Common use of ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT Clause in Contracts

ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT. 2.1 Immediately upon the occurrence of any event of default under the Obligations, the revocable license described in paragraph 1 above shall cease and terminate upon demand and notice made by Assignee, and, in such event, Assignee is hereby expressly and irrevocably authorized to enter and take possession of the Rents, or by written notice served personally upon or sent by registered mail to Assignor as Assignee may elect, without further authorization, notice or demand and without the commencement of any action to foreclose the Mortgage or to exercise its power of sale thereunder. 2.2 Assignor does hereby constitute and appoint Assignee, irrevocably, with full power of substitution and revocation, its true and lawful attorney, coupled with an interest, for it and in its name, place and stead, to do and perform any or all of the following actions, as fully for all intents and purposes, as it could do if personally present, hereby ratifying and confirming all that its said attorney or its substitution shall lawfully do or cause to be done by virtue hereof: (a) manage and operate the Property or any part thereof; (b) lease any part or parts thereof for such periods of time, and upon such terms and conditions as Assignee may, in its sole discretion, deem proper; (c) enforce, cancel or modify any of the Leases; (d) demand, collect, sue for, xxxxxx, xxxx, recover, receive, compromise and adjust, and make, execute and deliver receipts and releases for all rents, issues, profits and other amounts that may then be or may thereafter become due, owing or payable with respect to the Property or any part thereof from any present or future lessees, tenants, subtenants or occupants thereof; (e) institute, prosecute to completion or compromise and settle, all summary proceedings, actions for rent or for removing any and all lessees, tenants, subtenants or occupants of the Property or any part or parts thereof; (f) enforce or enjoin or restrain the violation of any of the terms, provisions and conditions of any Lease or Leases, now or hereafter affecting the Property or any part thereof; (g) make such repairs and alterations to the Property as Assignee may, in its reasonable discretion, deem proper; (h) pay, from and out of rents, issues and profits collected in respect of the Property or any part thereof, or from or out of any other funds, the rent and all other charges required to be paid under any ground leases on which the Mortgage may constitute a lien, any taxes, assessments, water rates, sewer rates, or other government charges levied, assessed or imposed against the Property, or any portion thereof, and also any and all other charges, costs and expenses which it may be necessary or advisable for Assignee to pay in the management or operation of the Property, including without limiting the generality of any rights, powers, privileges and authority hereinbefore or hereinafter conferred) the costs of repairs and alterations, commissions for renting the Property or any portions thereof, any legal expenses in enforcing claims, preparing papers or for any other services that may be required; and (i) generally, do, execute and perform any other act, deed, matter or thing whatsoever that ought to be done, executed and performed in and about or with respect to the Property, as fully as Assignor might do, provided, however, that any action, or failure or refusal to act, by Assignee under this Assignment shall be at its election and without any liability on its part. 2.3 Assignee shall apply the net amount of rents, issues and profits received by it from the Property, after payment of all costs and charges incurred by Assignee (including any liability, loss, expense or damage hereinafter referred to in paragraph 5 hereof), first to the payment, when due, of the installments of interest payable under the Note and thereafter to the payment of principal thereunder. Any of such funds remaining after such application shall be paid as soon as reasonably practicable by Assignee to such persons as Assignor may designate to Assignee in writing. 2.4 Assignee shall be accountable to Assignor only for monies actually received by Assignee pursuant to this Assignment and the acceptance of this Assignment shall not constitute a satisfaction of any indebtedness, liability or obligations, or any part thereof, now or hereafter owed by Assignor to Assignee, except to the extent of amounts actually received and applied by Assignee on account of the same. 2.5 The rights and powers of Assignee hereunder shall continue and remain in full force and effect until all amounts secured hereby, including any deficiency resulting from foreclosure sale, are paid in full, and shall continue after commencement of foreclosure and after foreclosure sale and until expiration of the equity of redemption, notwithstanding sale of the Property to a purchaser other than Assignee. Assignee shall not be liable to Assignor or any one claiming under or through Assignor by reason of anything done or left undone by Assignee hereunder.

ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT. 2.1 Immediately upon the occurrence of any event Event of default under the ObligationsDefault, the revocable license described mentioned in the foregoing paragraph 1 above shall hereof shall, at the option of the Assignee, cease and terminate upon demand terminate, and notice made by in such event in addition to any other remedies of the Assignee, andupon notice from Assignee to each lessee of an Assigned Lease, all rentals thereafter payable to Assignor shall be paid to Assignee. A demand on any lessee by the Assignee for the payment of rent on any default claimed by the Assignee hereunder shall be sufficient to warrant to said lessee to make all future payments of rent to the Assignee without the necessity for consent by Assignor, and the Assignor hereby directs and requires all said lessees to comply with any such demand by the Assignee. Assignor agrees that lessees shall have the night to rely upon any statement and request by the Assignee, that lessees shall pay such rents to the Assignee without any obligation or right to inquire as to whether such default actually exists notwithstanding any notice from or claim of Assignor to the contrary, and that Assignor shall have no right or claim against lessees for any such rents so paid by lessees to the Assignee after notice to the lessee by the Assignee. 2.2 In addition, immediately upon the happening of any Event of Default, the Assignee may, subject to applicable law and without in any way waiving such eventEvent of Default, Assignee is hereby expressly and irrevocably authorized to enter and at its option, (a) take possession of the RentsPremises, or by written notice served personally upon or sent by registered mail to Assignor (b) have a receiver immediately appointed for the Premises and the earnings, revenues, rents, issues, profits and other income thereof and therefrom, with all such powers as the Court making such appointment shall confer, (c) have, hold, manage, lease and operate the same on such terms and for such period of time as the Assignee may electdeem proper with full power to make from time to time all alterations, without further authorizationrenovations, notice repairs or demand replacements to the Premises as may seem proper to the Assignee and without (d) do and perform any or all of the commencement of any action actions which Assignor is entitled or required to foreclose perform in connection with the Mortgage or to exercise its power of sale thereunder. 2.2 Assigned Leases. The Assignor does hereby constitute and appoint the Assignee, irrevocably, with full power of substitution and revocation, whether or not the Assignee takes possession of the Premises, its true and lawful attorney, coupled with an interest, for it and in its name, place and stead, to do and perform any or all of the following actionsactions which Assignor is entitled to perform in connection with the Assigned Leases, as fully for fully, to all intents and purposes, as it could do if personally present, hereby ratifying and confirming all that its said attorney or its substitution substitute shall lawfully do or cause to be done by virtue hereof: (a) manage and operate the Property or any part thereof; (b) lease any part or parts thereof for such periods of time, and upon such terms and conditions as Assignee may, in its sole discretion, deem proper; (c) enforce, cancel or modify any of the Leases; (d) demand, collect, sue for, xxxxxx, xxxx, recover, receive, compromise and adjust, and make, execute and deliver receipts and releases for all rents, issues, profits and other amounts that may then be or may thereafter become due, owing or payable with respect to the Property or any part thereof from any present or future lessees, tenants, subtenants or occupants thereof; (e) institute, prosecute to completion or compromise and settle, all summary proceedings, actions for rent or for removing any and all lessees, tenants, subtenants or occupants of the Property or any part or parts thereof; (f) enforce or enjoin or restrain the violation of any of the terms, provisions and conditions of any Lease or Leases, now or hereafter affecting the Property or any part thereof; (g) make such repairs and alterations to the Property as Assignee may, in its reasonable discretion, deem proper; (h) pay, from and out of rents, issues and profits collected in respect of the Property or any part thereof, or from or out of any