HomeMy WebLinkAbout1545 of a default hereunder, to all renEs~ roya2ties, issuea,
profita~ revvnue, in~ome and other beneFit9 from any property
described in paragraph~ (A)~ (B) and (C) hereof whether or not
MorLgages takes po~aession of such property de$cribed in
paragrapha (A), (B) and (C) hereof. Upon any such default
hereunder, the permisalon hereby given to Mortgagor to collect
sueh rents~ roya2tiea, issues~ profita~ revenue, income and
other benefits from the property desaribed in paragrapha ~A),
(B) and (C) hereof shall terminate and au~h permission shall
not be reinstated upon a eure of the dePault w~thout the
specific consent of Mortgagee. Naither the exercise of any
rights under this paragraph by Mortgagee oor the application of
any such rent~,.royalties, issues~ profita, revenue, ineoroe or
other benePita to the i~debtedness and other sums secured
hereby~ sha~~ cure or waive any default or notlce of default
hereunder or invalidate any act done pursuant hereto or to any
such notice, but shall be cumul~tive of all other rights and
remedies.
(E) ASSIGNM~NT OF LEAS~S. ?OOE?HER WI?H all right, title
and interest of Mortgagor in and to any and a~l leases now or
~ hereafter on or affeet~ng any property described in paragraphs
(A)~ (8) an4 (C) hereof, together with all security therefor
a~4 all monies payable thereunder~ aub~~et~ however, to the
conditional permission hereinabove given to Mortgagor Lo
collect the rentals under any su~h lease. The foregoing
assignment of any lease sh~ll not be deemed Lo impose upon
Mortgagee any of Lhe obligations or dutiea of Mortgagor
provided in any such lease~ and Mortgago~ agrees to fully
perform all obligations of t}~e le~sor under all such leases.
Upon Mvrtgagee's request, Mortgagor agrees to send to Mortgagee
a list of a11 leases eovered by the foregoing assign~ent and as
any such ~ease shall expire or terminate or as any new lease
shall be made, Mortgagor shall so notify Mortgagee in order
that at all times Mortgagee shal~ have a eurrent list of all
leases affecting the p~operty described in paragraphs (A), (B)
and (C) hereof. Mortgagee ~hall have the right~ at any time
and from time to time~ to notify any lessee of the r~ghta of
Mortgagee as provided by this paragr~ph. ~rom time to time,
upon request of Mortgagee~ Mortgagor ~ha12 specifically aasign
to Mortgagee as additional security hereunder, by an instrument
in Writing in such fot•m as may De approved by Mortgagee~ all
right, title and interest of Mo~tgagor in ~nd to any and all
2eases now or hereafter on or afleeting the Mortgaged Property,
together with all security therefor and all monies payable
thereunder~ sub~eet to th~ conditional per~isaion hereinabove
given to Mortgagor to collect Lhe rentels under any such lease.
Mortgagor shall also execute and deliver to Mortgagee any
notificetion, financing statement or other docume~t reasonably
required by Mortgagee to perfect the foregoing assignment as to
any suGh lease.
Thig instrument conetitutes an ab~olute and present
assignment of the rents, royalties~ is~ues~ profita, revenue,
ineome and other benefita from the Mortgaged Property,
Mortgagor to co~lect, receive~ take~ use and en~oy the same ae
provided hereinabave; provided~ further~ that the existenee or
exercise oP 8ueh rig~t of Mortgagor 8ha11 not operate to
aubordinate thle assignment to any sub~equent aaeignment, in
whole or in part~ by Mortgagor, and any ~uoh ~uDaequent
aeeignment by Mortgagor sh~ll be aub~eoti to the righta of
Mortgagee hereunder.
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~0~6~4 ~~~1545
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