Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 3 contracts
Sources: Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Neutron Energy, Inc.), Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Neutron Energy, Inc.), Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Neutron Energy, Inc.)
Assignment of Rents. If MortgagorThe Mortgagor hereby absolutely and unconditionally assigns, as a lessortransfers and conveys to the Mortgagee the rents, enters into any leases issues, and profits of the PropertyPremises as further security for the payment of the Note, it being the intention of Mortgagor and Mortgagee that this assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party treated and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default construed as an absolute assignment and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such propertyan assignment for additional security only. The Mortgagor further grants to the Mortgagee the right (a) to enter upon and to take possession of the Property Premises for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Premises or any part of the Propertythereof, and (d) to apply rentthe rents, income, maintenance fees, issues and other benefitsprofits, after payment of all necessary charges and expenses, on account of the Secured ObligationsNote. Such This assignment and grant shall continue in effect until the Secured Obligations are paid Note is paid. The Mortgagee hereby waives the right to enter upon and performed in full and Mortgagee shall have no further obligations in respect to take possession of the Credit FacilitiesPremises for the purpose of collecting the rents, issues, and profits, and the Mortgagor shall be entitled to collect and receive the rents, issues and profits as trustee for the benefit of Mortgagee and Mortgagor until default under any of the covenants, conditions, or agreements contained in the Mortgage; ▇▇▇▇▇▇▇▇▇ agrees to use such rents, issues and profits in payment of principal and interest and in payment of taxes, assessments, sewer rents, water rates, and carrying charges against the Premises, but such right of the Mortgagor may be revoked by the Mortgagee upon any default, on five (5) days written notice. The Mortgagor will not, without the written consent of the Mortgagee, receive or collect rent from any tenant of the Premises or any part thereof for a period of more than one month in advance, and in the event of any default under the Mortgage will pay monthly in advance to the Mortgagee, or to any receiver appointed to collect the rents, issues and profits, the fair and reasonable rental value for the use and occupation of the Premises or of such part thereof as may be in the possession of the Mortgagor, and upon default in any such payment will vacate and surrender the possession of the Premises to the Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings. Mortgagor shall and does hereby agree to indemnify and hold Mortgagee and its representatives harmless of and from any and all liability, loss of damage which Mortgagor or its representatives may or might incur under or by reason of (a) any tenant of the Premises, (b) this Mortgage, (c) any action taken by Mortgagee or its representatives hereunder, unless constituting willful misconduct, or (d) claims and demands which may be asserted against Mortgagee or its representatives by reason of any alleged obligations or undertakings on its or their part to perform or discharge any of the terms, covenants or agreements contained in any lease affecting the Premises. This Mortgage shall not operate to place upon Mortgagee any responsibility for the management, operation or maintenance of the Premises, and the execution of this Mortgage constituting by Mortgagor shall constitute conclusive evidence that all responsibility for the management, operation and evidencing maintenance of the irrevocable consent Premises is, shall be and shall remain that of Mortgagor to Mortgagor, in the entry upon and absence of the taking of actual possession of the Property Premises by Mortgagee pursuant to such grantMortgagee. The provisions of the foregoing indemnification obligation shall survive the assignment or repayment of the Note, whether or not the assignment, satisfaction, foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice termination of default or invalidate any act done pursuant to this Mortgage and the sale or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights transfer or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion conveyance of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyPremises.
Appears in 3 contracts
Sources: Restated Mortgage Note (FNB Rochester Corp), Mortgage Note (FNB Rochester Corp), Restated Mortgage Note (FNB Rochester Corp)
Assignment of Rents. If Mortgagor, Mortgagor unconditionally and absolutely assigns to Mortgagee as a lessor, enters into any leases further security for the payment and performance of the PropertySecured Obligations all of Mortgagor's right, title and interest in and to the Leases and Rents. This is an absolute assignment contained to Mortgagee and not an assignment as security for the performance of the obligations under Section 1.5 shall be fully operative without the Secured Debt Documents, or any further action on other indebtedness. Subject to the part of either party and specifically at any time before or after foreclosure provisions below, Mortgagee shall be entitledhave the right, upon power and authority to: notify any person that the occurrence of a Default Leases have been assigned to Mortgagee and the continuation of such Default beyond any applicable cure period, to that all business, rents, income Rents and other benefits from the Property or from any business or other activity conducted thereonobligations are to be paid directly to Mortgagee, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Mortgaged Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any Rents or other obligations under the Leases; enforce payment of Rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Mortgagee the right (a) to Rents and Leases; enter upon and upon, take possession of and operate the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let Mortgaged Property; lease all or any part of the Mortgaged Property; and/or perform any and all obligations of Mortgagor under the Leases and exercise any and all rights of Mortgagor therein contained to the full extent of Mortgagor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver. At Mortgagee's request, Mortgagor shall deliver a copy of this Mortgage to each tenant under a Lease. Mortgagor irrevocably directs any tenant, without any requirement for notice to or consent by Mortgagor, to comply with all demands of Mortgagee under this Section and (d) to apply rent, income, maintenance fees, and other benefits, after payment of turn over to Mortgagee on demand all necessary charges and expenses, on account of the Secured ObligationsRents which it receives. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations the right, but not the obligation, to use and apply all Rents received hereunder in respect such order and such manner as Mortgagee may determine in accordance with the Collateral Trust Agreemeent. Notwithstanding that this is an absolute assignment of the Credit Facilities, Rents and Leases and not merely the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing collateral assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagorof, or the entering into possession grant of all a lien or security interest in the Rents and Leases, Mortgagee grants to Mortgagor a revocable license to collect and receive the Rents and to retain, use and enjoy such Rents. Such license may be revoked by Mortgagee only upon the occurrence and during the continuance of any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the PropertyActionable Default. Mortgagor shall apply the rents and profits any Rents which it receives to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on due under the Secured Obligations, taxes, assessments, water charges, sewer rents and a reasonable reserve for futures expensesother governmental charges levied, repairs and replacements for assessed or imposed against the Mortgaged Property, insurance premiums, and other obligations of lessor under the Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 3 contracts
Sources: Mortgage, Assignment of Rents and Leases, Fixture Filing, Financing Statement and Security Agreement (Midwest Generation LLC), Mortgage, Assignment of Rents and Leases, Fixture Filing, Financing Statement and Security Agreement (Midwest Generation LLC), Mortgage, Assignment of Rents and Leases, Fixture Filing, Financing Statement and Security Agreement (Midwest Generation LLC)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the The assignment contained under Section 1.5 in paragraph (E) of this Deed of Trust shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee Collateral Agent shall be entitled, at its option, upon the occurrence and during the continuance of a an Event of Default and the continuation of such Default beyond any applicable cure periodhereunder, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, property described in Sections 1.1paragraphs (A), 1.2(B), 1.3 (C) and 1.4 (D) hereof whether or not Mortgagee takes Collateral Agent or Holders take possession of such property. Mortgagor Grantor hereby further grants to Mortgagee Collateral Agent the right after the occurrence and during the continuance of an Event of Default: (ai) to enter upon and take possession of the Property Premises for the purpose of collecting the said rents, income and other benefits, ; (bii) to dispossess by the usual summary ejectment proceedings any tenant defaulting in the payment of rents to Mortgagee, tenant; (ciii) to let all the Premises or any part of the Property, thereof; and (div) to apply rentsaid rents, income, maintenance fees, income and other benefits, after payment of all necessary charges and expenses, on account of the Secured ObligationsObligations secured hereby. Such assignment and grant shall continue in effect until the Secured Obligations secured hereby are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiespaid, the execution of this Mortgage Deed of Trust constituting and evidencing the irrevocable consent of Mortgagor Grantor to the entry upon and taking possession of the Property Premises by Mortgagee Collateral Agent pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 paragraph by Mortgagee Collateral Agent nor the application of any such rents, income or other benefits to the Secured Obligations secured hereby, shall cure or waive any default or notice of default hereunder or invalidate any act done pursuant to this Mortgage hereto or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing Neither this assignment of rents and profits to Mortgagee nor the exercise receipt of rents, income and other benefits by Mortgagee Collateral Agent shall effect a pro tanto payment of any of its rights the indebtedness evidenced by or remedies arising under the obligations, and such rents shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable applied as provided in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertySection 3.10 hereof.
Appears in 3 contracts
Sources: Leasehold Deed of Trust (Golfsmith International Holdings Inc), Leasehold Deed of Trust (Golfsmith International Holdings Inc), Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Assignment of Rents. If MortgagorMortgagor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Mortgagee, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents, letting the Mortgaged Property or any part thereof or applying the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 3 contracts
Sources: Mortgage, Assignment of Rent & Security Agreement (Day International Group Inc), Mortgage, Assignment of Rents and Leases and Security Agreement (Ev International Inc), Mortgage, Assignment of Rent & Security Agreement (Day International Group Inc)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) Grantor hereby assigns to Beneficiary the Rents as further security for the payment of and performance of the Obligations, and Grantor grants to Beneficiary the right to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Beneficiary hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuance of an Event of Default, such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting occurrence and evidencing during the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise continuance of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than 10 days’ written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment Grantor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Beneficiary or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise (subject to the terms of any documentation governing any Permitted Receivables Transaction). Grantor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Grantor has not affirmatively done any act which would prevent Beneficiary from, or limit Beneficiary in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Grantor, is threatened, which would interfere in any way with the right of Grantor to execute the foregoing assignment and perform all of rents Grantor’s obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 3 contracts
Sources: Credit Agreement (Hertz Corp), Deed of Trust (Hertz Corp), Deed of Trust (Hertz Corp)
Assignment of Rents. If MortgagorAll of Trustor's rights, title and interest ------------------- in and to the Rents are hereby absolutely and irrevocably assigned to Beneficiary to be applied against the Indebtedness and the Obligations. Trustor hereby appoints Beneficiary its true and lawful attorney-in-fact, with the right, at Beneficiary's option at any time, to demand, receive and enforce payment, to give receipts, releases and satisfactions, and to sue, either in Trustor's or Beneficiary's name, for all Rents. Notwithstanding the foregoing Assignment of Rents, so long as no Event of Default has occurred which remains uncured, Trustor is given a license to collect, receive, take, use and enjoy such Rents, as a lessorthey become due and payable, enters into any leases of the Propertybut not more than one month in advance thereof. This assignment, and the assignment contained under Section 1.5 given in Article 4.2 below, shall be fully operative without any further action on the part of either party party; and specifically at any time before or after foreclosure Mortgagee specifically, Beneficiary shall be entitledentitled at its option, upon the occurrence of a an Event of Default hereunder and the continuation for so long as such Event of such Default beyond any applicable cure periodis continuing, to collect all business, rents, income and other benefits Rents from the Mortgaged Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee Beneficiary takes possession of such propertythe Mortgaged Property and to exercise any other remedies allowed by statute or under common law including, without limitation, any remedy allowed under California Civil Code Section 2938. Mortgagor further grants to Mortgagee Upon the right (a) to enter upon and take possession occurrence of the Property for the purpose an Event of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit FacilitiesDefault hereunder, the execution license hereby given to Trustor to collect the Rents from the Mortgaged Property shall terminate. The license given by Beneficiary to Trustor shall be reinstated upon a cure of this Mortgage constituting and evidencing the irrevocable such Event of Default with Beneficiary's specific consent of Mortgagor which shall not be unreasonably withheld. This Assignment shall not be deemed or construed to the entry upon and taking constitute Beneficiary or Trustee as a mortgagee in possession of the Property by Mortgagee pursuant nor obligate Beneficiary or Trustee to such granttake any action or to incur expenses or perform or discharge any obligation, whether duty or not foreclosure has been institutedliability. Neither the exercise Exercise of any rights under this Section 12 by Mortgagee nor and the application of any such rents, income or other benefits the Rents to the Secured Indebtedness or the Obligations shall not cure or waive any default or notice Event of default or invalidate any act done pursuant to this Mortgage or to any such notice, Default but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 3 contracts
Sources: Construction Deed of Trust (Inco Homes Corp), Construction Deed of Trust (Inco Homes Corp), Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Inco Homes Corp)
Assignment of Rents. If MortgagorGrantor hereby assigns to Trustee, for the benefit of Beneficiary, the Rents as a lessor, enters into any leases further security for the payment of the PropertyObligations and performance of the Performance Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Trustee and Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are paid in full, but Beneficiary and performed in full Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise occurrence of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 3 contracts
Sources: Deed of Trust (American Buildings Co /De/), Deed of Trust (American Buildings Co /De/), Deed of Trust (American Buildings Co /De/)
Assignment of Rents. If Mortgagor, (a) Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part thereof, (subject to the rights of tenants under the Property, Leases) and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations secured hereby are paid and performed in full and the Commitments no longer remain outstanding, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuation of the Credit Facilities, the execution an Event of this Mortgage constituting and evidencing the irrevocable consent Default; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights under this Section 12 Event of Default by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than ten (10) days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Credit Agreement, no action has been brought or, to Mortgagor’s knowledge, is understood and agreed that neither threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for obligations contained in this Section and in the direct benefit of the PropertyLeases.
Appears in 2 contracts
Sources: Credit Agreement (Sprague Resources LP), Credit Agreement (Sprague Resources LP)
Assignment of Rents. If As additional security for the payment of the indebtedness evidenced by the Promissory Note, including interest thereon, and the performance of all of Mortgagor's obligations hereunder or secured hereby, and under any other document executed simultaneously or in connection herewith, Mortgagor does hereby sell, assign, transfer and set over unto Mortgagee, pursuant to Act 210 of the Public Acts of Michigan of 1953, as amended, all the rents, profits and income under all leases or occupancy agreements or arrangements, however evidenced or denominated, upon or affecting the Mortgaged Property (including any extensions, amendments or renewals thereof), whether such rents, profits and income are due or are to become due, including all such leases in existence or coming into existence during the period this Mortgage is in effect. This assignment shall run with the land and be good and valid as against Mortgagor and those claiming by, under or through Mortgagor, from the date of recording of this Mortgage. This assignment shall continue to be operative during the foreclosure or any other proceedings taken to enforce this Mortgage. In the event of a foreclosure sale which results in a deficiency, this assignment shall stand as a lessor, enters into security during the redemption period for the payment of such deficiency. This assignment is given as collateral security only and does not and shall not be construed as obligating Mortgagee to perform any leases of the Property, the assignment contained under Section 1.5 covenants or undertakings required to be performed by Mortgagor in any leases. Mortgagee and its duly authorized agents shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) entitled to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income delivering any and all such notices and other benefitscommunications to the tenants and occupiers thereof as shall be necessary or desirable in Mortgagee's discretion to exercise its rights hereunder, (b) and Mortgagee and its agents shall have absolutely no liability to dispossess by the usual summary proceedings Mortgagor arising therefrom. Mortgagee shall not, however, be obligated to give any tenant defaulting or occupier of the Mortgaged Property any notice by personal delivery and Mortgagee may, in its sole discretion, deliver all such notices and communications by ordinary first-class U. S. mail, postage prepaid, or otherwise. In the payment of event that Mortgagor obstructs Mortgagee in its efforts to collect the rents to and income from the Mortgaged Property, or after requested by Mortgagee, (c) unreasonably refuses, fails or neglects to let all or any part of the Property, assist Mortgagee in collecting such rent and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor be entitled to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Mortgaged Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion and of the Property. Mortgagor shall apply the income, rents and profits therefrom, with such powers as the court making such appointment may confer. Mortgagee shall at no time have any obligation whatever to the payment of all necessary and reasonable operating costs and expenses attempt to collect rent from any tenant or occupier of the PropertyMortgage Property notwithstanding that such tenants and occupiers may not be paying rent to either Mortgagor or to Mortgagee. Further, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or Mortgagee shall at no time have any obligation whatever to enforce any other purpose not for the direct benefit obligations owed by tenants or occupiers of the PropertyMortgage Property to Mortgagor. No action taken by Mortgagee under this Mortgage shall put Mortgagee in the position of a "mortgagee in possession." The provisions of this Section are not intended to evidence an additional recordable event, as may be prohibited by Act 459 of the Public Acts of Michigan of 1996, but rather are included in this Mortgage for purposes of complying with any applicable requirements of Act 210 of the Public Acts of Michigan of 1953, as amended.
Appears in 2 contracts
Sources: Mortgage (Progress Precision Inc.), Mortgage (Progress Precision Inc.)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases Tenant agrees to recognize the assignment from Landlord to Lender of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default Lease and the continuation amounts payable thereunder pursuant to the Assignment of such Default beyond Rents and, in the event of any default by Landlord under the Loan Documents and the expiration of any applicable cure periodperiod expressly set forth therein, Tenant shall pay to all businessLender, rentsas such assignee, income the rents and other benefits amounts which are or become due under the Lease from and after the Property date on which Lender gives Tenant notice that such rent and other amounts are to be paid to Lender pursuant to the Assignment of Rents. In complying with the provisions of this Section 5, Tenant shall be entitled to rely solely upon the notices given by Lender pursuant to the Assignment of Rents and Landlord hereby indemnifies and agrees to defend and hold Tenant harmless for, from and against any and all expenses, loss, claims, damage or from any business liability arising out of Tenant's compliance with such notice or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession performance of the Property for obligations under the purpose of collecting the rents, income Lease by Tenant made in good faith in reliance on and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether notice. Tenant shall be entitled to full credit under the Lease for any rents paid to Lender in accordance with the provisions hereof. Any dispute between Lender (or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits Purchaser) and Landlord as to the Secured Obligations shall cure existence or waive any nature of a default by Landlord under the terms of the Loan Documents or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion foreclosure of the PropertySecurity Instrument, unless shall be dealt with and until Mortgageeadjusted solely between Lender (or such other Purchaser) and Landlord, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, and Tenant shall not be deemed to make Mortgagee made a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyparty thereto (unless joinder is required by law).
Appears in 2 contracts
Sources: Office Lease (Websense Inc), Office Lease (Websense Inc)
Assignment of Rents. If MortgagorMortgagor hereby absolutely and -------------------- unconditionally assigns, transfers, conveys and sets over to Mortgagee, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 2 contracts
Sources: Mortgage, Assignment of Rents and Leases and Security Agreement (Safety Kleen Corp/), Demand Loan Agreement (Safety Kleen Corp/)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases (i) As further security for the repayment of the PropertyObligations, Mortgagor does hereby sell, assign and transfer to Agent, for the benefit of the Lenders, all leases and any other agreements for the use, sale, letting of, or occupancy of the Mortgaged Property or any portion thereof (whether written or verbal), which may have been heretofore or may hereafter be made or agreed to or which may be made or agreed to by Agent under the powers herein granted, including without limitation sale contracts, leases, escrow and other agreements and all rents, issues, deposits and profits now due and which may hereinafter become due thereunder or by reason thereof, it being Mortgagor's intention hereby to establish an absolute transfer and assignment contained under Section 1.5 shall be fully operative without of all such leases, contracts, escrows and agreements pertaining thereto (such leases, contracts, escrows and agreements being collectively referred to herein below as "agreements" and any further action on such individual lease, contract, escrow or other agreement being referred to herein below as an "agreement"), and all the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodavails thereof, to all businessAgent, rents, income and other benefits from for the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession benefit of such propertythe Lenders. Mortgagor further grants to Mortgagee the right does hereby irrevocably appoint Agent as its true and lawful attorney-in-fact in its name and stead (a) to enter upon and take with or without taking possession of the Property for the purpose of collecting the rents, income and other benefits, (bMortgaged Property) to dispossess by rent, lease, let, or sell all or any portion of the usual summary proceedings Mortgaged Property to any tenant defaulting party or parties at such price and upon such term as Agent in the payment its sole and absolute discretion may determine, to exercise any and all rights including rights of rents first refusal and options of any Mortgagor to Mortgagee, (c) purchase and otherwise acquire title to let all or any part of the Mortgaged Property, and to collect all rents, issues, deposits, profits and avails now due or that may hereafter become due under any and all of such agreements or other tenancies now or hereafter existing on the Mortgaged Property, with the same rights and powers and subject to the same immunities, exoneration of liability and rights of recourse and indemnity as Agent would have upon taking possession of the Mortgaged Property pursuant to the provisions set forth herein below. This assignment confers upon Agent a power coupled with an interest and it cannot be revoked by Mortgagor.
(ii) Mortgagor represents and agrees that without the prior written consent of Agent, which consent shall not be unreasonably withheld, delayed or conditioned, no rent for right of future possession will be paid by any person in possession of any portion of the Mortgaged Property in excess of one installment thereof paid in advance and that no payment of rents to become due for any portion of the Mortgaged Property has been or will be waived, conceded, released, reduced, discounted, or otherwise discharged or compromised by Mortgagor. Mortgagor waives any right of set-off against any person in possession of any portion of the Mortgaged Property. Mortgagor agrees that it will not assign any of such rents, issues, profits, deposits or avails except as permitted in this Mortgage or the other Loan Documents.
(iii) Mortgagor further agrees to assign and transfer to Agent, for the benefit of the Lenders, all future leases and agreements pertaining to all or any portion of the Mortgaged Property and to execute and deliver to Agent, immediately upon demand of Agent, all such further assurances and assignments pertaining to the Mortgaged Property as Agent may from time to time require.
(iv) Mortgagor shall, at its own cost: (a) at all times perform and observe in all material respects all of the covenants, conditions and agreements of the lessor under the terms of any or all leases or similar agreements affecting all or any part of the Mortgaged Property; (b) at all times enforce and secure the performance and observance of all of the material covenants, conditions and agreements of the lessees under the terms of any or all of said leases or other agreements; (c) appear in and defend any action or other proceeding arising out of or in any manner connected with said leases and other agreements, and to pay any and all reasonable out-of-pocket costs of Agent incurred by reason of or in connection with said proceedings, including, without limitation, reasonable attorneys' fees, expenses and court costs; and (d) promptly furnish Agent with copies of any notices of default either sent or received by Mortgagor under the terms of or pursuant to any of said leases or other agreements.
(v) ALTHOUGH IT IS THE INTENTION OF MORTGAGOR AND AGENT THAT THE ASSIGNMENT AND OTHER RIGHTS AND POWERS, INCLUDING, WITHOUT LIMITATION, THE POWER OF ATTORNEY APPOINTMENT, CONTAINED IN THIS SECTION 16 IS A PRESENT ASSIGNMENT, IT IS EXPRESSLY UNDERSTOOD AND AGREED, ANYTHING HEREIN CONTAINED TO THE CONTRARY NOTWITHSTANDING, THAT AGENT SHALL NOT EXERCISE ANY OF THE RIGHTS AND POWERS CONFERRED UPON IT IN THIS SECTION 16 UNLESS AND UNTIL AN EVENT OF DEFAULT HAS OCCURRED, AND IS CONTINUING.
(vi) Agent, in the exercise of the rights and powers conferred upon it herein, shall have full power to use and apply rentthe rents, incomeissues, maintenance feesdeposits, profits and other benefits, after avails of the Mortgaged Property to the payment of all necessary charges and expenses, or on account of the Secured Obligations. Such assignment and grant shall continue in effect until following,
(a) all expenses of managing the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit FacilitiesMortgaged Property including, without being limited thereto, the execution salaries, fees and wages of this Mortgage constituting a managing agent and evidencing such other employees as Agent may reasonably deem necessary or desirable, and all expenses of operating and maintaining the irrevocable consent Mortgaged Property, including, without being limited thereto, all taxes, charges, claims, assessments, water rents, sewer rents and other liens, and premiums for all insurance which Agent may deem reasonably necessary or desirable, the payment or refund of Mortgagor security deposits, or interest thereon, and the cost of all improvements, alterations, renovations, repairs or replacements, and all expenses incident to the entry upon taking and taking retaining possession of the Property by Mortgagee pursuant Mortgaged Property; and
(b) all sums which Mortgagor is responsible to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights pay under this Section 12 by Mortgagee nor Mortgage, and the application principal sum, interest and indebtedness secured hereby, and all other Obligations together with all costs and attorneys' fees, in such order of priority as to any such rentsof the items mentioned in this clause (vi) as Agent in its sole discretion may determine, income any statute, law, custom, or other benefits use to the Secured Obligations shall cure contrary notwithstanding.
(vii) Mortgagor does further specifically authorize and instruct each and every present and future lessee or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation purchaser of all or any portion of the Mortgaged Property, unless upon the occurrence and until Mortgageecontinuance of an Event of Default, to pay all unpaid rentals or deposits agreed upon in person any lease or agreement pertaining to the Mortgaged Property to Agent, for the benefit of the Lenders, upon receipt of demand from Agent to pay the same without any further notice or authorization by Mortgagor, and Mortgagor hereby waives any rights or claims it may have against any lessee by reason of such payments to Agent.
