Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 7 contracts
Samples: Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement (Acadia Realty Trust)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Grantor hereby absolutely and presently assigns to Lender Grantee all existing and future Rents and Profits. Borrower Grantor hereby grants to Lender Grantee 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 Grantor does hereby irrevocably make, constitute and appoint Lender Grantee 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 portion of the Debt indebtedness secured hereby is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Grantor and shall not be affected by any disability or incapacity suffered by Borrower Grantor subsequent to the date hereof). Lender Grantee shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsSecurity Deed, Borrower Grantor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of DefaultDefault hereunder, Borrower’s Grantor's license shall automatically terminate without notice to Borrower Grantor and Lender Grantee 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 Grantor shall be the agent of Lender Grantee in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Grantor shall be held in trust by Borrower Grantor for the sole and exclusive benefit of Lender, Grantee and Borrower Grantor shall, within one (1) business day after receipt of any Rents and Profits, pay the same ame to Lender Grantee to be applied by Lender Grantee as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Grantee shall constitute any assumption by Lender Grantee of any obligations under any agreement relating thereto. Lender Grantee is obligated to account only for such Rents and Profits as are actually collected or received by LenderGrantee. Borrower Grantor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Grantee of an Event of DefaultDefault hereunder, pay said Rents and Profits to Lender Grantee without liability to determine the actual existence of any Event of Default claimed by LenderGrantee. Borrower Grantor hereby waives any right, claim or demand which Borrower Grantor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderGrantee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerGrantor. All Rents and Profits collected or received by Lender may Grantee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, in whatever order or priority as to any of the items so mentioned as Lender Grantee directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Grantee of any rights under this Section nor the application of any Rents and Profits to the Debt secured indebtedness shall cure or be deemed a waiver of any Event of DefaultDefault hereunder. The assignment 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. Borrower Grantor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Grantee covering all of the right, title and interest of BorrowerGrantor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Grantee under the Lease Assignment shall be in addition adition to and cumulative of all rights and remedies granted to Lender Grantee hereunder.
Appears in 4 contracts
Samples: Record And (Merry Land Properties Inc), Record And (Merry Land Properties Inc), Record And (Merry Land Properties Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Deed of Trust or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 2 contracts
Samples: Security Agreement and Fixture Filing (NNN Apartment REIT, Inc.), Trust, Security Agreement and Fixture Filing (NNN Healthcare/Office REIT, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 Lender, effective upon and during the continuation of an Event of Default, 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the revocation of the same by Lender following the occurrence and during the continuance of an Event of Default under this Mortgage Deed of Trust or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereofthereof and to exercise all of the rights of the landlord under the Leases. Upon the occurrence and 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, and until such license is reinstated by written notice to Borrower by Lender, 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 two (12) business day days after receipt of any Rents and Profits, pay the same to Lender to be applied by Lender as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all reasonable expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 2 contracts
Samples: Fixture Filing (KBS Real Estate Investment Trust II, Inc.), Management Agreement (KBS Real Estate Investment Trust, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsMortgage, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of DefaultDefault hereunder, Borrower’s Mortgagor'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, 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 o any Rents and Profits, pay the same to Lender Mortgagee to be applied by Lender Mortgagee as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Mortgagee shall constitute any assumption by Lender Mortgagee of any obligations under any 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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of DefaultDefault 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender may Mortgagee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Event of DefaultDefault hereunder. The assignment 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. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights rghts and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Merry Land Properties Inc), Mortgage and Security Agreement (Merry Land Properties Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower Mortgagor hereby absolutely and presently assigns to Lender Mortgagee Mortgagor’s right, title and interest (if any) in 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 Mortgaged 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and ProfitsRents, proceeds or other payments. However, until the occurrence and continuance of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower Mortgagor shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof, except as otherwise may be expressly permitted or provided in the Percentage Lease. Upon the occurrence and continuance 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 Mortgaged 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 LenderMortgagee, and Borrower Mortgagor shall, within one three (13) business day days after receipt of any Rents and Profits, pay the same to Lender Mortgagee to be applied by Lender Mortgagee as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Mortgagee shall constitute any assumption by Lender Mortgagee of any obligations under any 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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of the occurrence and continuance of an Event of Default, 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s obligation to make such payment to BorrowerMortgagor. All Rents collected or received by Lender Mortgagee may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Mortgaged Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Mortgaged Property. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Apple Hospitality Two Inc), Mortgage and Security Agreement (Apple Hospitality Two Inc)
Rents and Profits. As additional and collateral security for the payment All of the Debt rents, royalties, issues, profits, revenue, income and cumulative other benefits of the Mortgaged Property arising from the use or enjoyment of all or any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender all existing and future portion thereof or from any lease or agreement pertaining thereto (the “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 whether now due, past due, or to become due, and give valid including all prepaid rents and sufficient receipts for any security deposits, are hereby absolutely, presently and all of said Rents unconditionally assigned, transferred, conveyed and Profits, for which purpose Borrower does hereby irrevocably make, constitute and appoint Lender its attorney-in-fact with full power set over to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any portion of the Debt is outstanding, shall be deemed Beneficiary to be coupled with an interestapplied by Beneficiary in payment of all sums payable under the P/M Note, shall survive the voluntary or involuntary dissolution and of Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent all other sums payable under this Deed of Trust. Prior to the date hereof). Lender shall be without liability for happening of any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under as set forth in this Mortgage or under any other Deed of the Loan DocumentsTrust, Borrower Trustor shall have a license to collect, receive, use collect and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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 receive all Rents and Profits, and all of the Rents and Profits so collected by Borrower which license shall be held in trust by Borrower for terminable at the sole and exclusive benefit option of LenderBeneficiary, 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 security hereunder and without notice to or demand upon Trustor, upon the exercise by Lender of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver occurrence of any Event of Default. The It is understood and agreed that neither the foregoing assignment of Rents and Profits hereinabove granted to Beneficiary nor the exercise by Beneficiary of any of its rights or remedies herein shall continue be deemed to make Beneficiary a “mortgagee-in-possession” or otherwise responsible or liable in full force and effect during any period of foreclosure or redemption manner with respect to the PropertyMortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by agent, assumes actual possession thereof. Borrower has executed an Assignment Nor shall appointment of Leases and Rents dated a receiver for the Mortgaged Property by any court at the request of even date herewith (Beneficiary or by agreement with Trustor, or the “Lease Assignment”) in favor of Lender covering all entering into possession of the rightMortgaged Property or any part thereof by such receiver, title and interest of Borrowerbe deemed to make Beneficiary a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, as landlordoccupancy, lessor enjoyment or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative operation of all rights and remedies granted to Lender hereunderor any portion thereof.
