HomeMy WebLinkAbout0955 RE3/18 ,
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3. Anythin to the contrar notwithstandin , Assi nor
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. hereby assigns to Assignee any award made hereafter to it in any
court procedure involvinq any of the tenants in any bankruptcy,
insolvency or reorganization proceedings in any sta~e or Federal
court; and any and all payments made by t~nants in lieu of rent. -
Assignor hereby appoints Assignee as its irrevocable
attorney-in-fact to appear in any action and/or to collzct any
such award or payment.
4. Assignor, in the event of default in the performance oE
any of the terms and conditions of the Lo~n Documents hereby
authorizes Assignee, at its option, to enter and take possession
of 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, guarantees 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 perEorm such other acts in connection with
the management and operation of the Property as Assignee, in its
sold dlscretion, may deem proper.
5. The receipt by Assignee of any rents, issues or profits
pursuant to this instrument, after the institution of foreclosure
or sale proceedings under the Mortgage, shall not cure such
default or affect such proceedings or any sale pursuant thereto.
6. Assignee shaZl 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, quarantees, 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
to any tenant, licensee, employee or other person.
7. 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 ~greements, or change, alter
or modify them, or consent to the release of any party liable
, thereunder or to the assignment of the Iessees' interest under
such Leases or guaranties or surety agreements without the prior
~ written con~ent of Assignee.
i 8. Assignor hereby authorizes Assignee to give notice in ~
f ~ writing of this Assignment at any time to any tenant under any of
~ such Leases and to any guarantor of such Leases.
9. Violation of any of the covenants, representations and
provisi~ns contained herein by Assiqnor shall be deemed a default
under the terms of the Loan Documents.
10. 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
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