Common use of Absolute Assignment of Leases and Rents Clause in Contracts

Absolute Assignment of Leases and Rents. 13.1 ASSIGNMENT OF RENTS AND PROCEEDS AND LEASES In connection with the Loan, Mortgagor hereby absolutely, presently and irrevocably assigns, grants, transfers, and conveys to Lender, its successors and assigns, all of Mortgagor’s right, title, and interest in, to, and under all Leases, now or hereafter affecting all or any part of the Property or Mortgagor’s use thereof, including without limitation the right to take all Leasing Actions, together with all of Mortgagor’s right, title, and interest in and to all Rents, and the right, without taking possession of the Real Property, to collect the same as they become due and to apply such Rents and Proceeds to the Secured Obligations. It is the intent of Mortgagor and Lender to establish a present transfer and assignment of all of the Leases and the Rents to Lender.

Absolute Assignment of Leases and Rents. 13.1 ASSIGNMENT OF RENTS AND PROCEEDS AND LEASES In connection with the Loan, Mortgagor Borrower hereby absolutely, presently and irrevocably assigns, grants, transfers, and conveys to Lender, its successors and assigns, all of MortgagorBorrower’s right, title, and interest in, to, and under all Leases, now or hereafter affecting all or any part of the Property or MortgagorBorrower’s use thereof, including without limitation the right to take all Leasing Actions, together with all of MortgagorBorrower’s right, title, and interest in and to all Rents, and the right, without taking possession of the Real Property, to collect the same as they become due and to apply such Rents and Proceeds to the Secured Obligations. It is the intent of Mortgagor Borrower and Lender to establish a present transfer and assignment of all of the Leases and the Rents to Lender.