HomeMy WebLinkAbout0983 3. Anything to the contrary notwithstanding, Assignor
hereby assigns to Assignee any award made her~after to it in
any cvurt procedure involving any of the tenants in any
bankruptcy, insolvency or reorganization proceedings in any
state or Federal court; and any and all payments made by
tenants in lieu of rent. Assignor hereby appoints Assignee as
its irrevocable attorney-in-fact to appear in any action and/or
to collect any such award or payment.
4, 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 of the Property and ta 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 becaming due under
such guaranties and surety agreements, to let or relet the
Property or any part thereof, to cancel and modify ~eases,
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.
5. The receipt by Assignee of any rents, issues or
profits pursuant ~o this instrument, after the institutifln of
foreclosure or sale proceedings under the Mortgage, shall not
cure such default or affect such proceedings or any sale
pursuant thereto.
6. Assigne~ shall not be obliqated to perform or
discharge any obligation or duty to be performed or discharqed
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,
yuaranties, surety agreements or from this Assignment, and this
Assignment shall not place responsibility for the contral,
care, managemen~ or repair of the Property upon Assignee, or
make Assignee responsible or liable for any negliqence 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
thezein has been made, except as set forth herein; that there
are no existing defaults under the provisions thereo~; and that
Assignor will not hereafter cancel, surrender or terminate any
of such Leases, guaranties and surety agreements, or change,
alter or modi£y 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.
8. Assignor hereby authocizes Assignee to give notice in
writing of this Assignment at any time to any tenant under any
of such Leases and to any guarantor o~ such Leases. ~
9. Violation of any of the cavenants, representations
and provisions contained herein by Assignor shall be deemed a
default undez the terms of the Loan Documents.
10, befault by Assignar ~nder any of the terms of th~
Leases assigned herein sha11 be deemed a default undec the
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terms of the Loan Documents. Any expenditures made by Assignee
~ 'in curing such a default on Assignor's behalf, with interPSt
thereon at tt~e rate payable upon de~ault under the Note, shall
become part of the debt secured by this Assiqnment.
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gKQ525 P~6E0983
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