Common use of License to Collect Rents Clause in Contracts

License to Collect Rents. (a) Pursuant to and in accordance with the terms of the Mortgage, Borrower has appointed Lender the true and lawful attorney of Borrower with full power of substitution and with power for it and in its name, place and stead, to demand, collect, and give receipts and releases for any and all assigned Rents effective upon an Event of Default. The terms of the Utah Uniform Assignment of Rents Act are incorporated herein by reference, with the parties acknowledging that the assignment contained therein is a present and absolute assignment and not a collateral assignment of Borrower's interest in the Rents (as defined herein and within the meaning of the Utah Uniform Assignment of Rents Act, Utah Code Annotated Section 00-00-000, et seq.) described therein. Prior to the occurrence of an Event of Default, Lender hereby grants to Borrower the revocable license to enforce all provisions contained in the Lease(s) and collect and use all Rents, as the same become due and payable, but in any event for not more than one calendar month in advance, provided, however, Borrower's use of such Rents shall be subject to the Recourse Obligations. Such license shall not be applicable to any Extraordinary Rental Payments, all of which shall be paid directly to Lender. Lender shall be entitled to hold Extraordinary Rental Payments it receives in an account as additional security for the Note and the funds shall be governed by the terms set forth below. Borrower shall render such accounts of collections as Lender may reasonably require. The license herein granted to Borrower shall be revoked immediately and automatically, without further action or documentation, upon the occurrence of an Event of Default; and upon written notice of an Event of Default at any time hereafter given by Lender to any lessee, all Rents thereafter payable and all agreements and covenants thereafter to be performed by any such lessee shall be paid and performed by such lessee directly to Lender in the same manner as if the above license had not been granted, without prosecution of any legal or equitable remedies under the Mortgage. Any lessee of the Premises or any part thereof is authorized and directed to pay to Borrower any Rent herein assigned currently for not more than one calendar month in advance, but shall make all Extraordinary Rental Payments to Lender and any payment so made, other than Extraordinary Rental Payments, prior to receipt by such lessee of the aforementioned notice shall constitute a full acquittance to lessee therefore. In the event Lender has revoked Borrower's license to collect Rents upon the occurrence of an Event of Default and Lender, in Lender's sole discretion, elects to waive said Event of Default, then provided no Event of Default subsequently occurs, any Rents (other than Extraordinary Rental Payments) collected by Lender which are in excess of those applied to pay in full any Monthly Payment(s) and any deposit(s) of Reserve Funds then due from Borrower under the terms of the Loan Documents and/or any requirements resulting as a condition to any waiver by Lender of the Event of Default shall be promptly paid to Borrower.

License to Collect Rents. (a) Pursuant Beneficiary and Grantor hereby confirm that Beneficiary has granted to Grantor a license to collect and use the Rents as they become due and payable under the Leases in accordance with the terms provisions of the Assignment of Leases and the Cash Collateral Agreement, until an Event of Default has occurred and is continuing provided that the existence of such right shall not operate to subordinate this assignment of Leases to any subsequent assignment, in whole or in part by Grantor, and any such subsequent assignment shall be subject to Beneficiary's rights under this Mortgage. Grantor further agrees to execute and deliver such assignments of leases as Beneficiary may from time to time reasonably request in order to better assure, Borrower has appointed Lender transfer and confirm to Beneficiary the true rights intended to be granted to Beneficiary with respect thereto. In accordance with the provisions of the Assignment of Leases, upon the occurrence and lawful attorney during the continuance of Borrower with full power an Event of substitution Default (1) Grantor agrees that Beneficiary may, but shall not be obligated to, assume the management of the real property, and with power for it collect the Rents, applying the same upon the Obligations and (2) Grantor hereby authorizes and directs all tenants, purchasers or other persons occupying or otherwise acquiring any interest in its nameany part of the real property to pay the Rents due under the Leases to Beneficiary upon Beneficiary's request. In the event Beneficiary actually receives such Rents, place after an Event of Default, any application of the Rents by Beneficiary shall not constitute a misappropriation of the Rents by Grantor pursuant to Section 33 hereof. Beneficiary shall have and stead, hereby expressly reserves the right and privilege (but assumes no obligation) to demand, collect, and give receipts and releases for any and all assigned Rents effective upon an Event of Default. The terms of sue for, receive xxx recover the Utah Uniform Assignment of Rents Act are incorporated herein by reference, with the parties acknowledging that the assignment contained therein is a present and absolute assignment and not a collateral assignment of Borrower's interest in the Rents (as defined herein and within the meaning of the Utah Uniform Assignment of Rents Act, Utah Code Annotated Section 00-00-000, et seq.) described therein. Prior to the occurrence of an Event of Default, Lender