Appears in 2 contracts
Samples: Purchase and Sale Agreement and Escrow Instructions (Limoneira CO), Purchase and Sale Agreement and Escrow Instructions (Limoneira CO)
Rents and Profits. As additional and collateral security for the payment of the Debt 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 Rents and Profits. Borrower Mortgagor hereby grants to Lender Mortgagee the sole, exclusive and immediate right, without taking possession of the Mortgaged 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 portion of the Debt 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)purpose. Lender Mortgagee shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower Mortgagor shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Mortgaged Property. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (American Realty Capital New York Recovery Reit Inc), Mortgage and Security Agreement (American Realty Capital New York Recovery Reit Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Deed of Trust or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not thereof. Prepayments of rent paid more than one (1) month prior in advance may be used and enjoyed by Borrower subject to the terms hereof as and when such rents actually become due date thereofand payable under the associated Lease. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 2 contracts
Samples: , Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Management Agreement (Campus Crest Communities, Inc.)
Rents and Profits. As additional (a) All of the rents, royalties, issues, profits, revenue, income and collateral other benefits of the Mortgaged Property arising from the use or enjoyment of all or any portion thereof or from any lease or agreement pertaining thereto (the “Rents and Profits”), whether now due, past due, or to become due, and including all prepaid rents and security for the deposits, are hereby absolutely, presently and unconditionally assigned, transferred, conveyed and set over to Beneficiary to be applied by Beneficiary in payment of the Debt principal and cumulative interest and all other sums payable on the Subsidiary Guaranty or the Notes, and of all other sums payable under the Subsidiary Guaranty or the Notes and this Deed of Trust. Prior to the happening of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documentsas set forth in Article II hereof, Borrower Grantor shall have a license to collect, receive, use collect and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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 receive all Rents and Profits, and all of the Rents and Profits so collected by Borrower which license shall be held in trust by Borrower for terminable at the sole and exclusive benefit option of LenderBeneficiary, 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 security hereunder and without notice to or demand upon Grantor, upon the exercise by Lender of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver occurrence of any Event of Default. The It is understood and agreed that neither the foregoing assignment of Rents and Profits hereinabove granted to Beneficiary nor the exercise by Beneficiary of any of its rights or remedies under Article III hereof shall continue be deemed to make Beneficiary a “mortgagee-in-possession” or otherwise responsible or liable in full force and effect during any period of foreclosure or redemption manner with respect to the PropertyMortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by agent, assumes actual possession thereof. Borrower has executed an Assignment Nor shall appointment of Leases and Rents dated a receiver for the Mortgaged Property by any court at the request of even date herewith (Beneficiary or by agreement with Grantor, or the “Lease Assignment”) in favor of Lender covering all entering into possession of the rightMortgaged Property or any part thereof by such receiver, title and interest of Borrowerbe deemed to make Beneficiary a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, as landlordoccupancy, lessor enjoyment or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative operation of all rights and remedies granted to Lender hereunderor any portion thereof.
Appears in 2 contracts
Samples: Subsidiary Stock Pledge Agreement (Quixote Corp), Subsidiary Stock Pledge Agreement (Quixote Corp)
Rents and Profits. As additional and collateral security for the payment of the Debt 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 Rents and Profits. Borrower Mortgagor hereby grants to Lender Mortgagee the sole, exclusive and immediate right, without taking possession of the Mortgaged 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and ProfitsRents, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower Mortgagor shall have a license to collectreceive (subject to the terms of that certain (1) Lock Box Agreement between Mortgagor and Mortgagee and (2) Assignment (as hereinafter defined), receiveeach dated of even date herewith), use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Borrower’s Mortgagor's license shall automatically terminate without notice to Borrower Mortgagor and Lender Mortgagee may thereafter, without taking possession of the Mortgaged Property, collect the Rents and Profits itself or by an agent or receiver. Upon the cure of such Event of Default and provided that no other Event of Default then exists hereunder or under any of the other Loan Documents, such license shall be automatically reinstated. From and after during 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 LenderMortgagee, 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. Neither the demand for or collection of Rents and Profits by Lender Mortgagee shall constitute any assumption by Lender Mortgagee of any obligations under any 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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of Default, 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents collected or received by Lender Mortgagee may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Mortgaged Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Mortgaged Property. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to the Lease and any and all Other Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Mortgage and Security Agreement (One Price Clothing Stores Inc)
Rents and Profits. As additional and collateral security for the ----------------- payment of the Debt indebtedness secured hereby 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 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default a default under this Mortgage which has not been cured within any applicable grace or under any other of the Loan Documentscure period, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Defaulta default hereunder which has not been cured within any applicable grace or cure period, Borrower’s Mortgagor'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, 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. Neither the demand for or collection of Rents and Profits by Lender Mortgagee shall constitute any assumption by Lender Mortgagee of any obligations under any 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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of Defaulta default hereunder, pay said Rents and Profits to Lender Mortgagee without liability to determine the actual existence of any Event of Default default claimed by LenderMortgagee. Borrower Mortgagor hereby waives any right, claim or demand which Borrower Mortgagor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender may Mortgagee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Event of Defaultdefault hereunder. The assignment 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. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leasesleases, licenses and occupancy agreements relating to all or portions of the Property. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Cardiac Control Systems Inc)
Rents and Profits. As further and additional security for the performance of the terms and collateral security conditions of this Mortgage and for the payment of the Debt Guaranty and cumulative Secured Indebtedness, Xxxxxxxxx hereby agrees that in case of default under any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender all existing and future Rents and Profits. Borrower hereby grants to Lender the sole, exclusive and immediate right, without taking possession of the Propertyprovisions, covenants or agreements of this Mortgage, the Guaranty, or any other loan document executed in connection herewith, Mortgagee is hereby authorized and empowered, by its servants, agents or attorney, to demand, collect (by suit or otherwise), receive enter on the Mortgaged Property 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until receive the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use rents and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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 Profitsprofits therefrom, 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 to apply the same to Lender the payment of amounts due on the obligations secured hereby; and for this purpose, Mortgagor hereby assigns, transfers and sets over to be applied by Lender as hereinafter set forth. Neither Mortgagee the demand for or collection of Rents rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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 profits accruing from the respective payors of Mortgaged Property during the Rents and Profits shall, upon demand and notice from Lender of an Event of Default, 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 period of such payment default. The exercise of Rents and Profits to Lender, and any such payment shall discharge such payor’s obligation to make such payment to Borrower. All Rents collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 paragraph shall neither impair nor the application of any Rents to the Debt shall cure or be deemed constitute a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure other rights or redemption with respect to the Property. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender which Mortgagee may have under the Lease Assignment terms of this Mortgage or otherwise, but the remedy hereby given shall be in addition to others which Mortgagee may have. Each and cumulative every lessee of all rights or any part of the Mortgaged Property shall, upon receipt of written notice from Mortgagee that Mortgagor is in default hereunder, be obligated to make all further rental payments to Mortgagee, and remedies no lessee shall be obligated or entitled to inquire into or ascertain the authority of Mortgagee to act within and exercise the powers granted to Lender hereunderMortgagee pursuant to this paragraph. Rental payments made pursuant to the provisions of this paragraph by a lessee of the Mortgaged Property to Mortgagee shall fully acquit the lessee to the extent of the payments so made.
