ASSIGNMENT OF RENTALS. As further security to the Mortgagee for repayment and performance of its other obligations as aforesaid, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee all rents and other revenues from the Lands now or hereafter due or to become due, provided that: the Mortgagor will be entitled to receive and recover such rents and other revenues until default under this mortgage; if the Mortgagor defaults, all monies received by the Mortgagor in respect of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them to the Mortgagee; the Mortgagee will have no obligation to collect any such rents or other revenues at any time and will be liable only for monies actually received; nothing contained in this clause nor the exercise by the Mortgagee of any rights or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; neither this assignment, nor the collection of rents pursuant to it, will be construed as a recognition or acceptance of any lease with respect to the Lands or any part thereof; the Mortgagor will not accept any rents in excess of one monthly instalment in advance; whenever requested by the Mortgagee the Mortgagor will assign to the Mortgagee its interest in each specific lease of the Lands or any part thereof and will execute such further specific or general assignments as may be requested by the Mortgagee from time to time; and the Mortgagee or its agents may, but will not be obligated to, register this assignment at such registry offices as the Mortgagee in its discretion deems appropriate.
Appears in 3 contracts
Samples: Land Mortgage, Collateral Mortgage, Land Mortgage
ASSIGNMENT OF RENTALS. As further security Section 2.01 The Company does hereby assign, transfer and set over to the Mortgagee Trustee, in addition to the mortgage of the Indenture and to any and all other security or collateral at any time held by it or them, all of the rentals and other payments that are now due or that hereafter may become due or payable to the Company or to any subsequent owner of the Leased Premises from all of the occupants, tenants, lessees, subtenants and sublessees now and from time to time hereafter occupying said Leased Premises or any portion thereof under and on account of the Lease and any renewals or extensions thereof, to be held, in addition to the mortgage and any and all other security at any time held by the Trustee, as security for repayment the payment and performance of its other the provisions of the Company's First Mortgage Bonds and of the said mortgage securing the same, and for the payment and performance of all indebtedness, liabilities and obligations as aforesaid, of the Mortgagor hereby assigns, transfers and sets over Company to the Mortgagee Trustee, whether now existing or hereafter incurred or acquired, all rents upon the terms, conditions, covenants and agreements on the part of the Company and the Trustee hereinafter set forth.
Section 2.02 The term "rentals and other revenues payments", as used herein, shall include all rents, issues and profits from the Lands said premises and all other sums now or hereafter paid or payable to the Company by any occupant, tenant, lessee, subtenant or sublessee now and from time to time hereafter occupying the Leased Premises or any portion thereof under or by reason of the Lease, including, without limitation, proceeds of rent insurance and business interruption insurance, so-called, awards of damage or other sums paid or payable to the Company by reason of the taking of all or any portion of the Leased Premises by condemnation or other similar proceedings, and all sums paid or payable to the Company in addition to rental for such items as taxes, utilities and water charges.
(a) The Company hereby is authorized to execute and perform any and all amendments, supplements, restatements, extensions, terminations (partial or otherwise) or other modifications to the Lease (each a "Modification"), so long as no default by the Company under the Indenture exists before or after giving effect to such Modification. Notwithstanding the foregoing, the Company, without the prior written consent of the Trustee, will not permit any Modification of the Lease that would amend the provisions of the Lease so as to change those events which would constitute a default by either party thereunder, or change either party's remedies upon a default by the other party, in either case, in a manner that is materially adverse to the Company. The Company shall deliver a copy of any Modification of the Lease to the Trustee within 15 days following the execution thereof, together with a certificate signed and verified by the President or a Vice President stating that no default by the Company under the Indenture exists before or after giving effect to such Modification.
