Manager Not Entitled to Rents. Manager acknowledges and agrees that it is collecting and processing the Rents solely as the agent for Mortgage Borrowers and Manager has no right to, or title in, the Rents. Notwithstanding anything to the contrary in the Tower Management Agreement, the Manager acknowledges and agrees that the Rents are the sole property of Mortgage Borrowers, encumbered by the lien of the Mortgage and the other Mortgage Loan Documents in favor of Mortgage Lender. In any bankruptcy, insolvency or similar proceeding, Manager, on behalf of itself and on behalf of any trustee acting on behalf of Manager, waives any claim to the Rents other than as such Rents may be used to pay the fees and compensation of Manager pursuant to the terms and conditions of the Tower Management Agreement, subject to the terms hereof
Appears in 2 contracts
Samples: Pledge and Security Agreement (MPG Office Trust, Inc.), Pledge and Security Agreement (MPG Office Trust, Inc.)
Manager Not Entitled to Rents. Manager acknowledges and agrees that it is collecting and processing the Rents solely as the agent for Mortgage Borrowers and Manager has no right to, or title in, the Rents. Notwithstanding anything to the contrary in the Tower Garage Management Agreement, the Manager acknowledges and agrees that the Rents are the sole property of Mortgage Borrowers, encumbered by the lien of the Mortgage and the other Mortgage Loan Documents in favor of Mortgage Lender. In any bankruptcy, insolvency or similar proceeding, Manager, on behalf of itself and on behalf of any trustee acting on behalf of Manager, waives any claim to the Rents other than as such Rents may be used to pay the fees and compensation of Manager pursuant to the terms and conditions of the Tower Garage Management Agreement, subject to the terms hereof.
Appears in 2 contracts
Samples: Pledge and Security Agreement (MPG Office Trust, Inc.), Pledge and Security Agreement (MPG Office Trust, Inc.)
