Common use of Absolute Assignment of Leases and Rents Clause in Contracts

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 under California Civil Code Section 2938. Any Rents, Leases and Profits collected shall be applied to the costs and expenses of operation, management and collection, including attorneys' fees, to the payment of the fees and expenses of any agent or receiver so acting, to the costs incurred by the Lender, including attorneys' fees, to the payment of taxes, assessments, insurance premiums and expenditures for the management, repair and upkeep of the Property, to the performance of landlord's obligations under any leases and to the Indebtedness all in such order as the Lender may require. To the extent permitted by law, Borrower waives any right to require Lender to utilize Rents, Leases and Profits for purposes other than as provided under the Loan Documents, including without limitation any rights of Borrower under California Civil Code Section 2938(g). All Rents, Leases and Profits received by Borrower after Lender has exercised any of its rights under this assignment (and after Lender has revoked the above license) shall be held by Borrower in trust for Lender and shall be delivered to Lender immediately without demand. The entering upon and taking possession of the Property, the collection of such Rents, Leases and Profits and the application thereof as aforesaid shall not cure or waive any defaults under this Deed of Trust or affect any notice of default or invalidate any act done pursuant to such notice nor in any way operate to prevent the Lender from pursuing any other remedy which it may now or hereafter have under the terms of this Deed of Trust or any other security given for the Indebtedness nor shall it in any way be deemed to constitute the Lender to be a "mortgagee-in-possession." Each lease of the Property hereinafter entered into shall at Lender's option be filed for record in the local recording office of the county where the Property is located. Also, to the extent required by the Lender, each tenant shall execute an estoppel certificate and acknowledge receipt of a notice of the assignment of its lease, all reasonably satisfactory in form and content to the Lender.

Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lxxxxxx to Grantor and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor absolutely and unconditionally assigns the Leases and Rents to Beneficiary (aas agent for Lenders). This assignment is, and is intended to be, an unconditional, absolute and present assignment from Grantor to Beneficiary (as agent for Lxxxxxx) Borrower does hereby absolutely assign and transfer unto Lender for security purposes of all of Grantor’s right, title and interest in and to the Rents, Leases and Profits now due the Rents and which may hereafter become due under not an assignment in the nature of a pledge of the Leases and Rents or by virtue the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Grantor is not in default in the performance of any leaseobligation, whether written covenant or verbalagreement contained in the Leases, 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 Grantor shall have a license (which license shall terminate automatically and assignment of all Rents, Leases and Profits from the Property unto the Lender and, without notice 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 or a default by Grantor under this Deed of Trustthe Leases) to collect, but not prior to accrual, all Rents. 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 Gxxxxxx agrees to collect and hold all Rents in trust for Beneficiary (as agent for Lenders) and to use 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 under California Civil Code Section 2938. Any Rents, Leases and Profits collected shall be applied to the costs and expenses of operation, management and collection, including attorneys' fees, to Rents for the payment of the fees cost of operating and expenses of any agent or receiver so acting, to maintaining the costs incurred by the Lender, including attorneys' fees, to Property and for the payment of taxes, assessments, insurance premiums the other Obligations before using the Rents for any other purpose. Beneficiary does not assume and expenditures shall not be liable for any obligation of the lessor under any of the Leases and all such obligations shall continue to rest upon Grantor as though this assignment had not been made. Beneficiary shall not be liable for the management, repair failure or inability to collect any Rents. Neither this assignment of Rents and upkeep Leases nor the exercise by Beneficiary of the Property, to the performance of landlord's obligations under any leases and to the Indebtedness all in such order as the Lender may require. To the extent permitted by law, Borrower waives any right to require Lender to utilize Rents, Leases and Profits for purposes other than as provided under the Loan Documents, including without limitation any rights of Borrower under California Civil Code Section 2938(g). All Rents, Leases and Profits received by Borrower after Lender has exercised any of its rights under this assignment (and after Lender has revoked the above license) shall be held by Borrower or remedies thereunder or in trust for Lender and shall be delivered connection therewith, prior to Lender immediately without demand. The entering upon and taking Beneficiary obtaining actual possession of the Property, the collection of such Rents, Leases and Profits and the application thereof as aforesaid shall not cure constitute Beneficiary a “mortgagee in possession” or waive any defaults under this Deed of Trust otherwise make Beneficiary responsible or affect any notice of default or invalidate any act done pursuant to such notice nor liable in any way operate manner with respect to prevent the Lender from pursuing any other remedy which it may now or hereafter have under the terms of this Deed of Trust or any other security given for the Indebtedness nor shall it in any way be deemed to constitute the Lender to be a "mortgagee-in-possession." Each lease of the Property hereinafter entered into shall at Lender's option be filed for record in or the local recording office of the county where the Property is located. Alsooccupancy, to the extent required by the Lender, each tenant shall execute an estoppel certificate and acknowledge receipt of a notice of the assignment of its lease, all reasonably satisfactory in form and content to the Lenderoperation or use thereof.

