HomeMy WebLinkAbout0915 their interest as landlord or vendor in any lease or sales
agreement of any part of the Property which to this date have not
been executed, satisfied, and released of record..
The Assignors covenant and agree not to do any other act which
would destroy or impair the benefits to the Assignee of this
Agreement.
6. It is not the intention of the parties hereto that an
entry by the Assignee upon the Property, or any part thereof,
under the terms of this instrument shall constitute the Assignee a
"mortgagee in possession" in contemplation of law, except at the
option of the Assignee.
7. This Assignment shall remain in full force and effect so
long as the mortgage debt owed to the Assignee remains unpaid in
whole or in part, and so long as any obligation of the Assignors
under the Loan Agreement remains outstanding.
8. Ttie provisions of this instrument shall be binding upon
the Assignors and their successors or_assigns and upon the
Assignee and its s~~ccessors or assigns. The word "Assignor" shall
be construed to mean any one or more persons or person or parties
who are holdzrs of the legal title or equity of redemption to or
in the Property. The word "Promissory Note" shall be construed to I
mean the instrument given to evidence the indebtedness held by the
Assignee against the ~roperty. The word "Mortgage" shall be
l .
construed to mean the instrument securing the said indebtedness
' owned and held by the Assignee. The term "Loan Agreement" shall
i be construed to mean that Agreement entered into ~y the Assignor ~
[ -
e and the Assignee pursuant to which th~ Mortgage and the Promissory
P
Note were executed. ~
9. It is understood and agreed that a full and complete
release of the Mortgage shall operate as a full and complete
release of all of the Assignee's rights and interests hereunder as ~
to the property released and ~.hat after the Mortgage has been
,fully released, this instrument shall be void and oF no further
effect.
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