hereby grants to Borrower the revocable license to enforce all provisions contained in the Lease(s) and collect and use all Rents, as the same become due and payable, but in any event for not more than one calendar month in advance, provided, however, Borrower's use of such Rents shall be subject to the Recourse Obligations. Such license shall not be applicable to any Extraordinary Rental Payments, all of which shall be paid directly to Lender. Lender shall be entitled to hold Extraordinary Rental Payments it receives in an account as additional security for the Note and the funds shall be governed by the terms set forth below. Borrower shall render such accounts of collections as Lender may reasonably require. The license herein granted to Borrower shall be revoked immediately and automatically, without further action or documentation, upon the occurrence of an Event of Default; and upon written notice of an Event of Default at any time hereafter given by Lender to any lessee, all Rents thereafter payable and all agreements and covenants thereafter to be performed by any such lessee shall be paid and performed by such lessee directly to Lender in the same manner as if the above license had not been granted, without prosecution of any legal or equitable remedies under the Mortgage. Any lessee of the Premises or any part thereof is authorized and directed to pay to Borrower any Rent herein assigned currently for not more than one calendar month in advancethereof, but shall make all Extraordinary Rental Payments to Lender and any payment so now existing or hereafter made, other than Extraordinary Rental Paymentsand apply the same in accordance with this Mortgage, prior to receipt by such lessee the Assignment of the aforementioned notice shall constitute a full acquittance to lessee therefore. In the event Lender has revoked Borrower's license to collect Rents upon the occurrence of an Event of Default Leases, and Lender, in Lender's sole discretion, elects to waive said Event of Default, then provided no Event of Default subsequently occurs, any Rents (other than Extraordinary Rental Payments) collected by Lender which are in excess of those applied to pay in full any Monthly Payment(s) and any deposit(s) of Reserve Funds then due from Borrower under the terms of the Loan Documents and/or any requirements resulting as a condition to any waiver by Lender of the Event of Default shall be promptly paid to Borrowerapplicable law.

License to Collect Rents. (a) Pursuant to and in accordance with the terms of the Mortgage, Borrower has appointed Lender the true and lawful attorney of Borrower with full power of substitution and with power for it and in its name, place and stead, to demand, collect, and give receipts and releases for any and all assigned Rents effective upon an Event of Default. The terms of the Utah Uniform Assignment of Rents Act are incorporated herein by reference, with the parties acknowledging that the assignment contained therein is a present and absolute assignment and not a collateral assignment of Borrower's interest in the Rents (as defined herein and within the meaning of the Utah Uniform Assignment of Rents Act, Utah Code Annotated Section 00-00-000, et seq.) described thereinRents. Prior to the occurrence of an Event of Default, Lender hereby grants to Borrower the revocable license to enforce all provisions contained in the Lease(s) Leases and collect and use (subject to the terms and conditions of the Loan Documents), all Rents, as the same become due and payable, but in any event for not more than one calendar month in advance, provided, however, Borrower's ’s use of such Rents shall may be subject to the Recourse Obligations. Such license shall not be applicable to any Extraordinary Rental Payments, all of which shall be paid directly to Lender. Lender shall be entitled to hold Extraordinary Rental Payments it receives in an account as additional security for the Note and the funds shall be governed by the terms set forth below. Borrower shall render such accounts of collections as Lender may reasonably require. The license herein granted to Borrower shall be revoked terminate immediately and automatically, without further action or documentation, upon the occurrence of an Event of Default; and upon written notice of an Borrower’s Event of Default at any time hereafter given by Lender to any lessee, all Rents thereafter payable and all agreements and covenants thereafter to be performed by any such lessee shall be paid and performed by such lessee directly to Lender in the same manner as if the above license had not been granted, without prosecution of any legal or equitable remedies under the Mortgage. Any lessee of the Premises or any part thereof is authorized and directed to pay to Borrower any Rent herein assigned currently for not more than one calendar month in advance, but shall make all Extraordinary Rental Payments to Lender and any payment so made, other than Extraordinary Rental Payments, prior to receipt by such lessee of the aforementioned notice shall constitute a full acquittance to lessee therefore. In the event Lender has revoked terminated Borrower's ’s license to collect Rents upon the occurrence of an Event of Default and Lender, in Lender's ’s sole discretion, elects to waive said Event of Default, then provided no Event of Default subsequently occurs, any Rents (other than Extraordinary Rental Payments) collected by Lender which are in excess of those applied to pay in full any Monthly Payment(s) and any deposit(s) of Reserve Funds then due from Borrower under the terms of the Loan Documents and/or any requirements resulting as a condition to any waiver by Lender of the Event of Default shall be promptly paid to Borrower.

