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

Assignment of Leases and Rents and Profits. As additional and collateral security for the payment of the Obligations and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender all existing and future Leases, and all existing and future Rents and Profits. Borrower hereby grants to Lender the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Profits, for which purpose Borrower does hereby irrevocably make, constitute and appoint Lender its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent to the date hereof). Lender shall be without liability for any loss that may arise from a failure or inability to collect Rents and Profits, proceeds or other payments except for loss that arises solely and directly from Lender’s gross negligence or willful misconduct. However, so long as an Event of Default is not continuing under this Mortgage, Borrower shall have a license to collect and receive the Rents and Profits when due and prepayments thereof for not more than one month prior to due date thereof. During the continuance of an Event of Default, Borrower’s license shall automatically terminate without notice to Borrower and Lender may thereafter, without taking possession of the Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Borrower shall be the agent of Lender in collection of the Rents and Profits and all of the Rents and Profits so collected by Borrower shall be held in trust by Borrower for the sole and exclusive benefit of Lender and Borrower shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender to be applied by Lender as hereinafter set forth. Borrower hereby irrevocably agrees that any Tenant paying Rents and Profits as directed by Lender shall be deemed to have paid such amount in satisfaction of its obligation under such Tenant’s Lease, and each Tenant may rely on such agreement by Borrower. Neither the demand for or collection of Rents and Profits by Lender, nor the exercise of Lender’s rights as assignee of the Leases, shall constitute any assumption by Lender of any obligations under any Lease or other agreement relating thereto. Lender is obligated to account only for such Rents and Profits as are actually collected or received by Lender. Borrower irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender of an Event of Default hereunder, pay said Rents and Profits to Lender without liability to determine the actual existence of any Event of Default claimed by Lender. Borrower hereby waives any right, claim or demand which Borrower may now or hereafter have against any such payor by reason of such payment of Rents and Profits to Lender, and any such payment shall discharge such payor’s obligation to make such payment to Borrower. All Rents and Profits collected or received by Lender shall be applied against all third party out of pocket expenses of collection, including, without limitation, reasonable attorneys’ fees, against third party out of pocket costs of operation and management of the Property and against the Obligations, in whatever order or priority as to any of the items so mentioned as Lender directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender of any rights under this Section nor the application of any Rents and Profits to the Obligations shall cure or be deemed a waiver of any Default or Event of Default hereunder. The assignment of Leases and of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property.

Assignment of Leases and Rents and Profits. As additional and collateral security for the payment of the Obligations and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender all existing and future Leases, and all existing and future Rents and Profits. Borrower hereby grants to Lender the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Profits, for which purpose Borrower does hereby irrevocably make, constitute and appoint Lender its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent to the date hereof). Lender shall be without liability for any loss that may arise from a failure or inability to collect Rents and Profits, proceeds or other payments except for loss that arises solely and directly from Lender’s gross negligence or willful misconductpayments. However, so long as until the occurrence of an Event of Default is not continuing under this Mortgage, Borrower shall have a license to collect and receive the Rents and Profits when due and prepayments thereof for not more than one month prior to due date thereof. During Upon the continuance occurrence of an Event of Default, Borrower’s license shall automatically terminate without notice to Borrower and Lender may thereafter, without taking possession of the Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Borrower shall be the agent of Lender in collection of the Rents and Profits and all of the Rents and Profits so collected by Borrower shall be held in trust by Borrower for the sole and exclusive benefit of Lender and Borrower shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender to be applied by Lender as hereinafter set forth. Borrower hereby irrevocably agrees that any Tenant paying Rents and Profits as directed by Lender shall be deemed to have paid such amount in satisfaction of its obligation under such Tenant’s Lease, and each Tenant may rely on such agreement by Borrower. Neither the demand for or collection of Rents and Profits by Lender, nor the exercise of Lender’s rights as assignee of the Leases, shall constitute any assumption by Lender of any obligations under any Lease or other agreement relating thereto. Lender is obligated to account only for such Rents and Profits as are actually collected or received by Lender. Borrower irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender of an Event of Default hereunder, be required to pay said Rents and Profits to Lender without liability to determine the actual existence of any Event of Default claimed by Lender. Borrower hereby waives any right, claim or demand which Borrower may now or hereafter have against any such payor by reason of such payment of Rents and Profits to Lender, and any such payment shall discharge such payor’s obligation to make such payment to Borrower. All Rents and Profits collected or received by Lender shall be applied against all third party out of pocket expenses of collection, including, without limitation, reasonable attorneys’ fees, against third party out of pocket costs of operation and management of the Property and against the Obligations, in whatever order or priority as to any of the items so mentioned as Lender directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender of any rights under this Section nor the application of any Rents and Profits to the Obligations shall cure or be deemed a waiver of any Default or Event of Default hereunder. The assignment of Leases and of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property.