(viii) Neither Agent nor any Lender shall be obligated to perform or discharge, nor does Agent or any Lender hereby undertake to perform or discharge, any obligation, duty or liability under any lease or agreement pertaining to the Mortgaged Property, and Mortgagor shall and does hereby agree to indemnify and hold Agent and the Lenders harmless from and against any and all liability, loss and damage that Agent or any Lender may or might incur under any such lease or agreement or under or by agentreason of the assignment thereof, assumes as well as any and all claims and demands whatsoever which may be asserted against Agent or any Lender by reason of any alleged obligations or undertakings on Agent's or any Lender's part to perform or discharge any of the terms, covenants or conditions contained in such leases or agreements, except to the extent any of the foregoing is caused by the gross negligence or omissions of Agent or any Lender or any of their agents in the exercise of its rights and remedies. Should Agent or any Lender incur any such liability, loss or damage under any such lease or agreement, or under or by reason of the assignment thereof, or in the defense of any claims or demands relating thereto, Mortgagor shall reimburse Agent and such Lender for the amount thereof (including, without limitation, reasonable attorneys' fees, expenses and court costs) immediately upon demand.
(ix) Nothing herein contained shall be construed as making or constituting Agent or any Lender a "mortgagee in possession" in the absence of the taking of actual possessionpossession of the Mortgaged Property by Agent pursuant to the provisions set forth herein. The appointment In the exercise of the powers herein granted Agent, no liability shall be asserted or enforced against Agent or any Lender, all such liability being expressly waived and released by Mortgagor.
(x) Except as otherwise provided in the Credit Agreement, Mortgagor may not enter into new leases or amend, modify, terminate or cancel any existing lease or waive any rights thereunder, or accept a voluntary surrender of any lease, without the prior written consent of Agent.
(xi) Without limitation of the provisions of this section or of the absolute nature of the assignment of the rents, leases, issues, deposits and profits as set forth hereinabove, Mortgagor and Agent agree that (a) this Mortgage shall constitute a "security agreement" for purposes of Section 552(b) of the Bankruptcy Code, (b) the security interest created by this Mortgage extends to property of Mortgagor acquired before the commencement of a receiver for case in bankruptcy and to all amounts paid as rents, leases, issues, deposits and profits, and (c) such security interest shall extend to all rents, leases, issues, deposits and profits acquired by the Property by estate after the commencement of any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part case in bankruptcy. Without limitation of the Property by such receiverprovisions of this section or of the absolute nature of the assignment of the rents, leases, issues, deposits and profits hereunder, to the extent Mortgagor (or Mortgagor's bankruptcy estate) shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable hold any interest in any manner with respect such rents, leases, issues, deposits and profits after the commencement of a voluntary or involuntary bankruptcy case, Mortgagor hereby acknowledges and agrees that all such rents, leases, issues, deposits and profits are and shall be deemed to be "cash collateral" under Section 363 of the Bankruptcy Code. Mortgagor may not use the cash collateral without the consent of Agent and/or an order of any bankruptcy court pursuant to 11 U.S.C. 363(c)(2), and Mortgagor hereby waives any right it may have to assert that such rents, leases, issues, deposits and profits do not constitute cash collateral. No consent by Agent to the Property or use of cash collateral by Mortgagor shall be deemed to constitute Agent's approval, as the usecase may be, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve purpose for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertywhich such cash collateral was expended.
Appears in 2 contracts
Sources: Credit Agreement (MVP REIT, Inc.), Credit Agreement (MVP REIT II, Inc.)
Assignment of Rents. If MortgagorGrantor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Beneficiary, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Beneficiary and performed in full Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents, letting the Trust Property or any part thereof or applying the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise occurrence of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 2 contracts
Sources: Deed of Trust (Ev International Inc), Deed of Trust (Ev International Inc)
Assignment of Rents. If MortgagorTrustor unconditionally and absolutely assigns to Beneficiary all of Trustor’s right, as a lessortitle and interest in and to the following: all existing and future leases, enters into any leases subleases, occupancy agreements, licenses, rental contracts and other similar agreements now or hereafter existing relating to the use or occupancy of the Mortgaged Property, together with all guarantees, modifications, extensions and renewals thereof (collectively, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party “Leases”); and specifically at any time before or after foreclosure Mortgagee shall be entitledall rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodissues, to all business, rentsprofits, income and other benefits proceeds due or to become due from the Property parties under the Leases, including rentals and all other payments of any kind under any Leases now existing or from hereafter entered into, together with all deposits (including security deposits) of any business parties thereunder (collectively, the “Rents”). In the event that any Person establishes and exercises any right to develop, bore for or mine for any water, gas, oil or mineral on or under the surface of the Mortgaged Property, any sums that may become due and payable to Trustor as bonus or royalty payments, and any damages or other activity conducted thereoncompensation payable to Trustor in connection with the exercise of any such rights, described in Sections 1.1shall also be considered Rents assigned under this Section 2.6. This is an absolute assignment to Beneficiary and not an assignment as security for the performance of the obligations under the Credit Documents, 1.2or any other indebtedness. Subject to the provisions below, 1.3 Beneficiary shall have the right, power and 1.4 authority to: notify any person that the Leases have been assigned to Beneficiary and that all Rents and other obligations are to be paid directly to Beneficiary, whether or not Mortgagee takes Beneficiary has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Mortgaged Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any Rents or other obligations under the Leases; enforce payment of Rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Mortgagee the right (a) to Rents and Leases; enter upon and upon, take possession of and operate the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let Mortgaged Property; lease all or any part of the Mortgaged Property; perform any and all obligations of Trustor under the Leases and exercise any and all rights of Trustor therein contained to the full extent of Trustor’s rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver; and/or while any Event of Default exists, exercise any or all remedies provided in Article 3 hereof, including the right to have a receiver appointed. At Beneficiary’s request, Trustor shall deliver a copy of this Deed of Trust to each tenant under a Lease. Trustor irrevocably directs any tenant, without any requirement for notice to or consent by Trustor, to comply with all demands of Beneficiary under this Section 2.6 and to turn over to Beneficiary on demand all Rents which it now or hereafter owes under a Lease. Beneficiary shall have the right, but not the obligation, to use and apply all Rents received hereunder in such order and such manner as Beneficiary may determine in accordance with the Credit Documents. Notwithstanding that this is an absolute assignment of the Rents and Leases and not merely the collateral assignment of, or the grant of a lien or security interest in the Rents and Leases, Beneficiary grants to Trustor a revocable license to collect and receive the Rents and to retain, use and enjoy such Rents. Such license may be revoked by Beneficiary only upon the occurrence of any Event of Default, in which case Trustor shall immediately, without any further act or request on the part of Beneficiary, turn over to Beneficiary all Rents which it receives. Trustor shall apply any Rents which it receives to the payment due under the Secured Obligations, taxes, assessments, water charges, sewer rents and other governmental charges levied, assessed or imposed against the Mortgaged Property, and (d) to apply rent, income, maintenance feesinsurance premiums, and other benefits, after payment obligations of all necessary charges lessor under the Leases before using such proceeds for any other purpose. Upon repayment and expenses, on account performance in full of the Secured Obligations. Such assignment , Beneficiary will, at Trustor’s request and grant shall continue expense, unconditionally and absolutely reassign to Trustor its right, title and interest in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon Leases and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyRents.
Appears in 2 contracts
Sources: Credit Agreement (Fulcrum Bioenergy Inc), Credit Agreement (Fulcrum Bioenergy Inc)
Assignment of Rents. If Mortgagor hereby authorizes Mortgagee or Mortgagee's agents to collect the Rents and hereby directs each tenant of the Premises to pay the Rents to Mortgagee or Mortgagee's agents; provided, however, that prior to the occurrence and absent the continuation of an Event of Default under this Mortgage, Mortgagor shall collect and receive all Rents as licensee for the benefit of Mortgagee, and Mortgagor shall apply the Rents so collected to the amount then due and payable under this Mortgage, so long as no Event of Default has occurred and is continuing, to the account of Mortgagor, as a lessor, enters into any leases it being intended by Mortgagor and Mortgagee that this assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. Upon the occurrence and during the continuation of an Event of Default and without the necessity of Mortgagee entering upon and taking and maintaining full control of the PropertyPremises in person, by agent or by a receiver, Mortgagee shall immediately be entitled to possession of all Rents as the assignment contained under Section 1.5 same become due and payable, including but not limited to, Rents then due and unpaid, and all such Rents shall immediately upon delivery be fully operative held by Mortgagor as licensee for the benefit of Mortgagee only. Mortgagor agrees that during the continuation of an Event of Default, each tenant of the Premises shall pay such Rents to Mortgagee or Mortgagee's agent on Mortgagee's written demand to each tenant therefor, delivered to each tenant personally or by mail, without any further action liability on the part of either party said tenant to inquire further as to the existence of an Event of Default. Mortgagor hereby covenants that Mortgagor has not executed any prior assignment of Rents, that Mortgagor has not performed, and specifically at will not perform any time before acts that would prevent Mortgagee from exercising its rights under this Article V . Mortgagor covenants that Mortgagor will not hereafter collect or after foreclosure Mortgagee shall be entitled, upon accept payment of any Rents except for the occurrence following: (a) payments of Rents for a Default and period not more than one month prior to the continuation due dates of such Default beyond Rents;(b) payment of Rents in arrears; and (c) payments of security deposits for performance of any applicable cure period, to all business, rents, income and other benefits from the Property or from any business lessee's or other activity conducted thereon, described obligor's covenants under any Lease in Sections 1.1, 1.2, 1.3 usual and 1.4 whether or not Mortgagee takes possession of such propertycustomary amounts. Mortgagor further grants covenants that Mortgagor will execute and deliver to Mortgagee the right (a) such further assignments of Rents as Mortgagee may from time to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertytime request.
Appears in 2 contracts
Sources: Mortgage Deed, Assignment of Rents and Leases and Security Agreement (Iatros Health Network Inc), Mortgage Deed, Assignment of Rents and Leases and Security Agreement (Iatros Health Network Inc)
Assignment of Rents. If MortgagorThe Mortgagor hereby absolutely and unconditionally assigns to the Mortgagee the rents, as a lessorissues and profits arising out of or from the Mortgaged Premises, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to the Mortgagee the right (a) to enter upon and to take possession of the Property Mortgaged Premises for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Premises or any part of the Propertythereof, and (d) to apply rentthe rents, income, maintenance fees, issues and other benefitsprofits, after payment of all necessary charges and expenses, on account of the Secured Obligationsindebtedness secured hereby. Such This assignment and grant shall continue in effect until the Secured Obligations are this Mortgage is paid and performed in full and discharged of record. The Mortgagee shall have no further obligations in respect of hereby waives the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor right to the entry enter upon and taking to take possession of the Property by Mortgagee pursuant Mortgaged Premises for the purpose of collecting said rents, issues and profits, and the Mortgagor shall be entitled to such grantcollect, whether or not foreclosure has been instituted. Neither receive, retain and use said rents, issues and profits until the exercise occurrence of any rights an Event of Default under this Section 12 Mortgage, but such right of the Mortgagor may be revoked by the Mortgagee nor upon the application occurrence of an Event of Default on five (5) days written notice. The Mortgagor shall not, without the written consent of the Mortgagee, receive or collect rent from any such rentstenant of the Mortgaged Premises or any part thereof for a period of more than one (1) month in advance, income or other benefits and in the event of the occurrence of an Event of Default under this Mortgage, the Mortgagor shall pay monthly in advance to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage Mortgagee or to any receiver appointed to collect said rents, issues and profits, the fair and reasonable rental value for the use and occupation of the Mortgaged Premises or of such noticepart thereof as may be in the possession of the Mortgagor, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect such payment the Mortgagor shall vacate and surrender the possession of the Mortgaged Premises to the Property Mortgagee or to such receiver. If the useMortgagor does not so vacate and surrender the Mortgaged Premises then the Mortgagor may be evicted by summary proceedings. Notwithstanding anything above to the contrary, occupancyin the event of a conflict or inconsistency between this Section 17 and the Absolute Assignment of Leases and Rents granted the date hereof by Mortgagor to Mortgagee, enjoyment or operation of all or any portion the terms of the Property, unless Absolute Assignment of Leases and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, Rents shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertygovern.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Suprema Specialties Inc), Mortgage (Suprema Specialties Inc)
Assignment of Rents. If As additional security for the payment of the indebtedness evidenced by the Promissory Note, including interest thereon, and the performance of all of Mortgagor's obligations hereunder or secured hereby, and under any other document executed simultaneously or in connection herewith, Mortgagor does hereby sell, assign, transfer and set over unto Mortgagee, pursuant to Act 210 of the Public Acts of Michigan of 1953, as amended, all the rents, profits and income under all leases or occupancy agreements or arrangements, however evidenced or denominated, upon or affecting the Mortgaged Property (including any extensions, amendments or renewals thereof), whether such rents, profits and income are due or are to become due, including all such leases in existence or coming into existence during the period this Mortgage is in effect. This assignment shall run with the land and be good and valid as against Mortgagor and those claiming by, under or through Mortgagor, from the date of recording of this Mortgage. This assignment shall continue to be operative during the foreclosure or any other proceedings taken to enforce this Mortgage. In the event of a foreclosure sale which results in a deficiency, this assignment shall stand as a lessor, enters into security during the redemption period for the payment of such deficiency. This assignment is given as collateral security only and does not and shall not be construed as obligating Mortgagee to perform any leases of the Property, the assignment contained under Section 1.5 covenants or undertakings required to be performed by Mortgagor in any leases. Mortgagee and its duly authorized agents shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) entitled to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income delivering any and all such notices and other benefitscommunications to the tenants and occupiers thereof as shall be necessary or desirable in Mortgagee's discretion to exercise its rights hereunder, (b) and Mortgagee and its agents shall have absolutely no liability to dispossess by the usual summary proceedings Mortgagor arising therefrom. Mortgagee shall not, however, be obligated to give any tenant defaulting or occupier of the Mortgaged Property any notice by personal delivery and Mortgagee may, in its sole discretion, deliver all such notices and communications by ordinary first-class U.S. mail, postage prepaid, or otherwise. In the payment of event that Mortgagor obstructs Mortgagee in its efforts to collect the rents to and income from the Mortgaged Property, or after requested by Mortgagee, (c) unreasonably refuses, fails or neglects to let all or any part of the Property, assist Mortgagee in collecting such rent and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor be entitled to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Mortgaged Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion and of the Property. Mortgagor shall apply the income, rents and profits therefrom, with such powers as the court making such appointment may confer. Mortgagee shall at no time have any obligation whatever to the payment of all necessary and reasonable operating costs and expenses attempt to collect rent from any tenant or occupier of the PropertyMortgage Property notwithstanding that such tenants and occupiers may not be paying rent to either Mortgagor or to Mortgagee. Further, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or Mortgagee shall at no time have any obligation whatever to enforce any other purpose not for the direct benefit obligations owed by tenants or occupiers of the PropertyMortgage Property to Mortgagor. No action taken by Mortgagee under this Mortgage shall put Mortgagee in the position of a "mortgagee in possession." The provisions of this Section are not intended to evidence an additional recordable event, as may be prohibited by Act 459 of the Public Acts of Michigan of 1996, but rather are included in this Mortgage for purposes of complying with any applicable requirements of Act 210 of the Public Acts of Michigan of 1953, as amended.
Appears in 2 contracts
Sources: Mortgage (Progress Precision Inc.), Mortgage (Progress Precision Inc.)
Assignment of Rents. If Mortgagor hereby absolutely and unconditionally assigns to Mortgagee all of Mortgagor’s right, title and interest in and to each Lease whether now existing or hereafter entered into, together with the room revenues, occupancy charges, issues and profits (“Rents”) of each such Lease as a lessor, enters into any leases further security for the payment and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Property, or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, said Rents after payment of all necessary charges and expenses, on account of the Secured Obligations. Such This assignment and grant shall continue in effect until the Secured Obligations are fully paid and performed performed. Mortgagee hereby waives the right to enter the Property for the purpose of collecting Rents, and Mortgagor shall be entitled to collect, receive and use said Rents until the occurrence of a Default under this Mortgage. Mortgagor shall, from time to time after request by Mortgagee, execute, acknowledge and deliver to Mortgagee, in full and form satisfactory to Mortgagee, separate assignments confirming the foregoing assignment. Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of not be obligated to perform or discharge any obligation or duty to be performed or discharged by Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of under any rights under this Section 12 by Mortgagee nor the application of any such rents, income Lease or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of agreement affecting all or any portion part of the Property, unless and until MortgageeMortgagor hereby agrees to indemnify Mortgagee for and save it harmless from, in person any and all liability arising from any such Lease or by agentother agreement or any assignments thereof, assumes actual possession. The appointment and no assignment of a receiver any such Lease or other agreement shall place the responsibility for the Property by any court at the request of Mortgagee control, care, management or by agreement with Mortgagor, or the entering into possession repair of all or any part of the Property by such receiverupon Mortgagee, shall not be deemed to nor make Mortgagee a Mortgagee-in-possession liable for any negligence in the management, operation, upkeep, repair or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation control of all or any portion part of the PropertyProperty resulting in injury, death or property damage. Mortgagor Mortgagee or the receiver shall apply the be liable to account only for rents and profits to actually received by Mortgagee or the payment of all necessary and reasonable operating costs and expenses of receiver as the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertycase may be.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (American Leisure Holdings, Inc.), Mortgage and Security Agreement (American Leisure Holdings, Inc.)
Assignment of Rents. If This Mortgage is intended to constitute a present, absolute and irrevocable assignment of all of the Rents now or hereafter accruing, and Mortgagor, as a lessor, enters into any leases without limiting the generality of the PropertyGranting Clause hereof, specifically hereby presently, absolutely and irrevocably assigns all of the Rents now or hereafter accruing to Mortgagee. The aforesaid assignment contained under Section 1.5 shall be fully operative without any further action on effective immediately upon the part of either party execution hereof and specifically at any time before or after foreclosure Mortgagee shall be entitled, is not conditioned upon the occurrence of a any Event of Default and the continuation of such Default beyond hereunder or any applicable cure periodother contingency or event, to all businessprovided, rentshowever, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not that Mortgagee takes possession of such property. Mortgagor further hereby grants to Mortgagee Mortgagor the right (a) and license to enter upon collect and take possession of receive the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the PropertyRents as they become due, and (d) to apply rentnot in advance, income, maintenance fees, and other benefits, after payment so long as no Event of all necessary charges and expenses, on account of Default exists hereunder. Immediately upon the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application occurrence of any such rentsEvent of Default, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but foregoing right and license shall be cumulative automatically terminated and of all other rights and remediesno further force or effect. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights Nothing contained in this Section or remedies elsewhere herein shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed construed to make Mortgagee a Mortgagee-in-mortgagee in possession unless and until Mortgagee actually takes possession of the Mortgaged Property, nor to obligate Mortgagee to take any action or otherwise responsible incur any expense or liable discharge any duty or liability under or in respect of any manner with respect leases or other agreements relating to the Mortgaged Property or the useany part thereof. The foregoing provisions of this Section and Mortgagee's rights under this Mortgage generally, occupancyincluding, enjoyment without limitation, under clauses (v) or operation of all or any portion (viii) of the Property. Mortgagor shall apply the rents Granting Clause, are in addition to and profits to the payment not in lieu of all necessary Mortgagee's rights and reasonable operating costs and expenses benefits under Act 210 of the PropertyPublic Acts of Michigan of 1953, debt service on the Secured Obligationsas amended, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit under Act 228 of the PropertyPublic Acts of Michigan of 1925, as amended.
Appears in 2 contracts
Sources: Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc)
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 2 contracts
Sources: Mortgage (Glimcher Realty Trust), Mortgage (Glimcher Realty Trust)
Assignment of Rents. If MortgagorMortgagor hereby assigns to Mortgagee absolutely, not only as a lessorcollateral, enters into any leases the present and future rents, income, issues and profits of the Property and hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of this Mortgage, to collect the rents, income, issues and profits of the Property, reserving unto Mortgagor the assignment contained under Section 1.5 shall be fully operative without right, prior to any further action on the part default by Mortgagor in payment of either party any indebtedness secured hereby or in performance of any agreement hereunder, to collect and specifically retain such rents, income, issues and profits as they become due and payable. Upon any such default, Mortgagee may, at any time before time, without notice, either in person, by agent, or after foreclosure Mortgagee shall by a receiver to be entitled, upon the occurrence of appointed by a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from court if the Property is abandoned or from upon sufficient proof that a receiver is necessary, and without regard to the adequacy of any business security for the indebtedness hereby secured, the solvency of Mortgagor, or other activity conducted thereonthe presence of waste or danger of loss or destruction of the Property, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rentsProperty, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Propertythereof, and (d) to apply rentany personal property in which Mortgagee has a security interest as additional security for the indebtedness secured by this Mortgage, and may, in its own name, ▇▇▇ for or otherwise collect such rents, income, maintenance issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys fees, upon any indebtedness secured hereby, and other benefits, after payment in such order as Mortgagee may determine. In the exercise of all necessary charges and expenses, on account any of the Secured Obligations. Such assignment foregoing rights and grant shall continue in effect until the Secured Obligations are paid and performed in full and powers, Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of not be liable to Mortgagor for any loss or damage thereby sustained unless due solely to the entry willful misconduct of Mortgagee. The entering upon and taking possession of the Property by Mortgagee pursuant to such grantProperty, whether or not foreclosure has been instituted. Neither the exercise collection of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to income, issues and profits and the Secured Obligations application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to this Mortgage or to any such notice. To the extent the provisions of this paragraph are inconsistent with the terms of a separate Assignment of Lessor’s Interest in Leases, but if any, the terms of the Assignment of Lessor’s Interest in Leases shall be cumulative of all other rights and remediescontrol. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect In addition to the Property or foregoing, in the use, occupancy, enjoyment or operation of all or any portion of event that a mortgage foreclosure is pursued by the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The Mortgagor consents to the appointment of a receiver for trustee pursuant to N.D.C.C. Chapter 32-19.2 or other applicable law. Said trustee shall collect the Property by rents during periods of redemption following any court at such foreclosure action, and apply the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect same pursuant to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyauthority granted by law.
Appears in 2 contracts
Sources: Mortgage (Pretoria Resources Two, Inc), Mortgage (Sten Corp)
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of the PropertySecured Indebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof[, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness] [in accordance with the Collateral Sharing Agreement]. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents, letting the Mortgaged Property or any part thereof or applying the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence and during the continuance of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry Rents may be revoked by Mortgagee upon the occurrence of any Event of Default under this Mortgage by giving not less than five days' written notice of such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or to any receiver appointed to collect the Rents, any lease security deposits, and taking shall pay monthly in advance to Mortgagee, or to any such receiver, the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property by to Mortgagee pursuant or to such grantreceiver, whether and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall not foreclosure has been institutedaccept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and estimated payments of percentage rent, if any). Neither Upon the exercise cure of any Event of Default arising under this Section 20, Mortgagor's rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but 20 shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyfully restored without further action.
Appears in 2 contracts
Sources: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Assignment of Rents. If Mortgagor, (a) Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days" written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Mortgagor, is threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents Mortgagor's obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 2 contracts
Sources: Credit Agreement (Werner Holding Co Inc /Pa/), Credit Agreement (Werner Holding Co Inc /Pa/)
Assignment of Rents. If Mortgagor, The Mortgagor hereby assigns to the Mortgagee the Rents as a lessor, enters into any leases further security for the payment and performance of the PropertySecured Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to the Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are paid fully paid, but the Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full the Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence and during the continuance of an Enforcement Event; such right of the Credit FacilitiesMortgagor to collect, receive, use and retain the Rent may be revoked by the Mortgagee upon the occurrence and during the continuance of any Enforcement Event, by giving not less than ten (10) days' written notice of such revocation to the Mortgagor; in the event such notice is given, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor shall pay over to the entry upon Mortgagee, or to any receiver appointed to collect the Rents, any lease security deposits, and taking possession of any Rents collected from the Property by Mortgagee pursuant Premises. If the Mortgagor shall pay (or cause to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to be paid) the Secured Obligations on or before the date the same are required to be paid, then this assignment shall cure terminate and be of no further force or waive any default or notice of default or invalidate any act done effect, and all right, title and interest conveyed pursuant to this Mortgage assignment shall become vested in the Mortgagor without the necessity of any further act or requirement by the Mortgagor or the Mortgagee. The Mortgagor shall not accept prepayments of installments of Rent to any such noticebecome due for a period of more than one month in advance (except for security deposits and estimated payments of percentage rent, but if any). [The Mortgagee shall be cumulative entitled to all of all other the rights and remediesbenefits conferred by Act No. It is understood 210 of the Michigan Public Acts of 1953 as it may be amended, including by Act No. 151 of the Michigan Public Acts of 1966 (MCLA 554,231 et seq.), and agreed that neither Act No. 228 of the foregoing assignment Michigan Public Acts of 1925 as it may be amended, including by Act No. 55 of the Michigan Public Acts of L933 (MCLA 554.211 et seq.).] [Local Counsel: Please insert appropriate statutory reference.] The collection of rents and profits to by the Mortgagee nor shall in no way waive the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion right of the Property, unless Mortgagee to foreclose this Mortgage upon the occurrence and until Mortgagee, in person or by agent, assumes actual possession. The appointment during the continuance of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyan Enforcement Event.
