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Common use of Present Assignment Clause in Contracts

Present Assignment. It is the intention of the parties that this assignment of rents and leases shall be a present assignment; however, it is expressly understood and agreed, anything herein contained to the contrary notwithstanding, that Grantor shall have the right to collect the rents so long as there exists no Event of Default under this Deed to Secure Debt, and provided further, that Grantor's right to collect such rents shall terminate and cease automatically upon the occurrence of any such Event of Default without the necessity of any notice or other action whatsoever by Grantee.

Appears in 4 contracts

Samples: Future Advance Deed to Secure Debt, Assignment of Rents and Leases and Security Agreement (Roberts Realty Investors Inc), Future Advance Deed to Secure Debt, Assignment of Rents and Leases and Security Agreement (Roberts Realty Investors Inc), Future Advance Deed to Secure Debt (Roberts Realty Investors Inc)