Rights Granted to Lender. In the event that the Borrower shall not pay any sum due under the Finance Documents on due date or after a Default has occurred and is continuing, the Lender is hereby granted rights of possession, lien and set-off in all the sums, assets and rights (including Securities, coins, bank notes, commodity documents, insurance policies, notes, assignments of receivables, deposits, Collateral and the consideration therefor) which will be found at the Lender at any time to the Borrower’s credit or for the Borrower, including such that were delivered for collection, security, safekeeping or otherwise due to and against any sum which is due from the Borrower or may be due from the Borrower to the Lender under the Finance Documents. In such circumstances, the Lender shall be entitled to withhold the aforesaid assets until full payment of all Secured Obligations due and payable, or, in the circumstances in which the Lender is entitled to realize any Collateral under the Security Documents, to sell the same and use the consideration therefor, in whole or in part, for payment of all Secured Obligations due and payable. In the event that any sums set-off in accordance with clause 11.2 below are deposited in foreign currency, the Borrower hereby authorises and instructs the Lender in advance to sell the credit balance in foreign currency according to the rate which the Lender will obtain therefor at such time, and to set-off the consideration for the sale against the sum of the Secured Obligations due and payable.
Rights Granted to Lender. Borrower hereby absolutely and unconditionally assigns to Lender all of Borrower’s right, title and interest in and to all current and future Leases and Rents. Borrower hereby declares its intention to establish a present, absolute and irrevocable transfer and assignment to Lender of all Rents and Leases and to authorize and empower Lender to collect and receive all Rents and exercise all of Borrower’s rights under the Leases (including, without limitation, the right to modify, extend or terminate any Lease) without any further action by Borrower; it being intended that this assignment is effective immediately and not an assignment made for security only, not withstanding any provision hereof to the contrary. For purposes of giving effect to this assignment of Rents and Leases and for no other purpose, Rents and Leases shall not be deemed to be part of the “Property” as that term is defined in Section 2.01 of this Security Instrument. If, however, this assignment of Rents and Leases is not enforceable by its terms under the laws of the State where the Property is located, then Rents and Leases shall be included as part of the Property and it is Borrower’s intention that, in this circumstance, this Security Instrument creates and perfects a lien of the Rents and Leases in favor of Lender, which lien shall be effective as of the date of this Security Instrument.
Rights Granted to Lender. Borrower hereby absolutely and unconditionally assigns to Lender all of Borrower’s right, title and interest in and to all current and future Leases and Rents and the Condominium Documents (including, without limitation, any rights to appoint members of the Condominium Board and any rights to exercise voting rights or privileges). Borrower hereby declares its intention to establish a present, absolute and irrevocable transfer and assignment to Lender of all Rents and Leases and the Condominium Documents and to authorize and empower Lender to collect and receive all Rents and exercise all of Borrower’s rights under the Leases (including, without limitation, the right to modify, extend or terminate any Lease) and the Condominium Documents (including, without limitation, any rights to appoint members of the Condominium Board and any rights to exercise voting rights or privileges) without any further action by Borrower; it being intended that this assignment is effective immediately and not an assignment made for security only, not withstanding any provision hereof to the contrary. For purposes of giving effect to this assignment of Rents and Leases and the Condominium Documents and for no other purpose, Rents and Leases and the Condominium Documents shall not be deemed to be part of the “Property” as that term is defined in Section 2.01 of this Security Instrument. If, however, this assignment of Rents and Leases and the Condominium Documents is not enforceable by its terms under the laws of the State where the Property is located, then Rents and Leases and the Condominium Documents shall be included as part of the Property and it is Borrower’s intention that, in this circumstance, this Security Instrument creates and perfects a lien of the Rents and Leases and the Condominium Documents in favor of Lender, which lien shall be effective as of the date of this Security Instrument.