Appears in 2 contracts
Sources: Revolving Credit Agreement (General Motors Financial Company, Inc.), Revolving Credit Agreement (General Motors Co)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases As part of the Propertyconsideration for the indebtedness evidenced by the Note, Trustor hereby absolutely and unconditionally assigns and transfers to Beneficiary all the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party rents and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession revenues of the Property including those now due, past due, or to become due by virtue of any lease or other agreement for the purpose occupancy or use of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, regardless of to whom the rents and (d) revenues of the Property are payable, subject to the rights of senior lenders that are approved by the Beneficiary pursuant to the Loan Agreement. Trustor hereby authorizes Beneficiary or Beneficiary's agents to collect the aforesaid rents and revenues and hereby directs each tenant of the Property to pay such rents to Beneficiary or Beneficiary's agents; provided, however, that prior to written notice given by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents, Trustor shall collect and receive all rents and revenues of the Property as trustee for the benefit of Beneficiary and Trustor to apply rentthe rents and revenues so collected to the Secured Obligations with the balance, incomeso long as no such breach has occurred and is continuing, maintenance feesto the account of Trustor, it being intended by Trustor and Beneficiary that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon delivery of written notice by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents, and without the necessity of Beneficiary entering upon and taking and maintaining full control of the Property in person, by agent or by a court-appointed receiver, Beneficiary shall immediately be entitled to possession of all rents and revenues of the Property as specified in this Section 2.3 as the same becomes due and payable, including but not limited to, rents then due and unpaid, and all such rents will immediately upon delivery of such notice be held by Trustor as trustee for the benefit of Beneficiary only; provided, however, that the written notice by Beneficiary to Trustor of the breach by Trustor contains a statement that Beneficiary exercises its rights to such rents. Trustor agrees that commencing upon delivery of such written notice of Trustor's breach by Beneficiary to Trustor, each tenant of the Property shall make such rents payable to and pay such rents to Beneficiary or Beneficiary's agents on Beneficiary's written demand to each tenant therefor, delivered to each tenant personally, by mail or by delivering such demand to each rental unit, without any liability on the part of said tenant to inquire further as to the existence of a default by Trustor. Trustor hereby covenants that Trustor has not executed any prior assignment of said rents, other benefitsthan as security to senior lenders, after that Trustor has not performed, and will not perform, any acts or has not executed and will not execute, any instrument which would prevent Beneficiary from exercising its rights under this Section 2.3, and that at the time of execution of this Deed of Trust, there has been no anticipation or prepayment of any of the rents of the Property for more than two (2) months prior to the due dates of such rents. Trustor covenants that Trustor will not hereafter collect or accept payment of all necessary charges and expenses, on account any rents of the Secured ObligationsProperty more than two (2) months prior to the due dates of such rents. Such assignment and grant shall continue in effect until Trustor further covenants that, so long as the Secured Obligations are paid outstanding, Trustor will execute and performed in full deliver to Beneficiary such further assignments of rents and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession revenues of the Property by Mortgagee pursuant as Beneficiary may from time to such grant, whether or not foreclosure has been institutedtime request. Neither the exercise Upon Trustor's breach of any rights under this Section 12 covenant or agreement of Trustor in the Loan Documents, Beneficiary may in person, by Mortgagee nor agent or by a court-appointed receiver, regardless of the application adequacy of any such rentsBeneficiary's security, income or other benefits enter upon and take and maintain full control of the Property in order to perform all acts necessary and appropriate for the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such noticeoperation and maintenance thereof including, but shall be cumulative not limited to, the execution, cancellation or modification of leases, the collection of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion revenues of the Property, unless the making of repairs to the Property and until Mortgageethe execution or termination of contracts providing for the management or maintenance of the Property, in person or by agent, assumes actual possessionall on such terms as are deemed best to protect the security of this Deed of Trust. The In the event Beneficiary elects to seek the appointment of a receiver for the Property by upon Trustor's breach of any court at covenant or agreement of Trustor in this Deed of Trust, Trustor hereby expressly consents to the request appointment of Mortgagee or by agreement with Mortgagor, such receiver. Beneficiary or the entering into possession receiver will be entitled to receive a reasonable fee for so managing the Property. All rents and revenues collected subsequent to delivery of all written notice by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents are to be applied first to the costs, if any, of taking control of and managing the Property and collecting the rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, costs of repairs to the Property, premiums on insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation or liability of Trustor as lessor or landlord of the Property and then to the sums secured by this deed of Trust. Beneficiary or the receiver is to have access to the books and records used in the operation and maintenance of the Property and will be liable to account only for those rents actually received. Beneficiary is not liable to Trustor, anyone claiming under or through Trustor or anyone having an interest in the Property by reason of anything done or left undone by Beneficiary under this Section 2.3. If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and managing the Property and collecting the rents, any funds expended by Beneficiary for such purposes will become part of the Property Secured Obligations pursuant to Section 3.3 hereof. Unless Beneficiary and Trustor agree in writing to other terms of payment, such amounts are payable by such receiver, shall not be deemed Trustor to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable Beneficiary upon notice from Beneficiary to Trustor requesting payment thereof and will bear interest from the date of disbursement at the rate stated in any manner with respect to Section 3.3. If the Property Beneficiary or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents receiver enters upon and profits to the payment of all necessary takes and reasonable operating costs and expenses maintains control of the Property, debt service on neither that act nor any application of rents as provided herein will cure or waive any default under this Deed of Trust or invalidate any other right or remedy available to Beneficiary under applicable law or under this Deed of Trust. This assignment of rents of the Property will terminate at such time as this Deed of Trust ceases to secure the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 2 contracts
Sources: Leasehold Deed of Trust, Deed of Trust
Assignment of Rents. If MortgagorThat Mortgagor hereby assigns to Mortgagee the rents, issues and profits of the Premises, together with all leases, licenses and other documents evidencing such rents, issues and profits now or hereafter in effect and any and all deposits held as security under said leases, and shall, upon demand, deliver to Mortgagee an executed counterpart of each such lease or other document. Nothing contained in the foregoing sentence shall be construed to bind Mortgagee to the performance of any of the covenants, conditions or provisions contained in any such lease or other document or otherwise to impose any Paragraph 16 obligation on Mortgagee (including, without limitation, any liability under the covenant of quiet enjoyment contained in any lease in the event that any tenant shall have been joined as a lessorparty defendant in any action to foreclose this Mortgage and shall have been barred and foreclosed thereby of all right, enters into any leases title and interest and equity of redemption in the PropertyPremises), the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure except that Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of accountable for money actually received pursuant to such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such propertyassignment. Mortgagor hereby further grants grant to Mortgagee the right (ai) to enter upon and take possession of the Property Premises for the purpose of collecting the said rents, income issues and other benefitsprofits, (bii) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents thereof to Mortgagee, (ciii) to let all the Premises, or any part of the Propertythereof, and (div) to apply rentsaid rents, income, maintenance fees, issues and other benefitsprofits, after payment of all necessary charges and expenses, on account of the Secured Obligationssaid indebtedness. Such assignment and grant shall continue in effect until the Secured Obligations are paid all indebtedness secured by this Mortgage is fully and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesfinally paid, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property Premises by Mortgagee pursuant to such grant, whether or not foreclosure has been institutedinstituted or not and without applying for a receiver. Neither After an event of default hereunder, Mortgagor shall be entitled to collect and receive the exercise same until the occurrence of a default by Mortgagor under any of the covenants, conditions or agreements contained in this Mortgage. Mortgagor agrees to use said rents, issues and profits in payment of principal and interest becoming due on this Mortgage and in payment of taxes, assessments, water rates, sewer rents and carrying charges becoming due against the Premises. Such rights under this Section 12 of Mortgagor to collect and receive said rents, issues and profits may be revoked by Mortgagee nor the application of upon any such rentsdefault by Mortgagor, income or other benefits to the Secured Obligations shall cure or waive any default or by giving written notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyrevocation.
Appears in 2 contracts
Sources: Credit Agreement (Mediq Inc), Credit Agreement (Mediq Inc)
Assignment of Rents. If MortgagorAll of the existing and future rents, as royalties, income, and profits of the Property that arise from its use or occupancy are hereby absolutely and presently assigned to Beneficiary. However, until Trustor is in default under this Deed of Trust, Trustor will have a lessorlicense to collect and receive those rents, enters into royalties, income and profits. Upon any leases Event of Default by Trustor, Beneficiary may terminate Trustor's license in its discretion, at any time, without notice to Trustor, and may thereafter collect the rents, royalties, income and profits itself or by an agent or receiver. No action taken by Beneficiary to collect any rents, royalties, income or profits will make Beneficiary a "mortgagee-in- possession" of the Property, unless Beneficiary personally or by agent enters into actual possession of the assignment contained under Section 1.5 shall Property. Possession by a court-appointed receiver will not be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitledconsidered possession by Beneficiary. All rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rentsroyalties, income and other benefits from the Property profits collected by Beneficiary or from any business or other activity conducted thereona receiver will be applied first to pay all expenses of collection, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants then to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part costs of operation and management of the Property, and then to the payment of the indebtedness and obligations secured by the Deed of Trust in whatever order Beneficiary directs in its absolute discretion and without regard to the adequacy of its security. If required by Beneficiary, each lease or occupancy agreement affecting any of the Property must provide, in a manner approved by Beneficiary, that the tenant will recognize as its lessor any person succeeding to the interest of Trustor upon any foreclosure of this Deed of Trust. The expenses (d) to apply rent, income, maintenance including receivers' fees, if any, compensation to any agent appointed by Beneficiary, counsel fees, costs and other benefitscompensation to any agent appointed by Beneficiary, after payment of all necessary charges and expensesdisbursements) incurred in taking possession and making such collection, on account shall be deemed a portion of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution expense of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry trust. The entering upon and taking possession of the Property by Mortgagee pursuant to such grantProperty, whether or not foreclosure has been instituted. Neither and/or the exercise collection of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to issues and profits and the Secured Obligations application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. Beneficiary may exercise any one or more of the remedies in this Mortgage or section without waiving its right to exercise any such notice, but remedies again or for the first time in the future. The foregoing shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect subject to the Property or the use, occupancy, enjoyment or operation provisions of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyapplicable law.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) The Mortgagor hereby transfers, sells and assigns to enter upon the Mortgagee, any existing and take possession future leases with respect to the mortgaged premises (the "Leases") and all rents, revenues, issues and profits now due and hereafter to become due, under the terms of all Leases and other rental arrangements or any renewals or replacements thereof concerning any part or all of the Property mortgaged premises, all as further security for the purpose payment of collecting the indebtedness. The Mortgagor also assigns to the Mortgagee any award made hereafter to it in any court proceedings involving any tenant(s) under any of the Leases in any bankruptcy, insolvency or reorganization proceedings and any and all payments paid by said tenant(s) in lieu of rent.
(b) If no event of default has occurred hereunder, the Mortgagor shall have the right to collect the rents, income and other benefitsprofits from the Leases, to administer the Leases and to retain, use and enjoy the same; provided, however, that even if no event of default has occurred (bi) to dispossess by no rent more than one month in advance shall be collected or accepted without obtaining the usual summary proceedings any tenant defaulting in prior written consent of the payment Mortgagee and (ii) the Leases shall not be modified or amended without the prior written consent of rents to the Mortgagee, which shall not be unreasonably withheld or delayed.
(c) The Mortgagor represents and warrants that there are no other assignments of the Leases and that all Leases presented to let the Mortgagee have not previously been amended and are in full force and effect.
(d) The rights assigned hereunder include all of the Mortgagor's right and power to modify the Leases or to terminate the term thereof or to accept a surrender thereof or to waive or release the tenants thereunder from the performance, or observance of any obligations or conditions or provisions thereof; provided, however, that so long as no event of default shall have occurred hereunder, the Mortgagee shall not have the right to exercise any of the aforesaid rights or powers without the prior written consent of the Mortgagor.
(e) The Mortgagee shall not be obligated to perform or discharge any obligation or duty to be performed or discharged by the Mortgagor under the Leases and the assignment of the Leases effected hereby shall not place responsibility for the control, care, management or repair of the mortgaged premises (or any part thereof) on the Mortgagee or make the Mortgagee responsible or liable for any negligence in the management, operation, upkeep, repair or control of the Propertymortgaged premises. The Mortgagor hereby agrees to indemnify, to defend and to save harmless the Mortgagee and its officers, members, agents and employees from any and all liability arising from the Leases, or from this assignment of Leases, or from any and all claims and demands whatsoever that may be asserted against the Mortgagee or its officers, members, agents or employees by reason of any alleged obligations or undertakings on the part of the Mortgagee or its officers, members, agents or employees to perform or discharge any of the terms of the Leases prior to the date on which the Mortgagee elects to exercise its rights as an assignee hereunder.
(f) The Mortgagor will (i) fulfill or perform every condition and covenant of the Leases by the Landlord to be fulfilled or performed, (ii) enforce, short of termination of the Leases, the performance and observance of every covenant and condition of the Leases by the tenants to be performed and observed thereunder, (iii) not terminate the Leases without the prior written consent of the Mortgagee, which shall not be unreasonably withheld or delayed, nor accept a surrender thereof, unless required to do so by the terms of the Leases and (iv) deliver to the Mortgagee, upon written demand, a statement specifying the rents and other profits to be derived or received from the Leases for the periods specified in such demand and true and correct copies of the Leases as they then exist.
(g) In the event of a default hereunder, the Mortgagee, at its option, without notice, either in person or by agent with or without bringing any action or proceeding, or by a receiver to be appointed by a court may: enter upon, take possession of, and (d) operate the mortgaged premises; make, enforce, modify and accept the surrender of Leases; obtain and evict tenants; fix or modify rents; and do any acts which the Mortgagee deems proper to protect the security hereof until all indebtedness secured hereby is paid in full, and either with or without taking possession of the mortgaged premises, in its own name, sue ▇▇▇ or otherwise collect and receive all rents, issues and profits, including those past due and unpaid, and apply rentthe same, incomeless costs and expenses of operation and collection, maintenance including reasonable attorneys' fees, and other benefits, after payment of all necessary charges and expenses, on account of upon any indebtedness secured hereby in such order as the Secured ObligationsMortgagee may determine. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry The entering upon and taking possession of said property, the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise collection of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to issues and profits and the Secured Obligations application thereof as aforesaid, shall not cure or waive any default or waive, modify or affect any notice of default or invalidate any act done pursuant to under this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyMortgage.
Appears in 2 contracts
Sources: Mortgage Modification and Consolidation Agreement (Decora Industries Inc), Mortgage (Decora Industries Inc)
Assignment of Rents. If MortgagorGrantor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Beneficiary, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Beneficiary hereby waives the right to enter the Trust Property for the purpose of collecting the Rents, letting the Trust Property or any part thereof or applying the Rents and performed in full Grantor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise occurrence of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 2 contracts
Sources: Deed of Trust (Day International Group Inc), Deed of Trust (Day International Group Inc)
Assignment of Rents. If MortgagorTOGETHER WITH all rents, royalties, issues, profits, revenue, income and other benefits from the property described in Paragraphs A, B and C hereof to be applied against the indebtedness and other sums secured hereby, provided, however, that permission is hereby given to Mortgagor so long as a lessorno default has occurred hereunder beyond any applicable grace or cure period, enters into any leases of the Propertyto collect, the receive, take, use and enjoy such rents, royalties, issues, profits, revenue, income and other benefits as they become due and payable, but not in advance thereof. The foregoing assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, at its option upon the occurrence of a Default and default hereunder which remains uncured beyond the continuation expiration of such Default beyond any applicable grace or cure period, to all businessrents, rentsroyalties, issues, profits, revenue, income and other benefits from the Property or from any business or other activity conducted thereon, property described in Sections 1.1Paragraphs A, 1.2, 1.3 B and 1.4 C hereof whether or not Mortgagee takes possession of the property described in Paragraphs A, B and C hereof. Upon any such property. uncured default hereunder, the permission hereby given to Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the collect such rents, royalties, issues, profits, revenue, income and other benefitsbenefits from the property described in Paragraphs A, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part B and C hereof shall terminate and such permission shall not be reinstated upon a cure of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituteddefault without Mortgagee's specific consent. Neither the exercise of any rights under this Section 12 paragraph by Mortgagee nor the application of for any such rents, royalties, issues, profits, revenue, income or other benefits to the Secured Obligations indebtedness and other sums secured hereby, shall cure or waive any default or notice of default hereunder or invalidate any act done pursuant to this Mortgage hereto or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Alico Inc), Purchase and Sale Agreement (Alico Inc)
Assignment of Rents. If All of Mortgagor's right, title and interest in and to the Rents are hereby absolutely and irrevocably assigned to Mortgagee as additional security for the Indebtedness and the Obligations. Mortgagor hereby appoints Mortgagee its true and lawful attorney-in-fact, with the right, at Mortgagee's option at any time, to demand, receive and enforce payment of, to give receipts, releases and satisfactions for, and to sue, either in Mortgagor's or Mortgagee's name for, all Rents. Notw▇▇▇standing the foregoing Assignment, so long as no Event of Default has occurred which remains uncured, Mortgagor may collect, receive, take, use and enjoy such Rents, as a lessor, enters into any leases of the Property, the they become due and payable but not more than one month in advance thereof. The foregoing assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party party; and specifically at any time before or after foreclosure Mortgagee shall be entitledentitled at its option, upon the occurrence of a Default and the continuation an Event of such Default beyond any applicable cure periodDefault, to collect all business, rents, income and other benefits Rents from the Mortgaged Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such propertythe Mortgaged Property. Mortgagor further grants to Mortgagee the right (a) to enter upon hereby authorizes and take possession directs all lessees of the Mortgaged Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents deliver all Rents to Mortgagee, (c) to let all or any part . Upon the occurrence of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment an Event of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit FacilitiesDefault hereunder, the execution of this Mortgage constituting and evidencing the irrevocable consent of permission hereby given to Mortgagor to collect the entry upon and taking possession of Rents from the Mortgaged Property shall terminate. The permission given by Mortgagee pursuant to Mortgagor shall be reinstated upon the cure of such grantEvent of Default with Mortgagee's specific consent which shall not be unreasonably withheld. This Assignment shall not be deemed or construed to constitute Mortgagee as a mortgagee-in-possession nor obligate Mortgagee to take any action or to incur expense or perform or discharge any obligation, whether duty or not foreclosure has been institutedliability. Neither the exercise Exercise of any rights under this Section 12 by Mortgagee nor SECTION 4.1 and the application of any such rents, income or other benefits the Rents to the Secured Indebtedness or the Obligations shall not cure or waive any default or notice Event of default or invalidate any act done pursuant to this Mortgage or to any such notice, Default but shall be cumulative of all other rights and remediesremedies of Mortgagee. It If Mortgagee receives any Rents after the reinstatement of such permission, so long as no Default has occurred and is understood and agreed that neither the foregoing assignment of rents and profits continuing hereunder, Mortgagee will pay such Rents over to Mortgagor. Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed required to make give any credit against the Indebtedness or the Obligations for Rents due Mortgagee a under this Assignment until Rents are actually paid to Mortgagee-in-possession or otherwise responsible or liable in any manner with respect . Notwithstanding the foregoing, to the Property or extent that an absolute assignment is not enforceable then this Assignment shall be construed as a collateral assignment as further security for the use, occupancy, enjoyment or operation of all or any portion performance of the PropertyIndebtedness and Obligations. Mortgagor shall apply the rents and profits to the payment Notwithstanding any provision of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use this Mortgage or any other purpose not for Loan Document to the direct benefit contrary, all Rents collected by Mortgagee or a receiver of the PropertyMortgaged Property appointed pursuant to SECTION 8.1(e) of this Mortgage shall be applied as provided in SECTION 4.6 of this Mortgage.
Appears in 2 contracts
Sources: Mortgage, Security Agreement, Assignment of Leases and Rents (Glimcher Realty Trust), Junior Mortgage, Security Agreement, Assignment of Leases and Rents (Glimcher Realty Trust)
Assignment of Rents. If MortgagorMortgagor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Mortgagee, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents, letting the Mortgaged Property or any part thereof or applying the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits estimated payments of percentage rent, if any). Mortgagee shall be entitled to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, rights and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.benefits conferred by
Appears in 2 contracts
Sources: Mortgage Assignment of Rents and Leases, Security Agreement and Fixture Filing (Ev International Inc), Mortgage Assignment of Rents and Leases, Security Agreement and Fixture Filing (Ev International Inc)
Assignment of Rents. If Mortgagor unconditionally and absolutely assigns to Mortgagee all of Mortgagor's right, as a lessortitle and interest in and to: all leases, enters into any leases subleases, occupancy agreements, licenses, rental contracts and other similar agreements now or hereafter existing relating to the use or occupancy of the Mortgaged Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party together with all guarantees, modifications, extensions and specifically at any time before or after foreclosure Mortgagee shall be entitledrenewals thereof; and all rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodissues, to all business, rentsprofits, income and proceeds due or to become due from tenants of the Mortgaged Property (the "Leases"), including rentals and all other benefits from payments of any kind under any leases now existing or hereafter entered into, together with all deposits (including security deposits) of tenants thereunder. This is an absolute assignment to Mortgagee and not an assignment as security for the Property performance of the obligations under the Secured Debt Documents, or from any business or other activity conducted thereonindebtedness. Subject to the provisions of herein below, described in Sections 1.1Mortgagee shall have the right, 1.2power and authority to, 1.3 but shall not be obligated to: notify any person that the Leases have been assigned to Mortgagee and 1.4 that all rents and other obligations are to be paid directly to Mortgagee, whether or not Mortgagee takes has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Mortgaged Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any rents or other obligations under the Leases; enforce payment of rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Mortgagee the right (a) to rents and Leases; enter upon and upon, take possession of and operate the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let Mortgaged Property; lease all or any part of the Mortgaged Property; and/or perform any and all obligations of Mortgagor under the Leases and exercise any and all rights of Mortgagor therein contained to the full extent of Mortgagor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver. At Mortgagee's request, ▇▇▇▇▇▇▇▇▇ shall deliver a copy of this Mortgage to each tenant under a Lease. Mortgagor irrevocably directs any tenant, without any requirement for notice to or consent by ▇▇▇▇▇▇▇▇▇, to comply with all demands of Mortgagee under this Section 2.5 and (d) to apply rent, income, maintenance fees, and other benefits, after payment of turn over to Mortgagee on demand all necessary charges and expenses, on account of the Secured Obligationsrents which it receives. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations the right, but not the obligation, to use and apply all rents received hereunder in respect such order and such manner as Mortgagee may determine in accordance with the Collateral Trust Agreement. Notwithstanding that this is an absolute assignment of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor Leases and not merely the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagorcollateral assignment of, or the entering into possession grant of all a lien or security interest in the rents and Leases, Mortgagee grants to Mortgagor a revocable license to collect and receive the rents and to retain, use and enjoy such rents. Such license may be revoked by Mortgagee only upon the occurrence of any part Event of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the PropertyDefault. Mortgagor shall apply the any rents and profits which it receives to the payment of all necessary due under the Obligations, taxes, assessments, water charges, sewer rents and reasonable operating costs and expenses of other governmental charges levied, assessed or imposed against the Mortgaged Property, debt service on the Secured Obligationsinsurance premiums, and a reasonable reserve for futures expenses, repairs and replacements for other obligations of lessor under the Property, Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 2 contracts
Sources: Mortgage, Collateral Assignment of Leases and Rents, Security Agreement and Financing Statement (Calpine Corp), Mortgage, Assignment of Rents and Security Agreement (Calpine Corp)
Assignment of Rents. If MortgagorGrantor unconditionally and absolutely assigns to Beneficiary all of Grantor's right, title and interest in and to all Leases and all Rents. This is an absolute assignment to Beneficiary and not an assignment as a lessor, enters into any leases security for the performance of the Propertyobligations of Grantor under the Loan Documents to which it is a party, or any other obligation. Subject to the assignment contained under Section 1.5 provisions set forth herein, Beneficiary shall be fully operative without have the right, power and authority to: (a) notify any further action on person that the part of either party Leases have been assigned to Beneficiary and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to that all business, rents, income rents and other benefits from the Property or from any business or other activity conducted thereonobligations are to be paid directly to Beneficiary, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes Beneficiary has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Premises; (b) settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any rents or other obligations under the Leases; (c) enforce payment of rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Mortgagee the right rents and Leases; (ad) to enter upon and upon, take possession of and operate the Property for the purpose of collecting the rentsPremises, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let lease all or any part of the PropertyPremises; (e) and/or perform any and all obligations of Grantor under the Leases and exercise any and all rights of Grantor therein contained to the full extent of Grantor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver; provided, however, that Grantor shall have a revocable license to exercise these rights to the exclusions of Beneficiary until the occurrence of an Event of Default. At Beneficiary's request, Grantor shall deliver a copy of this Deed of Trust to each tenant under a Lease. Grantor irrevocably directs any tenant, without any requirement for notice to or consent by Grantor, to comply with all demands of Beneficiary under this Section 2.5 and (d) to turn over to Beneficiary on demand all rents which it receives. Beneficiary shall have the right, but not the obligation, to use and apply rentall rents received hereunder in such order and such manner as Beneficiary may reasonably determine in accordance with the Loan Documents. Notwithstanding that this is an absolute assignment of the rents and Leases and not merely the collateral assignment of, incomeor the grant of a lien or security interest in the rents and Leases, maintenance feesBeneficiary grants to Grantor a revocable license to collect and receive the rents and to retain, use and other benefits, after enjoy such rents. Such license may be revoked by Beneficiary only upon the occurrence of any Event of Default. Grantor shall apply any rents which it receives to the payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such granttaxes, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rentsassessments, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such noticewater charges, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of sewer rents and profits to Mortgagee nor other governmental charges levied, assessed or imposed against the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the usePremises, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligationsinsurance premiums, and a reasonable reserve for futures expenses, repairs and replacements for other obligations of lessor under the Property, Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 1 contract
Sources: Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Osullivan Industries Inc)
Assignment of Rents. If MortgagorGrantor does hereby absolutely and unconditionally assign, as a lessortransfer and set over to Beneficiary all rents, enters into income, receipts, revenues, issues, profits and proceeds to be derived from the Property, including, without limitation, the immediate and continuing right to collect and receive all of the rents, income, receipts, revenues, issues, profits and other sums of money that may now or at any time hereafter become due and payable to Grantor under the terms of any leases now or hereafter covering the Property, or any part thereof, including, but not limited to, minimum rents, additional rents, percentage rents, deficiency rents and liquidated damages following Default, all proceeds payable under any policy of insurance covering the loss of rents resulting from untenantability caused by destruction or damage to the Property, and all of Grantor’s rights to recover monetary amounts from any tenant in bankruptcy, including, without limitation, rights of recovery for use and occupancy and damage claims arising out of lease defaults, including rejections, under the United States Bankruptcy Code or any other present or future federal or state insolvency, bankruptcy or similar law, together with any sums of money that may now or at any time hereafter become due and payable to Grantor by virtue of any and all royalties, overriding royalties, bonuses, delay rentals and any other amount of any kind or character arising under any and all present and future oil, gas and mining leases covering the Property or any part thereof (collectively, the “Rents”); and all proceeds and other amounts paid or owing to Grantor under or pursuant to any and all contracts and bonds relating to the construction, erection or renovation of the Property; subject however to a license hereby granted by Beneficiary to Grantor to collect and receive all of the foregoing (such license evidenced by ▇▇▇▇▇▇▇▇▇▇▇’s acceptance of this Deed of Trust), subject to the terms and conditions hereof. Notwithstanding anything contained herein or in any of the other Loan Documents to the contrary, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party in this Paragraph is an absolute, unconditional and specifically at any time before or after foreclosure Mortgagee shall be entitledpresently effective assignment and not merely a security interest; provided, however, upon the occurrence of a Default hereunder or upon the occurrence of any event or circumstance which with the lapse of time or the giving of notice or both would constitute a Default hereunder, such license shall automatically and immediately terminate and Grantor shall hold all Rents paid to Grantor thereafter in trust for the continuation use and benefit of such Default beyond any applicable cure periodBeneficiary and Beneficiary shall have the right, to all businesspower and authority, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee it takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application seek enforcement of any such rentslease, income contract or other benefits bond and to demand, collect, receive, sue for and recover in its own name any and all of the above described amounts assigned hereby and to apply the sum(s) collected, first to the Secured Obligations shall cure or waive any default or notice payment of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect expenses incident to the Property or the use, occupancy, enjoyment or operation of all or any portion collection of the Propertysame, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at balance to the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part payment of the Property by such receiverObligation; provided further, however, that Beneficiary shall not be deemed to make Mortgagee a Mortgagee-in-have taken possession or otherwise responsible or liable in any manner with respect to of the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service except on the Secured Obligationsexercise of its option to do so, evidenced by its demand and a reasonable reserve overt act for futures expenses, repairs and replacements such purpose. It shall not be necessary for the Property, before using the rents and profits for Mortgagor’s personal use Beneficiary to institute any type of legal proceedings or take any other purpose not for action whatsoever to enforce the direct benefit of the Propertyassignment provisions in this Section 5.2.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement and Financing Statement (Cabinet Grow, Inc.)
