Common use of Assignment of Rents, Issues and Profits Clause in Contracts

Assignment of Rents, Issues and Profits. A. Mortgagor does hereby irrevocably assign and set over unto Mortgagee all right, title and interest of Mortgagor in any and all leases, licenses or other grants of right to use the Subject Premises or any portion thereof, now existing or hereafter entered into and all rents, issues and profits of and from the Subject Premises as additional security for the indebtedness and other items hereby secured, for the purpose of keeping said Subject Premises, buildings and improvements and/or the contents thereof in proper order and repair, and for the purpose of protecting the security of Mortgagee, and Mortgagee is hereby given a prior and continuing lien thereon. Mortgagor does hereby irrevocably appoint Mortgagee and/or its attorney or agent to collect said rents, without suit, and apply the same, less all expenses of collection, to the said indebtedness, to management, maintenance and repair of the Subject Premises and the contents thereof, and to protecting the security of Mortgagee in such manner as Mortgagee may elect; provided, however, that until there occurs an Event of Default under the terms of this Mortgage, Mortgagor may continue to collect and enjoy the current rents without accountability to Mortgagee. During any period that Mortgagee collects rents pursuant to this paragraph, Mortgagee shall be entitled to retain ten percent (10%) of such rents in payment for the services of the Mortgagee in relation to the Subject Premises, which sum Mortgagor agrees is a fair and reasonable charge. The taking of possession and collection of rents by Mortgagee as aforesaid shall not be construed to be an affirmation of or acceptance of any attornment with respect to any lease of the Subject Premises or any part thereof. Mortgagee or any other purchaser at any foreclosure sale may (if otherwise entitled to do so) exercise the right to terminate any such lease as though such taking of possession and collection of rents had not occurred. Mortgagee shall be liable to account only for such rents, issues, and profits as are actually received by Mortgagee.

Assignment of Rents, Issues and Profits. A. The Mortgagor does hereby irrevocably assign and bargain, sell, transfer, assign, convey, set over and deliver unto Mortgagee the Mortgagee, as security for the payment and performance of all rightthe terms and conditions of the Note and this Mortgage, title and interest of Mortgagor in any and all leasesamendments, licenses or other grants of right to use the Subject Premises or any portion extensions and renewals thereof, all Residential Leases now existing or hereafter entered into and all rents, issues and profits of and from which may be executed at any time in the Subject Premises as additional security for future during the indebtedness and other items hereby secured, for the purpose of keeping said Subject Premises, buildings and improvements and/or the contents thereof in proper order and repair, and for the purpose of protecting the security of Mortgagee, and Mortgagee is hereby given a prior and continuing lien thereon. Mortgagor does hereby irrevocably appoint Mortgagee and/or its attorney or agent to collect said rents, without suit, and apply the same, less all expenses of collection, to the said indebtedness, to management, maintenance and repair of the Subject Premises and the contents thereof, and to protecting the security of Mortgagee in such manner as Mortgagee may elect; provided, however, that until there occurs an Event of Default under the terms life of this Mortgage, Mortgagor and all amendments, extensions and renewals of said Residential Leases and any of them, and all rents and other income which may continue now or hereafter be or become due or owing under the Residential Leases, and any of them, on account of the use of the Home Assisted Units, it being intended hereby to establish a complete transfer of the Residential Leases hereby assigned and all the rents and other income arising thereunder and on account of the use of the Mortgaged Property unto the Mortgagee, with the right, but without the obligation, to collect all of said rents and enjoy other income which may become due during the current rents without accountability life of the Note and this Mortgage. The Mortgagor agrees to deposit with the Mortgagee upon demand such Residential Leases as may from time to time be designated by the Mortgagee. During Although it is the intention of the parties that this shall be a present assignment, it is expressly understood and agreed, anything herein contained to the contrary notwithstanding, that the Mortgagee shall not exercise any period that Mortgagee collects rents pursuant to of the rights or powers herein conferred upon it until a default shall occur under the terms and provisions of the Note and this paragraphMortgage, but upon the occurrence of any default the Mortgagee shall be entitled entitled, upon notice to retain ten percent (10%) the tenants, to all rents and other amounts then due under the leases and thereafter accruing, and this Mortgage shall constitute a direction to and full authority to the tenants to pay all said amounts to the Mortgagee without proof of such rents in payment the default relied upon. The tenants are hereby irrevocably authorized to rely upon and comply with any notice or demand by the Mortgagee for the services payment to the Mortgagee of any rental or other sums which may be or thereafter become due under the leases, or for the performance of any of the Mortgagee in relation tenants’ undertakings under the Residential Leases and shall have no right or duty to the Subject Premises, which sum Mortgagor agrees inquire as to whether any default under this Mortgage has actually occurred or is a fair and reasonable charge. The taking of possession and collection of rents by Mortgagee as aforesaid shall not be construed to be an affirmation of or acceptance of any attornment with respect to any lease of the Subject Premises or any part thereof. Mortgagee or any other purchaser at any foreclosure sale may (if otherwise entitled to do so) exercise the right to terminate any such lease as though such taking of possession and collection of rents had not occurred. Mortgagee shall be liable to account only for such rents, issues, and profits as are actually received by Mortgageethen existing.

