HomeMy WebLinkAbout0971 6. Violation ot any ot the covenant:~,
re~resentaC.ions and provisions contained herein U}~ the Assignor
which are not cured within thirty (30) days atter written notice
to Assiynor shall be deemed a default hereunder as +rell as under
ti~e ter~ns of the Note aild Mortgage s~cur iny same, and a deL•ault
th~reunder shall likewise be a default under this Assign,nent.
7. A substantial and material continuiny deiault
by Assianor under any of the Leases assigned hereby shall be
:~eeniea a deEault hereunder and under the terms ot tne Note and
<<lortgage. Any expenditures made by Assigne~ aEter 15 days
written notice to Assignor, (but no grace period or notice in the
case of e?nergencies), in curiny such default on Assiynor's
uehalE, together with interest thereon at the highest legal rate,
shall become part of the debt evidenced by said Note.
8. Tne acceptance by Assignee of this Assignmenr.
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wii.ii aii vi ~iic i iyi~~~~ 1i`vwcC~~ t.i ivi~cyc~ u~... u:,....,.,t~~Y
created including the collection of Rent, shall not, prior to
entry u~on and takiny ,3ossession ~f said Property by Assi.~nee, be
d~eemed or construed to constitute Assiqnee a "~•iortgagee in
Possession", nor thereafter cr at any time or in any event.
obligate Assignee to appear in or defend any action or proceedinq
relatinq to any Lease or to the Pcoperty, to take any actiorl
hereunder, to exoend any money, incur any exoense, or ~erForm or
discharye any obligation, duty, or liability under any Lease, or
to assume any obligation or responsibility for any security
deposits or ott~er deoosits delivered to Assiynor Ay any tenant
and not assigned and del iverec3 to Assi:~nee.
8.1 Tne collection of the Rents and their
ap~lication as aforesaid and/or the entry u~on and takina
possession ot tne Pro~erty shall not cure or waive any deFault,
waive, m,odity, or aftect any notice oF default required ~nc3er
;~?f~ ~'^t° 3.^.~ Sai~ Wnrtn~.a~Q ~r inval iriatP ani a~t ~nnc? n~~rS>>._a_nt
to such notice. Althouyt~ tne original default be cured and the
exercise of any riynt or re~aedy be discontinued, the saiae or any
otner r ights or remedy hereunder shall not be exhausteal and rnay
ue reasserted at any ti,ne and Ero,-n time to time followiny any
su~sequent default. Tne rights and ~owers conferred on Assiynee
is to be irrevocable anci continuiny, and these rights, powers and
; ~rivileyes snall ~e exclusive in Assignee, its successors and .
; assi:~ns, as long as any part oF the indebtedness securea shall
~ remain unpai~.
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~ 9, Assignor nereby ayrees that any and all
iia~ility, loss, damaqe, or exoense tnat Assi3nee may incur
under, or by reason or in defense oF, any and all clair+~s and
~ demands wnich may be asserted against Assignee arising out of any
lease, including, but n~t li~nited to, any clains by any tenants
~ ot credit Eor rental for any period under any Lease more than
thirt~ (30) days in advance of tne due date thereof paid to and
received by Assignor but not delivered to Assignee arising prior
to the revocation of the license in Farayraph 2 shall be added to
the dent evidenced by the Note and ~lortyage. Should assiynee
incur any such liability, loss, damage, or exper~se, the amount
thereot, includin~ reasonable attorneys' fees, witn interest
thereon at the hi:~hest rate permitted by law, shall be added to
the ~1ote herein immediately without demand, anci shall be secured
as a lien hereby and E~y said ~lortgaye.
1Q. The full perforrnance or the ?~iote, and tlortyaye
~ securing sarr~e and the duly recordecf release (ur reconveyance) of
~ the Praperty described therein st~all render this Assignrnent
void. A satisraction ot tne t9ortyaye shall constitute a release
of this Assignment.
11. The net ~roceeds ( def ined as be ing the "~~ross
rentals less ~rdinary operating expenses and reserves") collected
by the Assignee under the terlns of this instrument shall be
3
, 800~ 5 / 2 FA.r,E ~7
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