Assignment of Rents. If Mortgagor(a) The assignment of rents, as a lessor, enters into any leases income and other benefits contained in Section (G) of the Property, the assignment contained under Section 1.5 Granting Clauses of this Mortgage shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee party, and, specifically, Lender shall be entitled, at its option, upon the occurrence of a an Event of Default and the continuation of such Default beyond any applicable cure periodhereunder, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereonMortgaged Property, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee Lender takes possession of such property. Mortgagor hereby further grants to Mortgagee Lender the right effective upon the occurrence of an Event of Default to do any or all of the following, at Lender’s option: (ai) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income and other benefits, ; (bii) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents thereof to Mortgagee, Lender; (ciii) to let all lease the Mortgaged Property or any part of thereof; (iv) repair, restore and improve the Mortgaged Property, ; and (dv) to apply rentthe rents, income, maintenance fees, income and other benefits, after payment of all necessary charges certain expenses and expensescapital expenditures relating to the Mortgaged Property, on account of the Secured ObligationsMortgagor’s Liabilities in such order and manner as Lender may elect. Such assignment and grant shall continue in effect until the Secured Obligations Mortgagor’s Liabilities are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesfull, the execution of this Mortgage constituting and evidencing the irrevocable consent of LaSalle Bank National Association April 20, 2005 Page 52 Mortgagor to the entry upon and taking possession of the Mortgaged Property by Mortgagee Lender pursuant to such grant, whether or not foreclosure has proceedings have been instituted. Neither the exercise of any rights under this Section 12 section by Mortgagee Lender nor the application of any such rents, income or other benefits to the Secured Obligations payment of Mortgagor’s Liabilities shall cure or waive any default Event of Default or notice of default provided for hereunder, or invalidate any act done pursuant to this Mortgage hereto or pursuant to any such notice, but shall be cumulative of all other rights and remedies. It Notwithstanding the foregoing, so long as no Event of Default has occurred or is understood continuing, Mortgagor shall have the right and agreed that neither authority to continue to collect the foregoing rents, income and other benefits from the Mortgaged Property as they become due and payable but not more than thirty (30) days prior to the due date thereof. The existence or exercise of such right of Mortgagor to collect said rents, income and other benefits shall not operate to subordinate this assignment to any subsequent assignment of rents said rents, income or other benefits, in whole or in part, by Mortgagor, and profits to Mortgagee nor the exercise any such subsequent assignment by Mortgagee of any of its rights or remedies Mortgagor shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect subject to the rights of Lender hereunder.
(b) Mortgagor shall not permit any rent under any lease of the Mortgaged Property to be collected more than thirty (30) days in advance of the due date thereof and, upon any receiver, Lender, anyone claiming by, through or the use, occupancy, enjoyment or operation of all under Lender or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of purchaser at a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering foreclosure sale coming into possession of all or the Mortgaged Property, no tenant shall be given credit for any part rent paid more than thirty (30) days in advance of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertydue date thereof. Mortgagor shall apply act promptly to enforce all available remedies against any delinquent lessee so as to protect the rents and profits to the payment of all necessary and reasonable operating costs and expenses interest of the Property, debt service on lessor under the Secured Obligations, leases and a reasonable reserve for futures expenses, repairs and replacements for to preserve the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit value of the Mortgaged Property.
Appears in 1 contract
Sources: Credit Agreement (Quixote Corp)
Assignment of Rents. If MortgagorAll of the existing and future rents, as royalties, income, and profits of the Property that arise from its use or occupancy are hereby absolutely and presently assigned to Beneficiary. However, until Trustor is in default under this Deed of Trust, Trustor will have a lessorlicense to collect and receive those rents, enters into royalties, income and profits. Upon any leases Event of Default by Trustor, Beneficiary may terminate Trustor's license in its discretion, at any time, without notice to Trustor, and may thereafter collect the rents, royalties, income and profits itself or by an agent or receiver. No action taken by Beneficiary to collect any rents, royalties, income or profits will make Beneficiary a "mortgagee-in-possession" of the Property, unless Beneficiary personally or by agent enters into actual possession of the assignment contained under Section 1.5 shall Property. Possession by a court-appointed receiver will not be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitledconsidered possession by Beneficiary. All rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rentsroyalties, income and other benefits from the Property profits collected by Beneficiary or from any business or other activity conducted thereona receiver will be applied first to pay all expenses of collection, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants then to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part costs of operation and management of the Property, and then to the payment of the indebtedness and obligations secured by the Deed of Trust in whatever order Beneficiary directs in its absolute discretion and without regard to the adequacy of its security. If required by Beneficiary, each lease or occupancy agreement affecting any of the Property must provide, in a manner approved by Beneficiary, that the tenant will recognize as its lessor any person succeeding to the interest of Trustor upon any foreclosure of this Deed of Trust. The expenses (d) to apply rent, income, maintenance including receivers' fees, if any, compensation to any agent appointed by Beneficiary, counsel fees, costs and other benefitscompensation to any agent appointed by ▇▇▇▇▇▇▇▇▇▇▇, after payment of all necessary charges and expensesdisbursements) incurred in taking possession and making such collection, on account shall be deemed a portion of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution expense of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry trust. The entering upon and taking possession of the Property by Mortgagee pursuant to such grantProperty, whether or not foreclosure has been instituted. Neither and/or the exercise collection of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to issues and profits and the Secured Obligations application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. Beneficiary may exercise any one or more of the remedies in this Mortgage or section without waiving its right to exercise any such notice, but remedies again or for the first time in the future. The foregoing shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect subject to the Property or the use, occupancy, enjoyment or operation provisions of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyapplicable law.
Appears in 1 contract
Sources: Loan Agreement
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits estimated payments of percentage rent, if any). The agreement contained in this Section has been made with reference to the payment of all necessary and reasonable operating costs and expenses section 291-f of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit Real Property Law of the PropertyState of New York.
Appears in 1 contract
Sources: Mortgage (Glimcher Realty Trust)
Assignment of Rents. If MortgagorThe Mortgagor does hereby sell, as a lessor, enters into assign and transfer unto the Mortgagee (i) the immediate and continuing right to receive and collect all Rents and Profits now due and which may hereafter become due under or by virtue of any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before lease or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property agreement (oral or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (awritten) to enter upon and take possession of the Property for the purpose leasing, subleasing, use or occupancy of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the PropertyMortgaged Property now, heretofore or hereafter made or agreed to by the Mortgagor, and (dii) to apply rentall of such leases and agreements, incometogether with all guarantees therefor and any renewals or extensions thereof, maintenance fees, and other benefits, after for the purpose of securing payment of all necessary charges and expenses, on account the indebtedness of the Secured ObligationsMortgagor under the Loan Agreement and the documents related thereto. Such assignment The Mortgagor does hereby irrevocably appoint the Mortgagee its true and grant shall continue lawful attorney in effect until the Secured Obligations are paid its name, place and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesstead, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and which appointment is coupled with an interest, with or without taking possession of the Mortgaged Property, to rent, lease, sublease, let or sublet all or any portion of the Mortgaged Property by Mortgagee pursuant to any party or parties at such grantrental and upon such terms, whether as it in its discretion may determine, and to collect all of said Rents and Profits arising from or not foreclosure has been instituted. Neither accruing at any time hereafter under each and all of such leases and agreements, with the exercise of any same rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits and powers and subject to the Secured Obligations shall cure same immunities, exoneration of liability and rights of recourse and indemnity as the Mortgagee would have upon taking possession of the Mortgaged Property. The Mortgagor represents and agrees that no Rent and Profits have been or waive will be paid in advance by any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable persons in any manner with respect to the Property or the use, occupancy, enjoyment or operation possession of all or any portion of the Mortgaged Property for a period of more than one month and that the payment of none of the Rents and Profits to accrue for all or any portion of the Mortgaged Property has or will be waived, released, reduced or discounted, or otherwise discharged or compromised, by the Mortgagor. The Mortgagor waives any right of setoff against any person in possession of all or, any portion of the Mortgaged Property, unless . The Mortgagor represents that it has not assigned any of said Rents or Profits to any third party and until agrees that it will not so assign any of said Rents or Profits without the prior written consent of the Mortgagee. Nothing contained herein shall be construed as constituting the Mortgagee "a mortgagee in possession" in the absence of the taking of actual possession of the Mortgaged Property by the Mortgagee. In the exercise of the powers herein granted to the Mortgagee, in person no liability shall be asserted or enforced against the Mortgagee, all such liability being expressly waived and released by agent, assumes actual possessionthe Mortgagor. The appointment of a receiver for Mortgagor further agrees to assign and transfer to the Property by any court at the request of Mortgagee all Rents and Profits from future leases, subleases and similar agreements upon or by agreement with Mortgagor, or the entering into possession of respect to all or any part of the Mortgaged Property by and to execute and deliver, immediately upon request of the Mortgagee such receiverfurther assurances and assignments in the Mortgaged Property as the Mortgagee from time to time shall require. Although it is the intention of the parties that this Assignment of Leases and Rents shall be a present assignment, it is expressly understood and agreed that, anything herein contained to the contrary notwithstanding, the Mortgagee hereby grants to the Mortgagor a revocable license to operate and manage the Mortgaged Property and to collect all related rental amounts and Mortgagee shall not exercise any of the rights and powers conferred upon it herein, unless and until an "Event of Default," shall occur at which time such license may be revoked by Mortgagee and Mortgagee shall be entitled to exercise any and all such rights and powers; and nothing herein contained shall be deemed to make affect or impair any rights which the Mortgagee a may have under the Loan Agreement, this Mortgage or any other document or agreement related hereto or thereto. Mortgagor acknowledges and agrees that this Assignment of Leases and Rents, and the Mortgagee-in-possession or otherwise responsible or liable in 's rights and remedies hereunder, may be enforced by the Mortgagee throughout the entire redemption period provided by applicable law following any manner with respect to the Property or the use, occupancy, enjoyment or operation foreclosure sale of all or any portion of the Mortgaged Property. At any time after the occurrence of an Event of Default, the Mortgagee, without in any way waiving such default, may:
(1) at the Mortgagee's option without notice to the Mortgagor and without regard to the adequacy of the security for the Loan Agreement, either in person or by agent, with or without any action or proceeding, or by a receiver appointed by a court of competent jurisdiction pursuant to Minnesota Statutes, Section 559.17, Subd. 2, and/or other applicable law, peaceably take possession of the Mortgaged Property and have, hold, manage, lease, sublease and operate the same; or
(2) the Mortgagee, without taking possession of the Mortgaged Property, may ▇▇▇ for or otherwise collect and receive all Rents and Profits from the Mortgaged Property to which the Mortgagor would otherwise be entitled, including those past due and unpaid with full power to make from time to time all adjustments thereto, as may seem proper to the Mortgagee. The Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under any leases, sublease or rental agreements relating to the Mortgaged Property, and the Mortgagor shall and does hereby agree to indemnify and hold the Mortgagee harmless from and against any and all liability, loss or damage which it may or might incur under any such lease, sublease or agreement or under or by reason of the assignment of the rents thereof and from and against any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in any of such leases, provided that the Mortgagor shall not indemnify and hold harmless the Mortgagee from any liability loss or damage resulting from the gross negligence or intentional misconduct of the Mortgagee. Should the Mortgagee incur any liability, loss or damage by reason of this assignment of leases and rents, or in the defense of any claim or demand, the Mortgagor agrees to reimburse the Mortgagee for the amount thereof, including costs, expenses and attorney's fees, immediately upon demand. The Mortgagee, or such agent or, receiver, in the exercise of the rights and powers conferred upon it by this assignment of leases and rents shall have the full power to use and apply the rents Rents and profits Profits of the Mortgaged Property to which the Mortgagor would otherwise be entitled to the payment of all necessary and reasonable operating costs and expenses or on account of the following in the order listed below (except as otherwise required by Minnesota Statutes, Section 559.17 or other applicable law):
(1) reasonable receiver's fees;
(2) application of tenant security deposits as required by Minnesota Statutes, Section 504B.178;
(3) payment, when due, of prior or current real estate taxes or special assessments with respect to the Mortgaged Property, debt service on or the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements periodic escrow for the Propertypayment of the taxes or special assessments;
(4) payment, before using when due, of premiums for insurance of the rents and profits for Mortgagor’s personal use type required by this Mortgage, or any other purpose not the periodic escrow for the direct benefit payment of the premiums;
(5) payment for the keeping of the covenants required of a lessor or licensor pursuant to Minnesota Statutes, Section 504B.161, subdivision 1; and
(6) all expenses for normal maintenance of the Mortgaged Property.;
Appears in 1 contract
Assignment of Rents. If Mortgagor(a) Subject to the terms of any document governing any Special Purpose Financing, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuance of the Credit Facilitiesan Event of Default, the execution of this Mortgage constituting and evidencing the irrevocable consent such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than ten days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Revolving Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Mortgagor, is threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for obligations contained in this Section and in the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If (a) Mortgagor hereby absolutely, presently and unconditionally conveys, transfers and assigns to Lender all of Mortgagor’s right, title and interest, now existing or hereafter arising, in and to the Leases and Rents. Notwithstanding that this assignment is effective immediately, so long as no Event of Default exists, ▇▇▇▇▇▇▇▇▇ shall have the privilege under a revocable license granted hereby to operate and manage the Property and to collect, as they become due, but not more than one (1) month prior to accrual, the Rents. Mortgagor shall receive and hold such Rents in trust as a lessorfund to be applied, enters into any leases and ▇▇▇▇▇▇▇▇▇ hereby covenants and agrees that such Rents shall be so applied, first to the operation, maintenance and repair of the Property, including, without limitation, the assignment contained payment of taxes and insurance, and the payment of interest, principal and other sums becoming due under Section 1.5 shall be fully operative without the Debt, before retaining and/or disbursing any further action on the part of either party and specifically at the Rents for any time before other purpose. The license herein granted to Mortgagor shall automatically, without notice or after foreclosure Mortgagee shall be entitledany other action by ▇▇▇▇▇▇, terminate upon the occurrence of a an Event of Default, and all Rents subsequently collected or received by Mortgagor shall be held in trust by ▇▇▇▇▇▇▇▇▇ for the sole and exclusive benefit of Lender. Nothing contained in this Section 1.2, and no collection by ▇▇▇▇▇▇ of Rents, shall be construed as imposing on Lender any of the obligations of the lessor under the Leases. The assignment of rents contained in this Security Instrument is intended to and do constitute an assignment of rents as contemplated in Florida Statutes Section 697.07. If an Event of Default and then exists, Lender shall be entitled to the continuation of such Default beyond any applicable cure periodremedies provided in said Section 697.07, in addition to all businessrights and remedies, rentswhether procedural or substantive, income and other benefits from in effect at the Property time of execution or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession enforcement of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, this Security Instrument.
(b) Mortgagor shall timely perform all of its obligations under the Leases. ▇▇▇▇▇▇▇▇▇ represents and warrants that: (i) ▇▇▇▇▇▇▇▇▇ has title to dispossess by and full right to assign presently, absolutely and unconditionally the usual summary proceedings Leases and Rents; and (ii) no other assignment of any tenant defaulting interest in any of the payment of rents Leases or Rents has been made except pursuant to Mortgagee, the Loan Documents.
(c) Except as expressly permitted pursuant to let all or any part the terms of the PropertyLoan Agreement, and (d) to apply rentMortgagor shall not, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of without the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable prior written consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of Lender: (i) enter into any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation lease of all or any portion of the Property; (ii) amend, unless and until Mortgageemodify, in person terminate or by agent, assumes actual possession. The appointment accept a surrender of a receiver for the Property by any court at the request of Mortgagee Lease; or by agreement with Mortgagor, (iii) collect or the entering into possession of all or accept rent from any part tenant of the Property by such receiverfor a period of more than one (1) month in advance. Any of the foregoing acts, if done without the prior written consent of Lender in each instance, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents null and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyvoid.