License to Collect Rents. (a) Pursuant Lender and Bxxxxxxx hereby confirm that Lxxxxx has granted to Borrower a license to collect and use the Rents as they become due and payable under the Leases in accordance with the terms provisions of the Assignment of Leases and the Cash Collateral Agreement, until an Event of Default or a Cash Management Event has occurred and is continuing provided that the existence of such right shall not operate to subordinate this assignment of Leases to any subsequent assignment, in whole or in part by Borrower, and any such subsequent assignment shall be subject to Lxxxxx's rights under this Mortgage. Bxxxxxxx further agrees to execute and deliver such assignments of leases as Lxxxxx may from time to time reasonably request in order to better assure, transfer and confirm to Lxxxxx the rights intended to be granted to Lender with respect thereto. In accordance with the provisions of the Assignment of Leases, upon the occurrence and during the continuance of an Event of Default (1) Borrower has appointed agrees that Lender may, but shall not be obligated to, assume the true management of the real property, and lawful attorney collect the Rents, applying the same upon the Obligations and (2) Borrower hereby authorizes and directs all tenants, purchasers or other persons occupying or otherwise acquiring any interest in any part of the real property to pay the Rents due under the Leases to Lender upon Lxxxxx's request. In the event Lender actually receives such Rents, after an Event of Default or a Cash Management Event, any application of the Rents by Lender shall not constitute a misappropriation of the Rents by Borrower with full power pursuant to Section 31 hereof. Upon the occurrence and during the continuance of substitution an Event of Default or a Cash Management Event, Lender shall have and with power for it hereby expressly reserves the right and in its name, place and stead, privilege (but assumes no obligation) to demand, collect, sue for, receive and give receipts and releases for any and all assigned Rents effective upon an Event of Default. The terms of recover the Utah Uniform Assignment of Rents Act are incorporated herein by reference, with the parties acknowledging that the assignment contained therein is a present and absolute assignment and not a collateral assignment of Borrower's interest in the Rents (as defined herein and within the meaning of the Utah Uniform Assignment of Rents Act, Utah Code Annotated Section 00-00-000, et seq.) described therein. Prior to the occurrence of an Event of Default, Lender hereby grants to Borrower the revocable license to enforce all provisions contained in the Lease(s) and collect and use all Rents, as the same become due and payable, but in any event for not more than one calendar month in advance, provided, however, Borrower's use of such Rents shall be subject to the Recourse Obligations. Such license shall not be applicable to any Extraordinary Rental Payments, all of which shall be paid directly to Lender. Lender shall be entitled to hold Extraordinary Rental Payments it receives in an account as additional security for the Note and the funds shall be governed by the terms set forth below. Borrower shall render such accounts of collections as Lender may reasonably require. The license herein granted to Borrower shall be revoked immediately and automatically, without further action or documentation, upon the occurrence of an Event of Default; and upon written notice of an Event of Default at any time hereafter given by Lender to any lessee, all Rents thereafter payable and all agreements and covenants thereafter to be performed by any such lessee shall be paid and performed by such lessee directly to Lender in the same manner as if the above license had not been granted, without prosecution of any legal or equitable remedies under the Mortgage. Any lessee of the Premises or any part thereof is authorized and directed to pay to Borrower any Rent herein assigned currently for not more than one calendar month in advancethereof, but shall make all Extraordinary Rental Payments to Lender and any payment so now existing or hereafter made, other than Extraordinary Rental Paymentsand apply the same in accordance with this Mortgage, prior to receipt by such lessee the Assignment of the aforementioned notice shall constitute a full acquittance to lessee therefore. In the event Lender has revoked Borrower's license to collect Rents upon the occurrence of an Event of Default Leases, and Lender, in Lender's sole discretion, elects to waive said Event of Default, then provided no Event of Default subsequently occurs, any Rents (other than Extraordinary Rental Payments) collected by Lender which are in excess of those applied to pay in full any Monthly Payment(s) and any deposit(s) of Reserve Funds then due from Borrower under the terms of the Loan Documents and/or any requirements resulting as a condition to any waiver by Lender of the Event of Default shall be promptly paid to Borrowerapplicable law.

