Common use of Assignment and License Clause in Contracts

Assignment and License. The assignment by Grantor in Granting Clause (vi) of this Deed of Trust of all of Grantor's right, title and interest, if any, in and to all present and future Leases by Grantor, as landlord, to any other Person, as tenant (each a "Tenant"), shall also be deemed to be an assignment of any and all modifications, renewals, extensions or replacements thereof, and of any guaranties of the Tenant's obligations under any Lease (each, a "Guaranty") and shall be deemed to be, and is, a present, absolute, effective, irrevocable and complete assignment by Grantor to Beneficiary of the Leases and Guaranties and the right to collect all Rents and all other sums payable to Grantor thereunder and apply the same against the Obligations in accordance with the terms of this Deed of Trust, which assignment is not conditioned upon Beneficiary being in possession of the Property. However, so long as no Event of Default shall have occurred and be continuing, Grantor shall have a license, to collect, receive and retain from the Tenants under the Leases rent and all other sums payable under the Leases, to enforce the obligations of Tenants under the Leases and to exercise all the rights and remedies of the landlord under the Leases (except as otherwise provided Schedule 5.11 to the Loan Agreement), subject, however, to compliance with the provisions of this Deed of Trust. The portion of all sums received by Grantor under the license granted hereby equal to the Obligations then due and owing, shall be held in trust for the benefit of Beneficiary and used, as necessary, to pay the Obligations then due and owing.

Assignment and License. The assignment by Grantor Mortgagor in Granting Clause (vi) of this Deed of Trust Mortgage of all of GrantorMortgagor's right, title and interest, if any, in and to all present and future Leases leases of all or any part of the Property (each, an "OPERATING LEASE") by GrantorMortgagor, as landlord, to any other Person, as tenant (each a "TenantTENANT"), shall also be deemed to be an assignment of any and all modifications, renewals, extensions or replacements thereof, and of any guaranties of the Tenant's obligations under any Operating Lease (each, a "GuarantyGUARANTY") and shall be deemed to be, and is, a present, absolute, effective, irrevocable and complete assignment by Grantor the Mortgagor to Beneficiary the Mortgagee of the Operating Leases and Guaranties and the right to collect all Rents and Revenues and all other sums payable to Grantor the Mortgagor thereunder and apply the same against the Obligations in accordance with the terms of this Deed of TrustMortgage, which assignment is not conditioned upon Beneficiary the Mortgagee being in possession of the Property. However, so long as no Event of Default shall have occurred and be continuing, Grantor the Mortgagor shall have a license, which may be exercised by the Manager, to collect, receive and retain from the Tenants under the Operating Leases rent and all other sums payable under the Operating Leases, to enforce the obligations of Tenants under the Operating Leases and to exercise all the rights and remedies of the landlord under the Leases (except as otherwise provided Schedule 5.11 to the Loan Agreement)Operating Leases, subject, however, to compliance with the provisions of this Deed of TrustMortgage. The portion of all sums received by Grantor the Mortgagor or the Manager under the license granted hereby equal to the Obligations then due and owing, shall be held in trust for the benefit of Beneficiary the Mortgagee and used, as necessary, to pay the Obligations then due and owing.