PROPERTY INCOME. All other income of the Property (including payments due under escalator clauses, tax stops, expense clauses and similar rental adjustment clauses) accruing or relating to the period through the day before Closing shall be paid to Owner. All other income of the Property (including payments due under escalator clauses, tax stops, expense clauses and similar rental adjustment clauses) accruing or relating to the period commencing on the date of Closing and thereafter shall be the property of and paid to Highwoods.
PROPERTY INCOME. All rents, income, profits, security deposits and other benefits to which the Borrower may now or hereafter be entitled from the Land and the Improvements and/or the business operations conducted thereat or therefrom (hereinafter the “Property Income”) in accordance with, and subject to, the terms and conditions of Section 1.9.
PROPERTY INCOME. The Borrower may collect and use the Property Income, as same becomes due and payable, so long as no Event of Default, as defined hereinafter, has occurred, but may not collect the Property Income more than thirty (30) days in advance of the date the same becomes due. This
PROPERTY INCOME. All rents, income, profits, security deposits and other benefits to which the Borrower may now or hereafter be entitled from the Leases, the Property, and/or the income generated from the business operations conducted at or from the Property (hereinafter the “Property Income”) in accordance with, and subject to, the terms and conditions of this Assignment. The Borrower covenants, agrees, represents and warrants to the Bank as follows:
PROPERTY INCOME. Section 2.1. The Borrower hereby assigns, transfers and grants a security interest to the Bank in and to the Property Income to secure the Mortgage Debt. The Borrower will not otherwise assign, transfer or encumber the Property Income in any manner.
Section 2.2. The Borrower may, so long as no Event of Default (under and as defined in the Credit Agreement) has occurred and is continuing, collect and use the Property Income, as the same becomes due and payable, but may not collect the Property Income more than thirty (30) days in advance of the date the same becomes due without the prior written consent of the Bank. Upon the occurrence of any Event of Default, the permission hereby given to the Borrower to collect the Property Income shall terminate and such permission shall not be reinstated upon a cure of such Event of Default without the Bank's specific written consent.
Section 2.3. The foregoing provisions hereof shall constitute an absolute and present assignment of the Property Income, subject, however, to the conditional permission given to the Borrower to collect and use such Property Income as hereinabove provided. The existence or exercise of such right of the Borrower shall not operate to subordinate this Assignment to any subsequent assignment, in whole or in part, and any such subsequent assignment by the Borrower shall be subject to the rights of the Bank hereunder.
PROPERTY INCOME. All rents, income, profits, security deposits and other benefits to which the Borrower may now or hereafter be entitled from the Property and/or the
PROPERTY INCOME. The Borrower hereby assigns, transfers and grants a security interest to the Lender in and to the Property Income to secure the Mortgage Debt. The Borrower will not otherwise assign, transfer or encumber the Property Income in any manner. The Borrower may collect and use the Property Income, as the same becomes due and payable, so long as no Event of Default (as hereinafter defined) has occurred, but may not collect the Property Income more than thirty (30) days in advance of the date the same becomes due. This Section shall constitute an absolute and present assignment of the Property Income. The existence or exercise of the Borrower’s conditional permission to collect the Property Income shall not operate to subordinate this assignment to any subsequent assignment. The provisions of this Section and the preceding Section regarding Leases are intended to be complementary to any rights given Lender under the Collateral Assignment and shall be construed accordingly.
PROPERTY INCOME. As additional and collateral security for the payment of the Obligations and cumulative of any and all rights and remedies herein provided for, the Borrower hereby absolutely and presently assigns to the Lender all existing and future Property Income. The Borrower hereby grants to the Lender the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Property Income, for which purpose the Borrower does hereby irrevocably make, constitute and appoint the Lender its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any portion of the Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of the Borrower and shall not be affected by any disability or incapacity suffered by the Borrower subsequent to the date hereof); provided, however, that until the occurrence of an Event of Default under this Deed of Trust or under any other of the Loan Documents, the Borrower shall have a license to collect, receive, use and enjoy the Property Income when due and prepayments thereof for not more than one (1) month prior to due date thereof. Upon the occurrence of an Event of Default, the Borrower’s license shall automatically terminate without notice to the Borrower and the Lender may thereafter, without taking possession of the Property, collect the Property Income itself or by an agent or receiver. From and after the termination of such license, the Borrower shall be the agent of the Lender in collection of the Property Income, and all of the Property Income so collected by the Borrower shall be held in trust by the Borrower for the sole and exclusive benefit of the Lender, and the Borrower shall, within three (3) business days after receipt of any Property Income, pay the same to the Lender to be applied by the Lender as hereinafter set forth. Neither the demand for or collection of Property Income by the Lender shall constitute any assumption by the Lender of any obligations under any agreement relating thereto. The Lender is obligated to account only for such Property Income as is actually collected or received by the Lender. The Borrower irrevocably agrees and consents that the respective payors of the Property Income shall, upon demand and notice from the...
PROPERTY INCOME. 26 Leases, Estoppels, Contracts, Permits and Zoning Letters, etc....................................................27 Default..........................................................................................................28
PROPERTY INCOME. Borrower hereby assigns, transfers and grants a security interest to Lender in and to the Property Income to secure the Mortgage Debt. Borrower shall not otherwise assign, transfer or encumber the Property Income in any manner. Borrower may, so long as no Event of Default has occurred hereunder, collect and use the Property Income, as the same becomes due and payable, but may not collect same more than thirty (30) days in advance of the date the same becomes due. Upon the occurrence of an Event of Default, the permission hereby given to Borrower to collect the Property Income shall terminate. The foregoing