Appears in 1 contract
Sources: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing
Assignment of Rents. If Mortgagor, (a) Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part thereof, (subject to the rights of tenants under the Property, Leases) and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations secured hereby are paid and performed in full and the Commitments no longer remain outstanding, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuation of the Credit Facilities, the execution an Event of this Mortgage constituting and evidencing the irrevocable consent Default; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights under this Section 12 Event of Default by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than ten (10) days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Amended and Restated Credit Agreement, no action has been brought or, to Mortgagor’s knowledge, is understood and agreed that neither threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for obligations contained in this Section and in the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If MortgagorGrantor unconditionally and absolutely assigns to Beneficiary all of Grantor's right, title and interest in and to all Leases and all Rents. This is an absolute assignment to Beneficiary and not an assignment as a lessor, enters into any leases security for the performance of the Property, obligations of Grantor under the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default Note Documents and the continuation of such Default beyond Loan Documents to which it is a party, or any applicable cure periodother obligation. Subject to the provisions set forth herein, Beneficiary shall have the right, power and authority to: (a) notify any person that the Leases have been assigned to Beneficiary and that all business, rents, income Rents and other benefits from the Property or from any business or other activity conducted thereonobligations are to be paid directly to Beneficiary, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes Beneficiary has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Premises; (b) settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any Rents or other obligations under the Leases; (c) enforce payment of Rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Mortgagee the right rents and Leases; (ad) to enter upon and upon, take possession of and operate the Property for the purpose of collecting the rentsPremises, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let lease all or any part of the PropertyPremises; (e) and/or perform any and all obligations of Grantor under the Leases and exercise any and all rights of Grantor therein contained to the full extent of Grantor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver; provided, however, that Grantor shall have a revocable license to exercise these rights to the exclusions of Beneficiary until the occurrence of an Event of Default. At Beneficiary's request, Grantor shall deliver a copy of this Deed of Trust to each tenant under a Lease. Grantor irrevocably directs any tenant, without any requirement for notice to or consent by Grantor, to comply with all demands of Beneficiary under this Section 2.5 and (d) to turn over to Beneficiary on demand all Rents which it receives. Beneficiary shall have the right, but not the obligation, to use and apply rentall Rents received hereunder in such order and such manner as Beneficiary may reasonably determine in accordance with the Note Documents and the Loan Documents. Notwithstanding that this is an absolute assignment of the Rents and Leases and not merely the collateral assignment of, incomeor the grant of a lien or security interest in the Rents and Leases, maintenance feesBeneficiary grants to Grantor a revocable license to collect and receive the Rents and to retain, use and other benefits, after enjoy such Rents. Such license may be revoked by Beneficiary only upon the occurrence of any Event of Default. Grantor shall apply any Rents which it receives to the payments due under and/or the payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such granttaxes, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rentsassessments, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such noticewater charges, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of sewer rents and profits to Mortgagee nor other governmental charges levied, assessed or imposed against the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the usePremises, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligationsinsurance premiums, and a reasonable reserve for futures expenses, repairs and replacements for other obligations of lessor under the Property, Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 1 contract
Assignment of Rents. If MortgagorThe Mortgagor does hereby sell, as a lessor, enters into any leases of assign and transfer unto the Property, Mortgagee (i) the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party immediate and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default continuing right to receive and the continuation of such Default beyond any applicable cure period, to collect all business, rents, income income, issues and other benefits from the Property profits now due and which may hereafter become due under or from by virtue of any business lease or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether agreement (oral or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (awritten) to enter upon and take possession of the Property for the purpose leasing, subleasing, use or occupancy of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Mortgaged Property now, heretofore or hereafter made or agreed to by the Mortgagor, and (ii) all of such leases and agreements, together with all guarantees therefor and any renewals or extensions thereof, for the purpose of securing payment of the indebtedness of the Mortgagor under the Note and the documents related thereto. The Mortgagor does hereby irrevocably appoint the Mortgagee its true and lawful attorney in its name, place and stead, with or without taking possession of the Mortgaged Property, to rent, lease, sublease, let or sublet all or any portion of the Mortgaged Property to any party or parties at such rental and upon such terms, as it in its discretion may determine, and to collect all of said avails, rents, income, issues and profits arising from or accruing at any time hereafter under each and all of such leases and agreements, with the same rights and powers and subject to the same immunities, exoneration of liability and rights of recourse and indemnity as the Mortgagee would have upon taking possession of the Mortgaged Property. The Mortgagor represents and agrees that no rent has been or will be paid in advance by any persons in possession of all or any portion of the Mortgaged Property for a period of more than one month and that the payment of none of the rents to accrue for all or any portion of the Mortgaged Property has or will be waived, released, reduced or discounted, or otherwise discharged or compromised, by the Mortgagor. The Mortgagor waives any right of setoff against any person in possession of all or any portion of the Mortgaged Property. The Mortgagor represents that it has not assigned any of said rents or profits to any third party and agrees that it will not so assign any of said rents or profits without the prior written consent of the Mortgagee. Nothing contained herein shall be construed as constituting the Mortgagee "a mortgagee in possession" in the absence of the taking of actual possession of the Mortgaged Property by the Mortgagee. In the exercise of the powers herein granted to the Mortgagee, no liability shall be asserted or enforced against the Mortgagee, all such liability being expressly waived and released by the Mortgagor. The Mortgagor further agrees to assign and transfer to the Mortgagee all rents from future leases or subleases upon all or any part of the Mortgaged Property and to execute and deliver, immediately upon request of the Mortgagee, as such further assurances and assignments in the Mortgaged Property as the Mortgagee from time to time shall require. Although it is the intention of the parties that this Assignment of Rents shall be a present assignment, it is expressly understood and agreed that, anything herein contained to the contrary notwithstanding, the Mortgagee shall not exercise any of the rights and powers conferred upon it herein unless and until an "Event of Default" shall occur and nothing herein contained shall be deemed to affect or impair any rights which the Mortgagee may have under the Note, the Loan Agreement, this Mortgage or any other document or agreement related hereto or thereto. Mortgagor acknowledges and agrees that this assignment of leases and rents, and the Mortgagee's rights and remedies hereunder, may be enforced by the Mortgagee throughout the entire redemption period provided by applicable law following any foreclosure sale of all or any portion of the Mortgaged Property. At any time after the occurrence of an Event of Default, the Mortgagee, without in any way waiving such default, may:
I. at the Mortgagee's option without notice to the Mortgagor and without regard to the adequacy of the security for the Note, either in person or by agent, with or without any action or proceeding, or by a receiver appointed by a court of competent jurisdiction pursuant to Minnesota Statutes, Section 559.17, Subd. 2, peaceably take possession of the Mortgaged Property and have, hold, manage, lease, sublease and operate the same as a mortgagee in possession; or
II. the Mortgagee, without taking possession of the Mortgaged Property, may ▇▇▇ for or otherwise collect and receive all rents, income and profits from the Mortgaged Property to which the Mortgagor would otherwise be entitled, including those past due and unpaid with full power to make from time to time all adjustments thereto, as may seem proper to the Mortgagee. The Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under any leases, sublease or rental agreements relating to the Mortgaged Property, and (d) the Mortgagor shall and does hereby agree to apply rentindemnify and hold the Mortgagee harmless from and against any and all liability, incomeloss or damage which it may or might incur under any such lease, maintenance sublease or agreement or under or by reason of the assignment of the rents thereof and from and against any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in any of such leases, provided that the Mortgagor shall not indemnify and hold harmless the Mortgagee from any liability, loss or damage resulting from acts or omissions of the Mortgagee which occur on or after the date the Mortgagee takes possession of the Mortgaged Property. Should the Mortgagee incur any liability, loss or damage by reason of this assignment of leases and rents, or in the defense of any claim or demand, the Mortgagor agrees to reimburse the Mortgagee for the amount thereof, including costs, expenses and attorney's fees, immediately upon demand. The Mortgagee, or such agent or receiver, in the exercise of the rights and other benefitspowers conferred upon it by this assignment of leases and rents shall have the full power to use and apply the avails, after rents, issues, income and profits of the Mortgaged Property to which the Mortgagor would otherwise be entitled to the payment of all necessary charges and expenses, or on account of the Secured Obligationsfollowing in the order listed below:
I. Reasonable receiver's fees;
II. Such assignment Application of tenant security deposits as required by Minnesota Statutes, Section 504.20;
III. Payment, when due, of prior or current real estate taxes or special assessments with respect to the Mortgaged Property, or the periodic escrow for the payment of the taxes or special assessments;
IV. Payment, when due, of premiums for insurance of the type required by this Mortgage, or the periodic escrow for the payment of the premiums; and
V. All expenses for normal maintenance of the Mortgaged Property; provided, however, that nothing herein shall prohibit the right to reinstate pursuant to Minnesota Statutes, Section 580.30, or the right to redeem granted pursuant to Minnesota Statutes, Sections 580.23 and grant 581.10. Any excess cash remaining after paying the expenses listed in clauses (I) through (V) above shall continue be applied to the payment of the Note and shall be deemed to be credited to the amount required to be paid to effect a reinstatement or redemption or, if the period of redemption ends without redemption, such remaining amounts shall be paid to the purchaser at the foreclosure sale, its successors or assigns. The Mortgagor does further specifically authorize and instruct each and every present and future lessee, sublessee, tenant or subtenant of the whole or any part of the Mortgaged Property to pay all unpaid rental agreed upon in effect until any lease or sublease to the Secured Obligations Mortgagee upon receipt of demand from the Mortgagee so to pay the same. Any tenants, subtenants or other occupants of all or any part of the Mortgaged Property are hereby authorized to recognize the claims of the Mortgagee hereunder without investigating the reason for any action taken by the Mortgagee, or the validity or the amount of indebtedness owing to the Mortgagee, or the occurrence or existence of any Event of Default, or the application to be made by the Mortgagee of any amounts to be paid and performed in full and to the Mortgagee. The sole signature of any officer or attorney of the Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither be sufficient for the exercise of any rights under this Section 12 assignment of leases and rents and the sole receipt of the Mortgagee for any sums received by Mortgagee nor the application of any such rentstenants, income subtenants or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but occupants shall be cumulative of all other rights a full discharge and remediesrelease therefor. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver Checks for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, rentals collected under this Assignment of Leases and Rents shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect drawn to the Property or the use, occupancy, enjoyment or operation of all or any portion exclusive order of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyMortgagee.
Appears in 1 contract
Assignment of Rents. If Mortgagor(a) In furtherance of and in addition to the assignment made by Mortgagor herein, Mortgagor hereby absolutely and unconditionally assigns, sells, transfers and conveys to Mortgagee 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 as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed Mortgagor shall be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Mortgage; such right of Mortgagor to collect, receive, use and retain the Rents may be revoked by Mortgagee upon the occurrence of any Event of Default tinder this Mortgage by giving not less than five days’ written notice of such revocation to Mortgagor. In the event such notice is given, Mortgagor shall pay over to Mortgagee, or to any receiver appointed to collect the Rents, any lease security deposits. Mortgagor shall not accept prepayments of installments of Rent to become due for a period of more than one month in full advance (except for security deposits and estimated payments of percentage rent, if any).
(b) Mortgagor acknowledges that Mortgagee shall have no further obligations in respect of the Credit Facilitieshas taken all reasonable actions necessary to obtain, the execution and that upon recordation of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor Mortgagee shall have, to the entry upon extent permitted under applicable law, a valid and taking possession fully perfected, first priority, present assignment of the Property by Mortgagee pursuant to Rents arising out of the Leases and all security for such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits Leases subject to the Secured Obligations shall cure or waive any default or notice Permitted Exceptions and in the case of default or invalidate any act done pursuant to security deposits, rights of depositors and requirements of law. Mortgagor acknowledges and agrees that upon recordation of this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither Mortgagee’s interest in the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies Rents shall be deemed to constitute Mortgagee a be fully perfected, “Mortgagee-in-possession▇▇▇▇▇▇” or otherwise responsible or liable and enforced as to Mortgagor and all third parties, including, without limitation, any subsequently appointed trustee in any manner case under Title 11 of the United States Code (the “Bankruptcy Code”), without the necessity of commencing a foreclosure action with respect to this Mortgage, making formal demand for the Property or Rents, obtaining the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by or taking any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part other affirmative action.
(c) Without limitation of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion absolute nature of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses assignment of the PropertyRents hereunder, debt service on Mortgagor and Mortgagee agree that (a) this Mortgage shall constitute a “security agreement” for purposes of Section 552(b) of the Secured ObligationsBankruptcy Code, (b) the security interest created by this Mortgage extends to property of Mortgagor acquired before the commencement of a. case in bankruptcy and to all amounts paid as Rents, and a reasonable reserve for futures expenses, repairs and replacements for (e) such security interest shall extend to all Rents acquired by the Property, before using estate after the rents and profits for Mortgagor’s personal use or commencement of any other purpose not for the direct benefit of the Propertycase in bankruptcy.
Appears in 1 contract
Assignment of Rents. Pursuant to the Assignment, Lender has obtained a security interest in the payments to be made by Tenant to Landlord under the Lease, including base rental, operating expense reimbursements, and lease termination payments. Tenant consents to Lender delivering written notices with respect to the Assignment or Lender’s security interest thereunder to the address and in the manner as provided in Paragraph 9 below. If MortgagorLender elects to exercise its right to collect payments under the Lease from Tenant directly pursuant to Lender’s interests under the Assignment, Lender shall provide written notice thereof to Tenant, and Tenant shall make all payments under the Lease thereafter to Lender as a lessorinstructed in such notice; provided, enters however, that if any payment becomes due under the Lease prior to the TENTH (10th) day after the date Tenant receives such notice, Tenant will not be obligated to make such payment until the tenth (10th) day after Tenant receives the notice. Tenant’s obligation to make lease payments to Lender will not be subject to any claims or defenses against the payment of amounts due under the Lease except to the extent such claims or defenses would be applicable to Lender following Lender succeeding to the interests of Landlord under the Lease or entering into possession of the Property under Paragraph 5 above. Tenant acknowledges that Lender is not obligated to assume, perform, or discharge nor does Lender undertake to assume, perform, or discharge any leases obligation, duty, or liability of Landlord under the Lease, it being agreed that Lender will be treated and agreeing to assume, perform, or discharge such obligations, duties, or liabilities only if (i) Lender, by written notice to Tenant, specifically elects to do so, or (ii) Lender forecloses and takes possession of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party in which event Lender’s duties and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner liabilities with respect to the Property or Lease will be limited by the use, occupancy, enjoyment or operation terms and conditions of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertythis Agreement.
Appears in 1 contract
Sources: Lease Agreement (Kamada LTD)
Assignment of Rents. If MortgagorThe assignment of rents, income and other ------------------- benefits contained in the Granting Clause shall constitute an absolute and present assignment, subject, however, to the conditional permission given herein to Mortgagor to collect and use such rents, income and other benefits. Upon the occurrence of an Event of Default (as hereinafter defined), such permission shall terminate and shall not be reinstated upon a lessor, enters into any leases cure of the Property, the such Event of Default without Mortgagee's express written consent. Such assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure the Mortgagee shall be entitled, at its option, upon the occurrence of a an Event of Default and the continuation of such Default beyond any applicable cure periodhereunder, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereonMortgaged Premises, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such propertythe Mortgaged Premises. Mortgagor hereby further grants to Mortgagee the right right, at Mortgagee's option, upon the occurrence of an Event of Default to (a) to enter upon and take possession - of the Property Mortgaged Premises for the purpose of collecting the said rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant - defaulting in the payment of rents thereof to Mortgagee, (c) to let all the Mortgaged Premises - or any part of the Propertythereof, and (d) to apply rentsuch rents, income, maintenance fees, income and other benefits, after - payment of all necessary charges and expenses, on account of the Secured Obligationsindebtedness and other sums secured hereby. Such assignment and grant shall continue in effect until the Secured Obligations indebtedness and other sums secured hereby are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiespaid, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property Mortgaged Premises by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 paragraph by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations indebtedness and other sums secured hereby, shall cure or waive any default default, Event of Default, or notice of default hereunder or invalidate any act done pursuant to this Mortgage hereto or to any such notice, but shall be cumulative of with all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 1 contract
Sources: Consolidation, Extension and Modification Agreement (Boston Properties Inc)
Assignment of Rents. If MortgagorMortgagor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Mortgagee, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents, letting the Mortgaged Property or any part thereof or applying the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage 21 46 collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Sources: Mortgage, Assignment of Rent & Security Agreement (Day International Group Inc)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases (a) As additional security for the payment of the PropertyIndebtedness and performance of all Secured Obligations, Grantor hereby assigns to Agent, for its benefit and the benefit of the Lenders, all of Grantor’s right, title and interest in and to the Leases, but without Agent thereby becoming liable for the performance of the lessor’s obligations under the Leases. The assignment of rents, income and other benefits contained under in Section 1.5 1.1 of this Deed of Trust shall be absolute and effective immediately as of the date hereof, and fully operative without any further action on the part of either party party. Notwithstanding the foregoing, Grantor shall have a license to receive, collect and specifically at enjoy the Rents until the occurrence of an Event of Default hereunder. Upon the occurrence and during the continuation of an Event of Default, the aforesaid license shall cease automatically, without notice, possession, foreclosure or any time before other act or after foreclosure Mortgagee procedure, the right of Grantor to receive, collect and enjoy the Rents shall belong exclusively to Agent, and all Rents assigned by this Deed of Trust shall thereafter be paid directly to Agent. Such rights and this assignment shall be entitledoperative during any period of redemption following foreclosure. In the event of any sale or foreclosure which shall result in a deficiency, this assignment shall stand as security during the redemption period for the payment of such deficiency. Grantor hereby further grants to Agent, for its benefit and for the benefit of the Lenders, the right effective upon the occurrence of a an Event of Default, and so long as the Event of Default exists and during the continuation pendency of such Default beyond any foreclosure proceedings and period of redemption to do any or all of the following, at Agent’s option but subject to any limitations imposed by applicable cure periodlaw, to all businessincluding without limitation, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right health care laws: (ai) to enter upon and take possession of the Property either personally or through a receiver for the purpose of collecting the rents, income and other benefits, Rents; (bii) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents thereof to Mortgagee, Agent; (ciii) to let all lease the Property or any part of thereof; (iv) repair, restore and improve the Property, ; and (dv) to apply rent, income, maintenance fees, and other benefits, the Rents after payment of all necessary charges certain expenses and expensescapital expenditures relating to the Property, on account of the Secured ObligationsObligations in CHICAGO/#2321273.5 such order and manner as Agent may elect. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesfull, the execution of this Mortgage Deed of Trust constituting and evidencing the irrevocable consent of Mortgagor Grantor to the entry upon and taking possession of the Property by Mortgagee Agent and to the appointment of a receiver if requested by Agent pursuant to such grant, whether or not foreclosure has proceedings have been instituted. Neither the exercise of any rights under this Section 12 section by Mortgagee Agent nor the application of any such rents, income or other benefits Rents to payment of the Secured Obligations shall cure or waive any default Event of Default or notice of default provided for hereunder, or invalidate any act done pursuant to this Mortgage hereto or pursuant to any such notice, but shall be cumulative of all other rights and remedies. It This assignment is understood given as collateral security only and agreed that neither the foregoing assignment of rents and profits shall not be construed as obligating Agent to Mortgagee nor the exercise by Mortgagee of perform any of its rights the covenants or remedies undertakings required to be performed by Grantor contained in the Leases. No action taken by Agent hereunder shall be deemed to constitute Mortgagee make Agent a “Mortgageemortgagee-in-possession” or otherwise responsible obligate Agent to attempt to collect rent or liable other amounts from any tenant or to perform any obligations of landlord under any of the Leases.
(b) Grantor shall not permit Rents under any of the Leases to be collected more than thirty (30) days in advance of the due date thereof and, upon any manner with respect to the Property receiver, Agent, anyone claiming by, through or the use, occupancy, enjoyment or operation of all under Agent or any portion purchaser at a foreclosure sale coming into possession of the Property, unless and until Mortgagee, no tenant shall be given credit for any rent paid more than thirty (30) days in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part advance of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertydue date thereof.
Appears in 1 contract
Sources: Deed of Trust (Emeritus Corp\wa\)
Assignment of Rents. If Mortgagor, Trustor hereby assigns to Beneficiary the Leases and Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Trustor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income Rents and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Indebtedness and the Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Indebtedness is paid in full in immediately available funds and the Obligations are paid and performed in full full, but Beneficiary hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Trustor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Mortgage; such right of Trustor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution occurrence of any Event of Default under this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or giving not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or less than 30 days' written notice of default such revocation to Trustor; in the event such notice is given, Trustor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Trustor or any affiliate of Trustor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Trustor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Mortgaged Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Trustor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases As part of the Propertyconsideration for the indebtedness evidenced by the Note, Trustor hereby absolutely and unconditionally assigns and transfers to Beneficiary all the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party rents and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession revenues of the Property including those now due, past due, or to become due by virtue of any lease or other agreement for the purpose occupancy or use of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, regardless of to whom the rents and (d) revenues of the Property are payable, subject to the rights of senior lenders. Trustor hereby authorizes Beneficiary or Beneficiary's agents to collect the aforesaid rents and revenues and hereby directs each tenant of the Property to pay such rents to Beneficiary or Beneficiary's agents; provided, however, that prior to written notice given by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents, Trustor shall collect and receive all rents and revenues of the Property as trustee for the benefit of Beneficiary and Trustor to apply rent, income, maintenance fees, the rents and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until revenues so collected to the Secured Obligations are paid with the balance, so long as no such breach has occurred, to the account of Trustor, it being intended by Trustor and performed in full Beneficiary that this assignment of rents constitutes an absolute assignment and Mortgagee shall have no further obligations in respect not an assignment for additional security only. Upon delivery of written notice by Beneficiary to Trustor of the Credit Facilitiesbreach by Trustor of any covenant or agreement of Trustor in the Loan Documents, and without the execution necessity of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry Beneficiary entering upon and taking possession and maintaining full control of the Property in person, by Mortgagee pursuant agent or by a court-appointed receiver, Beneficiary shall immediately be entitled to possession of all rents and revenues of the Property as specified in this Section 2.3 as the same becomes due and payable, including but not limited to, rents then due and unpaid, and all such rents will immediately upon delivery of such notice be held by Trustor as trustee for the benefit of Beneficiary only; provided, however, that the written notice by Beneficiary to Trustor of the breach by Trustor contains a statement that Beneficiary exercises its rights to such grantrents. Trustor agrees that commencing upon delivery of such written notice of Trustor's breach by Beneficiary to Trustor, whether each tenant of the Property shall make such rents payable to and pay such rents to Beneficiary or Beneficiary's agents on Beneficiary's written demand to each tenant therefor, delivered to each tenant personally, by mail or by delivering such demand to each rental unit, without any liability on the part of said tenant to inquire further as to the existence of a default by Trustor. Trustor hereby covenants that Trustor has not foreclosure executed any prior assignment of said rents except in connection with the Bond Loan, that Trustor has been instituted. Neither the exercise of not performed, and will not perform, any acts or has not executed and will not execute, any instrument which would prevent Beneficiary from exercising its rights under this Section 12 by Mortgagee nor 2.3, and that at the application time of execution of this Deed of Trust, there has been no anticipation or prepayment of any of the rents of the Property for more than two (2) months prior to the due dates of such rents, income . Trustor covenants that Trustor will not hereafter collect or other benefits accept payment of any rents of the Property more than two (2) months prior to the Secured Obligations shall cure or waive any default or notice due dates of default or invalidate any act done pursuant such rents. Trustor further covenant that Trustor will execute and deliver to this Mortgage or to any Beneficiary such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment further assignments of rents and profits revenues of the Property as Beneficiary may from time to Mortgagee nor the exercise by Mortgagee time request. Upon Trustor's breach of any covenant or agreement of its rights Trustor in the Loan Documents, Beneficiary may in person, by agent or remedies shall be deemed to constitute Mortgagee by a “Mortgageecourt-in-possession” or otherwise responsible or liable in any manner with respect to appointed receiver, regardless of the adequacy of Beneficiary's security, enter upon and take and maintain full control of the Property in order to perform all acts necessary and appropriate for the operation and maintenance thereof including, but not limited to, the execution, cancellation or modification of leases, the use, occupancy, enjoyment or operation collection of all or any portion rents and revenues of the Property, unless the making of repairs to the Property and until Mortgageethe execution or termination of contracts providing for the management or maintenance of the Property, in person or by agent, assumes actual possessionall on such terms as are deemed best to protect the security of this Deed of Trust. The In the event Beneficiary elects to seek the appointment of a receiver for the Property by upon Trustor's breach of any court at covenant or agreement of Trustor in this Deed of Trust, Trustor hereby expressly consents to the request appointment of Mortgagee or by agreement with Mortgagor, such receiver. Beneficiary or the entering into possession receiver will be entitled to receive a reasonable fee for so managing the Property. All rents and revenues collected subsequent to delivery of all written notice by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents are to be applied first to the costs, if any, of taking control of and managing the Property and collecting the rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, costs of repairs to the Property, premiums on insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation or liability of Trustor as lessor or landlord of the Property and then to the sums secured by this deed of Trust. Beneficiary or the receiver is to have access to the books and records used in the operation and maintenance of the Property and will be liable to account only for those rents actually received. Beneficiary is not liable to Trustor, anyone claiming under or through Trustor or anyone having an interest in the Property by reason of anything done or left undone by Beneficiary under this Section 2.3. If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and managing the Property and collecting the rents, any funds expended by Beneficiary for such purposes will become part of the Property Secured Obligations pursuant to Section 3.3 hereof. Unless Beneficiary and Trustor agree in writing to other terms of payment, such amounts are payable by such receiver, shall not be deemed Trustor to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable Beneficiary upon notice from Beneficiary to Trustor requesting payment thereof and will bear interest from the date of disbursement at the rate stated in any manner with respect to Section 3.3. If the Property Beneficiary or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents receiver enters upon and profits to the payment of all necessary takes and reasonable operating costs and expenses maintains control of the Property, debt service on neither that act nor any application of rents as provided herein will cure or waive any default under this Deed of Trust or invalidate any other right or remedy available to Beneficiary under applicable law or under this Deed of Trust. This assignment of rents of the Property will terminate at such time as this Deed of Trust ceases to secure the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 1 contract
Sources: Deed of Trust
Assignment of Rents. If Mortgagor, (a) Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents, and Mortgagee Mortgagor shall have no further obligations in respect of be entitled to collect, receive, use and retain the Credit FacilitiesRents until Mortgagor's right to collect, receive, use and retain the execution of this Mortgage constituting and evidencing the irrevocable consent Rents is revoked; such right of Mortgagor to the entry upon and taking possession of the Property may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights under this Section 12 Event of Default by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Mortgagor, is threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents Mortgagor's obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases (a) All of the Propertyexisting and future rents, royalties, income, profits, issues, revenues and accounts of or related to the assignment contained Mortgaged Property that arise from its use or occupancy are hereby absolutely and presently assigned to the Lender. Upon the occurrence of any Event of Default under Section 1.5 shall be fully operative without any further action on the part of either party and specifically this Mortgage, Lender may in its discretion at any time before or after foreclosure Mortgagee shall be entitled, upon without notice to the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting collect the rents, income royalties, income, profits, issues, revenues and other benefitsaccounts itself or by an agent or receiver. Mortgagor hereby authorizes and directs all lessees, (b) to dispossess by sublessees and occupants of the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all Mortgaged Property or any part thereof to pay any and all amounts due Mortgagor pursuant to their respective leases, subleases and occupancy agreements to Lender or such nominee as Lender may designate in writing upon receipt of written notice from Lender that an Event of Default under this Mortgage or the Propertyother Loan Documents has occurred, and (d) all such lessees, sublessees and occupants are expressly relieved of any and all duty, liability or obligation to apply rentMortgagor in respect of all payments so made. No action taken by the Lender to collect any rents, royalties, income, maintenance feesprofits issues, revenues and other benefits, after payment of all necessary charges and expenses, on account of accounts shall make the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee Lender a “Mortgagee"mortgagee-in-possession” " of the Mortgaged Property. Possession by a court-appointed receiver shall not be considered possession by the Lender. All rents, royalties, income, profits, issues, revenues and accounts collected by the Lender or otherwise responsible a receiver shall be applied to pay all expenses of collection (including without limitation attorneys' fees), all costs of operation and management of the Mortgaged Property, and all indebtedness and obligations secured by this Mortgage in whatever order the Lender directs in its absolute discretion and without regard to the adequacy of its security.
(b) Mortgagor shall not execute any lease, sublease or liable occupancy agreement affecting any of the Mortgaged Property except with Lender's prior written consent.
(c) Without the prior written consent of the Lender, the Mortgagor shall not accept prepayments of rent more than thirty (30) days in advance of their due date under any leases, subleases or occupancy agreements affecting any of the Mortgaged Property, nor modify, amend, extend or renew any such leases, subleases or occupancy agreements, nor in any manner impair the Mortgagor's interest in the rents, royalties, income, profits, issues, revenues and accounts of the Mortgaged Property. The Mortgagor shall perform all covenants of the lessor under any such leases, subleases or occupancy agreements. Upon the Lender's request, the Mortgagor shall execute and deliver to Lender for recordation an Assignment of Rents and Leases in form and substance acceptable to Lender. Such Assignment of Rents and Leases, if and when recorded in the public records of the county wherein the Property is situated, shall control as to any irreconcilable conflict between the provisions of said assignment and the provisions of this Section.
