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This Assignment is delivered~and accepted upon the
following terms and cond~tions:
1. Without the prior written consent of the Lender in
each instance, the Owner will not (a) sell, assig~i, trans-
fer, mortgage, pledge or otherwise encumber the rents due or
to become due under any Assigned Lease to any person, firm
or corporation other than the Lender or (b) subordinate or
permit the subordination of any Assigned Lease to any lien
subordinate to that of the Mortgage. Any such purported
sale, assignment, transfer, mortgage, pledge, encumbrance or
subordination made without the prior written consent of the
Lender shall be voidable as aqainst the Lender, at its
option. This shall not, however, limit the Owner's ability
to add limited or general partn~rs.
2. The Owner will duly and punctually perform and '
observe all of its covenants and obligations under the
Assigned Leases and enforce or secure the perfOrmance and ~
observances of all of the covenants and obligations of each
tenant thereunder.
3. In the event of any default by the Owner in the
performance or observance of any of its covenants or ob-
ligations under any Assigned Lease, the Lender shall have
the right, but not the obligation, to enter the Premises at
any time and from time to time for the purpose of curing
such default, in which event the cost hereof, together caith
interest thereon at the rate set forth in the Owner's Note
plus 1/2 of 1$, but in no event in excess of the maximum
rate permitted by law, shall be paid by the Owner to the
Lender on demand and be secured by the Mortgage.
4. In the event of the expiration or other termin-
ation of any Assigned Lease during the term of the Mortgage,
th? ~w~~r will t~s~ its hesr_ ~fFn: ~s t~ pr~mpt',y :~7Pt th~
Premises or portion thereof affected khereby at L-he highest
rental then obtainable and will keep the Premises fully
rented thereafter at all times during which this Assignment
is in effect.
~
5. So long as no event of default has occurred under
the terms of the Owner's Note, the Mortgage, this Assignment
or any other document collateral thereto, the Owner shall
have a license to manage and operate the Premises, to col-
lect, receive and apply for its own account all rents ac-
cruing by virtue of the Assigned Leases and to execute and
deliver proper receipts and acquittances therefor.
6. Im.-nediately upon the occurr~nce of any event of
~a~'Lt3t.li l a2Yi~'~.a~'-i t~'a~ tL'iiiZJ ~ii ~IiC viil-~i ~$ i~iv~Z.' ~ ~ii~ ii.~a tCju.3~ ~
this Assignment or any other mutually agreed upon document
collateral thereto, the license referred to in paragraph 5
hereof shall cease and in such event the Lender is hereby
expressly and irrevocably authorized to enter upon and ta;ce
possession of the Premises, without notice, by force, eject-
ment, the appointment of a receiver or otherwise, as the
LendEr may elect, and no further authorization shall be
required. Following such entry and taking of possession and~
until such default shall have been cured to the satisfaction
of the Lender, the Lender may:
(a) manage and operate the Premises or any part
thereof;
(b) lease the Premises or any part thereof for
such periods of time and upon such terms and conditions as
the Lender may, in its reasonable discretion, deem proper;
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