Assignment of Rents, Issues and Profits. A. Mortgagor does hereby irrevocably absolutely and unconditionally assign and set over unto Mortgagee all to Mortgxxxx Xxxxgagor's right, title and interest of in all current and future Leasxx xxx Xxnts, it being intended by Mortgagor in any and all leasesthat this assignment constitutes a present, licenses or other grants of absolute assigxxxxx xxx not an assignment for additional security only. This Section presently gives Mortgagee the right to use collect the Subject Premises or any portion thereof, now existing or hereafter entered into Rents and all rents, issues and profits of and from the Subject Premises as additional security for the indebtedness and other items hereby secured, for the purpose of keeping said Subject Premises, buildings and improvements and/or the contents thereof in proper order and repair, and for the purpose of protecting the security of Mortgagee, and Mortgagee is hereby given a prior and continuing lien thereon. Mortgagor does hereby irrevocably appoint Mortgagee and/or its attorney or agent to collect said rents, without suit, and apply the same, less all expenses of collection, to the said indebtedness, to management, maintenance and repair Rents in partial payment of the Subject Premises Note and the contents thereof, Loan Obligations and to protecting the security of Mortgagee otherwise in such manner as Mortgagee may elect; provided, however, that until there occurs an Event of Default under accordance with the terms of the Loan Agreement. Mortgagor intends that the Rents and Leases be absolutely assigned ax xxxxxxxd in this MortgageSection and that they no longer be, during the term of this Section, property of Mortgagor or property of the estate of Mortgagor, as defined by 11 U.S.C. ss.541. If any law exists requiring Mortgagee to take actual possession of the Mortgaged Property (or some action equivalent to taking possession of the Mortgaged Property, such as securing the appointment of a receiver) in order for Mortgagee to "perfect" or "activate" the rights and remedies of Mortgagee as provided in this Section, Mortgagor may continue to collect and enjoy waives the current rents without accountability to Mortgagee. During any period that Mortgagee collects rents pursuant to this paragraph, Mortgagee shall be entitled to retain ten percent (10%) benefit of such rents in payment for the services of the law. Such assignment to Mortgagee in relation to the Subject Premises, which sum Mortgagor agrees is a fair and reasonable charge. The taking of possession and collection of rents by Mortgagee as aforesaid shall not be construed to be an affirmation of or acceptance bind Mortgagee to the performance of any attornment with respect of the covenants, conditions or provisions contained in any such Leases or otherwise impose any obligation upon Mortgagee and notwithstanding the assignment, Mortgagor shall remain liable for any obligations undertaken by Mortgagor pursuant to any lease Lease. Mortgagor agrees that, further to evidence and reflect the assignmenx xxxxxxx herein, Mortgagor shall execute, acknowledge and deliver to Mortgagee such axxxxxxxxx instruments in form and substance reasonably satisfactory to Mortgagee as may hereafter be requested by Mortgagee and shall record such leases or memoranda thereof, and all assignments thereof, all at Mortgagor's expense. Subject to the terms of this Section and the Loxx Xxxxxxent, Mortgagee grants to Mortgagor a license, revocable as hereinafter provided, to operate and manage the Mortgaged Property and to collect and use the Rents subject to the requirements of the Subject Premises Loan Agreement. Upon the occurrence of an Event of Default (except an Event of Default set forth in Section 7.1(xi) of the Loan Agreement, in which event the revocation hereinafter described shall be automatic and simultaneous with the occurrence of such Event of Default), the license granted to Mortgagor herein shall, at Mortgagee's election, be revoked by Mortgagee, and Mortgagee shall immediately be entitled to possession of all Rents then or thereafter in the Collection Account and in the Cash Collateral Account or wherever they may be and all Rents collected thereafter (including Rents past due and unpaid), whether or not Mortgagee enters upon or takes control of the Mortgaged Property. Upon such a revocation of the License granted herein, Mortgagee shall provide Mortgagor with written notice of same. Any Rents collected by Mortgagor from and after the date on which an Event of Default occurxxx xxxxx be held by Mortgagor in trust for Mortgagee. Mortgagee is hereby granted and assigned by Mortgagor the right, at its option, upon revocation of the license gxxxxxx xxrein, to enter upon the Mortgaged Property in person, by agent or by court appointed receiver to collect Rents with or without taking the actual possession of the Mortgaged Property or any part thereofequivalent action. Any Rents collected after the revocation of the license may be applied by Mortgagee or any other purchaser at any foreclosure sale may (if otherwise entitled to do so) exercise in its sole and absolute discretion toward payment of the right to terminate any such lease as though such taking Loan Obligations in accordance with Section 2.8 of possession and collection of rents had not occurred. Mortgagee shall be liable to account only for such rents, issues, and profits as are actually received by Mortgageethe Loan Agreement.

