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HomeMy WebLinkAbout1002 I 32 The Borrower does hereby canstitute and appoint Lentier, irrevocaWy, with IuM power of substitution and revocation, ils ~ t?ue and tswfui attomey, ia it end in ~s name, place and stead, to do and periorm n connection with the Additio~a! Copateral, as tuGy, to aM intenta and pu?poses, as K could do it personaMy present, hereby rectitying and confim~iny aM that fta said dtomey or ~ ds substitute sha~ be at its election and without any Yability on ils part. 3.3 The Lender ahaM apply the net amount of rents, issues and profits received by it firom the Additional CoMateral, in the toNowing order of prioriy: n to ihe parr?ent ot all proper costa and charges (nduding any YebiYly, bss, expense or damafle ~ (hereinafter relerred to fn paragraph 4.1 hereo~; h) to thepe yment ot al accrued but unpaid 'nterea! due under the Note and/or , Letter, (w~ to the peyn~t ol prinapal under the Note and/or Letter to be applied to p~incipal inatallrt?ents in the inverse order ot maturiry; (iv) to the payment ot eny other amounts owed to Lender and secu~ed by the Mortyage; end (v) to Borrovrer or such persons IegsMy entiUed thereto. 3.4 The Lender shaY be accountabie to Borrower only for monles actuaNy received by Lender and the acceplance oi this essignment shal not constitute a satistaction o1 any ol the Ob4gations, except to the extent of amounts actuaMy received ard applied by Lender on eccount oi same. 3.5 The rights and powers oi Lender hereunder sheli continue and remain in tuq twce and ef(ect un~7 ail amounts secured hereby and by the Mortgage are paid 'n tu1. 4. Cover~s ~d~ The Borrower, tor ilsetf and tor Rs successors and assigns, agrees and wenants as t~riows: (a) that each oi the Asslgned Leasea now or hereafter in et(ect is end shaY be a valid and subsisting lease and that there ere no detaulls on the part of any of the parties thereto; (b) that it haa the right to execute and deWer this Agree~r?ent, except for those Permits which by their nature are non- transferable. (c) that Assignor has not sold, assigned, Uansferred, mortgaged or pledgad any of the Additional Coilateral or any part ihereot, or rents, profits or issues therelrom, whether now or hereafter to become due to any person, fvm or corporation oiher than Borrower, and that said Additior~al CoMsteral ls hee and clear oi a1 claims and C~ens oi every nature; that no rents, issues or profrta of the Addrtional Cdlateral, or any pert thereot, becoming due subsequent to the date hereof have been coMected other than as spea6caly provided therein, nor has payment of any of the same been antiapated, waived, releesed, d'iscounted or otherwise d'ischarged or corr~omised; (e) that R vv~7 not assign, pledge or otherwise encumber the Additionel CoMateral or any of the rents thereunder unless the prior written consent of the Lender shar have bee~ obtained thereto; that R w~l not, without in each case having obtained the pria written consent of Le~der directy or indKectly emend. modiy, cancel, terminate or accept any surrender of the Addrtional CoYateral or any one or more oi ihem; (g) that it vri not waive or give consent with respect to any detauR or variation in the periom?ence of eny rt?aterial tertn, covenant or concfitiwt on the part oi any lessee, suWessee, tenant or other occupant to be pertom~ed under the Additianal CoNateral, but wi at a!I times take proper steps to enforce a1 oi the provisions end conditans thereof; (h) that it wi pertom~ and observe, or cause to be performed and obsenred, aN of the tertns, covenants and conditions on its part to be pe~tormed and obsenred rrith respect to each of the Assigned Leases; n that il wi, upon written request by the Lender, serve such written ~otices upon any lessee under any Additional i Callaaieral or any other occupent oi any portion oi the Mortgaged Premisea conc~ming this Assignment, or indude amor~g the written ! provisions of any instrument hereeher aeati~g any such lease, sublease, te~ancy or right of ocwpancy speci8c relerence to this Ass~g•amen~, and make. ~ec~.r~e ~nd cle5ver ~I suc-h pgwers pf ~qomey. inst~m~is of pledg~ a a~ignment, and ~ch other insUuments or documents as Lender mey reasonably request at any time tar the purpose ot securing its rights hereunder, and that ft wiM fumish to Lender, on demand, Uue copies ot al Assigned Leases hereafter executed end Vue copies oi each document eftecting the renewal, amendment or modfication oi any Assigned