(d) If required by the Lender, any lease, sublease or occupancy agreement affecting any of the Mortgaged Property must provide, in a manner approved by the Lender, that the tenant or occupant shall recognize as its lessor any person succeeding to the interest of the Mortgagor upon any foreclosure of this Mortgage.
(e) Nothing herein shall render Lender liable under any existing or future lease, sublease or occupancy agreement, regardless of the collection of rents thereunder, for any of the covenants or agreements of Mortgagor under such lease, sublease or occupancy agreement.
(f) The provisions of this Section 1.03 shall be construed and interpreted consistently with the provisions of any separate Assignment of Rents and Leases made by Mortgagor to Lender with respect to the Property or Mortgaged Property, to the useend that all provisions of this Section 1.03 and any separate Assignment shall be given full force and effect. In the event of an irreconcilable conflict between any provision of this Section 1.03 and any provision of a separate Assignment, occupancy, enjoyment or operation of all or any portion the provision of the Property, unless separate Assignment shall control if and until Mortgagee, when such separate Assignment has been recorded in person or by agent, assumes actual possession. The appointment the public records of a receiver for the county wherein the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyis situated.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Efficiency Lodge Inc)
Assignment of Rents. If MortgagorGrantor unconditionally and absolutely assigns to Beneficiary all of Grantor's right, as a lessortitle and interest in and to: all leases, enters into any leases subleases, occupancy agreements, licenses, rental contracts and other similar agreements now or hereafter existing relating to the use or occupancy of the Encumbered Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party together with all guarantees, modifications, extensions and specifically at any time before or after foreclosure Mortgagee shall be entitledrenewals thereof; and all rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodissues, to all business, rentsprofits, income and proceeds due or to become due from tenants of the Encumbered Property (the "Leases"), including rentals and all other benefits from payments of any kind under any Leases now existing or hereafter entered into, together with all deposits (including security deposits) of tenants thereunder. This is an absolute assignment to Beneficiary and not an assignment as security for the Property performance of the obligations under the Secured Debt Documents, or from any business or other activity conducted thereonindebtedness. Subject to the provisions of herein below, described in Sections 1.1Beneficiary shall have the right, 1.2power and authority to, 1.3 but shall not be obligated to: notify any person that the Leases have been assigned to Beneficiary and 1.4 that all rents and other obligations are to be paid directly to Beneficiary, whether or not Mortgagee takes Beneficiary has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Encumbered Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any rents or other obligations under the Leases; enforce payment of rents and other rights under the Leases, prosecute any action or proceeding , and defend against any claim with respect to Mortgagee the right (a) to rents and Leases; enter upon and upon, take possession of and operate the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let Encumbered Property; lease all or any part of the Encumbered Property; and/or perform any and all obligations of Grantor under the Leases and exercise any and all rights of Grantor therein contained to the full extent of Grantor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver. At Beneficiary's request, Grantor shall deliver a copy of this Deed of Trust to each tenant under a Lease. Grantor irrevocably directs any tenant, without any requirement for notice to or consent by Grantor, to comply with all demands of Beneficiary under this Section 2.5 and to turn over to Beneficiary on demand all rents which it receives. Beneficiary shall have the right, but not the obligation, to use and apply all rents received hereunder in such order and such manner as Beneficiary may determine in accordance with the Collateral Trust Agreement. Notwithstanding that this is an absolute assignment of the rents and Leases and not merely the collateral assignment of, or the grant of a lien or security interest in the rents and Leases, Beneficiary grants to Grantor a revocable license to collect and receive the rents and to retain, use and enjoy such rents. Such license may be revoked by Beneficiary only upon the occurrence of any Event of Default. Grantor shall apply any rents which it receives to the payment due under the Obligations, taxes, assessments, water charges, sewer rents and other governmental charges levied, assessed or imposed against the Encumbered Property, and (d) to apply rent, income, maintenance feesinsurance premiums, and other benefits, after payment obligations of all necessary charges and expenses, on account of lessor under the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 1 contract
Sources: Deed of Trust, Assignment of Rents, Fixture Filing and Security Agreement (Calpine Corp)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases As part of the Propertyconsideration for the indebtedness evidenced by the Note, Trustor hereby absolutely and unconditionally assigns and transfers to Beneficiary all the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party rents and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession revenues of the Property including those now due, past due, or to become due by virtue of any lease or other agreement for the purpose occupancy or use of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, regardless of to whom the rents and (d) revenues of the Property are payable, subject to the rights of senior lenders that are approved by the Beneficiary pursuant to the DDA. Trustor hereby authorizes Beneficiary or Beneficiary's agents to collect the aforesaid rents and revenues and hereby directs each tenant of the Property to pay such rents to Beneficiary or Beneficiary's agents; provided, however, that prior to written notice given by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents, Trustor shall collect and receive all rents and revenues of the Property as trustee for the benefit of Beneficiary and Trustor to apply rentthe rents and revenues so collected to the Secured Obligations with the balance, incomeso long as no such breach has occurred and is continuing, maintenance feesto the account of Trustor, it being intended by Trustor and Beneficiary that this assignment of rents constitutes an absolute assignment and not an assignment for additional security only. Upon delivery of written notice by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents, and without the necessity of Beneficiary entering upon and taking and maintaining full control of the Property in person, by agent or by a court-appointed receiver, Beneficiary shall immediately be entitled to possession of all rents and revenues of the Property as specified in this Section 2.3 as the same becomes due and payable, including but not limited to, rents then due and unpaid, and all such rents will immediately upon delivery of such notice be held by Trustor as trustee for the benefit of Beneficiary only; provided, however, that the written notice by Beneficiary to Trustor of the breach by Trustor contains a statement that Beneficiary exercises its rights to such rents. Trustor agrees that commencing upon delivery of such written notice of Trustor's breach by Beneficiary to Trustor, each tenant of the Property shall make such rents payable to and pay such rents to Beneficiary or Beneficiary's agents on Beneficiary's written demand to each tenant therefor, delivered to each tenant personally, by mail or by delivering such demand to each rental unit, without any liability on the part of said tenant to inquire further as to the existence of a default by Trustor. Trustor hereby covenants that Trustor has not executed any prior assignment of said rents, other benefitsthan as security to lenders approved by Beneficiary pursuant to the DDA, after that Trustor has not performed, and will not perform, any acts or has not executed and will not execute, any instrument which would prevent Beneficiary from exercising its rights under this Section 2.3, and that at the time of execution of this Deed of Trust, there has been no anticipation or prepayment of any of the rents of the Property for more than two (2) months prior to the due dates of such rents. Trustor covenants that Trustor will not hereafter collect or accept payment of all necessary charges and expenses, on account any rents of the Secured ObligationsProperty more than two (2) months prior to the due dates of such rents. Such assignment and grant shall continue in effect until Trustor further covenants that, so long as the Secured Obligations are paid outstanding, Trustor will execute and performed in full deliver to Beneficiary such further assignments of rents and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession revenues of the Property by Mortgagee pursuant as Beneficiary may from time to such grant, whether or not foreclosure has been institutedtime request. Neither the exercise Upon Trustor's breach of any rights under this Section 12 covenant or agreement of Trustor in the Loan Documents, Beneficiary may in person, by Mortgagee nor agent or by a court-appointed receiver, regardless of the application adequacy of any such rentsBeneficiary's security, income or other benefits enter upon and take and maintain full control of the Property in order to perform all acts necessary and appropriate for the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such noticeoperation and maintenance thereof including, but shall be cumulative not limited to, the execution, cancellation or modification of leases, the collection of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion revenues of the Property, unless the making of repairs to the Property and until Mortgageethe execution or termination of contracts providing for the management or maintenance of the Property, in person or by agent, assumes actual possessionall on such terms as are deemed best to protect the security of this Deed of Trust. The In the event Beneficiary elects to seek the appointment of a receiver for the Property by upon Trustor's breach of any court at covenant or agreement of Trustor in this Deed of Trust, Trustor hereby expressly consents to the request appointment of Mortgagee or by agreement with Mortgagor, such receiver. Beneficiary or the entering into possession receiver will be entitled to receive a reasonable fee for so managing the Property. All rents and revenues collected subsequent to delivery of all written notice by Beneficiary to Trustor of the breach by Trustor of any covenant or agreement of Trustor in the Loan Documents are to be applied first to the costs, if any, of taking control of and managing the Property and collecting the rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, costs of repairs to the Property, premiums on insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation or liability of Trustor as lessor or landlord of the Property and then to the sums secured by this deed of Trust. Beneficiary or the receiver is to have access to the books and records used in the operation and maintenance of the Property and will be liable to account only for those rents actually received. Beneficiary is not liable to Trustor, anyone claiming under or through Trustor or anyone having an interest in the Property by reason of anything done or left undone by Beneficiary under this Section 2.3. If the rents of the Property are not sufficient to meet the costs, if any, of taking control of and managing the Property and collecting the rents, any funds expended by Beneficiary for such purposes will become part of the Property Secured Obligations pursuant to Section 3.3 hereof. Unless Beneficiary and Trustor agree in writing to other terms of payment, such amounts are payable by such receiver, shall not be deemed Trustor to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable Beneficiary upon notice from Beneficiary to Trustor requesting payment thereof and will bear interest from the date of disbursement at the rate stated in any manner with respect to Section 3.3. If the Property Beneficiary or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents receiver enters upon and profits to the payment of all necessary takes and reasonable operating costs and expenses maintains control of the Property, debt service on neither that act nor any application of rents as provided herein will cure or waive any default under this Deed of Trust or invalidate any other right or remedy available to Beneficiary under applicable law or under this Deed of Trust. This assignment of rents of the Property will terminate at such time as this Deed of Trust ceases to secure the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 1 contract
Sources: Deed of Trust
Assignment of Rents. If MortgagorMortgagor does hereby assign and set over unto the Mortgagee as additional security for the indebtedness and other items herein secured, as a lessorall rents, enters into any leases of the Propertyissues, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rentsprofits, income and other benefits from accounts receivable generated through the Property use by Mortgagor or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession others of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of including any such rents, issues, profits, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee accounts receivable of any of its rights activity conducted by Mortgagor on or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to through the Property or the use, occupancy, enjoyment or operation of all or any portion use of the Property, unless as well as the proceeds of all of the foregoing. Mortgagor does hereby appoint the Mortgagee its attorney_in-fact to collect said rents, issues, profits, income and until Mortgageeaccounts receivable with or without suit and apply the same, less expenses of collection, to the said indebtedness, other secured items and repairs, in person or by agentsuch manner as the Mortgagee may elect; provided however, assumes actual possessionthat until there be a default under the terms of this Mortgage (which is not cured within the applicable curative period prescribed herein), Mortgagor may continue to collect and enjoy said rents, issues, profits, income and accounts receivable giving only an annual accounting to the Note holder for the same. The appointment curing of any default within the period permitted by this Mortgage shall entitle the Mortgagor to again collect said rents, issues, profits, income and accounts receivable. This assignment of rents, issues, profits, income and accounts receivable and power of attorney shall be irrevocable and shall be in addition to the other remedies herein provided for in event of a receiver default and may be put into effect independently of or concurrently with any of said remedies, but no liability shall attach to the Mortgagee for failure or inability to collect any rents, issues, profits, income and accounts receivable herein assigned. Assignment, lien, and power of attorney shall apply to all rents, issues, profits, income, accounts receivable, choses in action and the Property by any court at the request proceeds of Mortgagee same hereafter accruing from present contracts for deed, purchase agreements, option agreements or by agreement with Mortgagor, or the entering into possession of all or any part leases and rentals of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession and any business activity conducted from or otherwise responsible or liable in any manner with respect to on the Property and from all contracts for deed or purchase agreements, option agreements or leases and rentals and any business activity hereafter made or conducted by the use, occupancy, enjoyment or operation of all present or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses future owners of the Property, debt service on the Secured Obligations, and a reasonable reserve any persons entering into contracts for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use purchase or any other purpose not for the direct benefit sale of the PropertyProperty shall take subject to all the provisions and conditions hereof.
Appears in 1 contract
Sources: Loan Agreement (Imaging Diagnostic Systems Inc /Fl/)
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute, to the extent permitted by applicable law, and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Sources: Intercompany Note (Essex Group Inc)
Assignment of Rents. If MortgagorMortgagor does hereby sell, as a lessor, enters into any leases of assign and transfer unto Mortgagee (i) the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party immediate and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default continuing right to receive and the continuation of such Default beyond any applicable cure period, to collect all business, rents, income income, issues and other benefits from the Property profits now due and which may hereafter become due under or from by virtue of any business lease or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether agreement (oral or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (awritten) to enter upon and take possession of the Property for the purpose leasing, subleasing, use or occupancy of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Mortgaged Property now, heretofore or hereafter made or agreed to by Mortgagor, and (ii) all of such leases and agreements, together with all guarantees therefor and any renewals or extensions thereof, for the purpose of securing payment of the Indebtedness Secured Hereby. Mortgagor does hereby irrevocably appoint Mortgagee its true and lawful attorney in its name, place and stead, with or without taking possession of the Mortgaged Property, to rent, lease, sublease, let or sublet all or any portion of the Mortgaged Property to any party or parties at such rental and upon such terms, as it in its discretion may determine, and to collect all of said avails, rents, income, issues and profits arising from or accruing at any time hereafter under each and all of such leases and agreements, with the same rights and powers and subject to the same immunities, exoneration of liability and rights of recourse and indemnity as Mortgagee would have upon taking possession of the Mortgaged Property. Mortgagor represents and agrees that no rent has been or will be paid in advance by any persons in possession of all or any portion of the Mortgaged Property for a period of more than one installment or one month plus a reasonable security deposit and that the payment of none of the rents to accrue for all or any portion of the Mortgaged Property has been or will be waived, released, reduced or discounted, or otherwise discharged or compromised, by Mortgagor. Mortgagor waives any right of setoff against any person in possession of all or any portion of the Mortgaged Property. Mortgagor represents that it has not assigned any of said rents or profits to any third party and agrees that it will not so assign any of said rents or profits without the prior written consent of Mortgagee. Nothing contained herein shall be construed as constituting Mortgagee "a mortgagee in possession" in the absence of the taking of actual possession of the Mortgaged Property by Mortgagee. In the exercise of the powers herein granted Mortgagee, no liability shall be asserted or enforced against Mortgagee, all such liability being expressly waived and released by Mortgagor. Mortgagor further agrees to assign and transfer to Mortgagee all rents from future leases or sublease upon all or any part of the Mortgaged Property and to execute and deliver, immediately upon request of Mortgagee, such further assurances and assignments in the Mortgaged Property as Mortgagee from time to time shall require. Although it is the intention of the parties that this assignment of leases and rents shall be a present assignment, it is expressly understood and agreed that, anything herein contained to the contrary notwithstanding, Mortgagee shall not exercise any of the rights and powers conferred upon it herein unless and until an "Event of Default" (as that term is defined in the Reimbursement Agreement) shall occur and nothing herein contained shall be deemed to affect or impair any rights which Mortgagee may have under the Reimbursement Agreement, the Mortgage or any other document or agreement related hereto or thereto. At any time after an Event of Default occurs, Mortgagee, without in any way waiving such default, may: At Mortgagee's option without notice to Mortgagor and without regard to the adequacy of the security for the Reimbursement Agreement, either in person or by agent, with or without any action or proceeding, or by a receiver appointed by a court of competent jurisdiction pursuant to Minnesota Statutes, Section 559.17, subd. 2, peaceably take possession of the Mortgaged Property and have, hold, manage, lease, sublease and operate the same as a mortgagee in possession; or Mortgagee, without taking possession of the Mortgaged Property, may ▇▇▇ for or otherwise collect and receive all rents, income and profits from the Mortgaged Property to which Mortgagor would otherwise be entitled, including those past due and unpaid with full power to make from time to time all adjustments thereto, as may seem proper to Mortgagee. Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under any leases, sublease or rental agreements relating to the Mortgaged Property, and (d) Mortgagor shall and does hereby agree to apply rentindemnify and hold Mortgagee harmless from and against any and all liability, incomeloss or damage which it may or might incur under any such lease, maintenance sublease or agreement or under or by reason of the assignment of the rents thereof and from and against any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in any of such leases, provided that Mortgagor shall not indemnify and hold harmless Mortgagee from any liability, loss or damage resulting from acts or omissions of the Mortgagee which occur on or after the date Mortgagee takes possession of the Mortgaged Property. Should Mortgagee incur any liability, loss or damage by reason of this assignment of leases and rents, or in the defense of any claim or demand, Mortgagor agrees to reimburse Mortgagee for the amount thereof, including costs, expenses and reasonable attorneys' fees, immediately upon demand. Mortgagee, or such agent or receiver, in the exercise of the rights and other benefitspowers conferred upon it by this assignment of leases and rents shall have the full power to use and apply the avails, after rents, issues, income and profits of the Mortgaged Property to which Mortgagor would otherwise be entitled to the payment of all necessary charges and expenses, or on account of the Secured Obligationsfollowing in the order listed below:
1. Such assignment Reasonable receiver's fees;
2. Application of tenant security deposits as required by Minnesota Statutes, Section 504.20;
3. Payment, when due, of prior or current real estate taxes or special assessments with respect to the Mortgaged Property, or the periodic escrow for the payment of the taxes or special assessments;
4. Payment, when due, of premiums for insurance of the type required by this Mortgage, or the periodic escrow for the payment of the premiums; and
5. All expenses for normal maintenance of the Mortgaged Property. provided, however, that nothing herein shall prohibit the right to reinstate pursuant to Minnesota Statutes, Section 580.30, or the right to redeem granted pursuant to Minnesota Statutes, Sections 580.23 and grant 581.10. Any excess cash remaining after paying the expenses listed in clauses (1.) through (5.) above shall continue be applied to the payment of the Obligation of Reimbursement and shall be deemed to be credited to the amount required to be paid to effect a reinstatement or redemption or, if the period of redemption ends without redemption, such remaining amounts shall be paid to the purchaser at the foreclosure sale, its successors or assigns. Mortgagor does further specifically authorize and instruct each and every present and future lessee, sublessee, tenant or subtenant of the whole or any part of the Mortgaged Property to pay all unpaid rental agreed upon in effect until any lease or sublease to Mortgagee upon receipt of demand from Mortgagee so to pay the Secured Obligations same. Any tenants, subtenants or other occupants of all or any part of the Mortgaged Property are hereby authorized to recognize the claims of Mortgagee hereunder without investigating the reason for any action taken by Mortgagee, or the validity or the amount of indebtedness owing to Mortgagee, or upon the occurrence or existence of any Event of Default, or the application to be made by Mortgagee of any amounts to be paid and performed in full and to Mortgagee. The sole signature of any officer or attorney of Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither be sufficient for the exercise of any rights under this Section 12 assignment of leases and rents and the sole receipt of Mortgagee for any sums received by Mortgagee nor the application of any such rentstenants, income subtenants or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but occupants shall be cumulative of all other rights a full discharge and remediesrelease therefor. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver Checks for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, rentals collected under this assignment of leases and rents shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect drawn to the Property or the use, occupancy, enjoyment or operation exclusive order of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyMortgagee.
Appears in 1 contract
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of the Credit Facilities, the execution an Event of this Mortgage constituting and evidencing the irrevocable consent Default; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights under this Section 12 Event of Default by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(a) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(b) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Mortgagor, is threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for obligations contained in this Section and in the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants hereby assigns to Mortgagee the right (a) to enter upon and take possession all of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rentissues, income, maintenance fees, profits and other benefits, after payment of all necessary charges and expenses, on account of revenues arising from the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Mortgaged Property, unless its interest as lessor in all existing and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession future leases of all or any part of the Property by such receiverMortgaged Property, and its interest as licensor in all existing and future licenses pertaining to the Mortgaged Property. Such assignment shall not be deemed construed as a consent by Mortgagee to make any such lease or license or impose upon Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner obligations with respect thereto. This assignment is absolute and effective immediately; provided, however, that until an Event of Default occurs, Mortgagor may receive the rents, issues, income, profits and revenues arising from the Mortgaged Property, but shall hold the same as a trust fund to be applied to the Property or Obligations as they become due before using the use, occupancy, enjoyment or operation of all or same for any portion of the Propertyother purpose. Mortgagor shall apply not terminate or cancel any such lease or license, nor terminate or accept a surrender or cancellation of any such lease or license, nor reduce the rents rent or fees payable thereunder, nor accept any prepayment of rent or fees (except such amount as may be required by the terms of the relevant lease or license to be prepaid for a period of not more than one month) without first obtaining the written consent of Mortgagee on each occasion, provided, however, that Mortgagor may alter, modify, amend, terminate or cancel any Lease, or accept a surrender of any Lease, or waive any term or condition of any Lease demising floor area not in excess of 20,000 square feet without the prior consent (written or otherwise) of Mortgagee. Mortgagor shall perform all of its obligations as lessor or licensor under such leases and profits licenses. Mortgagor is executing and delivering to Mortgagee, on the date hereof, an Assignment of Rents and Lessor's Interest in Leases and Contract Rights (the "Assignment of Leases") in favor of Mortgagee. If any provision of this Paragraph 3 pertaining to the payment assignment of all necessary and reasonable operating costs and expenses leases or rents conflicts with any of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit provisions of the PropertyAssignment of Leases, then the provisions of the Assignment of Leases shall govern.
Appears in 1 contract
Sources: Loan Agreement (Ebs Building LLC)
Assignment of Rents. If MortgagorThe Mortgagor hereby assigns to the Mortgagee the rents, as a lessorissues, enters into any leases and profits of the PropertyPremises as further security for the payment of said indebtedness, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to the Mortgagee the right (a) to enter upon and to take possession of the Property Premises for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Premises or any part of the Propertythereof, and (d) to apply rentthe rents, income, maintenance fees, issues and other benefitsprofits, after payment of all necessary charges and expenses, on account of the Secured Obligationssaid indebtedness. Such This assignment and grant shall continue in effect until the Secured Obligations are paid Mortgage is paid. The Mortgagee hereby waives the right to enter upon and performed in full to take possession of said Premises for the purpose of collecting said rents, issues, and Mortgagee profits, and the Mortgagor shall have no further obligations in respect be entitled to collect and receive said rents, issues and profits until default under any of the Credit Facilitiescovenants, conditions, or agreements contained in the Mortgage, and ▇▇▇▇▇▇▇▇▇ agrees to use such rents, issues and profits in payment of principal and interest and in payment of taxes, assessments, sewer rents, water rates, and carrying charges against said ▇▇▇▇▇▇▇▇, but such right of the Mortgagor may be revoked by the Mortgagee upon any default, on five (5) days written notice. The Mortgagor will not, without the written consent of the Mortgagee, receive or collect rent from any tenant of said Premises or any part thereof for a period of more than one month in advance, and in the event of any default under the Mortgage will pay monthly in advance to the Mortgagee, or to any receiver appointed to collect said rents, issues and profits, the execution fair and reasonable rental value for the use and occupation of this Mortgage constituting and evidencing said Premises or of such part thereof as may be in the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grantMortgagor, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of and upon default in any such rents, income or other benefits payment will vacate and surrender the possession of said Premises to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage Mortgagee or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyevicted by summary proceedings.
Appears in 1 contract
Sources: Mortgage Note (FNB Rochester Corp)
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and continuation of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits estimated payments of percentage rent, if any). The agreement contained in this Section has been made with reference to the payment of all necessary and reasonable operating costs and expenses section 291-f of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit Real Property Law of the PropertyState of New York.
Appears in 1 contract
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to Trustor hereby assigns all business, rents, income issues, and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession profits of the Property for to the purpose of collecting Beneficiary but the Beneficiary consents to allow the Trustor to collect and retain the rents, income issues, and other benefitsprofits as long as the Trustor is not in default of this Deed of Trust. Upon default, (b) Beneficiary or its agent may collect rents, issues, and profits, including those past due and unpaid and apply the proceeds less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby. Beneficiary may do anything reasonable and necessary to dispossess by give effect to this Assignment of Rents upon the usual summary proceedings default of the Trustor. Unless the Trustor and Beneficiary agree otherwise in writing, any tenant defaulting application of rents, issues, or profits to any indebtedness secured hereby shall not extend or postpone the due date of the payment as provided in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured ObligationsNote. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry The entering upon and taking possession of the Property by Mortgagee pursuant to such grantProperty, whether or not foreclosure has been instituted. Neither the exercise collection of any rights under this Section 12 by Mortgagee nor the application of any such rents, income issues and profits and the application thereof as aforesaid shall not waive or other benefits to the Secured Obligations shall cure or waive any default or notice of default hereunder or invalidate any act done pursuant to this Mortgage or to any such notice. Trustor also hereby assigns to the Beneficiary, but shall be cumulative as further security for the performance of the obligations secured hereby, all other rights and remedies. It is understood and agreed that neither the foregoing assignment of prepaid rents and profits all monies which may have been or may hereafter be deposited with said Trustor by any lessee of the property, to Mortgagee nor secure the exercise by Mortgagee payment of any rent or damages, and upon default in the performance of any of its the provisions hereof, Trustor agrees to deliver such rents and deposits to the Beneficiary. Delivery of written notice of the Beneficiary's exercise of the rights or remedies granted herein to any tenant occupying the premises shall be deemed sufficient to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect require the tenant to pay rent to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and Beneficiary until Mortgagee, in person or by agent, assumes actual possessionfurther notice. The appointment of a receiver Beneficiary shall be accountable only for the Property by any court at rents, revenues and profits collected and not the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion rental value of the Property. Mortgagor No construction of this paragraph shall apply alter the rents occupier liability which shall be the responsibility of Trustor, and profits to Beneficiary shall have none of the payment of all necessary and reasonable operating costs and expenses same unless actually in possession of the Property, debt service on . This assignment is intended to be a present assignment and not contingent upon the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit default of the PropertyTrustor.