(b) The Company covenants and agrees that upon and after any event of default which gives rise to the right of exercise by the Trustee and the bondholders of their remedies under Article Sixth of the Original Indenture:
(i) the Company will not permit any Modifications of the Lease, nor will the Company enter into new leases or agreements affecting the Leased Premises or any portion thereof, nor exercise any of the rights, options or elections which the Company may now or hereafter be entitled to exercise under the provisions of the Lease without the written consent of the Trustee first had and received, and does hereby constitute and appoint the Trustee as the Company's attorney or attorneys in fact, irrevocable (with full power of substitution), for the Company and in the Company's name, place and stead, or in the name of the Trustee, to demand, xxx for, receive and give effectual discharges for all said rentals and other payments, with power also to endorse in the name of the Company checks given in payment thereof, to institute in the name of the Company or in the name of the Trustee such proceedings at law or in equity as the Trustee may deem advisable for the purpose of collecting such rentals and other payments or for recovery of possession of said Leased Premises or any part thereof in the event of any default on the part of any tenant, lessee or occupant thereof under the Lease; to give and receive all notices and consents and to exercise all rights, options and elections which the Company may be entitled to give, receive or exercise under the Lease; in the Trustee's discretion to perform on the Company's behalf, if the Trustee deems the same advisable (but nothing herein contained and no action taken hereunder shall impose upon the Trustee any obligation to do or continue to do so) any or all of the obligations of the Company under the provisions of the Lease, and to take any action or perform any function in connection with the Lease which the Trustee deems necessary or advisable; hereby giving and granting unto said attorney or attorneys in fact full power and authority to do and perform every act or thing whatsoever requisite, necessary or proper to be done under the Lease as fully to all intents and purposes as the Company might or could do if personally present, with full power of substitution.
(ii) The rentals and other payments under the Lease so collected by the Trustee may, in the sole and uncontrolled discretion of the Trustee, after payment of all costs of collection, be received and applied by it from time to time, in such order as it may determine, to the payment of taxes and assessments assessed upon or with respect to the said Leased Premises or any part thereof, or constituting in whole or in part a lien thereof, or to the payment of any other lien or encumbrance upon said Leased Premises or any part thereof, whether prior or subsequent to the Indenture, or of premiums on such policies insuring the Leased Premises, the Company or the Trustee against fire and such other hazards or liability as the Trustee may deem advisable, or for the reimbursement of any sums expended by the Trustee in performing the obligations imposed upon the Company under the provisions of the Lease, or upon the Company under the Indenture or any other mortgage covering said Leased Premises or any part thereof, or to payments required by the provisions of any agreement between the Company and the Trustee covering the budgeting or escrow of funds for the payment of taxes, insurance, water rates or other charges in connection with the Leased Premises, or the Trustee may, in its sole and uncontrolled discretion, but without being required so to do, apply any portion of the money so received by it to the payment of any expenses (including, without limitation, attorneys' fees) incurred or to be incurred by it in the exercise of powers upon it hereby conferred or incurred or to be incurred by it or the Company for repairs or improvements to or for the maintenance or operation of the Leased Premises (the order of such application to be likewise in the sole discretion of the Trustee), and the balance of the moneys so received by the Trustee, after payment of such and so much of the above-mentioned items as the Trustee shall deem proper, if any, may in the like discretion of the Trustee be applied to the payment in whole or in part of the interest and principal, due or to become due, provided that: of any liability, obligation, or indebtedness hereby secured, whether matured or unmatured, liquidated or unliquidated, and any balance then remaining, likewise in the Mortgagor will sole discretion of the Trustee, it may continue to hold as collateral or pay over to the Company.
