Common use of ASSIGNMENT OF RENTS AND REVENUES Clause in Contracts

ASSIGNMENT OF RENTS AND REVENUES. That as part of the consideration for the indebtedness recited herein, Mortgagor hereby absolutely and unconditionally assigns and transfers to Mortgagee all of Mortgagor's right, title and interest in and to the rents and revenues of the Premises, if any, which are now due or which may become due in the future by virtue of any lease, sublease, or other agreement for the occupancy or use of all or any part of the Premises. Mortgagor hereby authorizes Mortgagee or Mortgagee's agents to collect such rents and revenues and hereby directs each tenant to pay such rents to Mortgagee or Mortgagee's agents; provided that until the occurrence of an Event of Default (as defined and set forth in section 5 hereinbelow), Mortgagor shall collect and receive all rents and revenues as trustee for the benefit of Mortgagee, to apply the rents and revenues so collected to the sums secured by this Mortgage with the balance, so long as no such uncured breach has occurred, to the account of Mortgagor, it being intended by Mortgagor and Mortgagee that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon the occurrence of an Event of Default, and without the necessity of Mortgagee entering upon and taking and maintaining full control of the Premises in person, by agent or by a court-appointed receiver, Mortgagee shall immediately be entitled to possession of all rents and revenues of the Premises as specified in this section as such rents become due and payable, including

ASSIGNMENT OF RENTS AND REVENUES. That To further secure the Secured Obligations, Mortgagor does hereby sell, assign and transfer unto the Mortgagee (a) all rental and tenancy agreements now or hereafter affecting the Property ("Leases"), (b) all rents, common area charges, tax payments, insurance premiums and any other payments due to Landlord as part a consequence of the consideration for the indebtedness recited herein, Mortgagor hereby absolutely and unconditionally assigns and transfers to Mortgagee all of Mortgagor's right, title and interest in and to the rents and revenues use of the PremisesProperty, if any, which are now due or which may hereafter become due in the future under of by virtue of any leaseLeases, sublease(c) all Income, and (d) any and all future Leases, whether written or oral, with all security therefor, including all guaranties thereof, now or hereafter affecting the possession, use and enjoyment of the Property (collectively "Rents and Revenues"). The Mortgagor does hereby appoint irrevocably the Mortgagee its true and lawful attorney in its name and stead (with or without taking possession of the Property) to rent, lease or let any improvements located on the Property upon the occurrence of, and during the continuation of, a Default, and upon such terms as said Mortgagee shall, in its discretion, determine, and to collect all of said Rents and Revenues arising from or accruing at any time hereafter, and all now due or that may hereafter become due under each and every of the Leases, or other agreement for agreements, written or verbal, or which may hereafter exist on the occupancy or use of all or any part of Property, on the Premises. condition that Mortgagee hereby grants to Mortgagor hereby authorizes Mortgagee or Mortgagee's agents a license to collect and retain such rents Rents and revenues and hereby directs each tenant Revenues prior to pay such rents to Mortgagee or Mortgagee's agents; provided that until the occurrence of any Event of Default under the Loan Documents. Mortgagor expressly covenants to apply the Rents and Revenues received, after application for operating expenses permitted hereunder, to payment of the Secured Obligations as and when the same become due and in compliance with the Loan Documents. Such license shall be revocable by Mortgagee upon written notice to Mortgagor at any time after an Event of Default under the Loan Documents, and immediately upon any such revocation, Mortgagee shall be entitled to receive, and Mortgagor shall deliver to Mortgagee, any and all Rents and Revenues theretofore collected by Mortgagor which remain in the possession or control of Mortgagor and all Leases, and other such agreements. In addition (and not as defined and set forth in section 5 hereinbelowan election of remedies), Mortgagor shall collect and receive all rents and revenues as trustee for the benefit of Mortgagee, to apply the rents and revenues so collected to the sums secured by this Mortgage with the balance, so long as no such uncured breach has occurred, to the account of Mortgagor, it being intended by Mortgagor and Mortgagee that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon the occurrence of at any time after an Event of Default, Mortgagee may exercise all rights permitted under Florida Statutes Section 697.07, including applying for a court order requiring Mortgagor to deposit all rents in the court registry, and without Mortgagor consents to the necessity entry of such an order upon the sworn ex parte motion of Mortgagee entering upon and taking and maintaining full control that a Default has occurred hereunder. It is the intention of the Premises in personMortgagor to create and grant, by agent or by and it is the intention of Mortgagee to create and receive, a court-appointed receiver, Mortgagee shall immediately be entitled to possession present and absolute assignment of all rents and revenues of the Premises as specified in this section as such rents become due Leases, similar agreements, Rents and payable, includingRevenues now due