Appears in 1 contract
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) Grantor hereby assigns to Grantee the Rents as further security for the payment of and performance of the Obligations, and Grantor grants to Grantee the right to enter upon and take possession of the Secured Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Secured Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Grantee hereby waives the right to enter the Secured Property for the purpose of collecting the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default, such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Grantee upon the execution of this Mortgage constituting occurrence and evidencing during the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise continuance of any rights Event of Default under this Section 12 Deed by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than ten days’ written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Grantee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Grantee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Grantee for the use and occupancy of such part of the Secured Property as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment Grantor and any such affiliate will vacate and surrender the possession of the Secured Property to Grantee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise (subject to the terms of any documentation governing any Permitted Receivables Transaction). Grantor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Grantor has not affirmatively done any act which would prevent Grantee from, or limit Grantee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Amended and Restated Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Grantor, is threatened, which would interfere in any way with the right of Grantor to execute the foregoing assignment and perform all of rents Grantor’s obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If MortgagorGrantor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Beneficiary, the Rents as a lessor, enters into any leases further security for the 274 24 payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Beneficiary and performed in full Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents, letting the Trust Property or any part thereof or applying the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise occurrence of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Assignment of Rents. If MortgagorGrantor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Beneficiary, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Beneficiary and performed in full Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents, letting the Trust Property or any part thereof or applying the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise occurrence of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is 27 26 given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Sources: Deed of Trust (Ev International Inc)
Assignment of Rents. If Mortgagor(a) Mortgagor hereby presently, as a lessorabsolutely and unconditionally assigns to Mortgagee, enters into any leases which assignment shall be effective without Mortgagee having to first take possession of the Property, all of Mortgagor's interests in any and all present and future Occupancy Agreements and Rents, reserving unto Mortgagor the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitledright, upon prior to the occurrence of a any Event of Default and (as defined in the continuation of such Default beyond any applicable cure periodCredit Agreement), to all businesscollect and retain the Rents as they may become due and payable. Upon the occurrence of any Event of Default as defined in the Credit Agreement, rentssuch license reserved to Mortgagor shall be immediately revoked without further demand or notice, income and any Rents, including those past due, unpaid or undetermined, may be collected by Mortgagee or its agent. In addition to any other benefits from actions which may be taken by Mortgagee to collect the Property or from Rents in accordance herewith, Mortgagee may, at any business or other activity conducted thereontime, described by a receiver to be appointed by a court of competent jurisdiction in Sections 1.1accordance with subsection 19(b) below, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rentssaid Property, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Propertythereof, and exercise such rights and remedies as are provided by subsections 19(b) and 19(c) below including, without limitation, suing for or otherwise collecting the Rents (d) to apply rentincluding those past due or unpaid). All Rents collected hereunder, incomeless costs and expenses of operation and collection (including reasonable attorneys' fees), maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account shall be applied towards satisfaction of the Secured Obligations. Such assignment and grant shall continue , in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of such order as is required under the Credit FacilitiesAgreement. The collection of such Rents, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rentsthereof as aforesaid, income or other benefits to the Secured Obligations shall not cure or waive constitute a waiver of any default or notice of default hereunder or invalidate any act done pursuant to this Mortgage or to any such notice, but . Mortgagor and Mortgagee intend that this assignment shall be cumulative a present, absolute and unconditional assignment, not an assignment for additional security only, and shall, immediately upon the execution hereof, subject to the license granted above, give Mortgagee, and its agent, the right to collect the Rents and to apply them as aforesaid. Nothing contained herein, nor any collection of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise Rents by Mortgagee of any of Mortgagee, or its rights agent or remedies a receiver, shall be deemed construed to constitute Mortgagee make Mortgagee: (i) a “"Mortgagee-in-possession” Possession" of the Property so long as Mortgagee has not itself entered into actual possession of the Property; (ii) responsible for performing any of the obligations of the lessor under any Occupancy Agreement; (iii) responsible for any waste committed by lessees or otherwise responsible any other parties, any dangerous or defective condition of the Property, or any negligence in the management, upkeep, repair or control of the Property; or (iv) liable in any manner with respect to for the Property or the use, occupancy, enjoyment or operation of all or any portion part of it (provided that this clause (iv) shall not act to relieve Mortgagee from liability resulting from the Property, unless and until gross negligence or willful misconduct of Mortgagee, in person ).
(b) Mortgagor hereby represents that there are no assignments or by agent, assumes actual possession. The appointment pledges of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagorleases of, or rentals or income from, said Property now in effect and covenants that, until Credit Facility Termination (as defined in the entering into possession of all Credit Agreement), it will not make any such assignment or any part of the Property by such receiver, shall not be deemed pledge to make Mortgagee a anyone other than Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 1 contract
Sources: Open End Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (MTR Gaming Group Inc)
Assignment of Rents. If All of Mortgagor’s right, title and interest in and to the Rents are hereby absolutely and irrevocably assigned to Mortgagee to be applied against the Mortgage Obligations. Mortgagor hereby appoints Mortgagee its true and lawful attorney-in-fact, with the right, at Mortgagee’s option at any time after the occurrence and during the continuance of an Event of Default, to demand, receive and enforce payment of, to give receipts, releases and satisfactions for, and to ▇▇▇, either in Mortgagor’s or Mortgagee’s name for, all Rents. Notwithstanding the foregoing Assignment of Rents, so long as no Event of Default has occurred which remains uncured, Mortgagor may administer the Leases and collect, receive, take, use and enjoy such Rents, as a lessorthey become due and payable but not more than one month in advance thereof, enters into except for real estate taxes and other operating expenses estimated and collected from tenants in advance in accordance with the Leases and any leases of the Property, the assignment contained under Section 1.5 and all security deposits. The foregoing Assignment shall be fully operative without any further action on the part of either party party; and specifically at any time before or after foreclosure Mortgagee shall be entitledentitled at its option, upon the occurrence of a an Event of Default hereunder and the continuation for so long as such Event of such Default beyond any applicable cure periodis continuing, to collect all business, rents, income and other benefits Rents from the Mortgaged Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of the Mortgaged Property. In such property. case, Mortgagor further grants to Mortgagee the right (a) to enter upon hereby authorizes and take possession directs all lessees of the Mortgaged Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents deliver all Rents to Mortgagee, (c) to let all or any part . Upon the occurrence and during the continuance of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment an Event of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit FacilitiesDefault hereunder, the execution of this Mortgage constituting and evidencing the irrevocable consent of permission hereby given to Mortgagor to collect the entry upon and taking possession of Rents from the Mortgaged Property shall terminate. The permission given by Mortgagee pursuant to Mortgagor shall be reinstated without further action of either party upon the discontinuance of such grantEvent of Default as confirmed by Mortgagee, whether which confirmation shall be promptly given in writing by Mortgagee following such discontinuance. This Assignment shall not be deemed or not foreclosure has been institutedconstrued to constitute Mortgagee as a mortgagee in possession nor obligate Mortgagee to take any action or to incur expense or perform or discharge any obligation, duty or liability. Neither the exercise Exercise of any rights under this Section 12 by Mortgagee nor 4.1 and the application of any such rents, income or other benefits the Rents to the Secured Mortgage Obligations shall not cure or waive any default or notice Event of default or invalidate any act done pursuant to this Mortgage or to any such notice, Default but shall be cumulative of all other rights and remediesremedies of Mortgagee. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed required to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in give any manner with respect to credit against the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements Mortgage Obligations for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit Assignment of the PropertyRents until Rents are actually paid to Mortgagee.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Gramercy Property Trust Inc.)
Assignment of Rents. If Mortgagor(a) Trustor hereby absolutely assigns and transfers to Beneficiary (i) all the right, as title and interest of Trustor in and to all existing and future lease agreements, occupancy agreements and use agreements relating to the Trust Property or any part thereof (whether written or oral and whether for a lessordefinite term or month to month) (collectively "Leases"), enters into (ii) all right and power of Trustor to amend, cancel or terminate any leases Leases and (iii) all Trustor's income, rents, royalties, revenues, issues, profits, fees, and other proceeds (including, without limitation, room sales) from the Trust Property (collectively "Rents"). Rents, for purposes of this Deed of Trust, shall not include Purchaser Notes arising from the sale of Lots to the extent that such Lots have been released from the lien of this Deed of Trust. This assignment shall extend to and cover any and all extensions and renewals of Leases and to all security for the obligations of the Propertylessees or occupants thereunder and any and all guaranties or indemnities of or similar arrangements with respect to any such obligations. This assignment is given to facilitate Performance of the Obligations. In pursuance of this assignment, and not in lieu hereof, Trustor will, to the extent this assignment does not extend to future Leases and otherwise when requested by Beneficiary, execute and deliver to Beneficiary separate assignments of the Leases, the assignment contained terms of such assignments being incorporated herein by reference.
(b) Trustor hereby authorizes and directs the lessees and tenants of the Trust Property that upon written notice from Beneficiary, all payments required under Section 1.5 the Leases, or in any way respecting same, including payments past due, shall be fully operative without made directly to the Beneficiary as they become due. Trustor hereby relieves such lessees and tenants from any further action on the part liability to Trustor by reason of either party such payments being made to Beneficiary. Nevertheless, until Beneficiary notifies in writing Trustor or such lessees and specifically at any time before or after foreclosure Mortgagee tenants that such payments are to be made to Beneficiary, Trustor shall be entitled, entitled to collect all Rents. Beneficiary is hereby authorized to give such notification upon the occurrence of a an Event of Default and the continuation at any time thereafter while such Event of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, is continuing.
(c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property All Rents collected by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but Trustor shall be cumulative of all other rights and remedies. It is understood and agreed that neither applied in the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the usefollowing manner: FIRST, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary taxes and reasonable lien assessments levied and due and payable against the Trust Property, where provision for paying such is not otherwise made to the satisfaction of Beneficiary; SECOND, to the payment of ground rents (if any) due and payable with respect to the Trust Property; THIRD, to the payment of the Obligations due and owing to Beneficiary; FOURTH, to the payment of current operating costs and expenses (including repairs, maintenance and necessary acquisitions of property and expenditures for capital improvements) arising in connection with the Trust Property; and FIFTH, to Trustor or its designee. All Rents collected by Beneficiary may be applied to the items above listed in any manner that Beneficiary deems advisable and without regard to the aforestated priorities. Receipt by Beneficiary of the PropertyRents shall not constitute a waiver of any right that Beneficiary may enjoy under this Deed of Trust or under applicable law; nor shall the receipt and application thereof cure any default hereunder, debt service or invalidate or affect any act done in connection with such default, including without limitation, any foreclosure proceeding or any foreclosure sale authorized by this Deed of Trust and applicable law. Beneficiary does not assume any obligation of the lessor under any of the Leases, and no liability shall attach to Beneficiary for failure or inability to collect any Rents. Trustor will (i) timely fulfill or perform each and every term, covenant and provision of each Lease to be fulfilled or performed by the lessor thereunder; (ii) give prompt notice to Beneficiary of each notice under the Leases received by Trustor, together with a complete copy of such notice; and (iii) enforce, short of termination thereof, the Performance of each and every term, covenant and provision of each Lease. Trustor, without first obtaining the prior written consent of Beneficiary, will not: accept Rent payments for more than one month in advance; cancel, modify, renew, accept the surrender of, or consent to the subordination of, any Lease; or in any way release or impair Beneficiary's right to proceed against (A) any security for the payment and performance of the obligations of the lessees under the Leases or of any guarantors or sureties of any such obligations, or (B) any person primarily or secondarily liable for the payment and performance of such obligations.
(d) This assignment is not a delegation of Trustor's duties under the Leases and does not operate to make Beneficiary a mortgagee in possession or place upon Beneficiary responsibility for the control, care, management or repair of the Trust Property or for the performance of any of the terms and conditions of any of the assigned Leases nor does this assignment operate to make Beneficiary responsible or liable for (i) any waste committed on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for Trust Property by the Property, before using the rents and profits for Mortgagor’s personal use tenants or any other purpose not for the direct benefit person, (ii) any dangerous or defective condition of the PropertyTrust Property or (iii) any negligence in the management, upkeep, repair or control of the Trust Property resulting in loss, injury or death to any tenant, invitee, licensee, employee or stranger. Without limiting the generality of any other provision of this Deed of Trust, TRUSTOR SHALL AND DOES HEREBY AGREE TO INDEMNIFY AND TO HOLD BENEFICIARY HARMLESS from and against any and all liability, loss or damage which may or might be incurred by reason of this assignment unless caused by Beneficiary's gross negligence or willful misconduct. Should Beneficiary incur any liability by reason of this assignment or in defense of any claim or demand for loss or damage as provided above, the amount thereof and all related costs and expenses, including, without limitation, attorneys' fees, together with interest thereon at the Overdue Rate from the date paid by Beneficiary until repaid by Trustor, shall be secured hereby and Trustor shall reimburse Beneficiary therefor immediately upon demand.
(e) Trustor represents and warrants that: (i) Trustor is the owner of the landlord's interest in the Leases, if any, with full power and authority to assign the same together with the Rents; (ii) there are no outstanding assignments or pledges of the Leases or Rents; (iii) Trustor has not anticipated the payment of any Rents for more than one (1) month in advance; and (iv) there are no defaults now existing under any of the Leases and there exists no state of facts which, with the giving of notice or lapse of time or both, would constitute a default under any of the Leases.
Appears in 1 contract
Sources: Note (Mego Financial Corp)
Assignment of Rents. If MortgagorSubject to Permitted Liens, Grantor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Beneficiary, the Rents as a lessor, enters into any leases further security for the payment and performance of the PropertyNote Obligations, and Grantor grants to Beneficiary the assignment contained under Section 1.5 shall be fully operative without any further action on right, after the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodFirst Deed Lien Termination Date, to all business, rents, income and other benefits from enter the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Note Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Note Obligations are paid and performed in full full, but Beneficiary and Mortgagee Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents and Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents except during any period when a Notice of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure Actionable Event has been instituted. Neither given and remains outstanding; such right of Grantor to collect, receive, use and retain the exercise Rents may be revoked by Beneficiary upon the occurrence and during any period when a Notice of any rights under this Section 12 Actionable Event has been given and remains outstanding; by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall, after the First Deed Lien Termination Date, pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and, after the Property or First Deed Lien Termination Date, surrender the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Assignment of Rents. If MortgagorThe assignment of rents, as a lessor, enters into any leases income and other benefits contained in Section (G) of the Property, the assignment contained under Section 1.5 Granting Clauses of this Mortgage shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee party, and, specifically, Lender shall be entitled, at its option, upon the occurrence of a an Event of Default and the continuation of such Default beyond any applicable cure periodhereunder, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereonMortgaged Property, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee Lender takes possession of such property. Mortgagor hereby further grants to Mortgagee Lender the right effective upon the occurrence of an Event of Default to do any or all of the following, at Lender’s option: (ai) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income and other benefits, ; (bii) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents thereof to Mortgagee, Lender; (ciii) to let all lease the Mortgaged Property or any part of thereof; (iv) repair, restore and improve the Mortgaged Property, ; and (dv) to apply rentthe rents, income, maintenance fees, income and other benefits, after payment of all necessary charges certain expenses and expensescapital expenditures relating to the Mortgaged Property, on account of the Secured ObligationsMortgagor’s Liabilities in such order and manner as Lender may elect. Such assignment and grant shall continue in effect until the Secured Obligations Mortgagor’s Liabilities are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesfull, the execution of this Mortgage constituting and evidencing the irrevocable consent of LaSalle Bank National Association April 20, 2005 Page 13 Mortgagor to the entry upon and taking possession of the Mortgaged Property by Mortgagee Lender pursuant to such grant, whether or not foreclosure has proceedings have been instituted. Neither the exercise of any rights under this Section 12 section by Mortgagee Lender nor the application of any such rents, income or other benefits to the Secured Obligations payment of Mortgagor’s Liabilities shall cure or waive any default Event of Default or notice of default provided for hereunder, or invalidate any act done pursuant to this Mortgage hereto or pursuant to any such notice, but shall be cumulative of all other rights and remedies. It Notwithstanding the foregoing, so long as no Event of Default has occurred or is understood continuing, Mortgagor shall have the right and agreed that neither authority to continue to collect the foregoing rents, income and other benefits from the Mortgaged Property as they become due and payable but not more than thirty (30) days prior to the due date thereof. The existence or exercise of such right of Mortgagor to collect said rents, income and other benefits shall not operate to subordinate this assignment to any subsequent assignment of rents said rents, income or other benefits, in whole or in part, by Mortgagor, and profits to Mortgagee nor the exercise any such subsequent assignment by Mortgagee of any of its rights or remedies Mortgagor shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect subject to the Property or the use, occupancy, enjoyment or operation rights of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLender hereunder.
Appears in 1 contract
Sources: Credit Agreement (Quixote Corp)
Assignment of Rents. If MortgagorThe Mortgagor hereby assigns to the Mortgagee the rents, issues and profits arising out of or from the Premises as a lessorfurther security for the obligations, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to the Mortgagee the right (a) to enter upon and to take possession of the Property Premises for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Premises or any part of the Propertythereof, and (d) to apply rentthe rents, income, maintenance fees, issues and other benefitsprofits, after payment of all necessary charges and expenses, on account of the Secured Obligationssaid indebtedness. Such This assignment and grant shall continue in effect until the Secured Obligations are this Mortgage is paid and performed in full and discharged of record. The Mortgagee shall have no further obligations in respect of hereby waives the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor right to the entry enter upon and taking to take possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither Premises for the exercise purpose of any rights under this Section 12 by Mortgagee nor the application of any such collecting said rents, income or other benefits issues and profits, and the Mortgagor shall be entitled to collect, receive, retain and use said rents, issues and profits until the Secured Obligations shall cure or waive any default or notice occurrence of an event of default or invalidate any act done pursuant to under this Mortgage or to any such noticethe Loan Documents, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion such right of the PropertyMortgagor may be revoked by the Mortgagee upon the occurrence of an event of default on five (5) days written notice. The Mortgagor shall not, unless and until without the written consent of the Mortgagee, in person receive or by agent, assumes actual possession. The appointment collect rent from any tenant of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all Premises or any part thereof for a period of more than one month in advance, and in the event of the Property by occurrence of an event of default under this Mortgage or the Loan Documents, the Mortgagor shall pay monthly in advance to the Mortgagee or to any receiver appointed to collect said rents, issues and profits, the fair and reasonable rental value for the use and occupation of the Premises or of such part thereof as may be in the possession of the Mortgagor, and upon default in any such payment the Mortgagor shall vacate and surrender the possession of the Premises to the Mortgagee or to such receiver, shall . If the Mortgagor does not so vacate and surrender the Premises then the Mortgagor may be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyevicted by summary proceedings.
Appears in 1 contract
Assignment of Rents. If Mortgagor, (a) Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuance of the Credit Facilitiesan Event of Default, the execution of this Mortgage constituting and evidencing the irrevocable consent such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than 10 days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise (subject to the terms of any documentation governing any Permitted Receivables Transaction). Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Mortgagor, is threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for obligations contained in this Section and in the direct benefit of the PropertyLeases.
Appears in 1 contract
Sources: Credit Agreement (Hertz Corp)
Assignment of Rents. If Mortgagor(a) The assignment of rents, as a lessor, enters into any leases income and other benefits contained in Section (G) of the Property, the assignment contained under Section 1.5 Granting Clauses of this Mortgage shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee party, and, specifically, Lender shall be entitled, at its option, upon the occurrence of a an Event of Default and the continuation of such Default beyond any applicable cure periodhereunder, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereonMortgaged Property, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee Lender takes possession of such property. Mortgagor hereby further grants to Mortgagee Lender the right effective upon the occurrence of an Event of Default to do any or all of the following, at Lender’s option: (ai) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income and other benefits, ; (bii) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents thereof to Mortgagee, Lender; (ciii) to let all lease the Mortgaged Property or any part of thereof; (iv) repair, restore and improve the Mortgaged Property, ; and (dv) to apply rentthe rents, income, maintenance fees, income and other benefits, after payment of all necessary charges certain expenses and expensescapital expenditures relating to the Mortgaged Property, on account of the Secured ObligationsMortgagor’s Liabilities in such order and manner as Lender may elect. Such assignment and grant shall continue in effect until the Secured Obligations Mortgagor’s Liabilities are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesfull, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Mortgaged Property by Mortgagee Lender pursuant to such grant, whether or not foreclosure has proceedings have been instituted. Neither the exercise of any rights under this Section 12 section by Mortgagee Lender nor the application of any such rents, income or other benefits to the Secured Obligations payment of Mortgagor’s Liabilities shall cure or waive any default Event of Default or notice of default provided for hereunder, or invalidate any act done pursuant to this Mortgage hereto or pursuant to any such notice, but shall be cumulative of all other rights and remedies. It Notwithstanding the foregoing, so long as no Event of Default has occurred or is understood continuing, Mortgagor shall have the right and agreed that neither authority to continue to collect the foregoing rents, income and other benefits from the Mortgaged Property as they become due and payable but not more than thirty (30) days prior to the due date thereof. The existence or exercise of such right of Mortgagor to collect said rents, income and other benefits shall not operate to subordinate this assignment to any subsequent assignment of rents said rents, income or other benefits, in whole or in part, by Mortgagor, and profits to Mortgagee nor the exercise any such subsequent assignment by Mortgagee of any of its rights or remedies Mortgagor shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect subject to the rights of Lender hereunder.
(b) Mortgagor shall not permit any rent under any lease of the Mortgaged Property to be collected more than thirty (30) days in advance of the due date thereof and, upon any receiver, Lender, anyone claiming by, through or the use, occupancy, enjoyment or operation of all under Lender or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of purchaser at a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering foreclosure sale coming into possession of all or the Mortgaged Property, no tenant shall be given credit for any part rent paid more than thirty (30) days in advance of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertydue date thereof. Mortgagor shall apply act promptly to enforce all available remedies against any delinquent lessee so as to protect the rents and profits to the payment of all necessary and reasonable operating costs and expenses interest of the Property, debt service on lessor under the Secured Obligations, leases and a reasonable reserve for futures expenses, repairs and replacements for to preserve the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit value of the Mortgaged Property.
Appears in 1 contract
Sources: Credit Agreement (Quixote Corp)
Assignment of Rents. If MortgagorMortgagor hereby absolutely, as a lessorpresently and unconditionally assign and transfers to Mortgagee all the income, enters into any leases rents, royalties, revenue, issues, profits, and proceeds of the Mortgaged Property, whether now due, past due or to become due, and hereby gives to and confers upon Mortgagee the assignment contained under Section 1.5 shall be fully operative without any further action on right, power and authority to collect such income, rents, royalties, revenue, issues, profits and proceeds. Subject to the part terms of either party the Loan Documents, ▇▇▇▇▇▇▇▇▇ irrevocably appoint Mortgagee their true and specifically lawful attorney effective upon the occurrence and continuance of an Event of Default hereunder at the option of Mortgagee at any time before or after foreclosure Mortgagee shall be entitledto demand, upon the occurrence of a Default receive, and the continuation of such Default beyond any applicable cure periodenforce payment, to give receipts, releases, and satisfactions and to sue, either in the name of either of Mortgagor or in the name of Mortgagee, for all businesssuch income, rents, income royalties, revenue, issues, profits and other benefits from proceeds and apply the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants same to Mortgagee the right (a) to enter upon and take possession repayment of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remediesindebtedness secured hereby. It is understood and agreed that neither the foregoing assignment of rents income, rents, royalties, revenue, issues, profits and profits proceeds to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall not be deemed to constitute make Mortgagee a “Mortgageemortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertythereof, unless and until Mortgagee, in person or by agent, assumes actual possession. The possession thereof, nor shall appointment of a receiver for the Mortgaged Property by any court at the request of Mortgagee or by agreement with Mortgagor, Mortgagor or the entering into possession of all the Mortgaged Property or any part of the Property thereof by such receiver, shall not receiver be deemed to make Mortgagee a Mortgagee“mortgagee-in-possession inpossession” or otherwise responsible or liable in any manner with respect to the Mortgaged Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertythereof.