Section 2.04 The execution and delivery of this Twenty-First Supplemental Indenture shall not constitute a satisfaction of the obligations, or any part thereof, which are secured by mortgage granted under the Indenture, except to the extent of amounts actually received and applied by the Trustee on account of the same. Nothing herein contained shall be entitled deemed to receive and recover such rents obligate the Trustee to undertake or continue collection of said rentals and other revenues until default under this mortgage; if payments hereby assigned or the Mortgagor defaults, all monies received by the Mortgagor in respect management of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them Leased Premises at any time it does not choose to the Mortgagee; the Mortgagee will have no obligation do so, or to collect take any such measure, legal or otherwise, to enforce collection of any of said rents or other revenues payments. Notwithstanding the collection of rentals and other payments hereunder, the Trustee, subject to the provisions of Article ------- FIRST hereof, may institute foreclosure proceedings, sell, realize upon, or ----- otherwise deal with any security or collateral at any time and will be liable only for monies actually received; nothing contained in this clause nor the exercise held by the Mortgagee of any rights or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; neither this assignment, nor the collection of rents pursuant to it, will be construed and otherwise exercise any of its rights and powers under the Indenture or otherwise, in such manner as a recognition it may deem advisable, at any time it shall see fit to do so, and for any cause for which the same might have been instituted or done had the assignment of rentals herein contained not been made, and no waiver or acceptance of any lease with respect breach or default and no waiver of any right of the Trustee hereunder shall be deemed to constitute a waiver of any other or subsequent breach or default, or to prevent subsequent exercise of any such right or any other similar right.
Section 2.05 The Trustee hereby covenants and agrees as follows:
(a) that upon payment in full of all of the indebtedness, liabilities, and obligations of the Company secured by the assignment of rentals herein contained whether by application or the rentals and other payments hereby assigned or otherwise, the Trustee will, upon request, execute and deliver to the Lands or any part thereof; the Mortgagor will not accept any rents in excess Company all instruments necessary to terminate said assignment and to notify all tenants and lessees of one monthly instalment in advance; whenever requested by the Mortgagee the Mortgagor will assign said Leased Premises of such termination;
(b) that notwithstanding anything to the Mortgagee its interest contrary hereinbefore contained, so long as no default occurs in each specific lease the payment and performance of all of the Lands provisions of the Indenture and of the First Mortgage Bonds on the Company's part to be paid, performed, and observed, the Company shall have the right to receive, collect, and enjoy the rentals and other payments assigned hereunder, provided, however, that the foregoing provisions of this subparagraph (b) shall -------- ------- ---------------- immediately upon the occurrence of any such default, become and remain null and void, inoperative and of no force or any part thereof effect whatsoever unless and will execute until such further specific or general assignments as may default shall be requested by cured within the Mortgagee from time to time; and grace period, if any, provided for the Mortgagee or its agents may, but will not be obligated to, register this assignment at such registry offices as the Mortgagee in its discretion deems appropriatecure thereof.
Appears in 1 contract
Samples: Twenty First Supplemental Indenture (Providence Gas Co)
ASSIGNMENT OF RENTALS. As further security to the Mortgagee for repayment and performance of its other obligations as aforesaidthe monies secured by this mortgage, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee all rents and other revenues from the Lands now or hereafter due or to become due, provided that: :
(a) the Mortgagor will be entitled to receive and recover such rents and other revenues until default under this mortgage; ;
(b) if the Mortgagor defaults, all monies received by the Mortgagor in respect of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them to the Mortgagee; ;
(c) the Mortgagee will have no obligation to collect any such rents or other revenues at any time and will be liable only for monies actually received; ;
(d) nothing contained in this clause nor the exercise by the Mortgagee of any rights or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; .
(e) neither this assignment, nor the collection of rents pursuant to it, will be construed as a recognition or acceptance of any lease with respect to the Lands or any part thereof; Lands;
(f) the Mortgagor will not accept any rents in excess of one monthly instalment in advance; ;
(g) whenever requested by the Mortgagee the Mortgagor will assign to the Mortgagee its interest in each specific lease of the Lands or any part thereof and will execute such further specific or general assignments as may be requested by the Mortgagee from time to time; and and
(h) the Mortgagee or its agents may, but will not be obligated to, may separately register this assignment at such registry offices as wherever the Mortgagee in its discretion deems appropriate.