Assignment of Leases and Rents and Profits. As additional and collateral security for the payment of the Obligations and cumulative of any and all rights and remedies herein provided for, Borrower Mortgagor hereby absolutely and presently assigns to Lender Mortgagee all existing and future Leases, and all existing and future Rents and Profits. Borrower Mortgagor hereby grants to Lender Mortgagee the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Profits, for which purpose Borrower Mortgagor does hereby irrevocably make, constitute and appoint Lender Mortgagee its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Mortgagor and shall not be affected by any disability or incapacity suffered by Borrower Mortgagor subsequent to the date hereof). Lender Mortgagee shall be without liability for any loss that may arise from a failure or inability to collect Rents and Profits, proceeds or other payments except for loss that arises solely and directly from Lender’s gross negligence or willful misconductpayments. However, so long as until the occurrence of an Event of Default is not continuing under this Mortgage, Borrower Mortgagor shall have a license to collect and receive the Rents and Profits when due and prepayments thereof for not more than one month prior to due date thereof. During Upon the continuance occurrence of an Event of Default, BorrowerMortgagor’s license shall automatically terminate without notice to Borrower Mortgagor and Lender Mortgagee may thereafter, without taking possession of the Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Borrower Mortgagor shall be the agent of Lender Mortgagee in collection of the Rents and Profits and all of the Rents and Profits so collected by Borrower Mortgagor shall be held in trust by Borrower Mortgagor for the sole and exclusive benefit of Lender Mortgagee and Borrower Mortgagor shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender Mortgagee to be applied by Lender Mortgagee as hereinafter set forth. Borrower hereby irrevocably agrees that any Tenant paying Rents and Profits as directed by Lender shall be deemed to have paid such amount in satisfaction of its obligation under such Tenant’s Lease, and each Tenant may rely on such agreement by Borrower. Neither the demand for or collection of Rents and Profits by LenderMortgagee, nor the exercise of LenderMortgagee’s rights as assignee of the Leases, shall constitute any assumption by Lender Mortgagee of any obligations under any Lease or other agreement relating thereto. Lender Mortgagee is obligated to account only for such Rents and Profits as are actually collected or received by LenderMortgagee. Borrower Mortgagor irrevocably agrees and consents that the Tenants and respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of Default hereunder, pay said Rents and Profits to Lender Mortgagee without liability to determine the actual existence of any Event of Default claimed by LenderMortgagee. Borrower Mortgagor hereby waives any right, claim or demand which Borrower Mortgagor may now or hereafter have against any such Tenant or payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such Tenant’s or payor’s obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender Mortgagee shall be applied against all third party out of pocket expenses of collection, including, without limitation, reasonable attorneys’ fees, against third party out of pocket costs of operation and management of the Property and against the Obligations, in whatever order or priority as to any of the items so mentioned as Lender Mortgagee directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Mortgagee of any rights under this Section nor the application of any Rents and Profits to the Obligations shall cure or be deemed a waiver of any Default or Event of Default hereunder. The assignment of Leases and of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property.

