Common use of Assignment of Leases and Rents Clause in Contracts

Assignment of Leases and Rents. The Assignment of Leases related to and delivered in connection with each Mortgage Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority lien and first priority security interest in the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been executed and delivered in favor of the Trustee and is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The There exists, to be included in the related Mortgage File as otherwise contemplated by this Agreement, an Assignment of Leases Leases, either as a separate instrument or as part of the Mortgage, related to and delivered in connection with each Mortgage Loan that establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph Paragraph 13 below, enforceable assignment of or first priority lien on and first priority security interest in in, subject to applicable law, the property, rights and interests of the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, Borrower described therein; and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and is in recordable form (but for insertion of the name of the assignee and any related recording information which is not yet available to the Mortgage Loan Seller), and constitutes a legal, valid and valid, binding assignmentand, sufficient to convey subject to the assignee named therein all exceptions set forth in Paragraph 13 below, enforceable assignment of the assignor's right, title and interest in, to and under such Assignment of LeasesLeases from the relevant assignor to the Trustee. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The There exists, to be included in the related Mortgage File as otherwise contemplated by this Agreement, an Assignment of Leases Leases, either as a separate instrument or as part of the Mortgage, related to and delivered in connection with each Mortgage Loan that establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph Paragraph 13 below, enforceable assignment of or first priority lien on and first priority security interest in in, subject to applicable law, the property, rights and interests of the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, Borrower described therein; and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and is in recordable form (but for insertion of the name of the assignee and any related recording information which is not yet available to the Mortgage Loan Seller). Such assignment of Assignment of Leases (if any) constitutes a legal, valid and valid, binding assignmentand, sufficient to convey subject to the assignee named therein all exceptions set forth in Paragraph 13 below, enforceable assignment of the assignor's right, title and interest in, to and under such Assignment of LeasesLeases from the relevant assignor to the Trustee. If an The Assignment of Leases exists with respect to any Mortgage Loan (whether as a separate instrument or as part of the related Mortgage or separatelyMortgage), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The Assignment of Leases related to and delivered in connection with each Mortgage Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority lien and first priority security interest in the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been executed and delivered in favor of the Trustee and is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment ; provided, if the related Mortgage has been recorded in the name of Leases exists with respect MERS or its designee, no such assignment in favor of the Trustee shall be required but instead Seller has agreed to any Mortgage Loan (whether take all actions as a part are necessary to cause the Trustee to be shown as the owner of the related Mortgage or separately), then on the related Mortgage or related Assignment record of Leases, subject to applicable law, provides for, upon an event MERS for purposes of default under the Mortgage Loan, the appointment system of a receiver for the collection recording transfers of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgageebeneficial ownership of mortgages maintained by MERS.

Assignment of Leases and Rents. The Assignment of Leases related to and delivered in connection with each Mortgage Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 belowbelow and any Permitted Encumbrances, enforceable first priority lien and first priority security interest in the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been executed and delivered in favor of the Trustee and is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The There exists, to be included in the related Mortgage File as otherwise contemplated by this Agreement, an Assignment of Leases Leases, either as a separate instrument or as part of the Mortgage, related to and delivered in connection with each Mortgage Loan that establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph Paragraph 13 below, enforceable assignment of or first priority lien on and first priority security interest in in, subject to applicable law, the property, rights and interests of the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, Mortgagor described therein; and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and is in recordable form (but for insertion of the name of the assignee and any related recording information which is not yet available to the Seller). Such assignment of Assignment of Leases (if any) constitutes a legal, valid and valid, binding assignmentand, sufficient to convey subject to the assignee named therein all exceptions set forth in Paragraph 13 below, enforceable assignment of the assignor's right, title and interest in, to and under such Assignment of LeasesLeases from the relevant assignor to the Trustee. If an The Assignment of Leases exists with respect to any Mortgage Loan (whether as a separate instrument or as part of the related Mortgage or separatelyMortgage), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The Assignment of Leases Leases, if any, related to and delivered in connection with each Mortgage Loan establishes and creates a valid, subsisting and, subject to the limitations and exceptions set forth in paragraph Paragraph 13 below, enforceable first priority lien on and first priority security interest in in, subject to applicable law, the property, rights and interests of the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property Borrower described therein and subject to the related Mortgage, exceptions set forth in Paragraph 4; and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and is in recordable form (but for insertion of the name of the assignee and any related recording information which is not yet available to the Seller), and constitutes a legal, valid and valid, binding assignmentand, sufficient to convey subject to the assignee named therein all limitations and exceptions set forth in Paragraph 13 below, enforceable assignment of the assignor's right, title and interest in, to and under such Assignment of LeasesLeases from the relevant assignor to the Trustee. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, for the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgageeif there is an Event of Default.