Appears in 1 contract
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower Trustor hereby absolutely and presently assigns to Lender Beneficiary all existing and future Rents and Profits. Borrower Trustor hereby grants to Lender Beneficiary 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 Trustor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt Secured Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Trustor and shall not be affected by any disability or incapacity suffered by Borrower Trustor subsequent to the date hereof). Lender Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Deed of Trust or under any other of the other Loan Documents, Borrower Trustor shall have a revocable license to collectcollect and receive (subject to the Cash Management Agreements and the Loan Agreement), receive, use and enjoy the Rents and Profits when due and prepayments payments thereof for not more than one (1month in advance thereof and for those Rents and Profits collected under the Leases referenced in Section 5.1(ee)(iii) month prior of the Loan Agreement in the manner described, and subject to due date thereofall of the terms, covenants and conditions of the Loan Agreement and the Cash Management Agreements, as applicable. Upon the occurrence of an Event of DefaultDefault hereunder or under any of the other Loan Documents, BorrowerTrustor’s license shall automatically terminate without notice to Borrower Trustor and Lender Beneficiary 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 Trustor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Trustor shall be held in trust by Borrower Trustor for the sole and exclusive benefit of Lender, Beneficiary and Borrower Trustor shall, within one (1) business day Business Day after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Beneficiary shall constitute any assumption by Lender Beneficiary of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower Trustor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Beneficiary of an Event of Default, pay said Rents and Profits to Lender Beneficiary without liability to determine the actual existence of any Event of Default claimed by LenderBeneficiary. Borrower Trustor hereby waives any right, claim or demand which Borrower Trustor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderBeneficiary, and any such payment shall discharge such payor’s obligation to make such payment to BorrowerTrustor. All Rents and Profits collected or received by Lender Beneficiary may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the DebtSecured Obligations, in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Beneficiary of any rights under this Section nor the application of any Rents and Profits to the Debt Secured Obligations shall cure or be deemed a waiver of any Event of DefaultDefault hereunder. The assignment 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. Borrower Trustor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender Beneficiary covering all of the right, title and interest of BorrowerTrustor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Beneficiary under the Lease Assignment and under the Cash Management Agreements shall be in addition to and cumulative of all rights and remedies granted to Lender Beneficiary hereunder.
Appears in 1 contract
Samples: Indemnity and Guaranty Agreement (Catellus Development Corp)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsMortgage, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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, 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 three (13) business day days after receipt of any Rents and Profits, pay the same to Lender Mortgagee to be applied by Lender Mortgagee as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Mortgagee, nor the exercise of Mortgagee’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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of DefaultDefault 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender may Mortgagee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, 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 accordance with the adequacy of its securityLoan Agreement. Neither the exercise by Lender Mortgagee of any rights under this Section nor the application of any Rents and Profits to the Debt secured indebtedness shall cure or be deemed a waiver of any Default or Event of DefaultDefault 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. Borrower As additional security for the indebtedness secured hereby, Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (as hereafter amended, consolidated or modified from time to time, the “Lease Assignment”) in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Leasehold Mortgage, Security Agreement (Taubman Centers Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Lender may, but shall not be limited to, enforce Borrower’s license shall automatically terminate without notice 's assignment for security purposes to Borrower and Lender may thereafter, without taking possession of the Property, collect the Rents Leases 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, as set forth herein, in the Assignment of Leases, or otherwise under the Loan Documents, by taking, without limitation, one or more of the following actions: (a) obtaining the appointment of a receiver; (b) obtaining possession of the Leases and/or Rents and all Profits; (c) delivery to any one or more of the tenants of a written demand for turnover of the Rents and Profits so collected in accordance with 2938 of the California Civil Code; or (iv) delivery to Borrower of a written demand for the Leases and/or the Rents and Profits in accordance with 2938 of the California Civil Code (collectively, the "Enforcement Actions"). On and after the date Lender takes one or more of the Enforcement Actions (the "Enforcement Date"), Lender shall be entitled to enforce any rights it may have under the Leases and/or collect and receive all Rents and Profits that has accrued but remains unpaid and uncollected by Borrower shall be held in trust by Borrower for the sole and exclusive benefit of Lenderor its agent, and all Rents and Profits that accrue on or after the Enforcement Date. Notwithstanding whether Lender has taken one or more of the Enforcement Actions, Borrower shall, within one (1) business day after receipt upon the occurrence of any an Event of Default, immediately turnover to Lender all Leases and all Rents and ProfitsProfits then in its possession, pay or thereafter collected or received by Borrower or its agent. Lender may, in its sole discretion, unless otherwise required by law, apply all or any portion of the same to Lender to be applied by Lender Rents and Profits to: (i) reasonable costs, as hereinafter set forthdescribed below, of protecting and preserving the Project; (ii) the outstanding balance under the Loan Documents, and/or (iii) otherwise, in accordance with any of the Loan Documents. Neither the demand for taking of an Enforcement Action by Lender, nor the collection, distribution or collection application of the Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, in whatever order or priority as to do any of the items so mentioned as following: (1) make Lender directs a mortgagee in its sole subjective discretion and without regard to possession of the adequacy Project; (2) constitute an action, render the Loan or any of its security. Neither the exercise by Lender Loan Documents unenforceable, violate 726 of any rights under this Section nor the application California Code of any Rents to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption Civil Procedure or, other than with respect to the Property. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the rightmarshalling requirements, title and interest of Borrower, as landlord, lessor or licensor, in and to otherwise limit any Leases. All rights and remedies granted available to Lender with respect to its security; or (3) be deemed to create any bar to a deficiency judgment pursuant to applicable law, notwithstanding that the Enforcement Action may reduce the outstanding balance under the Lease Assignment Loan and the Loan Documents. Notwithstanding the foregoing, the remedies set forth herein shall be in addition to any and cumulative all other remedies which Lender may have under 2938 of all rights the California Civil Code or other applicable law. For purposes of this Agreement, reasonable costs shall include only the following: (i) expenditures for repairs and remedies granted maintenance of the Project, but only to Lender hereunderthe extent that such expenditures are necessary to comply with applicable laws or cure an emergency or life-threatening situation; (ii) expenditures for taxes, but only to the extent that such expenditures are necessary to prevent an imminent tax sale of the Project, or any portion thereof; (iii) and such other expenditures as Lender, in its sole and absolute discretion, deems necessary.