Appears in 1 contract
Samples: Mortgage of Lease
ASSIGNMENT OF RENTALS. As further security to the Mortgagee for repayment and performance of its other obligations as aforesaidthe monies secured by this mortgage, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee all rents and other revenues from the Lands now or hereafter due or to become due, provided that: the Mortgagor will be entitled to receive and recover such rents and other revenues until default under this mortgage; if the Mortgagor defaults, all monies received by the Mortgagor in respect of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them to the Mortgagee; the Mortgagee will have no obligation to collect any such rents or other revenues at any time and will be liable only for monies actually received; nothing contained in this clause nor the exercise by the Mortgagee of any rights or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; . neither this assignment, nor the collection of rents pursuant to it, will be construed as a recognition or acceptance of any lease with respect to the Lands or any part thereofLands; the Mortgagor will not accept any rents in excess of one monthly instalment in advance; whenever requested by the Mortgagee the Mortgagor will assign to the Mortgagee its interest in each specific lease of the Lands or any part thereof and will execute such further specific or general assignments as may be requested by the Mortgagee from time to time; and the Mortgagee or its agents may, but will not be obligated to, may separately register this assignment at such registry offices as wherever the Mortgagee in its discretion deems appropriate.
Appears in 1 contract
Samples: Mortgage of Lease
ASSIGNMENT OF RENTALS. As further security to the Mortgagee for repayment and performance of its other obligations as aforesaid, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee all rents and other revenues from the Lands now or hereafter due or to become due, provided that: :
(a) the Mortgagor will be entitled to receive and recover such rents and other revenues until default under this mortgage; ;
(b) if the Mortgagor defaults, all monies received by the Mortgagor in respect of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them to the Mortgagee; ;
(c) the Mortgagee will have no obligation to collect any such rents or other revenues at any time and will be liable only for monies actually received; ;
(d) nothing contained in this clause nor the exercise by the Mortgagee of any rights or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; ;
(e) neither this assignment, nor the collection of rents pursuant to it, will be construed as a recognition or acceptance of any lease with respect to the Lands or any part thereof; thereof;
(f) the Mortgagor will not accept any rents in excess of one monthly instalment in advance; ;
(g) whenever requested by the Mortgagee the Mortgagor will assign to the Mortgagee its interest in each specific lease of the Lands or any part thereof and will execute such further specific or general assignments as may be requested by the Mortgagee from time to time; and and
(h) the Mortgagee or its agents may, but will not be obligated to, register this assignment at such registry offices as the Mortgagee in its discretion deems appropriate.
Appears in 1 contract
Samples: Collateral Mortgage
ASSIGNMENT OF RENTALS. As further security to the Mortgagee for repayment and performance of its other obligations as aforesaid, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee all rents and other revenues from the Lands now or hereafter due or to become due, provided that: :
(a) the Mortgagor will be entitled to receive and recover such rents and other revenues until default under this mortgage; ;
(b) if the Mortgagor defaults, all monies received by the Mortgagor in respect of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them to the Mortgagee; ;
(c) the Mortgagee will have no obligation to collect any such rents or other revenues at any time and will be liable only for monies actually received; ;
(d) nothing contained in this clause nor the exercise by the Mortgagee of any rights or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; ;
(e) neither this assignment, nor the collection of rents pursuant to it, will be construed as a recognition or acceptance of any lease with respect to the Lands or any part thereof; ;
(f) the Mortgagor will not accept any rents in excess of one monthly instalment in advance; ;
(g) whenever requested by the Mortgagee the Mortgagor will assign to the Mortgagee its interest in each specific lease of the Lands or any part thereof and will execute such further specific or general assignments as may be requested by the Mortgagee from time to time; and and
(h) the Mortgagee or its agents may, but will not be obligated to, register this assignment at such registry offices as the Mortgagee in its discretion deems appropriate.
