Common use of Assignment of Leases and Rents; Appointment of Receiver; Lender in Possession Clause in Contracts

Assignment of Leases and Rents; Appointment of Receiver; Lender in Possession. As part of the consideration for the indebtedness evidenced by the Note, Borrower, under the provisions of paragraph 23 of the Instrument absolutely and unconditionally assign and transfer to Lender the leases and all the rents and revenues of the Property. Borrower hereby covenants that Borrower has not executed any prior assignment of said leases or rents, that Borrower has not performed, and will not perform, any acts or has not executed, and will not execute, any instrument which would prevent Lender from exercising its rights under this paragraph 20, and that at the time of execution of this Agreement there has been no anticipation or prepayment of any of the rents of the Property for more than one (1) month prior to the due dates of such rents. Borrower covenants that Borrower will not hereafter collect or accept payment of any rents of the Property more than one (1) month prior to the due dates of such rents. Borrower further covenants that Borrower will execute and deliver to Lender such further assignments of rents and revenues of the Property as Lender may from time to time request. Upon Borrower’s Default hereunder, under the Instrument or under the Loan Documents, Lender shall be entitled to the appointment of a receiver for the Property and Lender may in person, by agent or by a court-appointed receiver, regardless of the adequacy of Lender’s security, enter upon and take and maintain full control of the Property in order to perform all acts necessary and appropriate for the operation and maintenance thereof including, but not limited to, the execution, cancellation or modification of leases, the collection of all rents and revenues of the Property, the making of repairs to the Property and the execution or termination of contracts providing for the management or maintenance of the Property, all on such terms as are deemed best to protect the security of the Instrument. In the event Lender elects to seek the appointment of a receiver for the Property upon Borrower’s breach of any covenant or agreement of Borrower in the Loan Documents, Borrower hereby expressly, consents to the appointment of such receiver. Lender or the receiver shall be entitled to receive a reasonable fee for so managing the Property. All rents and revenues collected subsequent to the Default by Borrower under the Loan Documents shall be applied first to the costs, if any, of taking control of and managing the Property and collecting the rents, including, but not limited to, attorneys’ fees, receiver’s fees, premiums on receiver’s bonds, costs of repairs to the Property, premiums on insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation or liability of Borrower as lessor or landlord of the Property and then to the sums secured by the Instrument. Lender or the receiver shall have access to the books and records used in the operation and maintenance of the Property and shall be liable to account only for those rents actually received. Lender shall not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Property by reason of anything done or left undone by Lender under this paragraph 20. If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and managing the Property and collecting the rents, any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Instrument pursuant to paragraph 8 hereof and paragraph 8 of the Instrument. Unless Lender and Borrower agree in writing to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof and shall bear interest from the date of disbursement at the rate stated in the Note which applies in the event of Default unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Borrower under applicable law. Any entering upon and taking and maintaining of control of the Property by Lender or the receiver and any application of rents as provided herein shall not cure or waive any Default hereunder or invalidate any other right or remedy of Lender under applicable law or provided herein. This assignment of rents of the Property shall terminate at such time as the indebtedness and obligations secured by this Instrument have been paid and performed in a complete and irrevocable manner.

