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HomeMy WebLinkAbout0989 i " i I i ~ 1 . ~ . i 1' ~ " 3. Anything to the contrary notwithstanding, Assignor hereby assigns ~ to Assignee any award made hereafter to it in any court procedure involving , j~ 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 '1~ 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 I' I terms and conditions of the Loan Documents hereby authorizes Assignee, at ( ~ its option, to enter and take possession of the Property and to 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 becoming due under such guaranties and suYety agreements, to let or relet the Property or any part i: thereof, to cancel and modify Leases, 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 to this instrument, after the institution of foreclosure or sale proceedings under the Mortgage, shall not cure such default or affect such proceedings or any sale pursuant thereto. , 6. Assignee shall not be obligated to perform or discharge any ~ obligation or duty to be performed or discharged by Assignor under any of ~ , such leases, and Assignor hereby agrees to indemnify Assignee for, and to i save it harmless from any and all liability arising from any of such ~ Leases, guaranties, surety agreements or from this Assignment, and this Assignment shall not place responsibility for the control, care, management or repair of the property upon Assignee, or make Assignee responsible or liable for any negligence in the management, operation, upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, i ~ licensee, employee or other person. ~ ~ 7. Assignor covenants an~i 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 therein has been made, except as set forth ~ herein; that there are no existing defaults under the provisions thereof; j and that Assignor will not hereafter cancel, surrender or terminate any of ; such Leases, guaranties and surety agreements, or change, alter, or modify j ~ them, or consent to the release of any party liable thereunder or to the i assignment of the lessees' interest under such Leases or guaranties or surety agreements without the prior written consent of Assignee. i i l This assignment is automatically subordinate to each and every I existing and future collateral Assignment of Rents and Leases which were, ; or will be, executed in conjunction with one or more mortgages to any ~ institutional lender which is or becomes superior in priority to the lien ~ : of the Mortgage, and shall also be automatically subordinate to any such ~ mortgages. ; j i 8. Assignor hereby authorizes Assignee to give notice in writing of ~ this Assignment at any time to any tenant under any of such Leases and to ; any guarantor of such Leases. ~ ~ f 9. Violation of any of the covenants, representations and provisions i contained herein by Assignor shall be deemed a default under the terms of ~ the Loan Documents. ~ i ~ : ~ ~ ; ROBERT A BURSON~ ~ ATTOHNEY AT UW 67 SWTH FEDEML H!GHW~~ ~ ~ $TUAFT. fIORiDA 3193~ . 2 f 13051288~t616 . I I I i 80~K 5 / ~ PACE y~7 '