ASSIGNMENT OF LEASES AND RENTS.
TO FURTHER
SECURE THE INDEBTEDNESS SECURED HEREBY THE BORROWER DOES HEREBY SELL, ASSIGN AND
TRANSFER UNTO LENDER ALL OF THE LEASES, RENTS, INCOME AND PROFITS NOW DUE AND
WHICH MAY HEREAFTER BECOME DUE UNDER OR BY VIRTUE OF ANY LEASE, WHETHER WRITTEN
OR VERBAL, OR ANY AGREEMENT FOR THE USE OR OCCUPANCY OF THE PREMISES, IT BEING
THE INTENTION OF THIS MORTGAGE TO ESTABLISH AN ABSOLUTE TRANSFER AND ASSIGNMENT
OF ALL SUCH LEASES AND AGREEMENTS AND ALL OF THE RENTS, INCOME AND PROFITS FROM
THE PREMISES UNTO THE LENDER AND THE BORROWER DOES HEREBY APPOINT IRREVOCABLY
THE LENDER ITS TRUE AND LAWFUL ATTORNEY IN ITS NAME AND STEAD, WHICH APPOINTMENT
IS COUPLED WITH AN INTEREST, TO COLLECT ALL OF SAID RENTS, INCOME AND PROFITS;
PROVIDED, LENDER GRANTS THE BORROWER THE PRIVILEGE, REVOCABLE, TO COLLECT AND
RETAIN SUCH RENTS, INCOME, AND PROFITS UNLESS AND UNTIL AN EVENT OF DEFAULT
EXISTS UNDER THIS MORTGAGE.
UPON AN EVENT OF DEFAULT AND WHETHER BEFORE OR
AFTER THE INSTITUTION OF LEGAL PROCEEDINGS TO SELL THE PREMISES OR TO FORECLOSE
THE LIEN HEREOF OR BEFORE OR AFTER SALE OF THE PREMISES OR DURING ANY PERIOD OF
REDEMPTION THE LENDER, AND WITHOUT REGARD TO WASTE, ADEQUACY OF THE SECURITY OR
SOLVENCY OF THE BORROWER, MAY REVOKE THE LICENSES GRANTED BORROWER HEREUNDER AND
MAY, AT ITS OPTION, WITHOUT NOTICE:
(A)
IN PERSON OR BY AGENT, WITH OR WITHOUT
TAKING POSSESSION OF OR ENTERING THE PREMISES, WITH OR WITHOUT BRINGING ANY
ACTION OR PROCEEDING, GIVE, OR REQUIRE BORROWER TO GIVE, NOTICE TO ANY OR ALL
TENANTS UNDER ANY LEASE AUTHORIZING AND DIRECTING THE TENANT TO PAY SUCH RENTS
AND PROFITS TO LENDER; COLLECT ALL OF THE RENTS, INCOME AND PROFITS; ENFORCE THE
PAYMENT THEREOF AND EXERCISE ALL OF THE RIGHTS OF THE LANDLORD UNDER ANY LEASE
AND ALL OF THE RIGHTS OF LENDER HEREUNDER; MAY ENTER UPON, TAKE POSSESSION OF,
MANAGE AND OPERATE SAID PREMISES, OR ANY PART THEREOF, MAY CANCEL, ENFORCE OR
MODIFY ANY LEASES, AND FIX OR MODIFY RENTS, AND DO ANY ACTS
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WHICH THE LENDER DEEMS PROPER TO PROTECT THE SECURITY HEREOF WITH OR WITHOUT
TAKING POSSESSION OF SAID PREMISES; OR
(B)
APPLY FOR THE APPOINTMENT OF A RECEIVER IN
ACCORDANCE WITH THE STATUTES AND LAW MADE AND PROVIDED FOR, WHICH RECEIVERSHIP
BORROWER HEREBY CONSENTS TO, WHO SHALL COLLECT THE RENTS, PROFITS AND ALL OTHER
INCOME OF ANY KIND; MANAGE THE PREMISES SO AS TO PREVENT WASTE; EXECUTE LEASES
WITHIN OR BEYOND THE PERIOD OF RECEIVERSHIP, AND APPLY THE RENTS, PROFITS AND
INCOME IN THE FOLLOWING ORDER:
(I)
TO PAYMENT OF ALL REASONABLE FEES OF ANY
RECEIVER APPOINTED HEREUNDER,
(II)
TO APPLICATION OF TENANT'S SECURITY
DEPOSITS AS MAY BE REQUIRED BY LAW,
(III)
TO PAYMENT WHEN DUE OF PRIOR OR CURRENT REAL
ESTATE TAXES OR SPECIAL ASSESSMENTS WITH RESPECT TO THE PREMISES OR, IF THE
MORTGAGE SO REQUIRES, TO THE PERIODIC ESCROW FOR PAYMENT OF THE TAXES OR SPECIAL
ASSESSMENTS THEN DUE,
(IV)
TO PAYMENT WHEN DUE OF PREMIUMS