Assignment of Leases and Rents and Profits. As additional and collateral further ------------------------------------------------ security for the payment of the Obligations and cumulative of any and all rights and remedies herein provided forindebtedness, Borrower Mortgagor does hereby absolutely and presently unconditionally sell, assign, transfer and set over unto Mortgagee and Mortgagee's successors and assigns to Lender all existing and future Leases, and all existing and future Rents and Profits. Borrower hereby grants to Lender the sole, exclusive and immediate right, without taking possession title and interest of Mortgagor in and to all leases now existing or hereafter entered into by Mortgagor and demising the whole or any portion of the Property, to demandtogether with any extensions or renewals thereof and any guarantees of any tenants' obligations thereunder, collect (by suit or otherwise)and does hereby further absolutely and unconditionally sell, receive assign, transfer and give valid set over unto Mortgagee and sufficient receipts for any Mortgagee's successors and assigns all of said Rents the rents, issues, profits, royalties, bonuses, income, receipts and Profitsrevenues of the Property (collectively, for which purpose Borrower does hereby irrevocably make, constitute and appoint Lender its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent to the date hereof"Rents"). Lender This assignment shall be without liability for any loss continue in effect until the indebtedness secured hereby is paid and/or performed; provided, however, that may arise from a failure or inability to collect Rents and Profits, proceeds or other payments except for loss that arises solely and directly from Lender’s gross negligence or willful misconduct. However, so long as until the occurrence of an Event of Default is not continuing under this Mortgage(as defined in Article II hereof), Borrower Mortgagor shall have a license be permitted to collect and receive all Rents. At any time after the Rents and Profits when due and prepayments thereof for not more than one month prior to due date thereof. During the continuance occurrence of an Event of Default, Borrower’s license shall automatically terminate without notice to Borrower and Lender Mortgagee may thereafter, without taking possession exercise any or all of the Propertyfollowing rights: (i) collect, collect in the name of Mortgagor or in Mortgagee's own name, as assignee hereunder, all Rents thereafter accruing and Profits itself becoming payable; (ii) receive from Mortgagor upon demand all original leases in Mortgagor's possession or by an agent or receivercontrol; (iii) enter the Property and assume the management and operation thereof and, in connection therewith, perform all acts which Mortgagor was able to perform including, but not limited to, the right to effect new leases, to cancel, surrender, amend and renew existing leases, and to make concessions to tenants. From and after the termination of such license, Borrower shall be the agent of Lender Mortgagor will facilitate in all reasonable ways Mortgagee's collection of the Rents and Profits and all will, upon written request by Mortgagee, execute a written notice to each tenant directing the tenant to pay Rent to Mortgagee. Without the written consent of Mortgagee, Mortgagor shall not have the Rents and Profits so collected by Borrower shall be held in trust by Borrower right to cancel, abridge or amend materially any lease or to accept prepayments of Rent for the sole and exclusive benefit a period of Lender and Borrower shall, within more than one (1) business day after receipt month in advance. Mortgagor will (i) give prompt notice to Mortgagee of any Rents notice received by Mortgagor of default by the lessor thereunder, together with a complete copy of any such notice; and Profits(ii) enforce, pay short of termination thereof, the same to Lender performance or observance of each and every term, covenant and provision of any lease to be applied performed or observed by Lender as hereinafter set forththe lessee thereunder. Borrower hereby irrevocably agrees that any Tenant paying Rents and Profits as directed by Lender shall be deemed to have paid such amount in satisfaction of its obligation under such Tenant’s Lease, and each Tenant may rely on such agreement by Borrower. Neither Upon the demand for or collection of Rents and Profits by Lender, nor the exercise of Lender’s rights as assignee of the Leases, shall constitute any assumption by Lender of any obligations under any Lease or other agreement relating thereto. Lender is obligated to account only for such Rents and Profits as are actually collected or received by Lender. Borrower irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender occurrence of an Event of Default hereunderDefault, Mortgagor will pay monthly in advance to Mortgagee or to any receiver appointed to collect said Rents Rents, the fair and Profits to Lender without liability to determine reasonable rental value for the actual existence use and occupation of any Event such part of Default claimed by Lender. Borrower hereby waives any right, claim or demand which Borrower the Property as may now or hereafter have against be in possession of Mortgagor and upon default in any such payor payment, will vacate and surrender possession of such part of the Property to Mortgagee or to such receiver. Nothing in this paragraph shall be construed to obligate Mortgagee to discharge or perform the duties of a landlord to a