Common use of Assignment of Leases and Rents Clause in Contracts

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 10 contracts

Samples: Mortgage (Corporate Property Associates 15 Inc), Mortgage and Security Agreement (Corporate Property Associates 15 Inc), Mortgage and Security Agreement (Corporate Property Associates 15 Inc)

AutoNDA by SimpleDocs

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.83.7, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold the Rents, or a portion of the Rents thereof, sufficient to discharge all current sums due on the Debt Debt, for use in the payment of such sums.

Appears in 9 contracts

Samples: Mortgage and Security Agreement (Butler International Inc /Md/), Mortgage and Security Agreement (Pennsylvania Real Estate Investment Trust), Mortgage and Security Agreement (Pennsylvania Real Estate Investment Trust)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender and Trustee Borrower's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 3 contracts

Samples: Deed of Trust and Security Agreement (Corporate Property Associates 15 Inc), Deed of Trust and Security Agreement (Corporate Property Associates 15 Inc), Deed of Trust and Security Agreement (Corporate Property Associates 15 Inc)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's right, title and interest in and to all current and future Leases and Rents; , it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.83.7, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 2 contracts

Samples: Open End Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing (Glimcher Realty Trust), Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing (Glimcher Realty Trust)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.811.1(h), Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold the Rents, or a portion of the Rents thereof sufficient to discharge all current sums due on the Debt Debt, for use in the payment of such sums.

Appears in 2 contracts

Samples: Open End Mortgage and Security Agreement (Associated Estates Realty Corp), Open End Mortgage and Security Agreement (Associated Estates Realty Corp)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrowerand Trustee Xxxxxxxx's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 2 contracts

Samples: Deed of Trust and Security Agreement (Corporate Property Associates 15 Inc), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Corporate Property Associates 15 Inc)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 0 and Section 3.80 and 0, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt Debt, for use in the payment of such sums.

Appears in 1 contract

Samples: Credit Agreement (Moore Handley Inc /De/)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender and Trustee Borrower's ’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 1 contract

Samples: Deed of Trust and Security Agreement (Innovative Micro Technology Inc)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's ’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Resource Real Estate Opportunity REIT, Inc.)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender all of Borrower's ’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8Deed of Trust, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt Note, for use in the payment of such sums.

Appears in 1 contract

Samples: Deed of Trust (Silver Falcon Mining, Inc.)

AutoNDA by SimpleDocs

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender BorrowerXxxxxx Xxxxxxxx's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.83.7, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold the Rents, or a portion of the Rents thereof, sufficient to discharge all current sums due on the Debt Debt, for use in the payment of such sums.

Appears in 1 contract

Samples: Deed of Trust and Security Agreement (Hartman Commercial Properties Reit)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender and Trustee Borrower's ’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8the Loan Documents, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold the Rents, or a portion of the Rents thereof sufficient to discharge all current sums due on the Debt Debt, for use in the payment of such sums.

Appears in 1 contract

Samples: Deed of Trust, Assignment of Leases and Rents, Fixture Filing and Security Agreement (Manufactured Housing Properties Inc.)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender and Trustee Borrower's ’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold the Rents, or a portion of the Rents them, sufficient to discharge all current sums due on the Debt Debt, for use in the payment of such sums.

Appears in 1 contract

Samples: Deed of Trust and Security Agreement

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrowerand Trustee Xxxxxxxx's right, title and interest in and to all current and future Leases and Rents; it being intended by to Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt for use in the payment of such sums.

Appears in 1 contract

Samples: Deed of Trust (Pyramid Breweries Inc)

Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender Borrower's ’s right, title and interest in and to all current and future Leases and Rents; it being intended by . Borrower that intends this assignment constitutes as a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of this Section 1.2 and Section 3.83.6, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due on the Debt (defined in Section 2.1), for use in the payment of such sums.

Appears in 1 contract

Samples: Mortgage, Security Agreement and Absolute Assignment of Leases and Rents (Lakes Entertainment Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!