License to Collect Rents. (a) Pursuant to Mortgagee and Mortgagor hereby confirm that Rents as they become due and payable under the Leases shall be deposited in accordance with the terms provisions of the Assignment of Leases and the Cash Collateral Agreement. Subject to the provisions of the Cash Collateral Agreement, Mortgagee has granted to Mortgagor a license to cause the Rents to be collected and deposited in accordance with the Cash Collateral Agreement. Any rights of the Mortgagor hereunder shall not operate to subordinate this assignment of leases to any subsequent assignment, in whole or in part by Mortgagor, and any such subsequent assignment shall be subject to Mortgagee's rights under this Mortgage. Mortgagor further agrees to execute and deliver such assignments of leases as Mortgagee may from time to time reasonably request in order to better assure, Borrower has appointed Lender transfer and confirm to Mortgagee the true rights intended to be granted to Mortgagee with respect thereto. In accordance with the provisions of the Assignment of Leases, upon the occurrence and lawful attorney during the continuance of Borrower with full power an Event of substitution Default (1) Mortgagor agrees that Mortgagee may, but shall not be obligated to, assume the management of the real property, and with power for it collect the Rents, applying the same upon the Obligations and (2) Mortgagor hereby authorizes and directs all tenants, purchasers or other persons occupying or otherwise acquiring any interest in its nameany part of the real property to pay the Rents due under the Leases to Mortgagee upon Mortgagee's request. In the event Mortgagee actually receives such Rents, place after an Event of Default, any application of the Rents by Mortgagee shall not constitute a misappropriation of the Rents by Mortgagor pursuant to Section 33 hereof. Mortgagee shall have and stead, hereby expressly reserves the right and privilege (but assumes no obligation) to demand, collect, sue xxx, receive and give receipts and releases for any and all assigned Rents effective upon an Event of Default. The terms of recover the Utah Uniform Assignment of Rents Act are incorporated herein by reference, with the parties acknowledging that the assignment contained therein is a present and absolute assignment and not a collateral assignment of Borrower's interest in the Rents (as defined herein and within the meaning of the Utah Uniform Assignment of Rents Act, Utah Code Annotated Section 00-00-000, et seq.) described therein. Prior to the occurrence of an Event of Default, Lender hereby grants to Borrower the revocable license to enforce all provisions contained in the Lease(s) and collect and use all Rents, as the same become due and payable, but in any event for not more than one calendar month in advance, provided, however, Borrower's use of such Rents shall be subject to the Recourse Obligations. Such license shall not be applicable to any Extraordinary Rental Payments, all of which shall be paid directly to Lender. Lender shall be entitled to hold Extraordinary Rental Payments it receives in an account as additional security for the Note and the funds shall be governed by the terms set forth below. Borrower shall render such accounts of collections as Lender may reasonably require. The license herein granted to Borrower shall be revoked immediately and automatically, without further action or documentation, upon the occurrence of an Event of Default; and upon written notice of an Event of Default at any time hereafter given by Lender to any lessee, all Rents thereafter payable and all agreements and covenants thereafter to be performed by any such lessee shall be paid and performed by such lessee directly to Lender in the same manner as if the above license had not been granted, without prosecution of any legal or equitable remedies under the Mortgage. Any lessee of the Premises or any part thereof is authorized and directed to pay to Borrower any Rent herein assigned currently for not more than one calendar month in advancethereof, but shall make all Extraordinary Rental Payments to Lender and any payment so now existing or hereafter made, other than Extraordinary Rental Paymentsand apply the same in accordance with this Mortgage, prior to receipt by such lessee the Assignment of the aforementioned notice shall constitute a full acquittance to lessee therefore. In the event Lender has revoked Borrower's license to collect Rents upon the occurrence of an Event of Default Leases, and Lender, in Lender's sole discretion, elects to waive said Event of Default, then provided no Event of Default subsequently occurs, any Rents (other than Extraordinary Rental Payments) collected by Lender which are in excess of those applied to pay in full any Monthly Payment(s) and any deposit(s) of Reserve Funds then due from Borrower under the terms of the Loan Documents and/or any requirements resulting as a condition to any waiver by Lender of the Event of Default shall be promptly paid to Borrowerapplicable law.