FOR THE BENEFIT OF
ASSIGNEE ONLY AND SHALL IMMEDIATELY BE DEPOSITED DIRECTLY TO THE CLEARING
ACCOUNT IN ACCORDANCE WITH THE TERMS OF THE LOAN AGREEMENT.
4.
EFFECT ON RIGHTS UNDER OTHER DOCUMENTS.
NOTHING CONTAINED IN
THIS ASSIGNMENT AND NO ACT DONE OR OMITTED BY ASSIGNEE PURSUANT TO THE POWERS
AND RIGHTS GRANTED IT
2
HEREUNDER SHALL BE DEEMED TO BE A WAIVER BY ASSIGNEE OF ITS RIGHTS AND REMEDIES
UNDER ANY OF THE OTHER LOAN DOCUMENTS, AND THIS ASSIGNMENT IS MADE AND ACCEPTED
WITHOUT PREJUDICE TO ANY OF THE RIGHTS AND REMEDIES POSSESSED BY ASSIGNEE UNDER
THE TERMS OF THE OTHER LOAN DOCUMENTS.
THE RIGHTS OF ASSIGNEE UNDER THE OTHER
LOAN DOCUMENTS MAY BE EXERCISED BY ASSIGNEE EITHER PRIOR TO, SIMULTANEOUSLY
WITH, OR SUBSEQUENT TO ANY ACTION TAKEN BY IT HEREUNDER.
THIS ASSIGNMENT IS
INTENDED TO BE SUPPLEMENTARY TO AND NOT IN SUBSTITUTION FOR OR IN DEROGATION OF
ANY ASSIGNMENT OF RENTS OR GRANT OF A SECURITY INTEREST CONTAINED IN ANY OF THE
OTHER LOAN DOCUMENTS.
5.
EVENT OF DEFAULT. UPON OR AT ANY TIME AFTER THE OCCURRENCE AND
DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THEN IN ADDITION TO AND WITHOUT
LIMITING ANY OF ASSIGNEE'S RIGHTS AND REMEDIES HEREUNDER AND UNDER THE OTHER
LOAN DOCUMENTS AND AS OTHERWISE AVAILABLE AT LAW OR IN EQUITY:
(A)
ASSIGNEE MAY, AT ITS OPTION, WITHOUT WAIVING SUCH EVENT OF DEFAULT
AND WITHOUT REGARD TO THE ADEQUACY OF THE SECURITY FOR THE DEBT, EITHER IN
PERSON OR BY AGENT, WITHOUT BRINGING ANY ACTION OR PROCEEDING, OR BY A RECEIVER
APPOINTED BY A COURT, WITHOUT TAKING POSSESSION OF THE PROPERTY IN ITS OWN NAME,
DEMAND, SUE FOR OR OTHERWISE COLLECT AND RECEIVE ALL RENTS, INCLUDING THOSE
PAST-DUE AND UNPAID, FOR APPLICATION TO THE PAYMENT OF THE DEBT IN ACCORDANCE
WITH THE TERMS OF THE LOAN DOCUMENTS, AND ASSIGNEE MAY ENTER INTO, AND TO THE
EXTENT THAT ASSIGNOR WOULD HAVE THE RIGHT TO DO SO, CANCEL, ENFORCE OR MODIFY
ANY LEASE.
THE EXERCISE BY ASSIGNEE OF THE OPTION GRANTED IT IN THIS SECTION
AND THE COLLECTION OF THE RENTS AND THE APPLICATION THEREOF AS HEREIN PROVIDED
SHALL NOT BE CONSIDERED A WAIVER OF ANY EVENT OF DEFAULT.
(B)
ASSIGNOR HEREBY ACKNOWLEDGES AND AGREES THAT PAYMENT OF ANY ITEM
OF RENT BY A PERSON TO ASSIGNEE AS HEREINABOVE PROVIDED SHALL CONSTITUTE PAYMENT
IN FULL OF SUCH ITEM OF RENT BY SUCH PERSON, AS FULLY AND WITH THE SAME EFFECT
AS IF IT HAD BEEN PAID TO ASSIGNOR.
(C)
ASSIGNEE IN RESPECT OF THE LEASES AND RENTS SHALL HAVE ALL OF THE
RIGHTS AND REMEDIES OF A SECURED PARTY UNDER THE UNIFORM COMMERCIAL CODE AS IN
EFFECT IN THE STATE IN WHICH SUCH RIGHTS AND REMEDIES ARE ASSERTED AS DESCRIBED
IN SECTION 12(B) TO THE EXTENT OF SUCH RIGHTS THEREUNDER AND ADDITIONAL RIGHTS
AND REMEDIES TO WHICH A SECURED PARTY IS ENTITLED UNDER THE LAWS IN EFFECT IN
ANY JURISDICTION WHERE ANY RIGHTS AND REMEDIES HEREUNDER MAY BE ASSERTED.
6.
APPLICATION OF RENTS AND PROCEEDS.
AFTER