Common use of Rent Assignment Clause in Contracts

Rent Assignment. That the income, rents and profits and rental value of the Mortgaged Property and any and all present or future leases and rental and occupancy agreements are hereby pledged and assigned to Lender as additional security for the payment of the Indebtedness; provided, however, until a default or defaults in any of the terms, covenants and conditions of this Mortgage or of the Notes or any of the Loan Documents, Borrower shall be suffered and permitted to use and enjoy the Mortgaged Property and to receive when due, but not more than one (1) month in advance except upon written approval of Lender, the income, rents and profits and rental value thereof. In the event and during the continuance of any default or defaults, Lender, at its option and without notice, shall have full power and authority to do and perform any one or more of the following, to-wit: (a) To take possession of the Mortgaged Property and to operate and maintain the same with full power and authority to lease the whole or any part thereof and to collect the income, rents and profits therefrom; (b) To institute and carry on all actions and proceedings deemed necessary for the recovery of possession or the protection of all or any portion of the Mortgaged Property, and to institute and prosecute all actions and proceedings for the collection of income, rents and rental value then due and unpaid and thereafter to become due; (c) To make repairs, improvements, alterations or additions deemed necessary; (d) To pay the costs and expenses (including, to the extent now or hereafter not prohibited by law, attorneys' fees if one be employed), of any or all of the foregoing out of the income, rents and profits received, and to apply the balance toward the cost of discharging the obligations imposed upon Borrower by this Mortgage and the Indebtedness; and (e) Lender shall in addition be entitled to have a receiver appointed by a court of proper jurisdiction to perform any and all of the foregoing functions. The foregoing powers and authorities shall be operative whether or not foreclosure proceedings have been initiated and shall remain in effect after sale and during redemption periods, if any. Upon or after default or defaults in any of the terms, covenants or conditions of this Mortgage, or the Notes or any other Loan Documents, Lender, in addition to the foregoing, at its option and without notice, shall have full right, power and authority to enter upon the Mortgaged Property and to collect the income, rents and profits hereby assigned with or without taking actual possession of the Mortgaged Property or any equivalent action.

Rent Assignment. That the income, rents and profits and rental value of the Mortgaged Property and any and all present or future leases and rental and occupancy agreements are hereby pledged and assigned to Lender Mortgagee as additional security for the payment of the Indebtednessindebtedness secured hereby; provided, however, until a default or defaults an Event of Default (as defined in any of the termsCredit Agreement), covenants and conditions of this Mortgage or of the Notes or any of the Loan Documents, Borrower Mortgagor shall be suffered and permitted to use and enjoy the Mortgaged Property and to receive when due, but not more than one (1) month in advance advance, except upon written approval of LenderMortgagee, the income, rents and profits and rental value thereof. In the event and during the continuance of any default or defaultsan Event of Default, LenderMortgagee, at its option and without notice, shall have full power and authority to do and perform any one or more of the following, to-wit: (a) To to take possession of the Mortgaged Property and to operate and maintain the same with full power and authority to lease the whole or any part thereof and to collect the income, rents and profits therefrom; (b) To to institute and carry on all actions and proceedings deemed necessary for the recovery of possession or the protection of all or any portion of the Mortgaged Property, Property and to institute and prosecute all actions and proceedings for the collection of income, rents and rental value then due and unpaid and thereafter to become due; (c) To to make repairs, improvements, alterations or additions deemed necessary; (d) To to pay the costs and expenses (including, to the extent now or hereafter not prohibited by law, attorneys' ’ fees if one be employed), ) of any or all of the foregoing out of the income, rents and profits received, and to apply the balance toward the cost of discharging the obligations imposed upon Borrower Mortgagor by this Mortgage and Mortgage, the IndebtednessCredit Agreement or the Loan Documents secured hereby; and (e) Lender Mortgagee shall in addition be entitled to have a receiver appointed ex parte by a court of proper jurisdiction to perform any and all of the foregoing functionsfunctions specified in subparagraphs (a), (b), (c) and (d), above. The foregoing powers and authorities contained in subparagraphs (a) to (e), inclusive, shall be operative whether or not foreclosure proceedings have been initiated and shall remain in effect after sale and during redemption periods, if any. Upon or after default or defaults in any an Event of the termsDefault, covenants or conditions of this Mortgage, or the Notes or any other Loan Documents, LenderMortgagee, in addition to the foregoing, at its option and without notice, shall have full right, power and authority to enter upon the Mortgaged Property and to collect the income, rents and profits hereby assigned with or without taking actual possession of the Mortgaged Property or any equivalent actionthereof.