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profits arising and accruing under said Leases, or from the premises described ~
. therein, and to continue so to do unt11 otherwise notified by Assignee.
- 3. Assignor hereby constitutes and appoints Asai~nee, its true and
.lawful and irrevocable attoraey-inpfact, to demgnd, receive and enforce
payment and to give receipts, releases, satisfactions for, and to sue f~r 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
could do ~f ehe assignment had not been made. Assignor also hereby suthorizes
Assignee upon its default in payment of the Note or any other agr~ements
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 preraises 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 Co effect new
Leases, to alter~or amend the terms of existing Leases, or to renew any
existing Lesses. Assignor hereby releases all claims against Assignee arising ,
out of the management, operation and maintenance of the leseed premises
excepting the liability of Assignee to apply the montes 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 all
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 premises 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 discretion of Assignee. Assignee ahall 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 all rights
and remedies of a Secured Party under the Uniform Co~ercial 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 to 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 refusal or
~ delivery, shall constitute reasonable notice to Assignor; Assignox shall
~ promptly pay all costs of Assignee for enforcement of rights hereunder,
~ including reasonable attorney's fees and legal expenses.
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~ 5. Assignor agrees as follows:
a. Assignor will not agree to, consent to, or permit any amendment,
modification, termination ox assumption of any of the Leases.
b. Assignor wi11 keep and perform all of the obligations to be
performed 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, the
~ Assignee shall not be obligated to perform any of the obligations on the part
~ of Assignor arising under any Leases.
d. Assignor will, on reqttest of Assignee, execute and deliver to
Assignee, ir~ recordable form, separate assignments for each Lease presently
existing and will execute and deliver to Assignee, in recordable form,
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