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HomeMy WebLinkAbout0914 1 3. The Assignors also hereby authorize the Assignee, upon such entry, at its option, to take over and assume the management, operation and maintenance of the Property, and to perform all acts necessary anc3 proper and to expend such sums out of the income of the Property as may be needful in connection therewith and in the same manner and to the same extent as the Assignor theretofore might, including the right to effect new leases and sales, to can- cel or surrender existing leases and sales, to alter or amend the ~ terms of existing leases and sales, to renew existing leases, or to make concessions to tenants or vendees; the Assignor hereby re- leasing all claims against the Assignee arising out of such management, operation and maintenance, excepting the liability of the Assignee to account as herei» set forth. 4. The Assignee shall, after payment of all prop~r charges ~ and expenses, including reasonable compensation to such managing agent as Assignee shall sel~ct to employ, and after the accumula- tion of a reserve to meet taxes, assessments, utility charges and fire and liability insurance in requi_site amounts, credit the net amount of income received by it from the Property by virtue of ' this Assignment to any amounts due and owing to it under the terms ~ of the Loan Agreemer~t, Mortgage and the Promissory Note, but the I~ j manner of the application of such net income and what items shall ; . ~ be credited shall be determined in the sole discretion of the € t . Assignee. The Assignee shall not be accountable for more monies ~ ~ ~ than it actually receives from the Property; nor shall it be ~ - ~ ~ liable for failure to collect rents, issues, proceeds and profits, ~ ~ reserving however, within its own discretion, the right to ~ detPrmine the method of collection and the extent to which ~ : enforcement of collection of delinquent rents, issues, proceeds ~ and profits shall be prosecuted. € . t: - 5. The Assignors hereby covenant and warrant to the Assignee that neither they nor any previous owner have executed - any prior assignment or pledge of the rents, issues, proceeds and profits of the Property nor any prior ~ssignment or ple~3ge of ~ F S t s' f -3- 3~»K36fi ~~~E ~11 ~ ~ 5 ~ 1e-G. .,.t~a._ . . .