Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Mortgagee to Mortgagor and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely and unconditionally assigns the Leases and Rents to Mortgagee. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’x xxxxx, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Mortgagor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default or a default by Mortgagor under the Leases) to collect, but not prior to accrual, all Rents. Mortgagor xxxxxx xo collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the cost of operating and maintaining the Property and for the payment of the other Obligations before using the Rents for any other purpose.
Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders to Borrower and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor assigns the Leases and Rents to Beneficiary, for the ratable benefit of Lenders. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Grantor to Beneficiary of all of Grantor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, Grantor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default) to collect, but not prior to accrual, all Rents. Grantor agrees to collect and hold all Rents in trust for Beneficiary and to use the Rents for the payment of the cost of operating and maintaining the Property and for the payment of the other Obligations before using the Rents for any other purpose.
Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders to Borrower, the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely and unconditionally assigns the Leases and Rents to Beneficiary for the benefit of Lenders. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Beneficiary of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Mortgagor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default or a default by Mortgagor under the Leases) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Beneficiary and to use the Rents for the payment of the cost of operating and maintaining the Property and for the payment of the other Obligations before using the Rents for any other purpose.
Absolute Assignment of Leases and Rents. (a) Borrower does hereby absolutely assign and transfer unto Lender for security purposes all of the Rents, Leases and Profits now due and which may hereafter become due under or by virtue of any lease, whether written or verbal, or any agreement for the use or occupancy of the Property, it being the intention of this Deed of Trust to establish an absolute transfer and assignment of all Rents, Leases and Profits from the Property unto the Lender and, upon the occurrence and during the continuation of an Event of Default, the Borrower does hereby appoint irrevocably the Lender its true and lawful attorney in its name and stead, which appointment is coupled with an interest, to collect all of said Rents, Leases and Profits; provided, however, Lender grants the Borrower the revocable license and privilege to collect and retain such Rents, Leases and Profits except upon the occurrence and during the continuation of an Event of Default under this Deed of Trust. Upon the occurrence and during the continuation of an Event of Default, and whether before or after the institution of proceedings to sell the Property or foreclose this Deed of Trust, or during any period of redemption, and without regard to waste, adequacy of the security or solvency of the Borrower, Lender may revoke the revocable license and privilege granted Borrower hereunder to collect the Rents, Leases and Profits of the Property, and may, at its option, without notice in person or by agent, with or without taking possession of or entering the Property, with or without bringing any action or proceeding or by a receiver duly appointed, give, or require Borrower to give, notice to any or all tenants under any lease authorizing and directing the tenant to pay such Rents, Leases and Profits, to Lender, such agent, or receiver as the case may be; collect all of the Rents, Leases and Profits; enforce the payment thereof and exercise all of the rights of the landlord under any lease and all of the rights of Lender hereunder; enter upon, take possession of, manage and operate said Property, or any part thereof; cancel, enforce or modify any leases, and fix or modify Rents, and do any acts which the Lender-deems proper to protect the security hereof. At such time as Borrower cures an Event of Default, Borrower's license to collect the Rents, Leases and Profits shall automatically be reinstated. Supplementing the remedies set forth herein and after the date hereof, Lender shall have all rights and remedies...
Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders to Mortgagor and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely and unconditionally assigns the Leases and Rents to Mortgagee, for the ratable benefit of the Lenders, which, whether before or after foreclosure or during the full period of redemption, accrue and are owing for the use and occupancy of all or any part of the Property. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the “Required Expenses” (as such term is defined in that certain Absolute Assignment of Leases, Rents, Income and Profits dated of even date herewith executed by the Mortgagor, as assignor, in favor of Mortgagee, as assignee, as it may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented) before using the Rents for any other purpose.
Absolute Assignment of Leases and Rents. E. Unconditional Guaranty of Payment and Performance (Company).
Absolute Assignment of Leases and Rents. The Assignment specified in §5. (d)
Absolute Assignment of Leases and Rents. 13.1 ASSIGNMENT OF RENTS AND PROCEEDS AND LEASES In connection with the Loan, Mortgagor hereby absolutely, presently and irrevocably assigns, grants, transfers, and conveys to Lender, its successors and assigns, all of Mortgagor’s right, title, and interest in, to, and under all Leases, now or hereafter affecting all or any part of the Property or Mortgagor’s use thereof, including without limitation the right to take all Leasing Actions, together with all of Mortgagor’s right, title, and interest in and to all Rents, and the right, without taking possession of the Real Property, to collect the same as they become due and to apply such Rents and Proceeds to the Secured Obligations. It is the intent of Mortgagor and Lender to establish a present transfer and assignment of all of the Leases and the Rents to Lender.
Absolute Assignment of Leases and Rents. This Absolute Assignment of Leases And Rents (this “Assignment”) is entered into by and between TNP SRT CONSTITUTION TRAIL, LLC, a Delaware limited liability company (hereinafter called “Maker”), whose mailing address is 0000 Xxxx Xxxxxx, Xxxxx 000, Xxxxxx, Xxxxxxxxxx 00000 and AMERICAN NATIONAL INSURANCE COMPANY, a Texas insurance company (hereinafter called “Noteholder”), whose mailing address is Attn: Mortgage and Real Estate Investment Department, Xxx Xxxxx Xxxxx, Galveston, Texas 77550. FOR AND IN CONSIDERATION of the loan in the amount of $10,000,000.00 made to Maker by Noteholder as evidenced by that certain promissory note (hereinafter referred to as the “Note”) of even date in the original principal sum of $10,000,000.00, payable to the order of Noteholder and executed by Maker, which is described in and secured by a Mortgage, Security Agreement and Financing Statement (hereinafter called “Mortgage”) of even date therewith executed by Maker to Noteholder, covering the property described in Exhibit “A” attached hereto and made a part hereof, which, together with all buildings, improvements, fixtures and equipment located thereon owned by Maker, is hereinafter referred to as the “Mortgaged Property”, Maker has GRANTED, TRANSFERRED and ASSIGNED, and by these presents does GRANT, TRANSFER and ASSIGN unto Noteholder the following:
Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Mortgagee to Mortgagor, the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor irrevocably, presently, absolutely, unconditionally and not merely as additional security for the payment and performance of the indebtedness secured hereby, assigns, sells, sets over and delivers the Leases and Rents to Mortgagee. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Mortgagor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default or a default by Mortgagor under the Leases) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the cost of operating and maintaining the Property and for the payment of the other Obligations before using the Rents for any other purpose.
