Payments of Rent to Lender. The parties acknowledge that the Lease and all payments of rent under the Lease (the “Rent”) have been assigned to Lender. Tenant agrees that upon receipt of written notice from Lender that a default exists under the Deed of Trust and until such time as Lender has given Tenant written notice that all of Landlord’s monetary obligations to Lender have been fully paid, Tenant will pay the Rent directly to Lender or as directed by Lender. Landlord agrees that Tenant may make payments to Lender directly upon receipt of such notice, without liability to Landlord, and thereby be properly credited with an offset and credit for such payments as against the rental payments then due under the Lease. Landlord, by its execution hereof, agrees that this Agreement does not constitute a waiver by Lender of any of Lender’s rights under the Deed of Trust and any assignment of leases or rents contained therein, or in a separate instrument or in any way release the Landlord from any of the terms, conditions, obligations, covenants and agreements of the Deed of Trust.
Payments of Rent to Lender. Landlord absolutely assigns to Lender all payments of rent as the same are due under the Lease (the “Rent”) and Tenant agrees that, from and after receipt of thirty (30) days prior written notice from Lender (which notice shall not be given unless an Event of Default has and is continuing under the Note or Mortgage), Tenant will pay the Rent directly to Lender until such time as Tenant receives a contrary notice from Lender or, if earlier, until the obligations under the Note have been fully satisfied by Landlord. All such rental payments received by Lender shall be credited against Landlord’s obligations to Lender. Landlord, by its execution hereof, agrees that this Agreement does not constitute a waiver by Lender of any of Lender’s rights under the Mortgage and any assignment of leases or rents contained therein, or in a separate instrument or in any way release the Landlord from any of the terms, conditions, obligations, covenants and agreements of the Mortgage.
Payments of Rent to Lender. Landlord absolutely assigns to Lender all payments of rent as the same are due under the Lease (the “Rent”) and Xxxxxx agrees that following written notice from Xxxxxx stating that an Event of Default (as defined in the Mortgage) has occurred and until such time as all of Landlord’s monetary obligations to Lender pursuant to the Note and the Loan Agreement dated as of the date of this Agreement between Lender and Landlord have been fully paid, Tenant will pay the Rent directly to Lender and Landlord hereby consents to the same. All such rental payments received by Xxxxxx shall be credited against Landlord’s obligations to Xxxxxx. Xxxxxx agrees to notify Landlord, in writing, of any failure of Tenant to pay Rent to Lender and Landlord immediately shall cure Tenant’s failure to pay by paying such Rent to Lender. Landlord, by its execution hereof, agrees that this Agreement does not constitute a waiver by Xxxxxx of any of Lender’s rights under the Mortgage and any assignment of leases or rents contained therein, or in a separate instrument or in any way release the Landlord from any of the terms, conditions, obligations, covenants and agreements of the Mortgage.
