Assignment of Rents and Leases Sample Clauses
The Assignment of Rents and Leases clause gives a lender the right to collect income generated from a property, such as rent payments, if the borrower defaults on their loan obligations. In practice, this means that if the property owner fails to make mortgage payments, the lender can step in and receive rental income directly from tenants or enforce lease terms to protect their financial interest. This clause serves to provide the lender with an additional source of repayment and security, reducing the risk of loss in the event of borrower default.
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Assignment of Rents and Leases. (a) Borrower hereby absolutely and unconditionally assigns, transfers and sets over unto Huntington and Huntington's successors and assigns all present and future leases covering all or any part of the Mortgaged Property (the "Leases"), together with any extensions or renewals thereof and any guaranties of any tenants' obligations thereunder, and all of the rents, royalties, bonuses, income, receipts, revenues, issues and profits now due or which may hereafter become due under the Leases or any extensions or renewals thereof, as well as all moneys due and to become due to Borrower under the Leases for services, materials or installations supplied whether or not the same were supplied under the terms of the Leases, all liquidated damages following default under the Leases and all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by damage to any part of the Mortgaged Property (such rents, income, receipts, revenues, issues, profits and other moneys assigned hereby are hereinafter collectively called "Rents"), together with any and all rights and remedies which Borrower may have against any tenant under any of the Leases or others in possession of the Mortgaged Property or any part thereof for the collection or recovery of Rents so assigned. Prior to an Event of Default, as hereinafter defined, Borrower shall have a license to collect and receive all Rents as trustee for the benefit of Huntington and Borrower.
(b) Borrower hereby represents, warrants and agrees that:
(i) Borrower has good title to the Leases and Rents hereby assigned and has the right, power and capacity to make this assignment. No person or entity other than Borrower has or will have any right, title or interest in or to the Leases or Rents, except for the Permitted Encumbrances.
(ii) Borrower shall, at Borrower's sole cost and expense, perform and discharge all of the obligations and undertakings of the landlord under the Leases and give prompt notice to Huntington of any failure to do so. Borrower shall use all reasonable efforts to enforce or secure the performance of each and every obligation and undertaking of the tenants under the Leases and shall appear in and prosecute or defend any action or proceeding arising under, or in any manner connected with, the Leases or the obligations and undertakings of the tenants thereunder.
(iii) Borrower shall generally operate and maintain the Mortgaged Property in a manner to insure maximum...
Assignment of Rents and Leases. Grantor hereby presently assigns to Lender all of Grantor’s right, title and interest in and to any Leases, as defined hereinafter, with respect to the Property, and all rents, issues and profits of the Property. “Lease” shall mean every lease or sublease or occupancy agreement for the use or hire of all or any portion of the Property that shall be in effect on the date hereof, or that shall hereafter be entered into, and by which Grantor is a lessor or the like, and any renewals, extensions or other modifications thereof. Grantor grants to Lender, with or without Lender or any other Person (including, without limitation, a receiver) taking possession of the Property, the right to give notice to the tenants of this assignment, to collect rents, issues and profits from the tenants and to enter onto the Property for purposes of collecting the same and to let the Property and to apply such rents, issues and profits, after payment of all charges and expenses relating to the Property and the Obligations. This assignment shall be an absolute assignment, subject to the license herein granted to Grantor and ▇▇▇▇▇▇▇’s obligations hereunder, and shall continue in effect until the Obligations are fully paid and performed. Lender hereby grants a revocable license to Grantor to collect and use such rents, issues and profits; provided, however, that the foregoing license shall be automatically revoked, without any action on Lender’s part, upon the occurrence of an Event of Default. Grantor hereby agrees to indemnify Lender for, and hold Lender harmless from, any and all liability and expenses arising from any such Lease or other agreement or any assignments thereof, and no assignment of any such Lease or other agreement shall place the responsibility for the control, care, management or repair of the Property upon Lender, nor make Lender liable for any negligence or other tortious conduct, whether by Lender or any other Person, with respect to the management, operation, upkeep, repair or control of the Property resulting in injury, death, property or other damage or loss of any nature whatsoever. Grantor shall not cancel, amend or otherwise modify the terms and conditions of any Lease without obtaining Lender’s prior consent; nor shall Grantor accept payments of rent or the like more than one month in advance without obtaining ▇▇▇▇▇▇’s prior consent. Lender may exercise ▇▇▇▇▇▇’s rights from time to time under this section without first commencing foreclosure proceedings...
