DETERMINED BY THIS INSTRUMENT OR
ADVERSELY AFFECTING THE PRIORITY OF LENDER'S LIEN GRANTED HEREBY OR BY ANY OTHER
RECORDED DOCUMENT.
ANY SUCH MENTION IN ANY SUCH FINANCING STATEMENT IS DECLARED
TO BE FOR THE PROTECTION OF LENDER IN THE EVENT ANY COURT OR JUDGE SHALL AT ANY
TIME HOLD WITH RESPECT TO CLAUSES (1), (2) OR (3) ABOVE, THAT NOTICE OF LENDER'S
PRIORITY OF INTEREST, TO BE EFFECTIVE AGAINST A PARTICULAR CLASS OF PERSONS,
INCLUDING, BUT NOT LIMITED TO, THE FEDERAL GOVERNMENT AND ANY SUBDIVISIONS OR
ENTITY OF THE FEDERAL GOVERNMENT, MUST BE FILED IN THE UNIFORM COMMERCIAL CODE
RECORDS.
1.12.
ASSIGNMENT OF RENTS.
(A)
THE ASSIGNMENT OF RENTS, INCOME AND OTHER BENEFITS CONTAINED IN
SECTION (G) OF THE GRANTING CLAUSES OF THIS MORTGAGE SHALL BE FULLY OPERATIVE
WITHOUT ANY FURTHER ACTION ON THE PART OF EITHER PARTY, AND, SPECIFICALLY,
LENDER SHALL BE ENTITLED, AT ITS OPTION, UPON THE OCCURRENCE OF AN EVENT OF
DEFAULT HEREUNDER, TO ALL RENTS, INCOME AND OTHER BENEFITS FROM THE MORTGAGED
PROPERTY, WHETHER OR NOT LENDER TAKES POSSESSION OF SUCH PROPERTY.
MORTGAGOR
HEREBY
14
FURTHER GRANTS TO LENDER THE RIGHT EFFECTIVE UPON THE OCCURRENCE OF AN EVENT OF
DEFAULT TO DO ANY OR ALL OF THE FOLLOWING, AT LENDER'S OPTION:
(I) ENTER UPON
AND TAKE POSSESSION OF THE MORTGAGED PROPERTY FOR THE PURPOSE OF COLLECTING THE
RENTS, INCOME AND OTHER BENEFITS; (II) DISPOSSESS BY THE USUAL SUMMARY
PROCEEDINGS ANY TENANT DEFAULTING IN THE PAYMENT THEREOF TO LENDER; (III) LEASE
THE MORTGAGED PROPERTY OR ANY PART THEREOF; (IV) REPAIR, RESTORE AND IMPROVE THE
MORTGAGED PROPERTY; AND (V) APPLY THE RENTS, INCOME AND OTHER BENEFITS, AFTER
PAYMENT OF CERTAIN EXPENSES AND CAPITAL EXPENDITURES RELATING TO THE MORTGAGED
PROPERTY, ON ACCOUNT OF MORTGAGOR'S LIABILITIES IN SUCH ORDER AND MANNER AS
LENDER MAY ELECT.
SUCH ASSIGNMENT AND GRANT SHALL CONTINUE IN EFFECT UNTIL
MORTGAGOR'S LIABILITIES ARE PAID IN FULL, THE EXECUTION OF THIS MORTGAGE
CONSTITUTING AND EVIDENCING THE IRREVOCABLE CONSENT OF MORTGAGOR TO THE ENTRY
UPON AND TAKING POSSESSION OF THE MORTGAGED PROPERTY BY LENDER PURSUANT TO SUCH
GRANT, WHETHER OR NOT FORECLOSURE PROCEEDINGS HAVE BEEN INSTITUTED.
NEITHER THE
EXERCISE OF ANY RIGHTS UNDER THIS SECTION BY LENDER NOR THE APPLICATION OF ANY
SUCH RENTS, INCOME OR OTHER BENEFITS TO PAYMENT OF MORTGAGOR'S LIABILITIES SHALL
CURE OR WAIVE ANY EVENT OF DEFAULT OR NOTICE PROVIDED FOR HEREUNDER, OR
INVALIDATE ANY ACT DONE PURSUANT HERETO OR PURSUANT TO ANY SUCH NOTICE, BUT
SHALL BE CUMULATIVE OF ALL OTHER RIGHTS AND REMEDIES.
NOTWITHSTANDING THE
FOREGOING, SO LONG AS NO EVENT OF DEFAULT HAS OCCURRED OR IS CONTINUING,
MORTGAGOR SHALL HAVE THE RIGHT AND AUTHORITY TO CONTINUE TO COLLECT THE RENTS,
INCOME AND OTHER BENEFITS FROM THE MORTGAGED PROPERTY AS THEY BECOME DUE AND
PAYABLE BUT NOT MORE THAN THIRTY (30) DAYS PRIOR TO THE DUE DATE THEREOF.
THE
EXISTENCE OR EXERCISE OF SUCH RIGHT OF MORTGAGOR TO COLLECT SAID RENTS, INCOME
AND OTHER BENEFITS SHALL NOT OPERATE TO SUBORDINATE THIS ASSIGNMENT TO ANY
SUBSEQUENT ASSIGNMENT OF SAID RENTS, INCOME OR