Assignment of Leases and Rents. The Assignment of Leases related to and delivered in connection with each Mortgage Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 belowbelow and any Permitted Encumbrances, enforceable first priority lien and first priority security interest in the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been executed and delivered in favor of the Trustee and is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The Any assignment of leases, rents and profits or similar document or instrument executed by the related Mortgagor in connection with the origination of the related Loan, as such document may be amended, modified, renewed or extended from time to time (the “Assignment of Leases related to and Rents”) was duly executed, acknowledged and delivered in connection with each Mortgage Loan and establishes and creates a valid, subsisting valid and, subject to the exceptions set forth in paragraph 13 belowclause (k) herein, enforceable first priority collateral assignment of, or lien and first priority security interest in on, the related Mortgagor's ’s interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, subject to legal limitations of general applicability to commercial mortgage loans similar to the Loans, and the Mortgagor and each assignor thereunder has of such Assignment of Leases and Rents to the related Trust have the full right to assign the same. Each Loan contains an Assignment of Leases and Rents, and such Assignment of Leases and Rents is included either in the related Mortgage or in a related separate assignment document, and has been assigned to the applicable Trust. The related assignment of any Assignment of Leases and Rents not included in a the related Mortgage has been executed and delivered to the Custodian in favor of the Trustee and blank, is otherwise in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein (assuming that the assignee has the capacity to acquire such Assignment of Leases and Rents) all of the assignor's ’s right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgageeand Rents.

Assignment of Leases and Rents. The assignment of leases and rents (“Assignment of Leases Leases”) set forth in the Mortgage (or in a separate instrument) and related to and delivered in connection with each Mortgage Purchased Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority perfected lien and together with the Mortgage, first priority perfected security interest in the related Mortgagor's ’s interest in all leases, sub-leasessubleases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases Leases, not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and Buyer is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's ’s right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The assignment of leases and rents ("Assignment of Leases Leases") set forth in the Mortgage (or in a separate instrument) and related to and delivered in connection with each Mortgage Loan Purchased Asset establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority perfected lien and together with the Mortgage, first priority perfected security interest in the related Mortgagor's interest in all leases, sub-leasessubleases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases Leases, not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and Buyer is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The assignment of leases and rents (“Assignment of Leases Leases”) set forth in the Mortgage (or in a separate instrument) and related to and delivered in connection with each Mortgage Loan Underlying Asset establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority perfected lien and first priority perfected security interest in the related Mortgagor's ’s interest in all leases, sub-leasessubleases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases Leases, not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and Buyer is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's ’s right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The Assignment of Leases related to and delivered in connection with each Mortgage Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority lien and first priority security interest in the related MortgagorBorrower's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been executed and delivered in favor of the Trustee and is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee lender to enter into possession to collect the rents or for rents to be paid directly to the mortgageelender.

Assignment of Leases and Rents. The assignment of leases and rents (“Assignment of Leases Leases”) set forth in the Mortgage (or in a separate instrument) and related to and delivered in connection with each Mortgage Loan Purchased Asset establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority perfected lien and together with the Mortgage, first priority perfected security interest in the related Mortgagor's ’s interest in all leases, sub-leasessubleases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases Leases, not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and Buyer is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's ’s right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The assignment of leases and rents ("Assignment of Leases Leases") set forth in the Mortgage (or in a separate instrument) and related to and delivered in connection with each Mortgage Purchased Loan establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority perfected lien and together with the Mortgage, first priority perfected security interest in the related Mortgagor's interest in all leases, sub-leasessubleases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases Leases, not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and Buyer is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor's right, title and interest in, to and under such Assignment of Leases. If an Assignment of Leases exists with respect to any Mortgage Loan (whether as a part of the related Mortgage or separately), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases and Rents. The There exists, to be included in the related Mortgage File as otherwise contemplated by the mortgage loan purchase agreement, an Assignment of Leases Leases, either as a separate instrument or as part of the Mortgage, related to and delivered in connection with each Mortgage Loan that establishes and creates a valid, subsisting and, subject to the exceptions set forth in paragraph Paragraph 13 below, enforceable assignment of or first priority lien on and first priority security interest in in, subject to applicable law, the property, rights and interests of the related Mortgagor's interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, Borrower described therein; and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases not included in a Mortgage has been Mortgage, executed and delivered in favor of the Trustee and trustee is in recordable form (but for insertion of the name of the assignee and any related recording information which is not yet available to the mortgage loan seller). Such assignment of Assignment of Leases (if any) constitutes a legal, valid and valid, binding assignmentand, sufficient to convey subject to the assignee named therein all exceptions set forth in Paragraph 13 below, enforceable assignment of the assignor's right, title and interest in, to and under such Assignment of LeasesLeases from the relevant assignor to the trustee. If an The Assignment of Leases exists with respect to any Mortgage Loan (whether as a separate instrument or as part of the related Mortgage or separatelyMortgage), then the related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.