Assignment of Rents and Leases. (a) In furtherance of and in addition to the assignment made by Grantor herein, Grantor hereby absolutely and unconditionally assigns, sells, transfers and conveys to Beneficiary all of its right, title and interest in and to all Leases, whether now existing or hereafter entered into, and all of its right, title and interest in and to all Rents. This assignment is an absolute assignment and not an assignment for additional security only. So long as no Event of Default shall have occurred and be continuing, Grantor shall have a revocable license from Beneficiary to exercise all rights extended to the landlord under the Leases, including the right to receive and collect all Rents and to hold the Rents in trust for use in the payment and performance of the Obligations and to otherwise use the same. The foregoing license is granted subject to the conditional limitation that no Event of Default shall have occurred and be continuing. Upon the occurrence and during the continuance of an Event of Default, whether or not legal proceedings have commenced, and without regard to waste, adequacy of security for the Obligations or solvency of Grantor, the license herein granted shall automatically expire and terminate, without notice by Beneficiary (any such notice being hereby expressly waived by Grantor).
(b) Grantor acknowledges that Beneficiary has taken all reasonable actions necessary to obtain, and that upon recordation of this Deed of Trust, Beneficiary shall have, to the extent permitted under applicable law, a valid and fully perfected, first priority, present assignment of the Rents arising out of the Leases and all security for such Leases subject to the Permitted Liens and in the case of security deposits, rights of depositors and requirements of law. Grantor acknowledges and agrees that upon recordation of this Deed of Trust, Beneficiary's interest in the Rents shall be deemed to be fully perfected, "choate" ▇▇▇ ▇▇forced as to Grantor and all third parties, including, without limitation, any subsequently appointed trustee in any case under Title 11 of the United States Code (the "Bankruptcy Code"), without the necessity of commencing a foreclosure action with respect to this Deed of Trust, making formal demand for the Rents, obtaining the appointment of a receiver or taking any other affirmative action.
(c) Without limitation of the absolute nature of the assignment of the Rents hereunder, Grantor and Beneficiary agree that (a) this Deed of Trust shall con...
Assignment of Rents and Leases. Manager acknowledges that, in connection with the Loan, Borrower has executed and delivered to Lender an Assignment of Leases and Rents, dated as of the date hereof, assigning to Lender, among other things, all of Borrower's right, title and interest in and to all of the Leases, including any of Borrower's rights in the security deposits thereunder (to the extent permitted by applicable law). Manager hereby agrees that as of the date hereof, Manager shall henceforth deliver to the Lockbox Account, and cause all Tenants under Leases to deliver to the Lockbox Account, for application in accordance with the terms and conditions of the Loan Agreement, the Cash Management Agreement and the other Loan Documents, all Rents and other proceeds received after the date hereof from any and all Tenants or other parties occupying or using any portion of the Property.
Assignment of Rents and Leases. As additional security for the Secured Liabilities and performance of the covenants and agreements set forth herein, Grantor hereby assigns to the Bank, and grants Bank a security interest in, any oil and gas located in, on or under the Property (to the extent of Grantor’s interest therein), any and all Leases of the Property, and all rents, issues, income and profits derived from the use of the Property or any portion thereof, whether due or to become due. These assignments shall run with the land and shall be good and valid against Grantor and all persons claiming by, under, or through Grantor from the date of recording of this Mortgage and shall continue to be operative during foreclosure or any other proceedings taken to enforce this Mortgage. If any foreclosure sale results in a deficiency, the assignments shall continue as security during the foreclosure redemption period, to the extent permitted under applicable law.