Appears in 1 contract
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 16 suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents Rxxxx 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Deed of Trust or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any agreement relating thereto. Lender Lxxxxx is obligated to account only for such Rents and Profits as are actually collected or received by LenderLxxxxx. 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, pay said Rents and Profits to Lender without liability to determine the actual existence of any Event of Default claimed by LenderLxxxxx. 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 Lxxxxx of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove hxxxxxxxxxx granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property. Borrower Bxxxxxxx has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of BorrowerBxxxxxxx, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunderLxxxxx xxxxxxxxx.
Appears in 1 contract
Samples: Security Agreement and Fixture (NNN Apartment REIT, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Trustor hereby absolutely and presently assigns to Lender Beneficiary all existing and future Rents and Profits. Borrower Trustor hereby grants to Lender Beneficiary 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 Xxxxx and Profits, for which purpose Borrower Trustor does hereby irrevocably make, constitute and appoint Lender Beneficiary its attorney-in-fact fact, effective as of the occurrence of an Event of Default, with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any portion of the Debt indebtedness secured hereby 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 Trustor subsequent to the date hereof). Lender Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an so long as no Event of Default under this Mortgage or under any other of the Loan Documentsshall exist and be continuing, Borrower Trustor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereofProfits. Upon the occurrence of an Event of DefaultDefault and during the continuance thereof, Borrower’s Trustor's license shall automatically terminate without notice to Borrower Trustor and Lender Beneficiary 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 Trustor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Trustor shall be held in trust by Borrower Trustor for the sole and exclusive benefit of Lender, Beneficiary and Borrower Trustor shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Beneficiary shall constitute any assumption by Lender Beneficiary of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower Trustor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Beneficiary of an Event of DefaultDefault hereunder, pay said Rents Xxxxx and Profits to Lender Beneficiary, so long as such Event of Default shall be continuing, without liability to determine the actual existence of any Event of Default default claimed by LenderBeneficiary. Borrower Trustor hereby waives any right, claim or demand which Borrower Trustor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderBeneficiary, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerTrustor. All Rents and Profits collected or received by Lender may Beneficiary shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation constructing, operating, marketing, and management of the Property and thereafter shall be applied against the Debtindebtedness secured hereby, in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Beneficiary of any rights under this Section nor the application of any Rents and Profits to the Debt secured indebtedness shall cure or be deemed a waiver of any Event of DefaultDefault except to the extent of funds actually applied. The assignment of Rents and Profits hereinabove xxxxxxxxxxx granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property. Borrower has executed Beneficiary's right to receive the Rents and Profits following an Assignment Event of Leases Default shall not be affected by the commencement of any bankruptcy, reorganization, receivership or insolvency proceedings by or against Trustor, and Rents dated in the event any such proceeding is commenced, Trustor agrees that Beneficiary, or the Trustee on behalf of even date herewith (Beneficiary, subject to and in accordance with the “Lease Assignment”) in favor of Lender covering laws applicable to such proceeding, shall be entitled to all of the rightRents and Profits arising from and after the commencement of any such proceeding, title whether or not there shall exist an Event of Default. In the event any such proceeding is commenced, Trustor further agrees that all Rents and interest Profits in the possession of BorrowerTrustor, as landlordand its agents, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition considered to and cumulative of all rights and remedies granted to Lender hereunderbe cash collateral.
Appears in 1 contract
Samples: Loan Agreement (E Trade Group Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Security Deed or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not thereof. Prepayments of rent paid more than one (1) month prior in advance may be used and enjoyed by Borrower subject to the terms hereof as and when such rents actually become due date thereofand payable under the associated Lease. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (Campus Crest Communities, Inc.)
Rents and Profits. As additional and collateral security for the ----------------- payment of the Debt indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Grantor hereby absolutely and presently assigns to Lender Beneficiary all existing and future Rents and Profits. Borrower Grantor hereby grants to Lender Beneficiary 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 Grantor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt indebtedness secured hereby is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Grantor and shall not be affected by any disability or incapacity suffered by Borrower Grantor subsequent to the date hereof). Lender Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default a default under this Mortgage Deed of Trust which has not been cured within any applicable grace or under any other of the Loan Documentscure period, Borrower Grantor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Defaulta default hereunder which has not been cured within any applicable grace or cure period, Borrower’s Grantor's license shall automatically terminate without notice to Borrower Grantor and Lender Beneficiary 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 Grantor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, and all of the Rents and Profits so collected by Borrower Grantor shall be held in trust by Borrower Grantor for the sole and exclusive benefit of LenderBeneficiary, and Borrower Grantor shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Beneficiary shall constitute any assumption by Lender Beneficiary of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower Grantor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Beneficiary of an Event of Defaulta default hereunder, pay said Rents and Profits to Lender Beneficiary without liability to determine the actual existence of any Event of Default default claimed by LenderBeneficiary. Borrower Grantor hereby waives any right, claim or demand which Borrower Grantor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderBeneficiary, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerGrantor. All Rents and Profits collected or received by Lender Beneficiary may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Beneficiary of any rights under this Section nor the application of any Rents and Profits to the Debt secured indebtedness shall cure or be deemed a waiver of any Event of Defaultdefault hereunder. The assignment 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. Borrower Grantor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Beneficiary ---------- covering all of the right, title and interest of BorrowerGrantor, as landlord, lessor or licensor, in and to any Leasesleases, licenses and occupancy agreements relating to all or portions of the Property. All rights and remedies granted to Lender Beneficiary under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Beneficiary hereunder.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Nei Webworld Inc)
Rents and Profits. As additional (a) All of Trustor's interest in and collateral rights under any leases or other occupancy agreements pertaining to the Mortgaged Property now existing or hereafter entered into and all of the rents, royalties, issues, profits, revenue, income and other benefits of the Mortgaged Property arising from the use or enjoyment of all or any portion thereof or from any lease or agreement pertaining thereto now exiting or hereafter entered into (herein the "Rents and Profits"), whether now due, past due, or to become due, and including all prepaid rents and security for the deposits, are hereby absolutely, presently and unconditionally assigned and conveyed to Beneficiary, to be applied by Beneficiary in payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns Secured Obligations. Prior to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an any Event of Default under this Mortgage or under any other of the Loan DocumentsDefault, Borrower Trustor shall have a license to collectcollect and, receiveexcept to the extent limited by the terms of the Credit Agreement, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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 all Rents and Profits, and all of the Rents and Profits so collected by Borrower which license shall be held in trust by Borrower for terminable at the sole and exclusive benefit option of LenderBeneficiary, 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 security hereunder and without notice to or demand upon Trustor, upon the exercise by Lender of any rights under this Section nor occurrence and during the application of any Rents to the Debt shall cure or be deemed a waiver continuance of any Event of Default. The It is understood and agreed that neither the foregoing assignment of Rents and Profits hereinabove granted nor the exercise by Beneficiary of any of its rights or remedies under Article III hereof shall continue be deemed to make Beneficiary a "mortgagee-in-possession" or otherwise responsible or liable in full force and effect during any period of foreclosure or redemption manner with respect to the PropertyMortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by agent, assumes actual possession thereof. Borrower has executed an Assignment Appointment of Leases and Rents dated a receiver for the Mortgaged Property by any court at the request of even date herewith (Beneficiary or by agreement with Trustor, or the “Lease Assignment”) in favor entering into possession of Lender covering all any part of the rightMortgaged Property by such receiver, title and interest shall not be deemed to make Beneficiary a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, occupancy, enjoyment or operation of Borrowerall or any portion thereof. Upon the occurrence of any Event of Default, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment this shall be in addition constitute a direction to and cumulative full authority to each lessee under any lease and each guarantor of any lease to pay all rights Rents and remedies granted Profits to Lender hereunderBeneficiary without proof of the Event of Default relied upon. Trustor hereby irrevocably authorizes each lessee and guarantor to rely upon and comply with any notice or demand by Beneficiary for the payment to Beneficiary of any Rents and Profits due or to become due.
