Common use of Collateral Assignment of Leases and Rents Clause in Contracts

Collateral Assignment of Leases and Rents. Mortgagor hereby assigns to the Bank as collateral security for the Obligations all of Mortgagor's rights and benefits under any and all Leases (as defined in Section 1.4 below) and any and all rents and other amounts now or hereafter owing with respect to the Leases or the use or occupancy of the Property. This collateral assignment shall be absolute and effective immediately, but Mortgagor shall continue to collect rents owing under the Leases until an Event of Default (as defined in Section 6.1 below) occurs and the Bank exercises its rights and remedies to collect such rents as set forth in Section 6.2(c) hereof.

Collateral Assignment of Leases and Rents. Mortgagor hereby assigns to the Bank as collateral security for the Obligations all of Mortgagor's rights and benefits under any and all Leases (as defined in Section 1.4 below) and any and all rents and other amounts now or hereafter owing with respect to the Leases or the use or occupancy of the PropertyProperties. This collateral assignment shall be absolute and effective immediately, but Mortgagor Mortgage shall continue to collect rents owing under the Leases until an Event of Default (as defined in Section 6.1 below) occurs and the Bank exercises its rights and remedies to collect such rents as set forth in Section 6.2(c) hereof.