Assignment of Rents, Issues and Profits. A. Mortgagor does Trustor hereby irrevocably assign absolutely and set over unto Mortgagee unconditionally assigns to Beneficiary all of Trustor’s right, title and interest in all current and future Leases and Rents, it being intended that this Deed of Mortgagor in any Trust constitute a present, absolute assignment and all leases, licenses or other grants of not an assignment for additional security only. This Article 3 presently gives Beneficiary the right to use the Subject Premises or any portion thereof, now existing or hereafter entered into collect Rents and all rents, issues and profits of and from the Subject Premises as additional security for the indebtedness and other items hereby secured, for the purpose of keeping said Subject Premises, buildings and improvements and/or the contents thereof to apply Rents in proper order and repair, and for the purpose of protecting the security of Mortgagee, and Mortgagee is hereby given a prior and continuing lien thereon. Mortgagor does hereby irrevocably appoint Mortgagee and/or its attorney or agent to collect said rents, without suit, and apply the same, less all expenses of collection, to the said indebtedness, to management, maintenance and repair partial payment of the Subject Premises Loan Obligations and otherwise in accordance with the contents thereofNote. Trustor intends that the Rents and Leases be absolutely assigned and no longer be, and to protecting during the security of Mortgagee in such manner as Mortgagee may elect; provided, however, that until there occurs an Event of Default under the terms term of this MortgageDeed of Trust, Mortgagor may continue property of Trustor or Trustor’s estate, as defined by 11 U.S.C. §541. If any law exists requiring Beneficiary to collect take actual possession of the Mortgaged Property (or some action equivalent to taking possession of the Mortgaged Property, such as securing the appointment of a receiver) for Beneficiary to “perfect” or “activate” the rights and enjoy remedies of Beneficiary as provided herein, Trustor waives the current rents without accountability to Mortgagee. During any period that Mortgagee collects rents pursuant to this paragraph, Mortgagee shall be entitled to retain ten percent (10%) benefit of such rents in payment for the services of the Mortgagee in relation law. Such assignment to the Subject Premises, which sum Mortgagor agrees is a fair and reasonable charge. The taking of possession and collection of rents by Mortgagee as aforesaid Beneficiary shall not be construed to be an affirmation bind Beneficiary to perform any covenants, conditions or provisions contained in any Lease or otherwise impose any obligation upon Beneficiary, and notwithstanding this Deed of or acceptance of Trust, Trustor shall remain liable for any attornment with respect obligations undertaken by Trustor pursuant to any lease Lease. Subject to the terms of this Article 3 and the Note, Beneficiary grants to Trustor a license, revocable as hereinafter provided, to operate and manage the Mortgaged Property and to collect and use the Rents. If an Event of Default occurs, the license granted to Trustor herein may, at Beneficiary’s election, be revoked by Beneficiary, and Beneficiary shall immediately be entitled to possession of all Rents then or thereafter payable (including Rents past due and unpaid) whether or not Beneficiary enters upon or takes control of the Subject Premises Mortgaged Property. Any Rents collected by Trustor from and after the date on which an Event of Default occurred and is continuing shall be held by Trustor in trust for Beneficiary. Trustor hereby grants and assigns to Beneficiary the right, at Beneficiary’s option, upon revocation of the license granted herein, to enter upon the Mortgaged Property in person, by agent or by court appointed receiver to collect Rents with or without taking the actual possession of the Mortgaged Property or any part thereofequivalent action. Mortgagee or Beneficiary may apply any other purchaser at any foreclosure sale may (if otherwise entitled Rents collected after the license granted herein is revoked in Beneficiary’s sole and absolute discretion to do so) exercise pay the right to terminate any Loan Obligations in such lease order and in such manner as though such taking of possession and collection of rents had not occurred. Mortgagee Beneficiary shall be liable to account only for such rents, issues, and profits as are actually received by Mortgageeelect.