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HomeMy WebLinkAbout0920 i , ~ • / ~ . ~ ~ payable or accruinq (including all deposits of~money as advance rent~, for security or ae sarneat money or as down- payment for the purchase of all or any part of the Presises) under any and all present and future leases, contracts or other agreements relative to the ownership or occupancy of ~ all or any ~ortion of the Premises and does hereby transfer and ass~gn to Mortqaqee all auch leases and agreements (including all Mortgaqor's riqhts unc~er any contracts for the sale of any portion of the Premises). Mortgagor aqrees not to procure or accept the prepayment of any rents or ' frc~m the ^rrre:~ises for mcre than one moncin, ~.aa~.~ i~l\.VIIIC except with the prior written consent of the Mortqaqee. Mortqaqor further aqrees to execute and deliver such assignments of leases or assignments of land purchase contracts as Mortgaqee may from time to time request. In the event of a default under this Mortgage, (1) the Mortqaqor aqrees, upon demand, to deliver to the Mortqaqee all leases, land purchase contracts a~c~d other aqreements for the ownership or occupancy of any part of the~Premises, with auch additional aasiqtuaents thereof as the Mortqaqee may request'and aqrees that the i~lortqaqee may asaume the manaqe- ment of the Premises and collect the rents and other income therefrom, applyinq the same upon the Liabilitiea then due and payable, and (2) ~he Mortqaqor hereby authorizes and directs all tenants, purchasers or ether persons occupying ~ or otherwise acquiring any interest in any part of the Premises to pay all rents and other income due under said leases and aqreements to the Mortqagee upon request of the Mortqaqee. Mortqaqor hereby appoints-Mortqaqee as its true . - anei 1 adrfi_! =tt==n`~ e : ~ • i~~r ~r ~.v woaany'c aa~.a~t ~i~uYG~- L~ ~1C1 collect the rents and other income, with fu21 power to br~ng suit for collection of said rents and possession of said ; property, qivinq and qrantinq unto said Mortqaqee and unto ~ its agent or attorney full power and authority to do and ! ~ perform all and every act and thing whatsoever requisite and ! necessary to be done in the protection of the security j hereby conveyed; provided, however, that this power of attorne f a.zd assigr:neat of rents shall r.ot be construed a~ ~ an obliqation upon said Mortqaqee to make or cause to be ~ made any repairs ~'~at may be need~ul or necessary. Mortgaqee shall receive such rents and other income of said Premises, out of which it shall pay: (1) reasonable charges for collection hereunder, costs of necessary repairs and other - costs requisite and necessary duririg the continuance of this power of attorney and assiqnment of rents, {2) general and special taxes, insurance premiums and all of the Liabilities then due and payable. This power of attorney and assiqnment of rents shall be irrevocable uatil this Mortqaqe shall have been aatisfied and released of record and the releasi:iq of this Mortgage shall act as a revocation of this power attorney and asaiqnment of rents. Mortgaqee ahall have and hereby expressly reserves the riqht and privileqe (but ~ asswaes no obliqation) to demand, collect, sue~€or, receive and recover all rents, profits, revenues, royalties, bonuses, riqhts and benefits under any and all oil, qas, or mineral ~ leases of the.Premises, or any part thereof, now ex~sting or ~ hereafter made, and apply the same upon the Liabilities ther. ; due and payable, either before or after default hereunder. ` Nothinq herein contained shall be construed as constitutinq the Mortqagee a mortqagee-in-possession in the ~ absence of the taking of actual possession of the Premises 'E by the Mortqaqee. in the exerciae of the powers herein ~ . , ~ ~ ~ ~ - 3 - 8~K 4~.V PAGE , . . . . _ . . . . - . . . . . . . R:: Ci . . ' .~4. e.,-+~-;~:.. . ...v.. . ' . . - . . ' . ~z'