Common use of Grantee's Covenants Clause in Contracts

Grantee's Covenants. (a) Although this assignment of Leases and Rents constitutes a present and absolute assignment of the Leases and the Rents, as long as there is no Event of Default on the part of Grantor, Grantee will not require that such Rents be paid directly to Grantee, and Grantor will have a license to collect and use the Rents for subsequent application as provided above; (b) Upon the payment and performance in full of Grantor's obligations under the Loan Agreement, as evidenced by the recording or filing of an instrument of satisfaction or termination of this Indenture without the recording of another security instrument in favor of Grantee affecting the Property, this assignment of Leases and Rents will be deemed terminated and released of record by Grantee and thereupon will be null and void and of no further force or effect.

Grantee's Covenants. (a) Although this assignment of Leases and Leasxx xxx Rents constitutes a present and absolute assignment of the Leases and the Rents, as long as there is no Event of Default on the part of Grantor, Grantee will not require that such Rents be paid directly to Grantee, and Grantor will have a license to collect and use the Rents for subsequent application as provided above; (b) Upon the payment and performance in full of Grantor's obligations under the Loan Agreement, as evidenced by the recording or filing of an instrument of satisfaction or termination of this Indenture without the recording of another security instrument in favor of Grantee affecting the Property, this assignment of Leases and Rents will be deemed terminated and released of record by Grantee and thereupon will be null and void and of no further force or effect.