OTHER
INTEREST RATE AGREEMENT EXECUTED BY AND BETWEEN MORTGAGOR AND MORTGAGEE, WHICH
AGREEMENT IS EVIDENCED BY A WRITING WHICH RECITES THAT IT IS SECURED BY THIS
MORTGAGE; AND
(G)
ALL MODIFICATIONS, EXTENSIONS AND RENEWALS OF ANY OF
THE OBLIGATIONS SECURED HEREBY, HOWEVER EVIDENCED, INCLUDING, WITHOUT
LIMITATION: (I) MODIFICATIONS OF THE REQUIRED PRINCIPAL PAYMENT DATES OR
INTEREST PAYMENT DATES OR BOTH, AS THE CASE MAY BE, DEFERRING OR ACCELERATING
PAYMENT DATES WHOLLY OR PARTLY; OR (II) MODIFICATIONS,
6
EXTENSIONS OR RENEWALS AT A DIFFERENT RATE OF INTEREST WHETHER OR NOT IN THE
CASE OF A NOTE, THE MODIFICATION, EXTENSION OR RENEWAL IS EVIDENCED BY A NEW OR
ADDITIONAL PROMISSORY NOTE OR NOTES.
2.2
OBLIGATIONS.
THE TERM "OBLIGATIONS" IS USED HEREIN
IN ITS BROADEST AND MOST COMPREHENSIVE SENSE AND SHALL BE DEEMED TO INCLUDE,
WITHOUT LIMITATION, ALL INTEREST AND CHARGES, PREPAYMENT CHARGES (IF ANY), LATE
CHARGES AND LOAN FEES AT ANY TIME ACCRUING OR ASSESSED ON ANY OF THE SECURED
OBLIGATIONS.
2.3
INCORPORATION.
ALL TERMS OF THE SECURED OBLIGATIONS
AND THE DOCUMENTS EVIDENCING SUCH OBLIGATIONS ARE INCORPORATED HEREIN BY THIS
REFERENCE.
ALL PERSONS WHO MAY HAVE OR ACQUIRE AN INTEREST IN THE SUBJECT
PROPERTY SHALL BE DEEMED TO HAVE NOTICE OF THE TERMS OF THE SECURED OBLIGATIONS
AND TO HAVE NOTICE, IF PROVIDED THEREIN, THAT:
(A) THE NOTES OR THE LOAN
AGREEMENT MAY PERMIT BORROWING, REPAYMENT AND RE-BORROWING SO THAT REPAYMENTS
SHALL NOT REDUCE THE AMOUNTS OF THE SECURED OBLIGATIONS; AND (B) THE RATE OF
INTEREST ON ONE OR MORE SECURED OBLIGATIONS MAY VARY FROM TIME TO TIME.
ARTICLE 3.
ASSIGNMENT OF LEASES AND RENTS
3.1
ASSIGNMENT.
MORTGAGOR ABSOLUTELY AND IRREVOCABLY
ASSIGNS TO MORTGAGEE ALL OF MORTGAGOR'S RIGHT, TITLE AND INTEREST IN, TO AND
UNDER:
(A) ALL LEASES OF THE SUBJECT PROPERTY OR ANY PORTION THEREOF; AND (B)
THE RENTS, REVENUE, INCOME, ISSUES, DEPOSITS AND PROFITS OF THE SUBJECT
PROPERTY, INCLUDING, WITHOUT LIMITATION, ALL AMOUNTS PAYABLE AND ALL RIGHTS AND
BENEFITS ACCRUING TO MORTGAGOR UNDER THE LEASES ("PAYMENTS"). THE TERM "LEASES"
SHALL ALSO INCLUDE ALL GUARANTEES OF AND SECURITY FOR THE LESSEES' PERFORMANCE
THEREUNDER, AND ALL AMENDMENTS, EXTENSIONS, RENEWALS OR MODIFICATIONS THERETO
WHICH ARE PERMITTED HEREUNDER. THIS IS A PRESENT AND ABSOLUTE ASSIGNMENT, NOT AN
ASSIGNMENT FOR SECURITY PURPOSES ONLY, AND MORTGAGEE'S RIGHT TO THE LEASES AND
PAYMENTS IS NOT CONTINGENT UPON, AND MAY BE EXERCISED WITHOUT POSSESSION OF, THE
SUBJECT PROPERTY.
3.2
GRANT OF LICENSE.
MORTGAGEE CONFERS UPON MORTGAGOR A
REVOCABLE LICENSE ("LICENSE") TO COLLECT AND RETAIN THE PAYMENTS AS THEY BECOME
DUE AND PAYABLE, UNTIL THE OCCURRENCE OF A DEFAULT. UPON A DEFAULT, THE LICENSE
SHALL BE AUTOMATICALLY REVOKED AND MORTGAGEE MAY COLLECT AND APPLY THE PAYMENTS
PURSUANT TO THAT CERTAIN SECTION ENTITLED APPLICATION OF OTHER SUMS WITHOUT
NOTICE AND WITHOUT TAKING POSSESSION OF THE SUBJECT PROPERTY.
MORTGAGOR HEREBY
IRREVOCABLY AUTHORIZES AND DIRECTS THE LESSEES UNDER THE LEASES TO RELY UPON AND
COMPLY WITH ANY NOTICE OR DEMAND BY MORTGAGEE FOR THE PAYMENT TO MORTGAGEE OF
ANY RENTAL OR OTHER SUMS WHICH MAY AT ANY TIME BECOME DUE UNDER