HomeMy WebLinkAbout0948 2. Anything to the contrary notwithstanding, Assignor
hereby assigns to Assignee any award made hereafter to it in any
court procedure involving any of the lessees in any bankruptcy,
insolvency or reorganization proceedings in any state or Federal
court; and any and all payments made by lessees in lieu of rent.
Assignor hereby appoints Assiqnee as its irrevocable
attorney-in-fact to appear in any action and/or to collect. any
such award or payment.
3. Assignor, in the event of default in the performance of
any of the terms and conditions of the Loan Documents hereby
authorizes Assignee, at its option, to enter and take possession ~
~f the Property and to manage and operate the same, to collect
all or any rents accruing therefrom and from such leases, to
collect all or any sums due or becoming due under such guaranties
and surety agreements, to let or relet the Property or any part
thereof, to cancel and modify leases, guaranties and surety
agreements, evict tenants, bring or defend any suits in
connection with the possession of the Property in its own name or
Assignor's name, to make such repairs as Assignee deems . ,
appropriate, and to perform such other acts in connection with
the management and operation of the Property as Assignee, in its
sole discretion, may deem proper.
4. The receipt by Assignee of any rents, issues or profits
pursuant to this instrument, after the institution of foreclosure
or sale proceedings under the Mortgages, shall not cure such
default or affect such proceedings or any sale pursuant thereto.
5. Assignee shall not be obligated to perform or discharge
any obligation or duty to be performed or discharged by Assignor
under any of such leases, and Assignor hereby agrees to indemnify
Assignee for, and to save it harmless from, any and all liability
arising from any of such leases, guaranties, surety agreements or .
from this Assignment, and this Assignment shall not place
responsibility for the control, care, management or repair of the
Property upon Assignee, or make Assignee responsible or liable
for any negligence in the management, operation, upkeep, repair .
or control of the Property resulting in loss or injury or death
~I to any tenant, licensee, employee or other person.
~ 6. Assignor covenants and represents that: Assignor has
~ title to, and full right to assign such leases, guaranties,
~ surety agreements and the rents, income and profits due or to
become due thereunder; no other assignment of any interest
therein has been made, except as set forth herein; that there are
no existing defaults under the provisions thereof; and that
( Assignor will not hereafter cancel, surrender or terminate any of
such leases, guaranties and surety agreements, or change, alter
or modify them, or consent to the release of any party liable
thereunder or to the assignment of the lessees' interest under
such leases or guaranties or surety agreements without the prior
written consent of Assignee.
. 7. Assignor hereby authorizes Assignee to give notice in
writing of this Assignment at any time to any tenant under any of -
such leases and to any guarantor of such leases.
8. Violation of any of the covenants, representations and
provisions contained herein by Assignor shall be deemed a default
~ under the terms of the Loan Documents.
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~ 9. Default by Assignor under any of the terms of the
€ leases assigned herein shall be deemed a default under the terms
~ of the Loan Documents. Any expenditures made by Assignee in
~ curing such a default on Assignor's behalf, with interest thereon
at the rate payable upon default under the Note, shall become
part of the debt secured by this Assignment.
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