Common use of Assignment of Rents and Leases Clause in Contracts

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 against the Property if Lender so elects. Any such election by ▇▇▇▇▇▇ to exercise ▇▇▇▇▇▇’s rights from time to time under this section shall not prohibit Lender from simultaneously or thereafter foreclosing upon the Property or exercising any other rights available to Lender hereunder or at law.

Assignment of Rents and Leases. Grantor As additional security for the Obligations and performance of the covenants and agreements set forth herein, Mortgagor hereby presently assigns to Lender the Bank, and grants Bank a security interest in, any and 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 issues, income and profits derived from the use of the Property. “Lease” shall mean every lease or sublease or occupancy agreement for the use or hire of all 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 Mortgagor and all persons claiming by, under, or through Mortgagor 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. Mortgagor covenants with and warrants to Bank that as of the date of this Mortgage: (a) Each Lease is in full force and effect and there are no defaults existing thereunder; and (b) Mortgagor has not, except as may be described in an attachment, if any, to this Mortgage: (1) executed or granted any prior assignment, encumbrance, or security interest in any Lease or the rentals thereunder; (2) performed any acts or executed any other instruments or agreements which would limit or prevent Bank from obtaining the benefit of and exercising its rights conferred by this Mortgage; or (3) executed or granted any modification of any Lease, either orally or in writing. (c) As of the date of this Mortgage and for so long as any of the Obligations remains unpaid or unperformed: (i) Mortgagor shall promptly inform Bank of, assign, and deliver, any subsequent Lease of the Property that shall be in effect on the date hereof, or that shall hereafter be entered intoany part thereof, and by which Grantor is a lessor or the likemake, execute 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 deliver 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 partBank, upon the occurrence of an Event of Default. Grantor hereby agrees to indemnify Lender for, and hold Lender harmless fromdemand, any and all liability documents, agreements and expenses arising instruments as may, in Bank's opinion, be necessary to protect the Bank's rights under this Mortgage; provided, that Mortgagor's failure to do so will not impair Bank's interest in or rights with respect to any subsequent Lease, nor in any way affect the applicability of this Mortgage to such Lease and the unpaid rents due or to become due thereunder. (ii) Mortgagor shall not, without the prior written consent of Bank: (1) cancel or accept surrender of a Lease; (2) modify or alter a Lease in any way, either orally or in writing; (3) reduce the amount of or postpone payment of any Lease rents; (4) consent to any assignment of the lessee's interest in a Lease, or any subletting thereunder; (5) collect or accept payment of rents under a Lease for more than one (1) month in advance; (6) make any other assignment, pledge, encumbrance, or other disposition of a Lease or any Lease rents, issues, income or profits. (d) Mortgagor shall perform and discharge each and every obligation, covenant, and agreement required to be performed by the landlord under any Lease and should Mortgagor fail to do so the Bank, at Bank's sole option and without releasing Mortgagor from any such Lease obligation, may make or other agreement or do the same in such manner and to such extent as the Bank deems necessary to protect its rights and interests under this Mortgage. Any and all costs, expenses and sums paid by the Bank in performing under any assignments thereofLease, and no including reasonable attorney fees, shall be added to the Obligations secured by this Mortgage. This assignment of rents is given as collateral security only and will not be construed as obligating Bank to perform 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 covenants or undertakings required to be performed by Mortgagor under 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 against the Property if Lender so elects. Any such election by ▇▇▇▇▇▇ to exercise ▇▇▇▇▇▇’s rights from time to time under this section shall not prohibit Lender from simultaneously or thereafter foreclosing upon the Property or exercising any other rights available to Lender hereunder or at lawLease.

