HomeMy WebLinkAbout1819 bound, the Assignor does hereby cavenant and agree, warrant,
represent, assiqn, set over and transfer to the Assignee the
items set forth herein.
Section 1. ~tems of Collateral.
As security for the full, timely and faithful repayment by
the Assignor of the Loan, and to secure the payment of all
other indebtedness or obligations of the Assignor to the
Assignee, the Assignor hereby sets over to the Assignee all of
its right, title and interest in and to all ~f the leases,
rents, issues, proceeds and profits of the Property, including,
but not limited to, all of the rents, issues, proceeds and
profits arising from any leases or sales contracts now or
hereafter held by the Assignor in connection with its ownership
af the Property.
The Assignor and the Assignee hereby acknowledge that the
i Assignee's right to collect the rents, issues, proceeds and
! profits d~scribed herein is a present, unconditional right.
The Assignee agrees, however, that it shall not egercise this
right without prior written notice to the Assignor.
Section Z. BQrrow~r's Re~resentations and Aff1rmative
~ Covenants.
P
{a) The Assignor hereby certifies to the Assignee that
; neither the Assignor nor, to the best of the Assignor's
: knowledge and the personal knowledge of the signatory hereof,
~ any previous owner has eaecuted any prior assignment or pledge
~ of the rents, issues, proceeds and profits of the Property nor
~ any prior assignment or pledge of its interest as landlord or
s vendor in any lease or sales agreement of any part of the
; Property which to this date have not been eaecuted, satisfied,
= and released of record, eacept the assignment of rents, issues,
~ proceeds and profits contained in the Mortgage.
~
~ (b) The Assignor covenants and agrees not to assign or
~ encumber further the rents, issues, proceeds and profits of the
~ Property or do any other act that would destroy or impair the
benefits to the Assignee of this Agreement.
(c) The Assignor represents and warrants that Eghibit "B"
attached hereto constitutes a list of Egisting Leases, that
none of the Eaisting Leases is in default in any respect on the
: date hereof and Assignor has no notice or knowledge of any
event or condition that with the passage of time or the giving
R of notice, or both, would constitute a default under any of the
Existing Leases.
,Y
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BOOK V~~ PAGE1C7~9
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