Leese, complete ist of aN Pemuts, ConVacts. Sales Agreements and Insurance Agreements, together with the true and correct copies ot eech. 5. Iredenr~on. 5.1 Borrower hereby agrees to indemnily and hold Lender harmless against and irom (a) any and aN fiabiYty, bss, damage and expense induding reesonable attomey's tees, that it may or shaN incur or that may be asserted under or in connection with any I of the Additional Cdlateral, ar by reason of eny ection taken by Lencier under any of the Obigetions (ndudrng with imitation ar~y action that Lender in its dsaetion may take to protect its interest in the Mortgaged P~remises), and (b) any and al de~ms and demands whatsoever that may be incurred by or asserted against Borrower by reason ot any aNeged obGgations or undertakings I~ on its pert to pertorm or discharge any oi the tertns, cove~ants and condrtions contained in any ot the Additional CoNeteral. i ~ 52 Should Lender incur any such Yability as descnbed 'n paragraph 5.1, the amount thereof, together with interest thereon ~ et the fower of the highest rate perrritted by lew or five peroe~t (5%) above the rate charged on the Note, sha~ be payable by Borrower to Lender irtxnediatey upon demand, or at the option o( Lender. Lender may reimburse Rsetf theretor out ot any re~ts, ~ issues or profrts o! the Additional Colateral colec.ied by Lender. ! 5.3 Nothing contained herein shal operate or be consUued to obligate lender to periorm any ot the terms, covenants or conditions contained ~ any Additional Collateral, cx to take any m~sure to entorce coGectioc~ ot eny of any rents or other payrtnents. i or otherwise to irnpose any obligetion upon Lender with respect to any af Additianal Collateral, in~luding, but not Gmited to, any ` obligations arising out of any covenant of quiet enjoyrnent therein contained. r s g 5.4 Prior 4o actual e~~try hto and taking possession of the Morigaged Premises by Lender, this assignment shaY not operate E to place upon lender any respons~lity for the operation, contrd, care, management or repair ot the Mortgage Premises, and the ~ execution of this Assignment by Borrower sha# constitute condusNe evidence that aM responsibikty fa the o~eration, contrd, care, ~ management and repair oi the Mortgaged Premises is and shaN be that of Barower prior to such actual e~try and taking of possessio~. ( 6. Exerdse d Remedea Failure of Lender to avail itself of eny of the terms, covenants end condiGons of this Assignment tor any period of time, or at any time or tim~, shal not be construed or deemed to be e waiver of any of its riyhts hereunder. The rights ~ and remedea oi Lender under this Assignment are cumuletive and are not in Geu oi but ere in addRion to any other rights and ~ remedies that Lender shal have under or by virtue of any other of the obl'igations. The rights and remedies ot Lender hereunder ~ may be exerdsed irom time to time and as often es such exercise is deerr~d e~ed~ent. ~ 7. Temi~ion d tt~ia A~eement Upon peyrr~ent in iuN of al of the indebtedness secured by the Mortgege, as evidenced by ~ e recorded aetisfaction or discharge ot the Mortyege, as weN as any sums which may be payable hereunder, this assignment shaN become void and ot no effect, and in that event, upon the request oi Borrower and at its expe~se, Lender covenants to execute and deliver to Bo?rowar instruments effective to evidence the tennir?ation of this assignment andlor the reassignment to Borrower ot the rights, power and authority grented herein. B. N~. My notice, demend, request or oth~ corrxnunication given hereunder or in connection herewith (hereinafter caNed 'Notices'), shaA be deerricd suni 'c~t'rf in writing and sent by registered or certified mail. postage p~epaid. retum receipt requested, ad~essed to the parly to receive such Notice at its adc~ess first set forth above or at such other adci~esa as such perty may hereatter designate by Notice given in fike fashion. Notic~s shap be deert?ed give~ when mailed. Notwithstanding the foregoing, routine corrrrwnicatiuns such as ordinary distribution chedcs, copies o( documents etc., mey be sent by ordinary first-dess ma~l. i 9. ~ISG'!'~IEOUE PT~dVf310f1E. € 9.1 4Vhenever the context so required, relere~ce herein to the neuter gender shaN indude the mascuiine and/or leminkie gender, and the singular number shaN indurie the pk~ral. ~ ~ 92 This Assignment shaN be co~strued and enforced in eccadance with and govemed by the laws oi the State of Floridg. e0GlI U~~ rAGFlU02 ; , ~ ~ ` _ ° _ < x -~.~~n~ .