ASSIGNMENT OF LEASES AND RENTS
Loan No. 192486
ASSIGNMENT AGREEMENT made this 18 day of MARCH , 1998, between TELEBYTE
TECHNOLOGY, INC., a domestic corporation, conducting business at 000 Xxxxxxx
Xxxx, Xxxxxxxxx, Xxx Xxxx 00000, hereinafter referred to as the mortgagor, and
HOME FEDERAL SAVINGS BANK, as successor in interest to The Union Savings Bank,
having a principal office at 00 Xxxxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxx 00000,
hereinafter referred to as mortgagee.
WHEREAS, the mortgagor is the owner of certain premises in the State of New
York, more particularly described in Schedule "All which is attached hereto and
made a part thereof, hereinafter referred to as the mortgaged premises; and
WHEREAS, the premises described in Schedule "All are the same premises
described in a certain Modification Agreement made by the mortgagor to the
mortgagee dated the . 18TH - day of MARCH ' 1998, and to be recorded in the
office of the Clerk of the County of Suffolk; and
WHEREAS, it is a condition to the granting of this Modification Agreement
that all leases now or hereinafter in force or effect con cerning any part of
the mortgaged premises as described in Schedule "All be assigned and transferred
to the mortgagee as additional security for the said loan, together with all the
rents which may become due and payable under the leases or any extension or
renewal thereof.
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the parties hereby agree as follows:
1. The mortgagor does grant, bargain, sell, assign, transfer and set over unto
the mortgagee, its successors and assigns, all the rights and privileges of the
mortgagor under all leases including the rents to accrue therefrom together with
any and all rents which may become due and payable under or by virtue of any
other lease, written or oral, or under or by virtue of any agreement for the use
or occupancy of any part of said mortgaged premises.
2. Until such time as the mortgagor may default in the payment of principal and
interest or other indebtedness secured by the note and mortgage herein referred
to or in performance of any other obligations hereunder, the mortgagor may
collect all rents arising under the aforementioned leases from the mortgaged
premises when the same are due payable and retain the same. In the event the
mortgagor defaults herein, the mortgagee may at its option, without notice or
regard to the adequacy of the security, by its agents, take possession of the
above described mortgaged premises and hold, lease and manage the same on such
terms and for such a period of time as the mortgagee deems proper and, with or
without taking possession of the premises, make demand and xxx for all rents of
the premises, with power to make from time to time, such alterations, repairs
and renovations that may seem proper to the mortgagee, and apply such rents to
the payment of all expenses of operating, managing and maintaining the mortgaged
premises, and the principal and interest and other indebtedness secured by the
note and mortgage, together with the costs and attorney's fees, in such priority
as the mortgagee in its sole discretion may determine. not be obligated to
perform or discharge any obligation or duty under the lease or under this
assignment, and mortgagor agrees to indemnify the mortgagee for any liability,
loss or damage which may be incurred under the lease or by reason of this
assignment in the event the mortgagee incurs any such liability above referred
to or in defense of any such claims or demands, the amount thereof, including
costs and reasonable attorney's fees shall be secured by this assignment and the
mortgagor shall reimburse the mortgagee immediately therefor upon the demand of
the mortgagee. Further, this assignment shall not make the mortgagee responsible
for any waste committed on the property by the tenants or any other parties, or
for any dangerous or defective condition of this premises, or for the negligence
in the management, repair and control of the premises.
4. Upon payment in full of principal, interest and other indebtedness secured by
this assignment or other instruments referred to herein, this assignment shall
cease, but the affidavit of statement of the mortgagee or any agent, officer, or
attorney of the mortgagee showing any part of principal, interest or other
indebtedness remaining unpaid shall constitute conclusive evidence of the
effectiveness and force of this assignment and any person is authorized to rely
thereon.
5. The mortgagor hereby agrees to notify all the lessees of the mortgaged
premises of this assignment and covenants and agrees that up to the date of this
assignment the mortgagor has
faithfully performed and fulfilled all covenants of said leases and during the
term of the leases, and so long as the mortgage herein referred to shall be in
effect the mortgagor will continue to faithfully perform and fulfill all
covenants under any lease to be performed as lessor, and the mortgagor will not
by failure or fault at any time during the term of this lease give any lessee
cause to terminate their lease. The mortgagor further covenants and agrees that
all lessees have, up to the date of this agreement, fully paid all the rentals
and other payments due as required under the leases, the mortgagor has not
assigned any interest thereunder and has in all other respects faithfully
performed the covenants thereof, and is not in default under any of the
respective leases.
6. The mortgagor further agrees that if any breach of covenant or other default
in the terms of any lease occurs, whether caused or claimed to be caused by it
or the mortgagor or by the lessee, the mortgagor will promptly notify the
mortgagee thereof in writing, and will give the mortgagee reasonable opportunity
to investigate, and if possible to correct the default or other breach and
otherwise to protect its rights under this assignment.
7. Nothing contained in this assignment nor in any act done or omitted by the
mortgagee pursuant to the terms of the assignment shall be deemed a waiver by
the mortgagee of any of the rights or remedies under the note and mortgage
hereinbefore mentioned, and this assignment is executed without prejudice to any
rights or remedies possessed by the mortgagee under the terms of any other
instruments referred to herein. The right of the mortgagee to collect the
secured principal, interest and other indebtedness, and to enforce any other
security, may be exercised by the mortgagee prior or subsequent to any action
taken under this assignment.
It is further understood that no security deposited by any lessee with the
mortgagor under the terms of any lease hereby assigned has been transferred to
the mortgagee who assumes no Schedule "All herein whether said lease has been
made prior hereto or is entered into in the future.
10. The mortgagor hereby appoints the mortgagee, its attorney in fact to demand,
receive and enforce payment and to give receipts, releases and satisfactions and
to xxx for all sums payable
either in the name of the mortgagor or in the name of the mortgagee, with the
same force and effect as if the mortgagor had done if this agreement had not
been made.
11. This assignment together with all the agreements, covenants and
warranties contained herein shall inure to the benefit of the mortgagee and
subsequent holder of the note and mortgage and shall be binding upon the
mortgagor and any subsequent owner of the premises.
IN WITNESS WHEREOF, the parties hereto execute this agreement the day and
year first above written.
HOME FEDERAL BANK TELEBYTE TECHNOLOGY, INC.
By /s/Xxx X. Xxxx By: /s/ Xxxxxxx Xxxxxxxxx
Xxxxxxx Xxxxxxxxx
Title: Vice President Title: Vice President
STATE OF NEW YORK, COUNTY OF SUFFOLK SS.:
On the 18TH day of MARCH 1998, before me personally came Xxxxxxx Xxxxxxxxx
, to me known, who being by me duly sworn, did depose and say that he resides at
That he is Vice President of TELTBYTE TECHNOLOGY, INC., the corporation
described in and which executed the foregoing instrument; and that he signed his
name thereto by order of the Board of Directors of said Corporation.
Notary Public
STATE OF NEW YORK, COUNTY OF SUFFOLK : SS.:
On the 16 day of MARCH 1998, before me personally came Xxxx X. Xxxxxxxx, to me
known, who being by me duly sworn, did depose and say that he resides at 00
Xxxxxxxxxx Xxxx, Xxxxxx Xxxx, Xxx Xxxx ; that he is the Vice President of HOME
FEDERAL SAVINGS BANK, the corporation
described in and which executed the foregoing instru- ment; and that he signed
his name thereto by order of the Board of Directors of said corporation
Notary Public
