HomeMy WebLinkAbout0938 ASSIGNMF:NT Ol~' RN:N`I'S AND Lt~:ASh:S R1Uh:R
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ltii~ K1l~N:k is made this ~th day of A~:;ust, 1~)~i~s, an:~ i5
incor ~oraC~d into and shal l be deemed to au~eiid and suE~E~le~nent the
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`toctsa;~e, Ueed of lrust or ~ecurity Ueed (the "Security lnstcunient~~)
of the same da[e ~,iven by Che undersi;~ned (the "tiorrow~.r") to secure
Fiorrower's Note and all other obligations of tsorroaer to E'LOKIl~A
tiAI'IUNAL t~AtiK tthc "l.ender") of the same date ~nd covecin~ the
pro~~erty de~cribed in the 5ecurity Instrument. '
AUUITIONAL COVENANTS. ln addition to the covei~aizts and
a:;reements made in the 5ecurity Instrument,, (Sorrower and Lende~
turther covei~ant and a5cee as follows: ~
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A. ASSIGNNENT OE' DEPOSIT RECEIFTS AND CON'TRACTS. Eiocro~:er
cioes hereby unconditionally assi5n to Lender all ri~hts of E~orrower
in and to all Ueposit Recei~[s, Contracts for Sale and E'~~rchase or
similar a~reernents whereby Bcrrower binds itse~f in anyway to convey
any 1e~a1 or equitable interest in any lot, tract, block or parcel
of land w~ithin the mort~a~ed preRtises Co any E~ecso~~, corporation or
entitti~ for a vaiuable consideration.
B. ASSICNMENT OE LEASES. UE~on Lender's cec~uest Eiorrower
~hall assi,~n to Lender all leases oE the E'roperty and all security
cie~osits made in connectior? with leases of the Pro~:erty. ~li~on a ,
defaUlt her~under, Lender shall have the ri;;ht to modify, extend oc ~
terminate the existin,; leases and execute new leases, in Lender's
sole discretion. As used in this ~~arasfaph A, the word "lease~~
shall meac~ ~~sublease`~ if the ;~cucity Instrument is on a leasehold.
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C. ASSIGNNENT OE Rk:NTS. f!orrow•er unconditionally assi~;ns ~
dnc~ tr=insfecs to lendec all the rerts and revenues of tt~e E'co~erty. ;
Eiorrower authorir.e5 I.ender or t.ender's a,~ents Lo collect the rents
and revenues anc3 hereby dir~cts each tenant of the f'ro~erty to pay ~
t1~e rents ~o Lender or Lender' S a.;ents. 11o~~evec', prior t~
; ~sorrok•er' s breact~ oi any obl i~,at ion to I_endec , nocrow~er sha l l
° cQllect and ceceive all cents a?~d revenues of the E'ropecty as
~ tcustee for the benefi[ of t_end~c an~i Eiarco~~~:c.
f
~ l:~o;~ breach by Hortok~et: t, i j al 1 cents received 'by
t i~orro~.:er ~hall be held by Eiorrower a5 Cr~st~:e for benefit of l.ender
r only, Co be aF~pl ied to the sui:;~ 5ecured by the : ecurity Instrument;
? =ii.j i,~n~er shatl be entitled Co collect and receive all of [he
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~ cEntS at the i'ro~.ert; ; and ~ i i i~ each t~.nant oE the Yro~erty sha .
~ l~a;r aI1 rents dur and +.~i~~,aia ta i_en~iec or to lendec~ s a~;ent on
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~ C.~«~i~c'S ~.•citten c,~:r:and to thc~ t~c~ant.
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~ iiorr~N~r has ~~ot er~cutec~ ~iny' ~rior as~i5n;nent ot
cent~ and 'na~ not an~ ~wi 11 not ~.erfor~r; any dct that w'auid ~~event
; I.~r~cer iro~r: exercisin~; its ri~;hts undet this ~ara,~ravh•
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F LendEr shall not ~e rec~~2:red ta ~nt~-r ~~;Un, ta~:e conCrol
: oi oc ;;;sintair~ tne i'co~~ecty before or ai t~c any breach by Horrower.
41o~,:e~~er, Lenfjer oc a ju~iciaily a~,~>ointed receiver ^;ay do so at a;~y
> tifne th~re is a hr~:~ch. Any at~plicati~c~ of rent~ sh~ll not cure or
Naive any deiaulC o~ invaliuate any other ri~h~ ar remedy c~f Lencier.
Ihis assi,;n~~~~nt oE rents ot the E'ro~~ecty shall ter~~~inate ~he~~ t;~e
i det~t secured ~ y thc: ~~curity In~trur;~nt is E~ai~j in ful I.
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