other funds, the rent and all other charges required to be paid under any ground leases on which the Mortgage may constitute a lien, any taxes, assessments, water rates, sewer rates, or other government charges levied, assessed or imposed against the Property, or any portion thereof, and also any and all other charges, costs and expenses which it may be necessary or advisable for Assignee to pay in the management or operation of the Property, including without limiting the generality of any rights, powers, privileges and authority hereinbefore or hereinafter conferred) the costs of repairs and alterations, commissions for renting the Property or any portions thereof, any legal expenses in enforcing claims, preparing papers or for any other services that may be required; and (i) generally, do, execute and perform any other act, deed, matter or thing whatsoever that ought to be done, executed and performed in and about or with respect to the Property, as fully as Assignor might do, provided, however, that any . Any action, or failure or refusal to act, by the Assignee under this Assignment subparagraph 2.2 shall be at its election and without any liability on its part. 2.3 The Assignee shall apply the net amount of rents, issues and profits received by it from the PropertyPremises, after in the following order of priority: (i) to payment of all proper costs and charges incurred by Assignee (including any liability, loss, expense or damage hereinafter referred to in paragraph 5 4.1 hereof), first (ii) to the payment, when due, payment of the installments of all accrued but unpaid interest payable due under the Note and thereafter Notes, (iii) to the payment of principal thereunder. Any under the Notes to be applied to principal installments in the inverse order of such funds remaining after such application shall be paid as soon as reasonably practicable by Assignee maturity, and (iv) to the Assignor or such persons as Assignor may designate to Assignee in writinglegally entitled thereto. 2.4 The Assignee shall be accountable to the Assignor only for monies actually received by the Assignee pursuant to this Assignment and the acceptance of this Assignment assignment shall not constitute a satisfaction of any indebtedness, liability or obligations, or any part thereof, now or hereafter owed by Assignor to Assigneeof the Obligations, except to the extent of amounts actually received and applied by the Assignee on account of the same. 2.5 The rights and powers of the Assignee hereunder shall continue and remain in full force and effect until all amounts secured hereby, including any deficiency resulting from foreclosure sale, hereby are paid in full, and shall continue after commencement of foreclosure and after foreclosure sale and until expiration of the equity of redemption, notwithstanding sale of the Property to a purchaser other than Assignee. Assignee shall not be liable to Assignor or any one claiming under or through Assignor by reason of anything done or left undone by Assignee hereunder.

ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT. 2.1 Immediately upon the occurrence of any event Event of default under the ObligationsDefault, the revocable license described mentioned in the foregoing paragraph 1 above hereof shall cease and terminate upon demand terminate, and notice made by in such event in addition to any other remedies of the Assignee, andupon notice of Assignee to each lessee of an Assigned Lease, in such event, Assignee is hereby expressly and irrevocably authorized to enter and take possession of the Rents, or by written notice served personally upon or sent by registered mail all rentals thereafter payable to Assignor as Assignee may elect, without further authorization, notice or demand and without the commencement of any action shall be paid to foreclose the Mortgage or to exercise its power of sale thereunderAssignee. 