole or in part, and so long as any obligation of the Assiqnor
under the Loan Aqreement remains outstanding.
8, The provisions of this instrument shall be binding upon
the Assiqnor and its successors or assigns and upon the Assignee
and its successors or assiqns. The word "Assignor" shall be con-
strued to mean any one or more persons or person or parties who
are holders of the leqal title or equity of redemption to or in
the Property. The word "Promissory Note" shall be construed to
mean the instrument given to evidence the indebtedness held by the
Assignee against the Property. The word "Mortgaqe" shall be con-
strued to mean the instrument securing the said indebtedness owned
' and held by the Assignee. The term "Loan Agreement" shall be
construed to mean that Agreement entered into by the Assignor and
the Assiqnee pursuant to which the Mortgaqe and the PromiGsory
Note were executed.
9. It is understood and aqreed that a full and oomplete
release of the Mortgaqe shall operate as a full and complete
release of all of the Assiqnee's rights and interests hereunder
and that after the Mortqage has been.fully released, this
instrument shall be void and of no further effect.
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