HomeMy WebLinkAbout0252(ii) should a~iy warranty of eorrower herein contained,
contained in any instrument evidencing or securing the indebted-
ness of Borrower to Lender secured hereby, or contained in the
Security Instrument prove untrue or misleading in any material
aspect;
(iii) shoul~l Borrower fail to meet any material condi-
tion set forth in Lease and such failure shall continue for a
period of thirty (30) days after receipt by Borrower of notice
of such condition. . ~
Upon the occurrence of any Event of Default, Lender may: (a) declare
the total indebtedness due by Borr-ower to Lender, secured by this
Assignment, immediately due and payable; (b) proceed to enter upon,
take possesion of, and operate the Premises under this Assignment
without becoming a mortgagee in possession; (c) proceed to perforn~
any and all obligations of Borrower, contained under Lease, and exer-
cise any and all rights of Borrower therein contained as fully as
Borrower itself could, and this without regard to the adequacy of
security for the indebtedness hereby secured and with or without the
bringing of any legal action or the causing of any receiver to be ap--
pointed by any court; (d) make, enforce, mociify and accept the sur-
render of the Lease, or any single lease if more than one be assigned
hereunder; (e) obtain and evict any lessee(s); (f) fix or modify rent;
and (g) do all other acts which Lender may deem necessary or proper
to protect its security. Borrower does hereby specifically authorize
Lender, in Borrower's name or in Lender'~ name, to sue for or other-
wise collect and receive (i) all rents, issues and profits from the
Premises (including those past due and unpaicl) and apply the same
first against costs of enforcem~nt (including a reasonable fee for
Lender's attorneys, whether suit be brought or not, at the trial and
appellate levels if suit be instituted), and (ii) all costs and ex-
penses of operating the Premises and performing Borrower's obligations
under the Lease. Any amounts remaining after such application shall
be applied next to interest on, and then to the principal o~, tre in-
d ebtedness securecl hereby and upon the payment in full thereof, both
principal and interest, this Assignment and all rights of Lender here-
under shall cease. Nevertheless, the entry upon and the taking pos-
session of the Premises and the collection of the rents and the appli-
cation thereof, as aforesaid, shall in no manner operate to cure or
waive any default under any other instrument given by Borrower to
Lender, or prohibit the taking of any other action by Lender under any
such instrument or a± law or in equity to enforce payment of the in-
debtedness secured hereby or to realize on any other Security.
Borrower further agrees that:
1. ' Should Borrower fail to perform or observe any covenant or
comply with any condition contained in the Lease, then Lender, but
without obligation so to do and without notice to or demand on Bor-
rower or releasing Borrower from its obligation so to do, may perform
such covenant or condition and, to the extent that Lender shall incur
any costs or pay any monies in connection therewith, including any
costs or expenses of litigation, then such costs, expenses or payment
shall be included in the indebtedness secured hereby and shall bear
interest from the incurring or payment thereof at the same rate of
interest state~ in the Note. •
2. No action taken by Borrower or Len~er shall cause or permit
the estate of any Lessee under any Lease to merge with Borrower's re-
versianary interest.
3. Lender shall not be obligated to perform or discharge any
obligation of Borrower under the Lease, and Borrower agrees to in-
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