Absolute Assignment of Leases and Rents. (a) Borrower does 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, Mortgagor absolutely assign and transfer unto Lender unconditionally assigns the Leases and Rents to Mortgagee, for security purposes the ratable benefit of Lenders. 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 Rents, Leases and Profits now due the Rents and which may hereafter become due under or by virtue not an assignment in the nature of any lease, whether written or verbal, or any agreement for the use or occupancy a pledge 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 Rents or the Property unto the Lender andmere 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 and during the continuation of an Event of Default) to collect, the Borrower does hereby appoint irrevocably the Lender its true and lawful attorney in its name and steadbut not prior to accrual, 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 . Mortgagor agrees to collect and retain such Rents, 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. The assignments of Leases and Profits except upon the occurrence and during the continuation of an Event of Default under Rents contained in 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 Mortgage are intended 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, provide Mortgagee 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 and remedies of mortgagees pursuant to Section 697.07 of the landlord under any lease and all of the rights of Lender hereunder; enter uponFlorida Statutes (hereinafter “Section 697.07”), take possession ofas may be amended from time to time. However, manage and operate said Propertyin no event shall this reference diminish, alter, impair, or affect 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 other rights and remedies under California Civil Code of Mortgagee, including but not limited to, the appointment of a receiver, nor shall any provision in this Section 2938diminish, alter, impair or affect any rights or powers of the receiver in law or equity or as set forth herein. Any RentsIn addition, Leases and Profits collected this assignment shall be applied fully operative without regard to value of the Property or without regard to the costs and expenses of operation, management and collection, including attorneys' fees, to the payment adequacy of the fees and expenses of any agent or receiver so acting, Property to the costs incurred by the Lender, including attorneys' fees, to the payment of taxes, assessments, insurance premiums and expenditures serve as security for the managementobligations owed by Mortgagor to Mortgagee, repair and upkeep of the Property, to the performance of landlord's obligations under any leases and to the Indebtedness all in such order as the Lender may require. To the extent permitted by law, Borrower waives any right to require Lender to utilize Rents, Leases and Profits for purposes other than as provided under the Loan Documents, including without limitation any rights of Borrower under California Civil Code Section 2938(g). All Rents, Leases and Profits received by Borrower after Lender has exercised any of its rights under this assignment (and after Lender has revoked the above license) shall be held by Borrower in trust for Lender and shall be delivered in addition to Lender immediately without demandany rights arising under Section 697.07. The entering upon and taking possession of Further, except for the Propertynotices required hereunder, the collection of such Rentsif any, Leases and Profits and the application thereof as aforesaid shall not cure or waive any defaults under this Deed of Trust or affect Mortgagor waives any notice of default or invalidate any act done pursuant to such notice nor in any way operate to prevent the Lender from pursuing any other remedy which it may now or hereafter have under the terms demand for turnover of this Deed of Trust or any other security given for the Indebtedness nor shall it in any way be deemed to constitute the Lender to be a "mortgagee-in-possession." Each lease of the Property hereinafter entered into shall at Lender's option be filed for record in the local recording office of the county where the Property is located. Also, rents by Mortgagee to the extent required permitted by applicable law, together with any rights under Section 697.07 to apply to a court to deposit the Lender, each tenant shall execute an estoppel certificate and acknowledge receipt of a notice Rents into the registry of the assignment of its lease, all reasonably satisfactory in form and content to court or such other depository as the Lendercourt may designate.