HomeMy WebLinkAbout0970 (the "Mortyage") and recorded concurrently herewith. '1'he
acceptance oE this Assiynrnent and the collection oE Rents or the
~aynients undec the Leases hereby assi~3ned shall not constitute a
waiver of rights ot khe Assignee under the terms of the t3ote, the
~lortgage securing same or the Leases assigned hereby.
2. Before an event of default as de~ined in the
~lortgaqe occurs under the terms of the iVote, the Mortgaye
securiny the tVote or this Assiynrnent, Assignor shall have the
right under a license hereby granted to collect the Rents and to
retain, use and enjoy the same; and further that such license is
at the grace of Assiynee, and is in trust aFter default for the
purpose of paying all usual operating expenses includiny taxes,
of tt~e Property and the sums due Assignee under the Note, said
i~lortgage and this Assignment. Upon such default, such license
ar~~3 ar~y ~ther rights of A~~i~nor t~ c~ll~~t ?~he ~e~ts shall
wholly cease. Provided, further, that even before default
~ -'::s~ l~~y~.~~ _ n~}- `~fP~~-ii n.~ ~np i m!Tllf-n
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in advance and a security deposit) under the terms of any of said
Leases shall be collected without the prior ~aritten consent of
Assignee.
3. This Assiynment automatically becomes
operative without the necessity oE Assignee taking any further
action whatsoever. In the event uf default as defined in the
~•tortgage in the perFormance of any of the terms and conditions of
the i~ote, the Mortgaye securing same or this Assignment, Assiynee
at its option, may enter and take possession of t~e Property and
manage and o~erate the saine; collect all or any Rents from said
Leases; J.et or re-let said Pronerty, or any ~art thereof; cancel
and modify Leases in the same manner as Assignor could so cancel
and modify Leases; evict tenants and briny or defend any suits in
conn~ction with the possession oF said Property in its own name
or Assignor's name; make repairs as Assignee dee,ns appropriate
an~ nPrf~rm ~uch other acts in connection with the manayement and
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operation of said Property as the Assignee in its sole discretion
?nay deer~ proper .
3.1 The receipt by Assignee of any of tne
Rents after the institution of foreclosure proceedings under said
Aiort-3aye, shall not cure such default nor affect such proceedings
~ or any sale pursuant thereto, provided, however, that such rents
~ snall be appl ied to arriounts due under the i~iortgage in the manner
~ set forth therein.
i
~ 3.2 Assignee shall not be obligated to
perfor~n or disch~rge any obli~ation or duty to be performed or
d ischarged by Assiynor under any of said Leases.
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Assignor covenants, represents and warrant~ to
Assignee the following:
4.1 Assiynor has Full right and title to
assiyn the leases an~3 the Rents.
4.2 No other assignment of any interest i?i
the Leases has ~een mac3e.
4.3 Assiynor has no knowledge oF any existiny
defaults under any of the Leases.
4.4 Assignor will not hereafter cancel,
surrender or terminate any of said Leases, exercise any option
which might lead to such termination, or change, aZter or modify
same or consent to the release of any party liaible thereunder or
to the assignment of the lessee's interest therein, except with
the prior written consent of As~siynee.
S. Assignor hereby authorizes Assignee to give
notice in writing oE this A~signment at any time to any tenant .
under any of said Leases at any time following deEault hereunder.
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~ aaoK~72 ~A~E 970
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