Assignment of Leases and Rents; Appointment of Receiver; Lender in Possession. As part of the consideration for the indebtedness evidenced by the Note, Borrower, under the provisions of paragraph 23 of the Instrument absolutely and unconditionally assign and transfer to Lender the leases and all the rents and revenues of the Property. Borrower hereby covenants that Borrower has not executed any prior assignment of said leases or rents, that Borrower has not performed, and will not perform, any acts or has not executed, and will not execute, any instrument which would prevent Lender from exercising its rights under this paragraph 20, and that at the time of execution of this Agreement there has been no anticipation or prepayment of any of the rents of the Property for more than one (1) month prior to the due dates of such rents. Borrower covenants that Borrower will not hereafter collect or accept payment of any rents of the Property more than one (1) month prior to the due dates of such rents. Borrower further covenants that Borrower will execute and deliver to Lender such further assignments of rents and revenues of the Property as Lender may from time to time request. Upon Borrower’s 's Default hereunder, under the Instrument or under the Loan Documents, Lender shall be entitled to the appointment of a receiver for the Property and Lender may in person, by agent or by a court-appointed receiver, regardless of the adequacy of Lender’s 's security, enter upon and take and maintain full control of the Property in order to perform all acts necessary and appropriate for the operation and maintenance thereof including, but not limited to, the execution, cancellation or modification of leases, the collection of all rents and revenues of the Property, the making of repairs to the Property and the execution or termination of contracts providing for the management or maintenance of the Property, all on such terms as are deemed best to protect the security of the Instrument. In the event Lender elects to seek the appointment of a receiver for the Property upon Borrower’s breach of any covenant or agreement of Borrower in the Loan Documents's Default, Borrower hereby expressly, expressly consents to the appointment of such receiver. Lender or the receiver shall be entitled to receive a reasonable fee for so managing the Property. All rents and revenues collected as a lessor subsequent to the Default by Borrower under the Loan Documents shall be applied first to the costs, if any, of taking control of and managing the Property and collecting the rents, including, but not limited to, attorneys’ ' fees, receiver’s 's fees, premiums on receiver’s 's bonds, costs of repairs to the Property, premiums on insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation or liability of Borrower as lessor or landlord of the Property and then to the sums secured by the Instrument. Lender or the receiver shall have access to the books and records used in the operation and maintenance of the Property and shall be liable to account only for those rents actually received. Lender shall not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Property by reason of anything done or left undone by Lender under this paragraph 20. If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and managing the Property and collecting the rents, any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Instrument pursuant to paragraph 8 hereof and paragraph 8 of the Instrument. Unless Lender and Borrower agree in writing to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof and shall bear interest from the date of disbursement at the rate stated in the Note which applies in the event of Default unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Borrower under applicable law. Any entering upon and taking and maintaining of control of the Property by Lender or the receiver and any application of rents as provided herein shall not cure or waive any Default hereunder or invalidate any other right or remedy of Lender under applicable law or provided herein. This assignment of rents of the Property shall terminate at such time as the indebtedness and obligations secured by this Instrument have been paid and performed in a complete and irrevocable manner.

Assignment of Leases and Rents; Appointment of Receiver; Lender in Possession. As part of the consideration for the indebtedness evidenced by the NoteIndebtedness, Borrower, under the provisions of paragraph 23 of the Instrument Borrower absolutely and unconditionally assign assigns and transfer transfers to Lender all Leases and Rents. It is the leases intention of Borrower to establish present, absolute and irrevocable transfers and assignments to Lender of all Leases and Rents and to authorize and empower Lender to collect and receive all Rents without the rents necessity of further action on the part of Borrower. Borrower and revenues Xxxxxx intend the assignments of Leases and Rents to be effective immediately and to constitute absolute present assignments, and not assignments for additional security only. Only for purposes of giving effect to these absolute assignments of Leases and Rents, and for no other purpose, the Leases and Rents shall not be deemed to be a part of the Mortgaged Property. Borrower hereby covenants that Borrower has However, if these present, absolute and unconditional assignments of Leases and Rents are not executed any prior assignment of said leases or rents, that Borrower has not