Appears in 1 contract
Samples: Credit Agreement (Apartment Investment & Management Co)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower Grantor hereby absolutely and presently assigns to Lender Beneficiary Grantor's right, title and interest (if any) in all existing and future Rents and Profits. Borrower Grantor hereby grants to Lender Beneficiary the sole, exclusive and immediate right, without taking possession of the Trust 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 Grantor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Grantor and shall not be affected by any disability or incapacity suffered by Borrower Grantor subsequent to the date hereof). Lender Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and ProfitsRents, proceeds or other payments. However, until the occurrence and continuance of an Event of Default under this Mortgage Deed of Trust or under any other of the Loan Documents, Borrower Grantor shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof, except as otherwise may be expressly permitted or provided in the Percentage Lease. Upon the occurrence and continuance of an Event of Default, Borrower’s Grantor's license shall automatically terminate without notice to Borrower Grantor and Lender Beneficiary may thereafter, without taking possession of the Trust Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Borrower Grantor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, and all of the Rents and Profits so collected by Borrower Grantor shall be held in trust by Borrower Grantor for the sole and exclusive benefit of LenderBeneficiary, and Borrower Grantor shall, within one three (13) business day days after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Beneficiary shall constitute any assumption by Lender Beneficiary of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower Grantor irrevocably agrees and consents that the respective payors of paxxxx xx the Rents and Profits shall, upon demand and notice from Lender Beneficiary of the occurrence and continuance of an Event of Default, pay said Rents and Profits to Lender Beneficiary without liability to determine the xxx actual existence of any Event of Default claimed by LenderBeneficiary. Borrower Grantor hereby waives any right, claim or demand which Borrower Grantor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderBeneficiary, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerGrantor. All Rents collected or received by Lender Beneficiary may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Trust Property and against the Debt, in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Beneficiary of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period xxx xxxxxx of foreclosure or redemption with respect to the Trust Property. Borrower Grantor has executed an Assignment of Leases and Rents dated of even date exxx xxxe herewith (the “Lease "Assignment”") in favor of Lender Beneficiary covering all of the right, title and interest of BorrowerGrantor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Beneficiary under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Beneficiary hereunder.
Appears in 1 contract
Samples: Trust, Security Agreement and Fixture Filing (Apple Suites Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Security Deed or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 1 contract
Samples: Debt, Security Agreement and Fixture Filing (NNN Healthcare/Office REIT, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt Indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Trustor hereby absolutely and presently currently assigns to Lender Beneficiary all existing and future Rents and Profits and, with respect to said existing and future Rents and Profits. Borrower , Trustor hereby grants to Lender Beneficiary the sole, exclusive and immediate right, without taking possession of the Property, right to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Rentx xxx Profits, for which purpose Borrower Trustor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt is outstandingirrevocable, 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 Trustor) it being understood that Beneficiary shall be without liability for any loss which that may arise from a failure or inability to collect uncollectible Rents and Profits, proceeds or other paymentspayments so long as Beneficiary shall act on the Property with ordinary prudence. Trustor irrevocably consents that the respective payors of the Rents and Profits shall, upon demand and notice from Beneficiary of Trustor's default hereunder, pay said Rentx xxx Profits to Beneficiary without liability to such payor for the determination of the actual existence of any default claimed by Beneficiary. However, until the occurrence of an Event of Default under this Mortgage or under any other Deed of the Loan DocumentsTrust, Borrower Trustor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereofProfits. Upon the occurrence of an Event of DefaultDefault hereunder, Borrower’s Trustor's license shall automatically terminate without notice to Borrower Trustor and Lender Beneficiary 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 licensetermination, Borrower Trustor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Trustor shall be held in trust by Borrower Trustor for the sole and exclusive benefit of LenderBeneficiary, and Borrower Trustor shall, within one (1) business day promptly after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower irrevocably agrees and consents that the respective payors of the Possession by a court-appointed receiver shall not be considered possession by Beneficiary. All Rents and Profits shall, upon demand and notice from Lender of an Event of Default, pay said Rents and Profits to Lender without liability to determine the actual existence of any Event of Default claimed collected by Lender. Borrower hereby waives any right, claim Beneficiary 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 a receiver shall discharge such payor’s obligation to make such payment to Borrower. All Rents collected or received by Lender may be applied against first to pay all reasonable expenses of collection, including, without limitation, and then to the payment of all reasonable attorneys’ fees, against costs of operation and management of the Property Property, and against then to the Debt, payment of the Indebtedness and obligations secured hereby in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective absolute discretion and without regard to the adequacy of its security. Neither In the exercise by Lender of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed event that Trustor has executed a waiver of any Event of Default. The assignment separate Assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date concurrently herewith (the “Lease Assignment”) in favor of Lender Beneficiary covering all of the right, title and interest of BorrowerTrustor, as landlord, lessor or licensor, in and to any Leases. All leases, licenses and occupancy agreements relating to all or portions of the Property, all rights and remedies granted to Lender Beneficiary under the Lease such Assignment of Rents and Leases shall be in addition to and cumulative of all rights and remedies granted to Lender hereunderSWI California Leasehold Deed of Trust Beneficiary under this SECTION 2.9.
