Common use of Absolute Assignment of Leases and Rents Clause in Contracts

Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders to Mortgagor and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely and unconditionally assigns the Leases and Rents to Mortgagee, for the ratable benefit of the Lenders, which, whether before or after foreclosure or during the full period of redemption, accrue and are owing for the use and occupancy of all or any part of the Property. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the “Required Expenses” (as such term is defined in that certain Absolute Assignment of Leases, Rents, Income and Profits dated of even date herewith executed by the Mortgagor, as assignor, in favor of Mortgagee, as assignee, as it may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented) before using the Rents for any other purpose.

Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders Mortgagee to Mortgagor Mortgagor, the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely irrevocably, presently, absolutely, unconditionally and unconditionally assigns not merely as additional security for the payment and performance of the indebtedness secured hereby, assigns, sells, sets over and delivers the Leases and Rents to Mortgagee, for the ratable benefit of the Lenders, which, whether before or after foreclosure or during the full period of redemption, accrue and are owing for the use and occupancy of all or any part of the Property. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Mortgagor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of DefaultDefault or a default by Mortgagor under the Leases) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the “Required Expenses” (as such term is defined in that certain Absolute Assignment cost of Leases, Rents, Income operating and Profits dated maintaining the Property and for the payment of even date herewith executed by the Mortgagor, as assignor, in favor of Mortgagee, as assignee, as it may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented) other Obligations before using the Rents for any other purpose.

Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders to Mortgagor and the other Borrowers, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely and unconditionally assigns the Leases and Rents to Mortgagee, for the ratable benefit of the Lenders, which, whether before or after foreclosure or during the full period of redemption, accrue and are owing for the use and occupancy of all or any part of the Property. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the “Required Expenses” (as such term is defined in that certain Absolute Assignment cost of Leases, Rents, Income operating and Profits dated maintaining the Property and for the payment of even date herewith executed by the Mortgagor, as assignor, in favor of Mortgagee, as assignee, as it may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented) other Obligations before using the Rents for any other purpose.

Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Lenders Mortgagee to Mortgagor Mortgagor, the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor absolutely irrevocably, presently, absolutely, unconditionally and unconditionally assigns not merely as additional security for the payment and performance of the indebtedness secured hereby, assigns, sells, sets over and delivers the Leases and Rents to Mortgagee, for the ratable benefit of the Lenders, which, whether before or after foreclosure or during the full period of redemption, accrue and are owing for the use and occupancy of all or any part of the Property. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Mortgagor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Mortgagor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of DefaultDefault by Mortgagor under the Leases) to collect, but not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for Mortgagee and to use the Rents for the payment of the “Required Expenses” (as such term is defined in that certain Absolute Assignment cost of Leases, Rents, Income operating and Profits dated maintaining the Property and for the payment of even date herewith executed by the Mortgagor, as assignor, in favor of Mortgagee, as assignee, as it may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented) other Obligations before using the Rents for any other purpose.