Assignment of Rents and Leases. As additional security for the Liabilities and performance of the covenants and agreements set forth herein, pursuant to Michigan Compiled Laws 565.81 et seq. and Michigan Compiled Laws 554.231 et seq., each as amended, Grantor hereby presently assigns to the Lender, and grants Lender a security interest in, any oil and gas located in, on or under the Property, any and all Leases of Grantor’s right, title and interest in and to any Leases, as defined hereinafter, with respect to the Property, and all rents, issues issues, income and profits derived from the use of the Property. “Lease” shall mean every lease or sublease or occupancy agreement for the use or hire of all Property or any portion of thereof, whether due or to become due. These assignments shall run with the Property that land and shall be in effect on good and valid against Grantor and all persons claiming by, under, or through Grantor from the date hereof, or that of recording of this Mortgage and shall hereafter continue to 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 operative during foreclosure or any other Person (includingproceedings taken to enforce this Mortgage. If any foreclosure sale results in a deficiency, without limitation, a receiver) taking possession the assignments shall continue as security during the foreclosure redemption period. Grantor covenants with and warrants to Lender that as of the Property, the right to give notice to the tenants date of this Mortgage: a. Each Lease is in full force and effect and there are no defaults existing thereunder; and b. Grantor has not, except as provided in the First Mortgage: (1) executed or granted any prior assignment, to collect rentsencumbrance, 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 or security interest 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 the rentals thereunder; (2) performed any acts or executed any other agreement instruments or agreements which would limit or prevent Lender from obtaining the benefit of and exercising its rights conferred by this Mortgage; or (3) executed or granted any assignments thereof, and no assignment modification of any such Lease Lease, either orally or other agreement shall place the responsibility for the controlin writing; and, care, management or repair as of the Property upon Lender, nor make Lender liable date of this Mortgage and for so long as 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 Liabilities remains unpaid 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 against the Property if Lender so elects. Any such election by ▇▇▇▇▇▇ to exercise ▇▇▇▇▇▇’s rights from time to time under this section shall not prohibit Lender from simultaneously or thereafter foreclosing upon the Property or exercising any other rights available to Lender hereunder or at law.unperformed:

Assignment of Rents and Leases. Grantor As additional security for the Obligations and performance of the covenants and agreements set forth herein, pursuant to Michigan Compiled Laws 565.81 et seq. and Michigan Compiled Laws 554.231 et seq., each as amended, Mortgagor hereby presently assigns to Lender the Bank, and grants Bank a security interest in, any and 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 issues, income and profits derived from the use of the Property. “Lease” shall mean every lease or sublease or occupancy agreement for the use or hire of all 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 Mortgagor and all persons claiming by, under, or through Mortgagor 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. Mortgagor covenants with and warrants to Bank that as of the date of this Mortgage: (a) Each Lease is in full force and effect and there are no defaults existing thereunder; and (b) Mortgagor has not, except as may be described in an attachment, if any, to this Mortgage: (1) executed or granted any prior assignment, encumbrance, or security interest in any Lease or the rentals thereunder; (2) performed any acts or executed any other instruments or agreements which would limit or prevent Bank from obtaining the benefit of and exercising its rights conferred by this Mortgage; or (3) executed or granted any modification of any Lease, either orally or in writing. (c) As of the date of this Mortgage and for so long as any of the Obligations remains unpaid or unperformed: (i) Mortgagor shall promptly inform Bank of, assign, and deliver, any subsequent Lease of the Property that shall be in effect on the date hereof, or that shall hereafter be entered intoany part thereof, and by which Grantor is a lessor or the likemake, execute 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 deliver 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 partBank, upon the occurrence of an Event of Default. Grantor hereby agrees to indemnify Lender for, and hold Lender harmless fromdemand, any and all liability documents, agreements and expenses arising instruments as may, in Bank's opinion, be necessary to protect the Bank's rights under this Mortgage; provided, that Mortgagor's failure to do so will not impair Bank's interest in or rights with respect to any subsequent Lease, nor in any way affect the applicability of this Mortgage to such Lease and the unpaid rents due or to become due thereunder. (ii) Mortgagor shall not, without the prior written consent of Bank: (1) cancel or accept surrender of a Lease; (2) modify or alter a Lease in any way, either orally or in writing; (3) reduce the amount of or postpone payment of any Lease rents; (4) consent to any assignment of the lessee's interest in a Lease, or any subletting thereunder; (5) collect or accept payment of rents under a Lease for more than one (1) month in advance; (6) make any other assignment, pledge, encumbrance, or other disposition of a Lease or any Lease rents, issues, income or profits. (d) Mortgagor shall perform and discharge each and every obligation, covenant, and agreement required to be performed by the landlord under any Lease and should Mortgagor fail to do so the Bank, at Bank's sole option and without releasing Mortgagor from any such Lease obligation, may make or other agreement or do the same in such manner and to such extent as the Bank deems necessary to protect its rights and interests under this Mortgage. Any and all costs, expenses and sums paid by the Bank in performing under any assignments thereofLease, and no including reasonable attorney fees, shall be added to the Obligations secured by this Mortgage. This assignment of rents is given as collateral security only and will not be construed as obligating Bank to perform 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 covenants or undertakings required to be performed by Mortgagor under 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 against the Property if Lender so elects. Any such election by ▇▇▇▇▇▇ to exercise ▇▇▇▇▇▇’s rights from time to time under this section shall not prohibit Lender from simultaneously or thereafter foreclosing upon the Property or exercising any other rights available to Lender hereunder or at lawLease.