Assignment of Rents and Leases. The Mortgagor hereby irrevocably assigns, transfers and sets over to the Mortgagee, subject to no prior claim or assignment, all of the Mortgagor’s right, title and interest in the Leases and in the Rents now due and payable or hereafter to become due and payable under the Leases and all benefits and advantages to be derived therefrom, including any guarantees given to the Mortgagor in respect of the Leases and Rents, to hold and receive same unto the Mortgagee, with full power and authority to demand, collect, ▇▇▇ for, recover, receive receipts for the Rents and to enforce payment of the same in the name of the Mortgagor. Until Default, the Mortgagor may demand, receive, collect and enjoy the Rents only as the same fall due and payable and not in advance, but nothing shall permit or authorize the Mortgagor to collect or receive Rents contrary to any covenants contained herein. Neither this provision nor the acceptance by the Mortgagee of any such assignment shall be taken to confer upon the Mortgagor any power to grant a lease which is valid against the Mortgagee, unless the Mortgagee specifically authorizes in writing the granting thereof.
Assignment of Rents and Leases. Mortgagor further grants and assigns to Mortgagee all leases and rents, profits, royalties, issues, revenues, income, proceeds, earnings, and products generated by or arising out of the Property, including, without limitation, all cash or security deposits to secure performance by tenants (collectively, “Rents”). Until the occurrence of a default by Mortgagor under this Mortgage, Mortgagor shall have the right to receive the Rents.
Assignment of Rents and Leases. An Assignment of Rents and Leases dated as of even date herewith (the “Assignment of Rents”), duly executed by Borrower to and for the benefit of Lender, collaterally assigning to Lender all of Borrower’s rents, leases and profits of the Project as security for the Note, the Loan and all obligations of Borrower in connection therewith.
Assignment of Rents and Leases. Mortgagor hereby grants a first assignment and pledge to Mortgagee, as additional security for the payment of indebtedness secured by this Mortgage, of any and all leases, written or oral, rents, income, profits, issues, and revenues, from whatever source derived existing now or hereafter on the Mortgaged Property; and Mortgagor covenants to observe all the obligations of the lessor in any leases and not to do or permit to be done anything to impair the security thereof; not to execute any other assignment of lease or assignment of rents of the Mortgaged Property; and, except at times when Mortgagee is not in default of its obligations under this Mortgage beyond any applicable grace or cure period, during which times that Mortgagee is not in default Mortgagee shall have a free right to alter, modify, changes the terms, surrender, cancel or terminate any leases without the prior consent of Mortgagor, not to alter, modify or change the terms of, or surrender, cancel or terminate any leases, without the prior written consent of Mortgagee.
Assignment of Rents and Leases. Effective upon the recordation of this Deed of Trust, the assignment of Rents and Leases set out above in Granting Clause (G) shall constitute an absolute and present assignment to Beneficiary, subject to the license herein given to Trustor to collect the Rents (including the Account Receivables, to the extent they are deemed to be Rents), and shall be fully operative without any further action on the part of any party, and Trustor hereby irrevocably, absolutely, presently and unconditionally assigns to Beneficiary all Rents and Leases. This is an absolute assignment and not an assignment for security only. Beneficiary shall be entitled upon the occurrence of an Event of Default hereunder to all Rents and to enter into the Site and the Improvements to collect all such Rents, provided, however, that Beneficiary shall not be obligated to take possession of the Trust Estate, or any portion thereof. The absolute assignment contained in Granting Clause (G) shall not be deemed to impose upon Beneficiary any of the obligations or duties of Trustor provided in any Ground Lease or Space Lease (including, without limitation, any liability under the covenant of quiet enjoyment contained in any lease in the event that any lessee shall have been joined as a party defendant in any action to foreclose this Deed of Trust and shall have been barred and foreclosed thereby of all right, title and interest and equity of redemption in the Trust Estate or any part thereof).