performed, and will not perform, any acts or has not executed, and will not execute, any instrument which would prevent Lender from exercising its rights enforceable by their terms under this paragraph 20, and that at the time of execution of this Agreement there has been no anticipation or prepayment of any of the rents laws of the Property for more than one (1) month prior Jurisdiction, then each of the Leases and Rents shall be included as part of the Mortgaged Property, and it is the intention of Borrower, in such circumstance, that this Security Instrument create and perfect a lien on each of the Leases and Rents in favor of Lender, which liens shall be effective as of the date of this Security Instrument. Until an Event of Default has occurred and is continuing, but subject to the due dates of such rents. limitations set forth in the Loan Documents, Borrower covenants that shall have a revocable license to exercise all rights, power and authority granted to Borrower will not hereafter collect or accept payment under the Leases (including the right, power and authority to modify the terms of any rents Lease, extend or terminate any Lease, or enter into new Leases, subject to the limitations set forth in the Loan Documents), and to collect and receive all Rents, to hold all Rents in trust for the benefit of Lender, and to apply all Rents to pay the Monthly Debt Service Payments and the other amounts then due and payable under the other Loan Documents, including Imposition Deposits, and to pay the current costs and expenses of managing, operating and maintaining the Mortgaged Property, including utilities and Impositions (to the extent not included in Imposition Deposits), tenant improvements and other capital expenditures. So long as no Event of Default has occurred and is continuing (and no event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing), the Rents remaining after application pursuant to the preceding sentence may be retained and distributed by Borrower free and clear of, and released from, Xxxxxx’s rights with respect to Rents under this Security Instrument. If an Event of Default has occurred and is continuing, without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly, by a receiver, or by any other manner or proceeding permitted by the laws of the Property more than one Jurisdiction, the revocable license granted to Borrower pursuant to Section 3(e) shall automatically terminate, and Lender shall immediately have all rights, powers and authority granted to Borrower under any Lease (1including the right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease) month prior to the due dates of such rents. Borrower further covenants that Borrower will execute and deliver to Lender such further assignments of rents and revenues of the Property as Lender may from time to time request. Upon Borrower’s Default hereunderand, under the Instrument or under the Loan Documentswithout notice, Lender shall be entitled to all Rents as they become due and payable, including Rents then due and unpaid. During the appointment continuance of a receiver an Event of Default, Borrower authorizes Xxxxxx to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to pay all Rents to, or as directed by, Xxxxxx, and Borrower shall, upon Xxxxxxxx’s receipt of any Rents from any sources, pay the total amount of such receipts to Lender. Although the foregoing rights of Lender are self-effecting, at any time during the continuance of an Event of Default, Lender may make demand for all Rents, and Lender may give, and Borrower hereby irrevocably authorizes Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents to Lender. No tenant shall be obligated to inquire further as to the occurrence or continuance of an Event of Default, and no tenant shall be obligated to pay to Borrower any amounts that are actually paid to Lender in personresponse to such a notice. Any such notice by Xxxxxx shall be delivered to each tenant personally, by agent mail or by a court-appointed receiverdelivering such demand to each rental unit. If an Event of Default has occurred and is continuing, Lender may, regardless of the adequacy of Lender’s securitysecurity or the solvency of Borrower, and even in the absence of waste, enter upon and upon, take and maintain full control of the Property Mortgaged Property, and may exclude Borrower and its agents and employees therefrom, in order to perform all acts that Lender, in its discretion, determines to be necessary and appropriate or desirable for the operation and maintenance thereof includingof the Mortgaged Property, but not limited to, including the execution, cancellation or modification of leasesLeases, the collection of all rents and revenues Rents (including through use of the Propertya lockbox, at Lender’s election), the making of repairs to the Mortgaged Property and the execution or termination of contracts providing for the management management, operation or maintenance of the Mortgaged Property, all on such terms as are deemed best to protect for the purposes of enforcing this assignment of Rents, protecting the Mortgaged Property or the security of this Security Instrument and the InstrumentMortgage Loan, or for such other purposes as Lender in its discretion may deem necessary or desirable. In Notwithstanding any other right provided Lender under this Security Instrument or any other Loan Document, if an Event of Default has occurred and is continuing, and regardless of the event adequacy of Lender’s