Appears in 1 contract
Samples: Packaged Ice Inc
Rents and Profits. As additional and collateral security for the payment of the Debt 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 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 portion of the Debt 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)purpose. Lender Mortgagee shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments, unless same is a result of Mortgagee’s gross negligence or willful misconduct. However, until the occurrence and during the continuance of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower Mortgagor shall have a an exclusive license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Security Agreement and Fixture (Resource Real Estate Opportunity REIT, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsMortgage, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereofthereof (or, for not more than three months prior to the due date thereof with respect to Rents paid quarterly in advance). Upon the occurrence of an Event of Default, Borrower’s Mortgagor's license shall automatically terminate without Without notice to Borrower Mortgagor and Lender Mortgagee may thereafter, without taking possession of the Property, collect the Rents and Profits (including, without limitation, the Cash Security Deposit and any Letter of Credit) 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, 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. , Neither the demand for or collection of Rents and Profits by Lender Mortgagee, nor the exercise of Mortgagee'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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of DefaultDefault 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender Mortgagee may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Event of DefaultDefault 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. Borrower As additional security for the indebtedness secured hereby, Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (as hereafter amended, consolidated or modified from time to time, the “Lease "Assignment”") in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Corporate Property Associates 16 Global Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the ““ Lease AssignmentAssignment ”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Acadia Realty Trust)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Grantor hereby absolutely and presently assigns to Lender Grantee all existing and future Rents and Profits. Borrower Grantor hereby grants to Lender Grantee 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 Xxxxx and Profits, for which purpose Borrower Grantor does hereby irrevocably make, constitute and appoint Lender Grantee 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 portion of the Debt indebtedness secured hereby is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Grantor and shall not be affected by any disability or incapacity suffered by Borrower Grantor subsequent to the date hereof). Lender Grantee shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsSecurity Deed, Borrower Grantor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of DefaultDefault hereunder, Borrower’s Grantor's license shall automatically terminate without notice to Borrower Grantor and Lender Xxxxxxx 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 Grantor shall be the agent of Lender Grantee in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Grantor shall be held in trust by Borrower Grantor for the sole and exclusive benefit of Lender, Grantee and Borrower Grantor shall, within one (1) business day after receipt of any Rents and Profits, pay the same ame to Lender Grantee to be applied by Lender Grantee as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Grantee shall constitute any assumption by Lender Grantee of any obligations under any agreement relating thereto. Lender Grantee is obligated to account only for such Rents and Profits as are actually collected or received by LenderXxxxxxx. Borrower Xxxxxxx irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Grantee of an Event of DefaultDefault hereunder, pay said Rents Xxxxx and Profits to Lender Grantee without liability to determine the actual existence of any Event of Default claimed by LenderXxxxxxx. Borrower Grantor hereby waives any right, claim or demand which Borrower Grantor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderGrantee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerGrantor. All Rents and Profits collected or received by Lender may Grantee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, in whatever order or priority as to any of the items so mentioned as Lender Grantee directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Grantee of any rights under this Section nor the application of any Rents and Profits to the Debt secured indebtedness shall cure or be deemed a waiver of any Event of DefaultDefault hereunder. The assignment of Rents and Profits hereinabove xxxxxxxxxxx granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property. Borrower Xxxxxxx has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Grantee covering all of the right, title and interest of BorrowerGrantor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Grantee under the Lease Assignment shall be in addition adition to and cumulative of all rights and remedies granted to Lender Grantee hereunder.
Appears in 1 contract
Rents and Profits. As additional (a) All of Trustor’s interest in and collateral rights under any Leases or other occupancy agreements pertaining to the Mortgaged Property now existing or hereafter entered into and all of the rents, royalties, issues, profits, revenue, income and other benefits of the Mortgaged Property arising from the use or enjoyment of all or any portion thereof or from any Lease or agreement pertaining thereto now existing or hereafter entered into (herein, the “Rents and Profits”), whether now due, past due, or to become due, and including all prepaid rents and security for the deposits, are hereby absolutely, presently and unconditionally assigned and conveyed to Beneficiary, to be applied by Beneficiary in payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns Secured Obligations. Prior to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an any Event of Default under this Mortgage or under any other of the Loan DocumentsDefault, Borrower Trustor shall have a license to collect, receive, use collect and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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 receive all Rents and Profits, and all of the Rents and Profits so collected by Borrower which license shall be held in trust by Borrower for terminable at the sole and exclusive benefit option of LenderBeneficiary, 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 security hereunder and without notice to or demand upon Trustor, upon the exercise by Lender of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver occurrence of any Event of Default. The It is understood and agreed that neither the foregoing assignment of Rents and Profits hereinabove granted nor the exercise by Beneficiary of any of its rights or remedies under Article III hereof shall continue be deemed to make Beneficiary a “mortgagee-in-possession” or otherwise responsible or liable in full force and effect during any period of foreclosure or redemption manner with respect to the PropertyMortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by agent, assumes actual possession thereof. Borrower has executed an Assignment Appointment of Leases and Rents dated a receiver for the Mortgaged Property by any court at the request of even date herewith (Beneficiary or by agreement with Trustor, or the “Lease Assignment”) in favor entering into possession of Lender covering all any part of the rightMortgaged Property by such receiver, title and interest shall not be deemed to make Beneficiary a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, occupancy, enjoyment or operation of Borrowerall or any portion thereof. Upon the occurrence of any Event of Default, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment this shall be in addition constitute a direction to and cumulative full authority to each lessee under any Lease and each guarantor of any Lease to pay all rights Rents and remedies granted Profits to Lender hereunderBeneficiary without proof of the default relied upon. Trustor hereby irrevocably authorizes each lessee and guarantor to rely upon and comply with any notice or demand by Beneficiary for the payment to Beneficiary of any Rents and Profits due or to become due.
