HomeMy WebLinkAbout0350in any action to foreclose the Mortgage. Prior to actual
entry upon and taking possession of the Premises by the
Lender, this Assignment shall not operate to place upon the
Lender any responsibility for the management, operation or
maintenance of the Premises, and the execution of this
Assignment by the Owner shall constitute conclusive evidence
that all responsibility for the management, operation and
maintenance of the Premises is and shall be that of the
Owner prior to such entry and taking of possession.
9. The Owner hereby agrees to indemnify and hold the
Lender harmless from and against any and all 1?ability,
loss, damage and expense, including reasonable attorney's
fees,•which the Lender may or shall incur under any Assigned
Lease or by reason of this Assignment, or by reason of any
action taken by the Lender hereunder, and from and against
any a~d all clairns and demands whatsoever which may be
asserted against the Lender by reason of any alleged un-
dertaking on its part to perform or observe any of the
covenants or obligations contained in any Assigned Lease
prior to the exercise of its right of entry under paragraph
6 hereof. Should the Lender ir_cur any such liability, loss,
damage or expense, the amount thereof, together with in-
terest thereon at the rate set forth in the Note plus 1/2 of
1$, but in no event in excess of the maximum rate permitted
by law, shall be paid by the OF:ner to the Lender or demand
and shall be secured by the Mortgage or, at its option, the
Lender may reimburse itself therefor out af any rents,
issues or profits collected by it hereunder.
10. No delay by the Lender in exercising any of its
rights or remedies hereunder for any period of time, or at
any time or times, shail be deemed to constitute a waiver or
to preclude the exercise of any of such rights or remedies.
The rights and remedies of the Lender hereunder are cum-
ulative and are not in lieu of but are in addition to any
G~.her iiy}its aiici remeciies wnicn L'ne Lender snaii nave under
or by virtue of the Mortgage or otherwise provided by law
and may be exercised from time to time and as often as such
exercise is deemed expedient.
11. The Lender shall have the right to assign to any
subsequent holder af the Mortgage, or tc any person ac-
quiring title to the Premises, the Owner's right, title and
interest in and to any and all Assigned Leases, subject,
however, to the provisions of this Assignment. If the Owner
shall hereafter become barred and foreclosed of all right,
title and interest and equity of redemption in the Premises,
no assignee of the Owner's interest in any Assigned Lease
shall be liable to account to the Owner for any rents,
issues or profits thereafter incurring. _
12. Upon payment in full of the indebtedness secured
by the tdortgage, as evidenced by a recorded satisfaction or
discharge of the Mortgage, this Assignment shall become and
be void and of no furt!ier force and effect and, i;~ that
event, upon the Owner's request, the Lender shall execute
and deliver to the Owner an instrument in recordable form
terminating this Assignment; provided, however, that, as to
any tenant under any Assigned Lease, any affidavit, cer-
tificate or other written statement of ,any officer of the
Lender stating that any part of said indebtedness remains
unpaid, sha~l be and constitute concl~lsive ev.idence of the
then validity, effectiveness and continuing force of this
Assignment, and any person, firm or corporation receiving
any such affidavit, certificate or statement may, and is
hereby authorized to, rely thereon.
~~ ~ ~x 351 Yd~ 3~9
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