security or Borrower’s solvency, and without the necessity of giving prior notice (oral or written) to Borrower, Lender may apply to any court having jurisdiction for the appointment of a receiver for the Mortgaged Property to take any or all of the actions set forth in Section 3. If Lender elects to seek the appointment of a receiver for the Mortgaged Property upon at any time after an Event of Default has occurred and is continuing, Borrower’s breach , by its execution of any covenant or agreement of Borrower in the Loan Documentsthis Security Instrument, Borrower hereby expressly, expressly consents to the appointment of such receiver, including the appointment of a receiver ex parte, if permitted by applicable law. Borrower consents to shortened time consideration of a motion to appoint a receiver. Lender or the receiver receiver, as applicable, shall be entitled to receive a reasonable fee for so managing the Mortgaged Property and such fee shall become an additional part of the Indebtedness. Immediately upon appointment of a receiver or Xxxxxx’s entry upon and taking possession and control of the Mortgaged Property. All rents , possession of the Mortgaged Property and revenues collected subsequent all documents, records (including records on electronic or magnetic media), accounts, surveys, plans, and specifications relating to the Default by Borrower under the Loan Documents shall be applied first to the costs, if any, of taking control of and managing the Property and collecting the rents, including, but not limited to, attorneys’ fees, receiver’s fees, premiums on receiver’s bonds, costs of repairs to the Property, premiums on insurance policies, taxes, assessments and other charges on the Mortgaged Property, and the costs of discharging any obligation or liability of Borrower as lessor or landlord of the Property all security deposits and then prepaid Rents, shall be surrendered to the sums secured by the Instrument. Lender or the receiver, as applicable. If Lender or receiver shall have access to the books takes possession and records used in the operation and maintenance control of the Mortgaged Property, Lender or receiver may exclude Borrower and its representatives from the Mortgaged Property. The acceptance by Xxxxxx of the assignments of the Leases and Rents pursuant to this Section 3 shall not at any time or in any event obligate Lender to take any action under any Loan Document or to expend any money or to incur any expense. Lender shall not be liable in any way for any injury or damage to person or property sustained by any Person in, on or about the Mortgaged Property. Prior to Lender’s actual entry upon and taking possession and control of the Land and Improvements, Lender shall not be: obligated to perform any of the terms, covenants and conditions contained in any Lease (or otherwise have any obligation with respect to any Lease); obligated to appear in or defend any action or proceeding relating to any Lease or the Mortgaged Property; or responsible for the operation, control, care, management or repair of the Mortgaged Property or any portion of the Mortgaged Property. The execution of this Security Instrument shall constitute conclusive evidence that all responsibility for the operation, control, care, management and repair of the Mortgaged Property is and shall be that of Borrower, prior to such actual entry and taking possession and control by Lender of the Land and Improvements. Lender shall be liable to account only to Borrower and only for those rents Rents actually receivedreceived by Xxxxxx. Lender shall not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property by reason of anything done any act or left undone by omission of Lender under this paragraph 20Section 3, and Borrower hereby releases and discharges Lender from any such liability to the fullest extent permitted by law, provided that Lender shall not be released from liability that occurs as a result of Xxxxxx’s gross negligence or willful misconduct as determined by a court of competent jurisdiction pursuant to a final, non-appealable court order. If the rents of the Property Rents are not sufficient to meet the costs, if any, costs of taking control of and managing the Mortgaged Property and collecting the rentsRents, any funds expended by Lender for such purposes shall be added to, and become indebtedness of Borrower to Lender secured by a part of, the Instrument pursuant to paragraph 8 hereof and paragraph 8 principal balance of the Instrument. Unless Lender Indebtedness, be immediately due and Borrower agree in writing to other terms of paymentpayable, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof and shall bear interest at the Default Rate from the date of disbursement at the rate stated in the Note which applies in the event of Default unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Borrower under applicable lawuntil fully paid. Any entering upon and taking and maintaining of control of the Mortgaged Property by Lender or the receiver receiver, and any application of rents Rents as provided herein in this Security Instrument, shall not cure or waive any Event of Default hereunder or invalidate any other right or remedy of Lender under applicable law or provided herein. This assignment of rents of the Property shall terminate at such time as the indebtedness and obligations secured by for in this Security Instrument have been paid and performed in a complete and irrevocable manneror any Loan Document.