Appears in 1 contract
Samples: Assignment and Assumption (American Realty Capital Trust, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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, 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsMortgage, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of DefaultDefault which is continuing, Borrower’s Mortgagor's license shall automatically terminate without on demand and notice to Borrower Mortgagor and Lender may Mortgagee 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, 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. Neither the demand for or collection of Rents and Profits Profit by Lender Mortgagee, nor the exercise of Mortgagee'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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of DefaultDefault hereunder, pay said Rents and Profits to Lender Mortgagee without liability fiabili1y to determine the actual existence of any Event of Default claimed by LenderMortgagee. Borrower Mortgagor hereby waives any an right, claim or demand which Borrower Mortgagor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender may Mortgagee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Mortgaged Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Default or Event of DefaultDefault 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 Mortgaged Property. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 1 contract
Samples: Credit Line Mortgage and Security Agreement (Sk Realty Ventures Inc)
Rents and Profits. As additional a. All of the rents, royalties, issues, profits, revenue, income and collateral other benefits of the Mortgaged Property arising from the use or enjoyment of all or any portion thereof or from any lease or agreement pertaining thereto (the “Rents and Profits”), whether now due, past due, or to become due, and including all prepaid rents and security for the deposits, are hereby absolutely, presently and unconditionally assigned, transferred, conveyed and set over to Lender to be applied by Lender in payment of the Debt principal and cumulative interest, and all other sums payable on the Note, and of all other sums payable under this Deed of Trust. Prior to the happening of any and all rights and remedies herein provided for, Borrower hereby absolutely and presently assigns to Lender 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsDefault, Borrower shall have a license to collect, receive, use collect and enjoy the Rents receive any and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the 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 all Rents and Profits, and all of the Rents and Profits so collected by Borrower which license shall be held in trust by Borrower for terminable at the sole and exclusive benefit option 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 security hereunder and without notice to or demand upon Borrower, upon and during the exercise by Lender of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver continuance of any Event of Default. The It is understood and agreed that neither the foregoing assignment of Rents and Profits hereinabove granted to Lender nor the exercise by Xxxxxx of any of its rights or remedies under this Section 1.5 or Article III hereof shall continue be deemed to make Lender a “mortgagee-in-possession” or otherwise responsible or liable in full force and effect during any period of foreclosure or redemption manner with respect to the PropertyMortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Lender, in person or by agent, assumes actual possession thereof. Borrower has executed an Assignment Nor shall appointment of Leases and Rents dated of even date herewith (a receiver for the “Lease Assignment”) in favor Mortgaged Property by any court either at the request of Lender covering all or by agreement with Xxxxxxxx, or the entering into possession of the rightMortgaged Property or any part thereof by such receiver, title and interest of Borrowerbe deemed to make Lender a “mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, as landlordoccupancy, lessor enjoyment or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative operation of all rights and remedies granted to Lender hereunderor any portion thereof.
Appears in 1 contract
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Grantor hereby absolutely and presently assigns to Lender Beneficiary all existing and future Leases, and all existing and future Rents and Profits. Borrower Grantor hereby grants to Lender Beneficiary 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 Grantor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt indebtedness secured hereby is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Grantor and shall not be affected by any disability or incapacity suffered by Borrower Grantor subsequent to the date hereof). Lender Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other Deed of the Loan DocumentsTrust, Borrower Grantor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Borrower’s Grantor's license shall automatically terminate without notice to Borrower Grantor and Lender Beneficiary 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 Grantor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Grantor shall be held in trust by Borrower Grantor for the sole and exclusive benefit of Lender, Beneficiary and Borrower Grantor shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Beneficiary, nor the exercise of Beneficiary's rights as assignee of the Leases, shall constitute any assumption by Lender Beneficiary of any obligations under any Lease or other agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower Grantor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Beneficiary of an Event of DefaultDefault hereunder, pay said Rents and Profits to Lender Beneficiary without liability to determine the actual existence of any Event of Default claimed by LenderBeneficiary. Borrower Grantor hereby waives any right, claim or demand which Borrower Grantor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderBeneficiary, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerGrantor. All Rents and Profits collected or received by Lender Beneficiary may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Beneficiary of any rights under this Section nor the application of any Rents and Profits to the Debt secured indebtedness shall cure or be deemed a waiver of any Default or Event of DefaultDefault 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. Borrower As additional security for the indebtedness secured hereby, Grantor has executed an Assignment of Leases and Rents dated of even date herewith (as hereafter amended, consolidated or modified from time to time, the “Lease "Assignment”") in favor of Lender Beneficiary covering all of the right, title and interest of BorrowerGrantor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Beneficiary under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Beneficiary hereunder.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Inland Diversified Real Estate Trust, Inc.)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsMortgage, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of DefaultDefault which is continuing, Borrower’s Mortgagor's license shall automatically terminate without on demand and 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, 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. Neither the demand for or collection of Rents and Profits by Lender Mortgagee, nor the exercise of Mortgagee'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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of DefaultDefault 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender may Mortgagee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Mortgaged Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Default or Event of DefaultDefault 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 Mortgaged Property. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 1 contract
Samples: Open End Mortgage Deed and Security Agreement (General Datacomm Industries Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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 Rents and ProfitsProfits which assignment is outright, immediate, continuing and absolute. 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default a default under this Mortgage which has not been cured within any applicable notice and grace or under cure period, and not a limitation or as a condition hereof, but as a personal covenant only to Mortgagor and its successors and not to any lessees or any other of the Loan Documentsperson, Borrower Mortgagor shall have a revocable license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Defaulta default hereunder which has not been cured within any applicable grace or cure period, Borrower’s Mortgagor'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, 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. Neither the demand for or collection of Rents and Profits by Lender Mortgagee shall constitute any assumption by Lender Mortgagee of any obligations under any 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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of Defaulta default hereunder, pay said Rents and Profits directly to Lender Mortgagee without liability to determine the actual existence of any Event of Default default claimed by LenderMortgagee. Borrower Mortgagor hereby waives any right, claim or demand which Borrower Mortgagor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender Mortgagee may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Event of Defaultdefault hereunder. The assignment 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. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leasesleases, licenses and occupancy agreements relating to all or portions of the Property, intending that such instrument create an outright, immediate, continuing and absolute assignment of the Rents and Profits. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Promissory Note Clarification Agreement (Showboat Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt 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 Rents and Profits. Borrower Mortgagor hereby grants to Lender Mortgagee the sole, exclusive and immediate right, without taking possession of the Mortgaged 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and ProfitsRents, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower Mortgagor shall have a right and license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Borrower’s Mortgagor's license shall automatically terminate without notice to Borrower Mortgagor and Lender Mortgagee may thereafter, without taking possession of the Mortgaged 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. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any 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, 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 collected or received by Lender may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.the
Appears in 1 contract
Samples: Mortgage and Security Agreement (First Union Real Estate Equity & Mortgage Investments)
