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upon receipt from Assignee of written notice of any default by Assignor in any
of the covenants of the Note or other agreements executed in connection with
any loans or extensions of credit from Assignee to Assignor, or that a defaulc
exists under this Assignment, to pay over ta Assignee all rents,income and
profits arising and accruin$ under said Leasea, or from the premises described
therein, and to continue so to do until otherwlse notified by Assignee.
3. Assignor hereby constitutes and appoints Assignee, its true and
lawful and irrevocable attorney-in-fact, to demand, receive and enforce
payment and to give receipts, releases, satisfactions for, and to sue for all
monies payable to Assignor, and this may be done either in the name of
Assignor or in the name of Assignee with the same force and effect as Assignor
cauld do if the assignment had not been made. Assignor also hereby authorizes
Assignee upon its default in payment of the Note or any other agreements
between the parties, and upon the expiration of any applicable period of
grace, to take over and assume such management, operation, and maintenance of
the leased premises as may be required by the Leases, and to perform all.acts
necessary and proper, and to expend such sums out of the income of the Leases
as may be needed in connection therewith, in the same manner and to the same
extent as Assignor theretofore might do, including the right to effect new
Leases, to alter or amend the terms of existing Leases, or to renew any
existing Leases. Assignor hereby releases all claims against Assignee arising
out of the management, operation and maintenance of the leased premises
excepting the liability of Assignee to apply the monies collected, after
payment of all expenses and fees, in good faith incurred by Assignee.
Assignee, upon taking over and assuming the management, operation and .
maintenance of any or all of the leased premises, shall, after payment of a11
proper charges and expenses including reasonable compensation to such managing
personnel as it shall select and employ, after the accumulation of reserve to
meet any taxes, assessments, fire and liability insurance, credit the net
amount of income received by Assignee from the leased prQmises by virtue of
this Agreement to any amounts due and owing to Assignee by Assignor, but the
manner of the application of such net income and what items shall be credited
shall be determined in the sole discretfon of Assignee. Assignee shall not be
accountable for more monies than it actually receives and collects from the
leased premises, nor shall it be liable for laches or for failure to collect
rents, profits, royalties and benefits.
4. Upon occurrence of a default by Assignor in payment of the Note or a
default by Assignor under any other agreement entered into by them with ~
Assignee, and upon the expiration of any applicable period of grace, Assignee
shall have and may exercise, with respect to the Leases, any and a11 right~
and remedies of a Secured Party under the Uniform Commercial Code and any and
all rights and remedies available to it under any other applicable law; any
: Notice of Sale or disposition or other intended action by Assignee, with
respect to any Leases, sent r_o Assignor by Certified Mail, return receipt
requested, at the last address for Assignor by Assignee's records, at least
five (5) days prior to such action, as determined from date of refusa2 or
delivery, shall constitute reasonable notice to Assignor; Assignor shall
promptly pay all costs of Assignee for enforcement of rights hereunder,
including reasonable attorney's fees and legal expenses.
. 5. Assignor agrees as follows:
a. Assignor will not agree to, consent to, or permit any amendment,
modification, termination or assumption of any of the Leases.
b. Assignor wiZZ keep and perform all of the obligations to be
per#ormed on their part under the Leases of the Property and will save Assign-
ee harmless from any failure to do so.
c. Notwithstanding this Agreement or any notice thereof, ehe
Assignee shall not be obligated to perform any of the obligations on the part
, of Assignor arising under any Leases.
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