Common use of Collection of Rents Clause in Contracts

Collection of Rents. If the Lender collects the rents and the other revenues produced by the Hypothecated Property by exercising the rights granted to it by this Contract: it is not obliged to apply the rents or revenues collected to the payment of an amount which is not yet due under this Contract; it is not obliged to inform the Borrower of any irregularity in the payment of the rent or of the other revenues; it is not liable for any loss or damage resulting from non-collection of the rent or of any other revenues; it may grant a discharge for any rent or revenue which it collects; and it may charge management fees comparable to those prevalent in the market.