2.2 The Assignor does hereby constitute and appoint the Assignee, irrevocably, with full power of substitution and revocation, its true and lawful attorney, coupled with an interest, for it and in its name, place and stead, upon the occurrence of an event of default, to do and perform any or all of the following actionsactions which Assignor is entitled to perform in connection with the Assigned Leases, as fully for fully, to all intents and purposes, as it could do if personally present, hereby ratifying and confirming all that its said attorney or its substitution substitute shall lawfully do or cause to be done by virtue hereof: (a) manage and operate the Property or any part thereof; (b) lease any part or parts thereof for such periods of time, and upon such terms and conditions as Assignee may, in its sole discretion, deem proper; (c) enforce, cancel or modify any of the Leases; (d) demand, collect, sue for, xxxxxx, xxxx, recover, receive, compromise and adjust, and make, execute and deliver receipts and releases for all rents, issues, profits and other amounts that may then be or may thereafter become due, owing or payable with respect to the Property or any part thereof from any present or future lessees, tenants, subtenants or occupants thereof; (e) institute, prosecute to completion or compromise and settle, all summary proceedings, actions for rent or for removing any and all lessees, tenants, subtenants or occupants of the Property or any part or parts thereof; (f) enforce or enjoin or restrain the violation of any of the terms, provisions and conditions of any Lease or Leases, now or hereafter affecting the Property or any part thereof; (g) make such repairs and alterations to the Property as Assignee may, in its reasonable discretion, deem proper; (h) pay, from and out of rents, issues and profits collected in respect of the Property or any part thereof, or from or out of any other funds, the rent and all other charges required to be paid under any ground leases on which the Mortgage may constitute a lien, any taxes, assessments, water rates, sewer rates, or other government charges levied, assessed or imposed against the Property, or any portion thereof, and also any and all other charges, costs and expenses which it may be necessary or advisable for Assignee to pay in the management or operation of the Property, including without limiting the generality of any rights, powers, privileges and authority hereinbefore or hereinafter conferred) the costs of repairs and alterations, commissions for renting the Property or any portions thereof, any legal expenses in enforcing claims, preparing papers or for any other services that may be required; and (i) generally, do, execute and perform any other act, deed, matter or thing whatsoever that ought to be done, executed and performed in and about or with respect to the Property, as fully as Assignor might do, provided, however, that any . Any action, or failure or refusal to act, by the Assignee under this Assignment subparagraph 2.2 shall be at its election and without any liability on its part. 2.3 The Assignee shall apply the net amount of rents, issues and profits received by it from the PropertyMortgaged premises, after in the following order of priority: (i) to payment of all proper costs and charges incurred by Assignee (including any liability, loss, expense or damage hereinafter referred to in paragraph 5 4.1 hereof), first (ii) to the payment, when due, payment of the installments of all accrued but unpaid interest payable due under the Note and thereafter Note, (iii) to the payment of principal thereunder. Any under the Note to be applied to principal install ments in the inverse order of such funds remaining after such application shall be paid as soon as reasonably practicable maturity, (iv) to the payment of any other amounts owed to Assignee and secured by Assignee the Mortgage, and (v) to the Assignor or such persons as Assignor may designate to Assignee in writinglegally entitled thereto. 2.4 The Assignee shall be accountable to the Assignor only for monies actually received by the Assignee pursuant to this Assignment and the acceptance of this Assignment assignment shall not constitute a satisfaction of any indebtedness, liability or obligations, or any part thereof, now or hereafter owed by Assignor to Assigneeof the Obligations, except to the extent of amounts actually received and applied by the Assignee on account of on the same. 2.5 The rights and powers of the Assignee hereunder shall continue and remain in full force and effect until all amounts secured hereby, including any deficiency resulting from foreclosure sale, hereby are paid in full, and shall continue after commencement of foreclosure and after foreclosure sale and until expiration of the equity of redemption, notwithstanding sale of the Property to a purchaser other than Assignee. Assignee shall not be liable to Assignor or any one claiming under or through Assignor by reason of anything done or left undone by Assignee hereunder.

ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT. 2.1 Immediately upon the occurrence of any event Event of default under Default and, at the Obligationsoption of Lender, which option may be exercised by giving written notice thereof to Assignee, the revocable license described mentioned in paragraph the foregoing Paragraph 1 above hereof shall cease and terminate upon demand terminate, and notice made by Assignee, and, in such event, event Assignee is hereby expressly and irrevocably authorized to enter and take possession of the RentsProperty by actual physical possession, or by written notice served personally upon or sent by registered mail to Assignor as Assignee may electserved in accordance with Paragraph 10 hereof, without further authorization, notice or demand (except as otherwise specifically provided in the Loan Agreement or any other Loan Documents) and without the commencement of any action to foreclose the Contingent Mortgage or to exercise its power of sale thereunder. 2.2 Assignor does hereby constitute and appoint Assignee, following such entry and taking of possession, irrevocably, with full power of substitution and revocation, its true and lawful attorney, coupled with an interest, for it and in its name, place and stead, to do and perform any or all of the following actions, as fully for fully, to all intents and purposes, as it could do if personally present, hereby ratifying and confirming all that its said attorney or its substitution substitute shall lawfully do or cause to be done by virtue hereof: (a) manage and operate the Property or any part thereof; (b) lease any part or parts thereof for such periods of time, and upon such terms and conditions as Assignee may, in its sole discretion, deem proper; (c) enforce, cancel or modify any of the Assigned Leases; (d) demand, collect, sue xxx for, xxxxxxattach, xxxxlevy, recover, receive, compromise and adjust, and make, execute and deliver receipts and releases for all rents, issues, profits and other amounts that may then be or may thereafter become due, owing or payable with respect to the Property or any part thereof from any present or future lessees, guests, tenants, subtenants or occupants thereof; (e) institute, prosecute to completion or compromise and settle, all summary proceedings, actions for rent or for removing any and all lessees, guests, tenants, subtenants or occupants of the Property or any part or parts thereof; (f) enforce or enjoin or restrain the violation of any of the terms, provisions and conditions of any Lease lease or Leasesleases, now or hereafter affecting the Property or any part thereof; (g) make such repairs and alterations to the Property as Assignee may, in its reasonable discretion, deem proper; (h) pay, from and out of rents, issues and profits collected in respect of the Property or any part thereof, or from or out of any other funds, the rent and all other charges required to be paid under any ground leases on which the Mortgage may constitute a lien, any taxes, assessments, water rates, sewer rates, or other government respecnt charges levied, assessed or imposed against the Property, or any portion thereof, and also any and all other charges, costs and expenses which it may be necessary or advisable for Assignee to pay in the management or operation of the Property, including (without limiting the generality of any rights, powers, privileges and authority hereinbefore or hereinafter conferred) the costs of such repairs and alterations, commissions for renting the Property or any portions thereof, any legal expenses in enforcing claims, preparing papers or for any other services that may be required; and (i) generally, do, execute and perform any other act, deed, matter or thing whatsoever that ought to be done, executed and performed in and about or with respect to the Property, as fully as Assignor might do, provided, however, that any action, or failure or refusal to act, by Assignee under this Assignment subparagraph 2.2 shall be at its election and without any liability on its Assignee's part. 2.3 Assignee shall apply the net amount of rents, issues and profits received by it from the Property, after payment of all proper costs and charges incurred by Assignee (including any liability, loss, expense or damage hereinafter referred to in paragraph 5 hereof), first to ) in accordance with the payment, when due, terms of the installments of interest payable under the Note and thereafter to the payment of principal thereunderLoan Documents. Any of such funds remaining after such application shall be paid as soon as reasonably practicable by Assignee to Assignor or paid over to such persons as Assignor may designate to Assignee in writing. 2.4 Assignee shall be accountable to Assignor only for monies actually received by Assignee pursuant to this Assignment and the acceptance of this Assignment shall not constitute a satisfaction of any indebtedness, liability or obligations, or any part thereof, now or hereafter owed by Assignor to Assignee, except to the extent of amounts actually received and applied by Assignee on account of the same. 2.5 The rights and powers of Assignee hereunder shall continue and remain in full force and effect until all amounts secured hereby, including any deficiency resulting from foreclosure sale, are paid in full, and shall continue after commencement of foreclosure and after foreclosure sale and until expiration of the equity of redemption, notwithstanding the sale of the Property to a purchaser other than Assignee. Assignee shall not be liable to Assignor or any one claiming under or through Assignor by reason of anything done or left undone by Assignee hereunder. 2.6 For the purposes of this paragraph 2, a default shall be deemed to be cured only when Assignor shall have paid in full all sums owing and past due, and/or shall have performed all other terms, covenants and conditions, the failure in the performance of which shall terminate the license contained in paragraph 1 hereof, such default shall have been waived by Assignee, in writing.