HomeMy WebLinkAbout0251(e) Borrower is not prohibited under any agreement with any
other person or any judgment or decree ~from the execution and deli-
very of this Assignment, the performance of each and every covenant
o£ Borrower hereunder and in Lease, and the meeting of each and
every condition herein contained.
(f) No action has been brought or threatened which in any man-
ner would interfere with the right of Borrower to execute this As-
signment and perform all of Borrower's obligations herein contained.
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Borrower agrees so long as it is indebted-to Lender under the
Note, the Security Instrument or any other security instrument relat-
ing to the Premises, that: . ~
1. Borrower will (i) fulfill, perform and observe each and
every condition and covenant of Borrower contained in the Lease;
(ii) give prompt notice to Lender of any claim of default under the
Leas~ (a) given by any lessee under the Lease (each of said lessees
being hereinafter sometimes collectively referred to as "Lessee")
to Borrower or (b) given by Borrower to Lessee, together with a com-
plete copy of any such claim; (iii) at the sole cost and expense of
Borrower, enforce, short of termination of the Lease unless the Lease
is in default, the performance and observance of each and every cov-
enant and condition of the Lease to be performed or observed by Les-
see; and (iv) appear in and defend any action growing~out of, or in
any manner connected with, the Lease or the obligations or liabili-
ties of Borrower, as lessor thereunder, or of the Lessee or any
guarantor thereunder. ~
2. The rights conditionally assigned hereunder, which assign-
ment shall become effective upon the occurrence of an Event of De-
fault hereunder and (if and only if an opportunity to cure such
Event of Default is allowed hereunder) the continuance of such Event
of Default beybnd the expiration of the applicable period for cura-
tive action hereunder, include all of Borrower's right and title (i)
to modify the Lease; (ii) to terminate the term or to accept the sur-
render thereof; (iii) to waive or release the Lessee from the perfor-
mance or observance by Lessee of any obligation or condition of the
Lease; (iv) to permit the prepayment of any rents under the Lease
for more than thirty (30) days prior to the accrual thereof; and
(v) to give any consent (if required by the provisions~of the Lease)
to any assignment by Lessee of the Lease or to sublease any part or.
portion of the Premises.
3. I3orrower will not (i) materially modify the term of the
Lease or accept the surrender thereof unless required so to do by
the terr-s of the Lease; (ii) permit Lessee to anticipate the payment
of any rents under the Lease by Lessee or any sublessee for more than
thirty (30) days prior to accrual unless required to do so by the
terms of tlie Lease; (iii) waive or release Lessee or any sublessee
from the observance or performance of any obligation to be performed
by either under the terms of the Lease or any liability on account
of any warranty given by either of them. ~
4. Each one of the following events is herein referrec3 to as
an "Event of Default":
(i) should Borrower fail to perform or observe
any covenant of Borrower contained in this Assignment, in any
instrument evidencing the debt secured by this Assignmeht, or
in the Security Instrument and such failure continues for a
period longer than allowed in the Security Instrument;
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L~'ix ~4~ eacE 251
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