ASSIGNMENT OF RENTS AND REVENUES. That as part of To further secure the consideration for Secured Obligations, Trustor does hereby sell, assign and transfer unto the indebtedness recited hereinBeneficiary all rents, Mortgagor hereby absolutely issues, profits, revenue, and unconditionally assigns and transfers to Mortgagee all of Mortgagor's right, title and interest in and to the rents and revenues of the Premises, if any, which are income now due or and which may hereafter become due in the future under or by virtue of any leaseleases, subleasetenancies or agreements for occupancy "Leases" (collectively "Rents and Revenues"), whether written or verbal, or other any letting of, or of any agreement for the use or occupancy or use of all the Property or any part thereof, and all proceeds from, evidence of, and benefits and advantages to be derived therefrom, now or hereafter existing, whether or not with the Beneficiary's approval. The Trustor does hereby appoint irrevocably the Beneficiary its true and lawful attorney in its name and stead (with or without taking possession of the Premises. Mortgagor hereby authorizes Mortgagee Property) to rent, lease or Mortgagee's agents let any improvements located on the Property, to perform any obligations under Leases upon such terms as said Beneficiary shall, in its reasonable discretion, determine, and to collect all of said Rents and Revenues arising from or accruing at any time hereafter, and all now due or that may hereafter become due under each and every of the Leases or other agreements, written or verbal, or which may hereafter exist on the Property, on the condition that Beneficiary hereby grants to Trustor a license to collect and retain such rents Rents and revenues and hereby directs each tenant Revenues prior to pay such rents to Mortgagee or Mortgagee's agents; provided that until the occurrence of an any Event of Default (as defined and set forth in section 5 hereinbelow), Mortgagor shall collect and receive all rents and revenues as trustee for under the benefit of Mortgagee, Loan Agreement. Trustor expressly covenants to apply the rents Rents and revenues so collected to the sums secured by this Mortgage with the balanceRevenue received, so long as no such uncured breach has occurredafter application for operating expenses permitted hereunder, to the account of Mortgagor, it being intended by Mortgagor and Mortgagee that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon the occurrence of an Event of Default, and without the necessity of Mortgagee entering upon and taking and maintaining full control payment of the Premises in person, by agent or by a court-appointed receiver, Mortgagee shall immediately be entitled to possession of all rents Secured Obligations as and revenues of when the Premises as specified in this section as such rents same become due and payable, includingin compliance with the

ASSIGNMENT OF RENTS AND REVENUES. That as part of the consideration for the indebtedness recited herein, Mortgagor hereby absolutely and unconditionally assigns and transfers to Mortgagee all of Mortgagor's right, title and interest in and to the rents and revenues of the Premises, if any, which are now due or which may become due in the future by virtue of any lease, sublease, or other agreement for the occupancy or use of all or any part of the Premises. Mortgagor hereby authorizes Mortgagee or Mortgagee's agents to collect such rents and revenues and hereby directs each tenant to pay such rents to Mortgagee or Mortgagee's agents; provided that until the occurrence of an Event of Default (as defined and set forth in section 5 hereinbelow), Mortgagor shall collect and receive all rents and revenues as trustee for the benefit of Mortgagee, to apply the rents and revenues so collected to the sums secured by this Mortgage with the balance, so long as no such uncured breach has occurred, to the account of Mortgagor, it being intended by Mortgagor and Mortgagee that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon the occurrence of an Event of Default, and without the necessity of Mortgagee entering upon and taking and maintaining full control of the Premises in person, by agent or by a court-appointed receiver, Mortgagee shall immediately be entitled to possession of all rents and revenues of the Premises as specified in this section as such rents become due and payable, includingincluding but not limited to rents then due and unpaid, and all such rents shall immediately upon delivery of such notice be held by Mortgagor as trustee for the benefit of Mortgagee. Commencing upon the occurrence of an Event of Default, each tenant of the Premises shall make such rents payable to and pay such rents to Mortgagee or Mortgagee's agents on Mortgagee's written demand to each tenant therefor, delivered to each tenant personally, by mail or delivering such demand to the portion of the Premises as is occupied by each respective tenant, without any liability on the part of such tenant to inquire further as to the existence of a default by Mortgagor. Mortgagor hereby represents and warrants to Mortgagee that it has not executed any prior assignment of such rents and has