Assignment of Rents and Leases. Grantor As additional security for the Obligations and performance of the covenants and agreements set forth herein, pursuant to Michigan Compiled Laws 565.81 et seq. and Michigan Compiled Laws 554.231 et seq., each as amended, Mortgagor hereby presently assigns to Lender the Agent, and grants Agent a security interest in, any and 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 issues, income and profits derived from the use of the Property. “Lease” shall mean every lease or sublease or occupancy agreement for the use or hire of all 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 Mortgagor and all persons claiming by, under, or through Mortgagor 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. Mortgagor covenants with and warrants to Agent that as of the date of this Mortgage: (a) Each Lease is in full force and effect and there are no defaults existing thereunder. (b) Mortgagor has not, except as may be described in an attachment, if any, to this Mortgage: (1) executed or granted any prior assignment, encumbrance, or security interest in any Lease or the rentals thereunder; (2) performed any acts or executed any other instruments or agreements which would limit or prevent Agent from obtaining the benefit of and exercising its rights conferred by this Mortgage; or (3) executed or granted any modification of any Lease, either orally or in writing. (c) As of the date of this Mortgage and for so long as any of the Obligations remains unpaid or unperformed: (i) Mortgagor shall promptly inform Agent of, assign, and deliver, any subsequent Lease of the Property that shall be in effect on the date hereof, or that shall hereafter be entered intoany part thereof, and by which Grantor is a lessor or the likemake, execute 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 deliver 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 partAgent, upon the occurrence of an Event of Default. Grantor hereby agrees to indemnify Lender for, and hold Lender harmless fromdemand, any and all liability documents, agreements and expenses arising instruments as may, in Agent’s opinion, be necessary to protect the Agent’s rights under this Mortgage; provided, that Mortgagor’s failure to do so will not impair Agent’s interest in or rights with respect to any subsequent Lease, nor in any way affect the applicability of this Mortgage to such Lease and the unpaid rents due or to become due thereunder. (ii) Mortgagor shall not, without the prior written consent of Agent: (1) cancel or accept surrender of a Lease; (2) modify or alter a Lease in any material way, either orally or in writing; (3) reduce the amount of or postpone payment of any Lease rents; (4) consent to any assignment of the lessee’s interest in a Lease, or any subletting thereunder, except as permitted under the provisions of a Lease; (5) collect or accept payment of rents under a Lease for more than one (1) month in advance; (6) make any other assignment, pledge, encumbrance, or other disposition of a Lease or any Lease rents, issues, income or profits. (d) Mortgagor shall perform and discharge each and every obligation, covenant, and agreement required to be performed by the landlord under any Lease and should Mortgagor fail to do so the Agent, at Agent’s sole option and without releasing Mortgagor from any such Lease obligation, may make or other agreement or do the same in such manner and to such extent as the Agent deems necessary to protect its rights and interests under this Mortgage. Any and all costs, expenses and sums paid by the Agent in performing under any assignments thereofLease, and no including reasonable attorney fees, shall be added to the Obligations secured by this Mortgage. This assignment of rents is given as collateral security only and will not be construed as obligating Agent to perform 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 covenants or undertakings required to be performed by Mortgagor under 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 against the Property if Lender so elects. Any such election by ▇▇▇▇▇▇ to exercise ▇▇▇▇▇▇’s rights from time to time under this section shall not prohibit Lender from simultaneously or thereafter foreclosing upon the Property or exercising any other rights available to Lender hereunder or at lawLease.