Rents and Profits. As additional and collateral security for the payment of the Debt Indebtedness secured hereby and cumulative of any and all rights and remedies herein provided for, Borrower Trustor hereby absolutely and presently currently assigns to Lender Beneficiary all existing and future Rents and Profits and, with respect to said existing and future Rents and Profits. Borrower , Trustor hereby grants to Lender Beneficiary the sole, exclusive and immediate right, without taking possession of the Property, right to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Rentx xxx Profits, for which purpose Borrower Trustor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt is outstandingirrevocable, 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 Trustor) it being understood that Beneficiary shall be without liability for any loss which that may arise from a failure or inability to collect uncollectible Rents and Profits, proceeds or other paymentspayments so long as Beneficiary shall act on the Property with ordinary prudence. Trustor irrevocably consents that the respective payors of the Rents and Profits shall, upon demand and notice from Beneficiary of Trustor's default hereunder, pay said Rentx xxx Profits to Beneficiary without liability to such payor for the determination of the actual existence of any default claimed by Beneficiary. However, until the occurrence of an Event of Default under this Mortgage or under any other Deed of the Loan DocumentsTrust, Borrower Trustor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereofProfits. Upon the occurrence of an Event of DefaultDefault hereunder, Borrower’s Trustor's license shall automatically terminate without notice to Borrower Trustor and Lender Beneficiary 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 licensetermination, Borrower Trustor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, Profits and all of the Rents and Profits so collected by Borrower Trustor shall be held in trust by Borrower Trustor for the sole and exclusive benefit of LenderBeneficiary, and Borrower Trustor shall, within one (1) business day promptly after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender shall constitute any assumption by Lender of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower irrevocably agrees and consents that the respective payors of the Possession by a court-appointed receiver shall not be considered possession by Beneficiary. All Rents and Profits shall, upon demand and notice from Lender of an Event of Default, pay said Rents and Profits to Lender without liability to determine the actual existence of any Event of Default claimed collected by Lender. Borrower hereby waives any right, claim Beneficiary 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 a receiver shall discharge such payor’s obligation to make such payment to Borrower. All Rents collected or received by Lender may be applied against first to pay all reasonable expenses of collection, including, without limitation, and then to the payment of all reasonable attorneys’ fees, against costs of operation and management of the Property Property, and against then to the Debt, payment of the Indebtedness and obligations secured hereby in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective absolute discretion and without regard to the adequacy of its security. Neither In the exercise by Lender of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed event that Trustor has executed a waiver of any Event of Default. The assignment separate Assignment 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. Borrower has executed an Assignment of Leases and Rents dated of even date concurrently herewith (the “Lease Assignment”) in favor of Lender Beneficiary covering all of the right, title and interest of BorrowerTrustor, as landlord, lessor or licensor, in and to any Leases. All rights leases, licenses and remedies granted occupancy agreements relating to Lender under all or portions of the Lease Assignment shall be in addition to and cumulative of Property, all rights and remedies granted to Lender hereunder.SWI California Deed of Trust
Appears in 1 contract
Samples: Packaged Ice Inc
Rents and Profits. As additional and collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Borrower Trustor hereby absolutely and presently assigns to Lender Beneficiary all existing and future Rents and Profits. Borrower Trustor hereby grants to Lender Beneficiary the sole, exclusive and immediate right, without taking possession of the Mortgaged 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 Trustor does hereby irrevocably make, constitute and appoint Lender Beneficiary 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 portion of the Debt is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower Trustor and shall not be affected by any disability or incapacity suffered by Borrower Trustor subsequent to the date hereof). Lender Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and ProfitsRents, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage Deed of Trust or under any other of the Loan Documents, Borrower Trustor shall have a license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Borrower’s Trustor's license shall automatically terminate without notice to Borrower Trustor and Lender Beneficiary may thereafter, without taking possession of the Mortgaged Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Borrower Trustor shall be the agent of Lender Beneficiary in collection of the Rents and Profits, and all of the Rents and Profits so collected by Borrower Trustor shall be held in trust by Borrower Trustor for the sole and exclusive benefit of LenderBeneficiary, and Borrower Trustor shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Lender Beneficiary to be applied by Lender Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Lender Beneficiary shall constitute any assumption by Lender Beneficiary of any obligations under any agreement relating thereto. Lender Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by LenderBeneficiary. Borrower Trustor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Lender Beneficiary of an Event of Default, pay said Rents and Profits to Lender Beneficiary without liability to determine the actual existence of any Event of Default claimed by LenderBeneficiary. Borrower Trustor hereby waives any right, claim or demand which Borrower Trustor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to LenderBeneficiary, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerTrustor. All Rents collected or received by Lender Beneficiary may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Mortgaged Property and against the Debt, in whatever order or priority as to any of the items so mentioned as Lender Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Lender Beneficiary of any rights under this Section nor the application of any Rents to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Mortgaged Property. Borrower Trustor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Beneficiary covering all of the right, title and interest of BorrowerTrustor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Beneficiary under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Beneficiary hereunder.
Appears in 1 contract
Samples: Innkeepers Usa Trust/Fl
Rents and Profits. As additional and collateral security for the payment of the Debt indebtedness secured hereby 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 ProfitsProfits upon the occurrence and during the continuation of an Event of Default. 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 portion of the Debt indebtedness secured hereby 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 which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan DocumentsMortgage, Borrower Mortgagor shall have a license to collect, receive, use collect and enjoy receive the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Borrower’s Mortgagor'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, 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. Neither the demand for or collection of Rents and Profits by Lender Mortgagee, nor the exercise of Mortgagee'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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of DefaultDefault 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents and Profits collected or received by Lender may Mortgagee shall be applied against all expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Property and against the Debtindebtedness secured hereby, 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 Debt secured indebtedness shall cure or be deemed a waiver of any Default or Event of DefaultDefault 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. Borrower has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease Assignment”) in favor of Lender covering all of the right, title and interest of Borrower, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender hereunder.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Usa Detergents Inc)
Rents and Profits. As additional and collateral security for the payment of the Debt 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 Rents and Profits. Borrower Mortgagor hereby grants to Lender Mortgagee the sole, exclusive and immediate right, without taking possession of the Mortgaged 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 portion of the Debt 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 which may arise from a failure or inability to collect Rents and ProfitsRents, proceeds or other payments. However, until the occurrence of an Event of Default under this Mortgage or under any other of the Loan Documents, Borrower Mortgagor shall have a right and license to collect, receive, use and enjoy the Rents and Profits when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, Borrower’s Mortgagor's license shall automatically terminate without notice to Borrower Mortgagor and Lender Mortgagee may thereafter, without taking possession of the Mortgaged 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 LenderMortgagee, 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. Neither the demand for or collection of Rents and Profits by Lender Mortgagee shall constitute any assumption by Lender Mortgagee of any obligations under any 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 respective payors of the Rents and Profits shall, upon demand and notice from Lender Mortgagee of an Event of Default, pay said Rents and Profits to Lender Mortgagee without liability on such payor's part 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 payor by reason of such payment of Rents and Profits to LenderMortgagee, and any such payment shall discharge such payor’s 's obligation to make such payment to BorrowerMortgagor. All Rents collected or received by Lender Mortgagee may be applied against all reasonable and customary expenses of collection, including, without limitation, reasonable attorneys’ ' fees, against costs of operation and management of the Mortgaged Property and against the Debt, 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 to the Debt shall cure or be deemed a waiver of any Event of Default. The assignment of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Mortgaged Property. Borrower Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (the “Lease "Assignment”") in favor of Lender Mortgagee covering all of the right, title and interest of BorrowerMortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Lender Mortgagee under the Lease Assignment shall be in addition to and cumulative of all rights and remedies granted to Lender Mortgagee hereunder.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Glimcher Realty Trust)
