Assignment of Leases, Rents Sample Clauses

Assignment of Leases, Rents. (1) As part of the consideration for Lender’s issuance of the Loan to Borrower, Borrower absolutely and irrevocably assigns to Lender all of Borrower’s right, title and interest in, to and under all present and future Leases and Rents and Tenant Security and all proceeds from the sale or other disposition of such Leases, Rents and Tenant Security (“Assignment of Leases and Rents”). This Assignment of Leases and Rents is immediately effective and is a present, absolute and irrevocable transfer and assignment, not an assignment for security purposes only, and Lender’s right to the Leases and Rents and Tenant Security and the proceeds thereof is not contingent upon, and may be exercised without possession of, all or any portion of the Property and without further action by the Borrower. Promptly upon request by Lender, Borrower agrees to execute and deliver such further assignments as Lender may from time to time require. (Notwithstanding the definition of the term “Property” hereinbefore set forth, for purposes of giving effect to this absolute assignment of the Lease and Rents, and for no other purpose, the Leases and Rents shall not be deemed to be a part of the “Property; however, if this present, absolute and unconditional assignment of the Leases and Rents is not enforceable by its terms under the laws of the Property Jurisdiction, then the Leases and Rents shall be included as a part of the Property and it is the intention of the Borrower that in this circumstance this Mortgage create and perfect a Lien on the Leases and Rents in favor of Lender, which lien shall be effective as of the date of this Instrument.)

Assignment of Leases, Rents. There exists as part of the related Purchased Asset File an Assignment of Leases and Rents(either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases and Rents creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The Mortgage or Assignment of Leases and Rents for each Purchased Asset, subject to applicable law, provides that, upon an event of default under the Purchased Asset, a receiver is permitted to be appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

Assignment of Leases, Rents. The Tenant hereby acknowledges that all of the Landlord’s right, title and interest as lessor under the Lease (and in any guarantees of Tenant’s obligations thereunder) are being duly assigned to the Mortgagee pursuant to the terms of the Mortgage and/or the Assignment and that, pursuant to the terms thereof, all rental payments under the Lease shall continue to be paid to the Landlord in accordance with the terms of the Lease, unless and until the Tenant is otherwise notified in writing by the Mortgagee. Upon receipt of any such written notice from the Mortgagee, the Tenant covenants and agrees to make payment of all rental payments and other charges and payments then due or to become due under the Lease directly to the Mortgagee or to the Mortgagee’s agent designated in such notice, whether or not the Mortgagee has made entry or become mortgagee in possession pursuant to the Mortgage or the Assignment, and to continue to do so until otherwise notified in writing by the Mortgagee. The Landlord hereby irrevocably directs and authorizes the Tenant to make rental payments directly to the Mortgagee following receipt of such notice, and covenants and agrees that the Tenant shall have the right to rely on such notice without any obligation to inquire as to whether any default exists under the Mortgage or the Assignment or the indebtedness secured thereby, and notwithstanding any notice or claim of the Landlord to the contrary, and that the Landlord shall have no right or claim against the Tenant for or by reason of any rental payments made by the Tenant to the Mortgagee following receipt of such notice. The Tenant further acknowledges and agrees: (a) that, under the provisions of the Mortgage and/or Assignment, the Lease (and any guarantees thereof) cannot be terminated (nor can Landlord accept any surrender of the Lease) except for terminations provided in the Lease as referenced in Section 4 above, (b) Mortgagee is not bound by any modification to the Lease which reduces the rent or the term of the Lease or any waiver or release of the Tenant from the performance or observance of any obligation under the Lease, after the date hereof, made without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld or delayed, and without such consent, no rent may be collected or accepted by the Landlord more than one month in advance; and (b) that the interest of the Landlord, as lessor, under the Lease (and in any guarantees of Tenant...