tenant or to impose any liability as a result of the exercise of the option to collect Rents, by virtue of a default, and it is agreed that the collection or participation therein shall be as agent only for the Mortgagor and not as a mortgagee in possession. This assignment shall not place responsibility for the control, care, management or repair of the Property upon Mortgagee or make Mortgagee responsible or liable for any negligence in the management, operation, upkeep, repair or control of same resulting in loss or damage or injury or death to any party or impose any obligation on Mortgagee to perform or discharge any obligation under any lease. Mortgagor hereby agrees to indemnify and defend Mortgagee from any and all liability, loss or damage which it may incur under any lease or by reason of such payment assignment thereof and from any claims or demands which may be asserted against it by reason of Rents and Profits any alleged obligation on its part to Lender, and any such payment shall discharge such payor’s obligation to make such payment to Borrower. All Rents and Profits collected or received by Lender shall be applied against all third party out of pocket expenses of collection, including, without limitation, reasonable attorneys’ fees, against third party out of pocket costs of operation and management of the Property and against the Obligations, in whatever order or priority as to perform any of the items so mentioned as Lender directs in its sole subjective discretion and without regard to the adequacy terms of its securitysaid lease. Neither the exercise by Lender Mortgagor warrants that there are no outstanding assignments or pledges of any rights Rents, and there are no existing defaults under this Section nor the application provisions of any Rents of the existing leases and Profits to that the Obligations shall cure tenants have no defenses, setoffs or be deemed a waiver of any Default or Event of Default hereunder. The assignment of Leases and of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to counterclaims against Mortgagor under the Propertyexisting leases.

Assignment of Leases and Rents and Profits. As additional and collateral security for the payment of the Obligations and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender all existing and future Leases, and all existing and future Rents and Profits. Borrower hereby grants to Lender the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Profits, for which purpose Borrower does hereby irrevocably make, constitute and appoint Lender its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent to the date hereof). Lender shall be without liability for any loss that may arise from a failure or inability to collect Rents and Profits, proceeds or other payments except for loss that arises solely and directly from Lender’s gross negligence or willful misconduct. However, so long as an Event of Default is not continuing under this MortgageDeed of Trust, Borrower shall have a license to collect and receive the Rents and Profits when due and prepayments thereof for not more than one month prior to due date thereof. During the continuance of an Event of Default, Borrower’s license shall automatically terminate without notice to Borrower and Lender may thereafter, without taking possession of the Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Borrower shall be the agent of Lender in collection of the Rents and Profits and all of the Rents and Profits so collected by Borrower shall be held in trust by Borrower for the sole and exclusive benefit of Lender and Borrower shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender to be applied by Lender as hereinafter set forth. Borrower hereby irrevocably agrees that any Tenant paying Rents and Profits as directed by Lender shall be deemed to have paid such amount in satisfaction of its obligation under such Tenant’s Lease, and each Tenant may rely on such agreement by Borrower. Neither the demand for or collection of Rents and Profits by Lender, nor the exercise of Lender’s rights as assignee of the Leases, shall constitute any assumption by Lender of any obligations under any Lease or other agreement relating thereto. Lender is obligated to account only for such Rents and Profits as are actually collected or received by Lender. Borrower irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender of an Event of Default hereunder, pay said Rents and Profits to Lender without liability to determine the actual existence of any Event of Default claimed by Lender. Borrower hereby waives any right, claim or demand which Borrower may now or hereafter have against any such payor by reason of such payment of Rents and Profits to Lender, and any such payment shall discharge such payor’s obligation to make such payment to Borrower. All Rents and Profits collected or received by Lender shall be applied against all third party out of pocket expenses of collection, including, without limitation, reasonable attorneys’ fees, against third party out of pocket costs of operation and management of the Property and against the Obligations, in whatever order or priority as to any of the items so mentioned as Lender directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender of any rights under this Section nor the application of any Rents and Profits to the Obligations shall cure or be deemed a waiver of any Default or Event of Default hereunder. The assignment of Leases and of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property.