Appears in 1 contract
Samples: Land Mortgage
ASSIGNMENT OF RENTALS. As further security Subject to the Mortgagee for repayment and performance rights of its other obligations as aforesaidthe mortgagee or the secured party under any mortgage or security agreement with a lien which has priority over this Mortgage, the Mortgagor hereby assigns, transfers and sets over absolutely assigns to the Mortgagee all rents, revenues, rights and benefits accruing to the Mortgagor under all present and future leases and subleases of the Mortgaged Property or any part thereof, with the right and authority to receive the same and apply them to the Debt or other indebtedness secured hereby, after default in the conditions thereof, anything to the contrary herein notwithstanding. The Mortgagee is further authorized, at its option, to notify particular lessees or sublessees of such assignment, to execute and deliver binding receipts for any payments made under the terms of any such leases or subleases, and to demand, sue for and recover any such payments when due. The Mortgagor shall perform every obligation of the lessor or sublessor and shall enforce every material obligation of the lessee or sublessee in every such lease or sublease, and shall not modify, alter, waive or cancel any lease or sublease or any part thereof, nor anticipate for more than one month any rents that may be collectible under such lease or sublease, and shall not further assign any such lease or sublease or any such rents. This assignment shall terminate and become null and void upon release of this Mortgage. Immediately upon the Mortgagee’s delivering to the Mortgagor, or serving upon the Mortgagor, written notice of any alleged default, the Mortgagee may at any time, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness secured hereby, enter upon and take possession of the Mortgaged Property or any part thereof in its own name, sue for or otherwise collect such rents, revenues, rights and benefits, including those past due and unpaid, and apply the same (less costs and expenses of operation and collection, including brokers’ fees and attorneys’ fees) upon any indebtedness secured hereby, and in such order as the Mortgagee may determine. Upon the delivery or service of such notice of default, the Mortgagee shall have the absolute right to receive and collect all such rents, revenues, rights and benefits whether or not it takes physical possession as hereinabove provided; and the act of delivery or service of such notice of default shall be deemed to constitute the taking of possession by the Mortgagee; PROVIDED, that such possession by the Mortgagee shall not impose upon the Mortgagee any duties or obligations as lessor or sublessor under such leases and subleases or otherwise impose upon the Mortgagee any duties or obligations associated with the possession of property. The Mortgagor agrees to surrender physical possession of the Mortgaged Property upon written demand when the Mortgagee becomes entitled thereto by reason of the default of the Mortgagor as hereinabove provided. The entering upon and taking possession of the Mortgaged Property, the collection of such rents, revenues, rights and benefits, and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice, and shall be without prejudice to any other revenues rights of the Mortgagee herein contained. So long as no Event of Default shall have occurred, the Mortgagor shall have the privilege, under a license hereby granted by the Mortgagee to the Mortgagor, to collect when due, but not more than one (1) month in advance, all rents, issues and profits from the Lands now or hereafter due or Mortgaged Property and to become dueretain, provided that: use and enjoy the same. Upon request of the Mortgagee, the Mortgagor will be entitled duly execute, acknowledge and deliver to receive and recover such rents and other revenues until default under this mortgage; if the Mortgagor defaultsMortgagee any instrument or instruments, all monies received by the Mortgagor in respect of the Lands after the default will be received by the Mortgagor in trust for the Mortgagee. Immediately after receiving such monies the Mortgagor will pay them form satisfactory to the Mortgagee; , confirming the Mortgagee will have no obligation assignment to collect any such rents or other revenues at any time and will be liable only for monies actually received; nothing contained in this clause nor the exercise by the Mortgagee of any rights specific leases or remedies arising herefrom will place or be deemed to place the Mortgagee in possession of the Lands; neither this assignment, nor the collection of rents pursuant to it, will be construed as a recognition or acceptance of any lease with respect to the Lands or any part thereof; the Mortgagor will not accept any rents in excess of one monthly instalment in advance; whenever requested by the Mortgagee the Mortgagor will assign to the Mortgagee its interest in each specific lease of the Lands or any part thereof and will execute such further specific or general assignments as may be requested by the Mortgagee from time to time; and the Mortgagee or its agents may, but will not be obligated to, register this assignment at such registry offices as the Mortgagee in its discretion deems appropriatesubleases.
Appears in 1 contract