or are to become fixtures; (4) the name of the record
owner of the land is the Debtor;
(5) the organizational identification number
of the Debtor is MD:
D00245704; (6) the Debtor is a corporation organized under
the laws of the State of Maryland; and (7) the legal name of the Debtor is
Willliams Scotsman, Inc.
The Debtor hereby authorizes the Mortgagee to file any
financing statements and terminations thereof or amendments or modifications
thereto without the signature of Debtor where permitted by law.
ARTICLE III
ASSIGNMENT OF LEASES, RENTS AND PROFITS
3.01
ASSIGNMENT.
THE MORTGAGOR HEREBY ABSOLUTELY, IRREVOCABLY AND
UNCONDITIONALLY SELLS, ASSIGNS, TRANSFERS AND CONVEYS TO THE MORTGAGEE ALL OF
THE MORTGAGOR'S RIGHT, TITLE AND INTEREST IN AND TO ALL CURRENT AND FUTURE
LEASES AND RENTS, INCLUDING THOSE NOW DUE, PAST DUE, OR TO BECOME DUE BY VIRTUE
OF ANY LEASE OR OTHER AGREEMENT FOR THE OCCUPANCY OR USE OF ALL OR ANY PART OF
THE MORTGAGED PROPERTY. THE MORTGAGOR INTENDS THAT THIS ASSIGNMENT CONSTITUTE A
PRESENT AND ABSOLUTE ASSIGNMENT AND NOT AN ASSIGNMENT FOR ADDITIONAL SECURITY
ONLY.
SUCH ASSIGNMENT TO THE MORTGAGEE SHALL NOT BE CONSTRUED TO BIND THE
MORTGAGEE TO THE PERFORMANCE OF ANY OF THE COVENANTS, CONDITIONS OR PROVISIONS
CONTAINED IN ANY LEASE OR OTHERWISE IMPOSE ANY OBLIGATION UPON THE MORTGAGEE.
THE MORTGAGOR COVENANTS THAT IT WILL NOT HEREAFTER COLLECT OR ACCEPT PAYMENT OF
ANY RENTS MORE THAN ONE MONTH PRIOR TO THE DUE DATES OF SUCH RENTS EXCEPT WITH
THE PRIOR WRITTEN APPROVAL OF THE MORTGAGEE, WHICH APPROVAL MAY NOT BE
UNREASONABLY WITHHELD, AND THAT NO RENTS WILL BE WAIVED, RELEASED, REDUCED,
DISCOUNTED OR OTHERWISE DISCHARGED OR COMPROMISED BY THE MORTGAGOR, EXCEPT AS
MAY BE PREVIOUSLY APPROVED IN WRITING BY THE MORTGAGEE.
EXCEPT AS EXPRESSLY
PERMITTED BY THE TERMS OF THE CREDIT AGREEMENT, THE MORTGAGOR AGREES THAT IT
WILL NOT ASSIGN ANY OF THE LEASES OR RENTS TO ANY OTHER PERSON.
THE
MORTGAGEE
SHALL HAVE NO LIABILITY FOR ANY LOSS WHICH MAY ARISE FROM A FAILURE OR INABILITY
TO COLLECT ANY RENTS.
THE MORTGAGOR SHALL MAINTAIN ALL SECURITY DEPOSITS IN
ACCORDANCE WITH APPLICABLE LAW.
3.02
REVOCABLE LICENSE; AGENT.
NOTWITHSTANDING THE FOREGOING, BUT SUBJECT TO
THE FURTHER TERMS OF THIS ARTICLE III, THE MORTGAGEE GRANTS TO THE MORTGAGOR A
REVOCABLE LICENSE TO OPERATE AND MANAGE THE MORTGAGED PROPERTY AND TO COLLECT
THE RENTS AND HEREBY DIRECTS EACH TENANT UNDER A LEASE TO PAY SUCH RENTS TO, OR
AT THE DIRECTION OF, THE MORTGAGOR, UNTIL SUCH TIME AS THE
MORTGAGEE PROVIDES
NOTICE TO THE CONTRARY TO SUCH TENANTS.
MORTGAGEE AGREES NOT TO DELIVER SUCH
NOTICE UNLESS AND UNTIL AN EVENT OF DEFAULT HAS OCCURRED AND FURTHER AGREES TO
REVOKE SUCH NOTICE WHEN SUCH EVENT OF DEFAULT IS CURED AND MORTGAGOR PROVIDES
REASONABLE EVIDENCE OF SAME.
THE MORTGAGOR SHALL HOLD THE RENTS, OR A PORTION
THEREOF SUFFICIENT TO DISCHARGE ALL SUMS CURRENTLY DUE IN RESPECT OF THE
OBLIGATIONS, IN TRUST FOR THE BENEFIT OF THE MORTGAGEE FOR USE IN THE PAYMENT OF
SUCH SUMS.
3.03
RENTS.
(A)
UPON