ASSIGNMENT OF RENTS AND REVENUES. That as part To further secure the Secured Obligations, Borrower does hereby sell, assign and transfer unto the Lender all rents, issues, profits, revenue, and income now due and which may hereafter become due under or by virtue of any Leases, including all of Borrower’s rights to any security deposits, exxxxxx money deposits or any other forms of rent, revenue or proceeds of the consideration foregoing (collectively “Rents and Revenues”), whether written or verbal, or any letting of, or of any agreement for the indebtedness recited hereinsale, Mortgagor use or occupancy of the Property or any part thereof, and all proceeds from, evidence of, and benefits and advantages to be derived therefrom, now or hereafter existing, whether or not with the Lender’s approval. The Borrower does hereby absolutely appoint irrevocably the Lender its true and unconditionally assigns lawful attorney in its name and transfers stead (with or without taking possession of the Property) to Mortgagee rent, lease or let any improvements located on the Property, upon such terms as said Lender shall, in its discretion, determine, and to collect all of Mortgagor's rightsaid Rents and Revenues arising from or accruing at any time hereafter, title and interest in all now due or that may hereafter become due under each and to the rents and revenues every of the PremisesLeases, if anyor other agreements, written or verbal, or which are may hereafter exist on the Property, on the condition that Lender hereby grants to Borrower a license to collect and retain such Rents and Revenues (but expressly not including the right to collect any rents more than one (1) month in advance or any amount to prepay, terminate, or “buy out” any Leases) so long as no Event of Default exists under the Loan Documents. Borrower expressly covenants to apply the Rents and Revenue received, after application for operating expenses permitted hereunder, to payment of the Secured Obligations as and when the same become due and in compliance with the Loan Documents. Such license shall be revocable by Lender upon notice to Borrower at any time after an Event of Default under the Loan Documents, and immediately upon any such revocation, Lender shall be entitled to receive, and Borrower shall deliver to Lender, any and all Rents and Revenues theretofore collected by Borrower which remain in the possession or control of Borrower and all Leases, and other such agreements. It is the intention of the Borrower to create and grant, and it is the intention of Lender to create and receive, a present and absolute assignment of all of the Leases, similar agreements, Rents and Revenues now due or which may hereafter become due in due, but it is agreed that the future by virtue of any lease, sublease, or other agreement for the occupancy or use of all or any part of the Premises. Mortgagor hereby authorizes Mortgagee or Mortgagee's agents Lender’s right to collect such rents the Rents and revenues and hereby directs each tenant to pay such rents to Mortgagee or Mortgagee's agents; provided that until Revenues is conditioned upon the occurrence existence of an Event of Default (under the Loan Documents. Failure of Lender at any time or from time to time to enforce its rights under this ARTICLE 8 shall not in any manner prevent its subsequent enforcement, and Lender is not obligated to collect anything hereunder, but is accountable only for sums collected. Nothing contained herein shall be construed as defined and set forth constituting the Lender a mortgagee in section 5 hereinbelow), Mortgagor shall collect and receive all rents and revenues as trustee for possession in the benefit absence of Mortgagee, to apply the rents and revenues so collected taking of actual possession of the Property by the Lender. In the exercise of the powers herein granted to the sums secured Lender, no liability shall be asserted or enforced against the Lender, all such liability being expressly waived and released by this Mortgage with Borrower. Lender shall have all rights and remedies under the balance, so long as no such uncured breach has occurred, to the account Utah Uniform Assignment of Mortgagor, it being intended by Mortgagor and Mortgagee that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon the occurrence of an Event of Default, and without the necessity of Mortgagee entering upon and taking and maintaining full control of the Premises in person, by agent or by a court-appointed receiver, Mortgagee shall immediately be entitled to possession of all rents and revenues of the Premises as specified in this section as such rents become due and payable, includingRent Act.