Appears in 1 contract
Assignment of Rents. If MortgagorTrustor unconditionally and absolutely assigns to Beneficiary all of Trustor's right, as a lessortitle and interest in and to: all leases, enters into any leases subleases, occupancy agreements, licenses, rental contracts and other similar agreements now or hereafter existing relating to the use or occupancy of the Mortgaged Property, together with all guarantees, modifications, extensions and renewals thereof (the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party "Leases"); and specifically at any time before or after foreclosure Mortgagee shall be entitledall rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodissues, to all business, rentsprofits, income and proceeds due or to become due from tenants of the Mortgaged Property, including rentals and all other benefits from payments of any kind under any leases now existing or hereafter entered into, together with all deposits (including security deposits) of tenants thereunder ("Rents") effective to create a present security interest in existing Leases and Rents under California Civil Code Section 2938. Subject to the Property or from provisions herein below, Beneficiary shall have the right, power and authority to: notify any business or person that the Leases have been assigned to Beneficiary and that all Rents and other activity conducted thereonobligations are to be paid directly to Beneficiary, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes Beneficiary has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Mortgaged Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any Rents or other obligations under the Leases; enforce payment of Rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Mortgagee the right (a) to Rents and Leases; enter upon and upon, take possession of and operate the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let Mortgaged Property; lease all or any part of the Mortgaged Property; perform any and all obligations of Trustor under the Leases and exercise any and all rights of Trustor therein contained to the full extent of Trustor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver; or while any Event of Default exists, exercise any or all remedies provided in Article 3 hereof, including the right to have a receiver appointed and any other rights and remedies under California Civil Code Section 2938; provided, however, that this assignment shall not impose upon Beneficiary any duty to produce Rents, nor shall it cause Beneficiary to be (i) a "mortgagee in possession" for any purpose; (ii) responsible for performing any obligations of the lessor, licensor or other counterparty under any Lease; or (iii) be responsible for waste committed by lessees or any other parties, for any dangerous or defective condition in the Mortgaged Property, and (d) to apply rentor for any negligence in the management, incomeupkeep, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account repair or control of the Secured ObligationsMortgaged Property. Such assignment and grant At Beneficiary's request, Trustor shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution deliver a copy of this Mortgage constituting and evidencing the irrevocable Deed of Trust to each tenant under a Lease. Trustor irrevocably directs any tenant, without any requirement for notice to or consent by Trustor, to comply with all demands of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights Beneficiary under this Section 12 by Mortgagee nor 2.4 and to turn over to Beneficiary on demand all Rents which it owes under a Lease. Beneficiary shall have the application right, but not the obligation, to use and apply all Rents received hereunder in such order and such manner as Beneficiary may determine in accordance with the Indenture. Notwithstanding the foregoing, Trustor is entitled to collect and receive the Rents and to retain, use and enjoy such Rents until such time as the Beneficiary provides notice to the contrary upon the occurrence of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice Event of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until MortgageeDefault, in person which case Trustor shall immediately, without any further act or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any on part of the Property by such receiverBeneficiary, shall not be deemed turn over to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of Beneficiary all or any portion of the PropertyRents which it receives. Mortgagor Trustor shall apply the rents and profits any Rents which it receives to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on due under the Secured Obligations, taxes, assessments, water charges, sewer rents and a reasonable reserve for futures expensesother governmental charges levied, repairs and replacements for assessed or imposed against the Mortgaged Property, insurance premiums, and other obligations of lessor under the Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 1 contract
Sources: Indenture (Ormat Technologies, Inc.)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases The assignment of Leases and Rents contained in the Property, the assignment contained under Section 1.5 Granting Clauses of this Mortgage shall be (i) fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, at its option, upon the occurrence of a Default and the continuation an Event of such Default beyond any applicable cure periodDefault, to all business, rents, income and other benefits Rents from the Property or from any business or other activity conducted thereon, property described in Sections 1.1, 1.2, 1.3 and 1.4 the Granting Clauses (except with respect to the Unassigned Rights of the ▇▇▇) hereof whether or not Mortgagee takes possession of such propertyproperty and (ii) upon the occurrence of an Event of Default, an irrevocable direction to and full authority to each lessee and sublessee under any Leases to pay all Rents to Mortgagee, without proof of the default relied upon and an automatic revocation of the permission hereby granted to Borrower to collect and use the Rents and any Rents collected by Borrower shall be held in trust for Mortgagee, and Borrower shall be a trustee with respect to all Rents received and shall hold these Rents for the account of Mortgagee, to be applied toward the Obligations. Mortgagor Borrower hereby irrevocably authorizes each lessee, sublessee, guarantor, person and entity to rely upon and comply with any notice or demand by Mortgagee for the payment to Mortgagee, of any Rents due or to become due. Borrower hereby further grants to Mortgagee the right upon the occurrence and during the continuance of any Event of Default (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income and other benefitssaid Rents, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents thereof to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefitssaid Rents, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations secured hereby are indefeasibly paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilitiesfull, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor Borrower to the entry upon and taking possession of the Mortgaged Property by Mortgagee pursuant to such grant, whether or not foreclosure has been institutedinstituted upon the occurrence and during the continuance of any Event of Default. Neither the exercise of any rights under this Section 12 Paragraph by Mortgagee nor the application of any such rentsRents, income or other benefits to the Secured Obligations secured hereby, shall cure or waive any default or notice of default Event of Default hereunder or invalidate any act done pursuant to this Mortgage hereto or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 1 contract
Assignment of Rents. If MortgagorTo further secure the indebtedness secured hereby, as a lessorGrantor does hereby assign, enters into transfer and set over unto Grantee all the rents, issues and profits now due or which may hereafter become due under or by virtue of any leases lease, whether written or oral, or any letting of, or of any agreement for use or occupancy of the PropertyMortgaged Property of any part thereof, the assignment contained under Section 1.5 shall which may have been heretofore or may be fully operative without hereafter made or agreed to, together with any further action on the part of either party and specifically renewals or extensions thereof which may exist at any time before or after foreclosure Mortgagee shall be entitledtimes in the future, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession recorded, it being the intention hereby to establish an absolute transfer and assignment of all of such propertyleases and agreements and all rents, issues and profits arising therefor. Mortgagor further grants to Mortgagee the right (a) Grantor hereby irrevocably appoints Grantee its attorney-in-fact, coupled with an interest and authorizes Grantee, at its option to enter upon the Mortgaged Property, collect and receive any and all such rents, the issues and profits therefrom, take possession of the Mortgaged Property, operate and manage the same, make repairs and alterations and do all things that Grantor might to with respect to the Mortgaged Property, including without limitation, the same rights and powers, and subject to the immunities, exoneration of liability and rights of recourse and indemnity as are available to Grantor. Grantor shall not, without the prior written consent of Grantee, receive or collect rent from any tenant or person in possession of the whole or any part of the Mortgaged Property more then thirty (30) days prior to the due date or accrual thereof (except for security deposits collected in the purpose ordinary course of collecting Grantor’s business), shall not modify any leases, or waive, release, reduce, discount or otherwise discharge or compromise any of said rents, or accept or consent to a surrender, cancellation, default or termination of any of said leases. Grantor shall not assign or pledge any of the rents, issues and profits of the Mortgaged Property. For so long as there is no Event of Default (as such term is hereinafter defined), Grantor may receive, collect and enjoy the rents, income and other benefitsprofits from the Mortgaged Property, (b) to dispossess by the usual summary proceedings any tenant defaulting in but as a trust fund for the payment of rents the mortgage debt before using the same for any other purpose. At any time after the happening of an Event of Default, Grantee or its agents shall have the right to Mortgageeenter into and upon the Mortgaged Property, (c) and take possession thereof, and collect the rents, issues and profits therefrom, and to let all apply the same, after payment of reasonable collection, management and attorneys’ fees, in reduction of the mortgage debt in such manner or proportion as Grantee may determine, in its sole discretion. Nothing contained in this Article, and no exercise by Grantee of its rights hereunder, shall constitute or be deemed to constitute Grantee as a mortgagee in possession in the absence of an actual entry into and taking possession of the whole or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Mortgaged Property.
Appears in 1 contract
Sources: Ground Lease Agreement
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases 6. To the extent permitted under the terms of the PropertyTrust Lease, Grantor hereby assigns to Beneficiary the assignment contained under Section 1.5 shall be fully operative without any Rents as further action on security for the part payment of either party and specifically at any time before or after foreclosure Mortgagee shall be entitledperformance of the Obligations, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Beneficiary hereby waives the right to enter the Trust Property for the purpose of collecting the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting occurrence and evidencing during the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise continuance of any rights under this Section 12 Event of Default by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five (5) days’ written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of such part of the Trust Property as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment Grantor and any such affiliate will vacate and surrender the possession of the Trust Property to Beneficiary or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(i) Except to the extent expressly permitted under the terms of the Credit Agreement, Grantor has not affirmatively done any act which would prevent Beneficiary from, or limit Beneficiary in, acting under any of the provisions of the foregoing assignment.
(ii) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Grantor, is threatened, which would interfere in any way with the right of Grantor to execute the foregoing assignment and perform all of rents Grantor’s obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 1 contract
Sources: Credit Agreement (Dave & Buster's Entertainment, Inc.)
Assignment of Rents. If MortgagorAll Rents are hereby assigned to Lender to be applied against the Loan Obligations secured by this Mortgage in such order as Lender may elect; provided, as however, that a lessor, enters into revocable license is hereby given to Mortgagor (subject to the requirement that Lender approve any lease other than leases with residents of the PropertyImprovements), unless and until the breach of any covenant or condition of this Mortgage which is not cured within any applicable cure period or the occurrence of any Event of Default, to collect and use such Rents as they become due and payable, but not in advance thereof. This Mortgage constitutes an absolute and present assignment contained under Section 1.5 of the Rents, subject, however, to the conditional and revocable license given to Mortgagor to collect and use the same as provided hereinabove. The foregoing assignment shall be fully operative without any further action on the part of either party party, and specifically at any time before or after foreclosure Mortgagee specifically, Lender shall be entitled, at its option upon the breach of any covenant or condition of this Mortgage which is not cured within any applicable cure period or the occurrence of a any Event of Default and the continuation of such Default beyond any applicable cure periodhereunder, to collect all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 such Rents whether or not Mortgagee Lender takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment . Exercise by Lender of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any its rights under this Section 12 by Mortgagee nor Section, and the application of any such rents, income or other benefits Rents to the Secured such Loan Obligations shall not cure or waive any default Event of Default or notice of default Event of Default hereunder or invalidate any act done pursuant to this Mortgage hereto or to any such notice, but shall be cumulative of all other rights and remedies. It is understood Mortgagor shall not, without the prior written consent of Lender, further assign the Rents that are assigned to Lender herein, and agreed any such assignment without the express written consent of Lender shall be void as against Lender (except that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies Accounts shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect permitted to the Property or extent provided in the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLoan Agreement).
Appears in 1 contract
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part thereof, (subject to the rights of tenants under the Property, Leases) and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations secured hereby are paid and performed in full and the Commitments no longer remain outstanding, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuation of the Credit Facilities, the execution an Event of this Mortgage constituting and evidencing the irrevocable consent Default; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights under this Section 12 Event of Default by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than ten (10) days’ written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of such part of the Mortgaged Property as may be in the possession of Mortgagor or any affiliate of Mortgagor, and upon default in any such payment Mortgagor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remediesestimated payments of percentage rent, if any). It • Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment. • Except for any matter disclosed in the Credit Agreement, no action has been brought or, to Mortgagor’s knowledge, is understood and agreed that neither threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for obligations contained in this Section and in the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If MortgagorBorrower does hereby assign and set over unto the Lender as additional security for the indebtedness and other items herein secured, as a lessorall rents, enters into any leases of the Propertyissues, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rentsprofits, income and other benefits from accounts receivable generated through the Property use by Borrower or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession others of all or any part of the Property Mortgaged Property, including any such rents, issues, profits, income and accounts receivable of any business activity conducted by such receiverBorrower on or through the use of the Mortgaged Property, shall not be deemed to make Mortgagee a Mortgageeas well as the proceeds of all the foregoing. Borrower does hereby appoint the Lender its attorney-in-possession fact to collect said rents, issues, profits, income and accounts receivable with or otherwise responsible or liable in any manner with respect without suit and apply the same, less expenses of collection, to the said indebtedness, other secured items and repairs, in such manner as the Lender may elect; provided, however, that until there be a default under the terms of this Mortgage (which is not cured within the applicable curative period prescribed herein), Borrower may continue to collect and enjoy said rents, issues, profits, income and accounts receivable giving only an annual accounting to the Note holder for the same. The curing of any default within the period permitted by this Mortgage shall entitle the Borrower to again collect said rents, issues, profits, income and accounts receivable. This assignment of rents, issues, profits, income, and accounts receivable and power of attorney shall be irrevocable and shall be in addition to the other remedies herein provided for in event of default and may be put into effect independently of or concurrently with any of said remedies, but no liability shall attach to the Lender for failure or inability to collect any rents, issues, profits, income and accounts receivable herein assigned. Assignment, lien, and power of attorney shall apply to all rents, issues, profits, income, accounts receivable choses in action and the proceeds of same hereafter accruing from present contracts for deed, purchase agreements, option agreements or leases and rentals of the Mortgaged Property and any business activity conducted from or on the useMortgaged Property and from all contracts for deed or purchase agreements, occupancy, enjoyment option agreements or operation of all leases and rentals and any business activity hereafter made or conducted by the present or any portion future owners of the Mortgaged Property. Mortgagor shall apply the rents , and profits to the payment of all necessary and reasonable operating costs and expenses any persons entering into contracts for purchase or sale of the Property, debt service on Mortgaged Property shall take subject to all the Secured Obligations, provisions and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyconditions hereof.
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Assignment of Rents. If MortgagorBorrower does hereby assign and set over unto the Lender as additional security for the indebtedness and other items herein secured, as a lessorall rents, enters into any leases of the Propertyissues, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rentsprofits, income and other benefits from accounts receivable generated through the Property use by Borrower or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession others of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of including any such rents, issues, profits, income and accounts receivable of any business activity conducted by Borrower on or other benefits to through the Secured Obligations shall cure or waive any default or notice use of default or invalidate any act done pursuant to this Mortgage or to any such noticethe Property, but shall be cumulative as well as the proceeds of all other rights and remediesof the foregoing. It is understood and agreed that neither Borrower does hereby appoint the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of Lender its rights or remedies shall be deemed to constitute Mortgagee a “Mortgageeattorney-in-possession” fact to collect said rents, issues, profits, income and accounts receivable with or otherwise responsible without suit and apply the same, less expenses of collection, to the said indebtedness, other secured items and repairs, in such manner as the Lender may elect; provided, however, that until there be a default under the terms of this Mortgage (which is not cured within the applicable curative period prescribed herein), Borrower may continue to collect and enjoy said rents, issues, profits, income and accounts receivable giving only an annual accounting to the holder of the Note for the same. The curing of any default within the period permitted by this Mortgage shall entitle the Borrower to again collect said rents, issues, profits, income and accounts receivable. This assignment of rents, issues, profits, income, and accounts receivable and power of attorney shall be irrevocable and shall be in addition to the other remedies herein provided for in event of default and may be put into effect independently of or liable concurrently with any of said remedies, but no liability shall attach to the Lender for failure or inability to collect any rents, issues, profits, income and accounts receivable herein assigned. Assignment, lien, and power of attorney shall apply to all rents, issues, profits, income, accounts receivable chooses in action and the proceeds of same hereafter accruing from present contracts for deed, purchase agreements, option agreements or leases and rentals of the Property and any manner business activity conducted from or on the Property and from all contracts for deed or purchase agreements, option agreements or leases and rentals and any business activity hereafter made or conducted by the present or any future owners of the Property, with respect to the Property or the use, occupancy, enjoyment or operation of all or Property; and any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the persons entering into possession of all contracts for purchase or any part sale of the Property by such receiver, shall not be deemed take subject to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to all the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents provisions and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyconditions hereof.
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Assignment of Rents. If Mortgagor(a) In furtherance of and in addition to the assignment made by Mortgagor herein, Mortgagor hereby absolutely and unconditionally assigns, sells, transfers, and conveys to Mortgagee 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 as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants grantS to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of New Haven County, CT collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Mortgage; such right of Mortgagor to collect, receive, use and retain the Rents may be revoked by Mortgagee upon the occurrence of any Event of Default under this Mortgage by giving not less than five days’ written notice of such revocation to Mortgagor. In the event such notice is given, Mortgagor shall have no further obligations in respect pay over to Mortgagee, or to any receiver appointed to collect deposits and estimated payments of the Credit Facilitiespercentage rent, the execution if any).
(b) Mortgagor acknowledges that Mortgagee has taken all reasonable actions necessary to obtain, and that upon recordation of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor Mortgagee shall have, to the entry upon extent permitted under applicable law, a valid and taking possession fully perfected, first priority, present assignment of the Property by Mortgagee pursuant to Rents arising out of the Leases and all security for such grantLeases subject to. the Permitted Exceptions and in the case of security deposits, whether or not foreclosure has been institutedrights of depositors and requirements of law. Neither the exercise Mortgagor acknowledges and agrees that upon recordation of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither Mortgagee’s interest in the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies Rents shall be deemed to constitute Mortgagee be fully perfected, “▇▇▇▇▇▇” and enforced as to Mortgagor and all third parties, including, without limitation, any subsequently appointed trustee M any case under Title 11 of the United States Code .(the “Bankruptcy Code”), without the necessity of commencing a “Mortgagee-in-possession” or otherwise responsible or liable in any manner foreclosure action with respect to this Mortgage, making formal demand for the Property or Rents, obtaining the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by or taking any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part other affirmative action.
(c) Without limitation of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion absolute nature of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses assignment of the PropertyRents hereunder, debt service on Mortgagor and Mortgagee agree that (a) this Mortgage shall constitute a “security agreement” for purposes of Section 552(b) of the Secured ObligationsBankruptcy Code, (b) the security interest created by this Mortgage extends to property of Mertgagor acquired before the commencement of a case in bankruptcy and to all amounts paid as Rents, and a reasonable reserve for futures expenses(c) such security interest shall, repairs and replacements for extend to all Rents acquired by the Property, before using estate after the rents and profits for Mortgagor’s personal use or conunencement of any other purpose not for the direct benefit of the Property.ease in bankruptcy,
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Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the ------------------- Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five business days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Sources: Mortgage and Security Agreement (V I Technologies Inc)
Assignment of Rents. If MortgagorGrantor unconditionally and absolutely assigns to Grantee all of Grantor's right, as a lessortitle and interest in and to: all leases, enters into any leases subleases, occupancy agreements, licenses, rental contracts and other similar agreements now or hereafter existing relating to the use or occupancy of the Mortgaged Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party together with all guarantees, modifications, extensions and specifically at any time before or after foreclosure Mortgagee shall be entitledrenewals thereof; and all rents, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure periodissues, to all business, rentsprofits, income and proceeds due or to become due from tenants of the Mortgaged Property (the "Leases"), including rentals and all other benefits from payments of any kind under any leases now existing or hereafter entered into, together with all deposits (including security deposits) of tenants thereunder. This is an absolute assignment to Grantee and not an assignment as security for the Property performance of the obligations under the Secured Debt Documents, or from any business or other activity conducted thereonindebtedness. Subject to the provisions of herein below, described in Sections 1.1Grantee shall have the right, 1.2power and authority to, 1.3 but shall not be obligated to: notify any person that the Leases have been assigned to Grantee and 1.4 that all rents and other obligations are to be paid directly to Grantee, whether or not Mortgagee takes Grantee has commenced or completed foreclosure or taken possession of such property. Mortgagor further grants the Mortgaged Property; settle compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any rents or other obligations under the Leases; enforce payment of rents and other rights under the Leases, prosecute any action or proceeding , and defend against any claim with respect to Mortgagee the right (a) to rents and Leases; enter upon and upon, take possession of and operate the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let Mortgaged Property; lease all or any part of the Mortgaged Property; and/or perform any and all obligations of Grantor under the Leases and exercise any and all rights of Grantor therein contained to the full extent of Grantor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver. At Grantee's request, Grantor shall deliver a copy of this Security Deed to each tenant under a Lease. Grantor irrevocably directs any tenant, without any requirement for notice to or consent by Grantor, to comply with all demands of Grantee under this Section 2.5 and to turn over to Grantee on demand all rents which it receives. Grantee shall have the right, but not the obligation, to use and apply all rents received hereunder in such order and such manner as Grantee may determine in accordance with the Collateral Trust Agreement. Notwithstanding that this is an absolute assignment of the rents and Leases and not merely the collateral assignment of, or the grant of a lien or security interest in the rents and Leases, Grantee grants to Grantor a revocable license to collect and receive the rents and to retain, use and enjoy such rents. Such license may be revoked by Grantee only upon the occurrence of any Event of Default. Grantor shall apply any rents which it receives to the payment due under the Obligations, taxes, assessments, water charges, sewer rents and other governmental charges levied, assessed or imposed against the Mortgaged Property, and (d) to apply rent, income, maintenance feesinsurance premiums, and other benefits, after payment obligations of all necessary charges and expenses, on account of lessor under the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, Leases before using the rents and profits such proceeds for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertypurpose.
Appears in 1 contract
Sources: Deed to Secure Debt, Assignment of Rents and Security Agreement (Calpine Corp)
Assignment of Rents. If MortgagorMortgagor does hereby sell, as a lessor, enters into any leases of assign and transfer unto Mortgagee (i) the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party immediate and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default continuing right to receive and the continuation of such Default beyond any applicable cure period, to collect all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, issues and other benefits, after payment of all necessary charges profits now due and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property which may hereafter become due under or by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise virtue of any rights under this Section 12 by Mortgagee nor the application of any such rents, income lease or other benefits to the Secured Obligations shall cure agreement (oral or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver written) for the Property by any court at the request of Mortgagee leasing, subleasing, use or by agreement with Mortgagor, or the entering into possession occupancy of all or any part of the Mortgaged Property now, heretofore or hereafter made or agreed to by Mortgagor, and (ii) all of such receiverleases and agreements, together with all guarantees therefor and any renewals or extensions thereof, for the purpose of securing payment of the indebtedness of Mortgagor under the Notes and the documents related thereto. At any time after default by Mortgagor, Mortgagee, without in any way waiving such default, may, in addition to any other rights and remedies available to Mortgagee at law or in equity, ▇▇▇ for or otherwise collect and receive all rents, income and profits from the Mortgaged Property to which Mortgagor would otherwise be entitled, including those past due and unpaid with full power to make from time to time all adjustments thereto, as may seem proper to Mortgagee. Mortgagee shall not be deemed obligated to make perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under any leases, sublease or rental agreements relating to the Mortgaged Property, and Mortgagor shall and does hereby agree to indemnify and hold Mortgagee a Mortgagee-in-possession harmless from and against any and all liability, loss or otherwise responsible damage which it may or liable might incur under any such lease, sublease or agreement or under or by reason of the assignment of the rents thereof and from and against any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in any manner of such leases, provided that Mortgagor shall not indemnify and hold harmless Mortgagee from any liability, loss or damage resulting from acts or omissions of the Mortgagee which occur on or after the date Mortgagee takes possession of the Mortgaged Property. Mortgagee or such agent or receiver, in the exercise of the rights and powers conferred upon it by this Assignment of Leases and Rents shall have the full power to use and apply the avails, rents, issues, income and profits of the Mortgaged Property to which Mortgagor would otherwise be entitled to the payment of or on account of the following in the order set forth in Minnesota Statutes, Section 559.17: a) to payment of all reasonable fees of the receiver, if any, approved by the court; b) to the repayment when due of all tenant security deposits, with interest thereon, pursuant to the provisions of Minnesota Statutes, Section 504.20; c) to payment of all delinquent or current Real Estate taxes and special assessments payable with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Mortgaged Property. Mortgagor shall apply the rents and profits ; d) to the payment of all necessary and reasonable operating costs and expenses premiums then due for the insurance required by the provisions of the PropertyMortgage; e) to payment of expenses incurred for normal maintenance of the Mortgaged Property during the period of such receivership; f) to the Mortgagee in payment of the obligations secured hereby in such order of application as Mortgagee may elect. Although it is the intention of the parties that this assignment of leases and rents shall be a present assignment, debt service on it is expressly understood and agreed that, anything herein contained to the Secured Obligationscontrary notwithstanding, Mortgagee shall not exercise any of the rights and a reasonable reserve for futures expensespowers conferred upon it herein unless and until an event of default shall have occurred hereunder or under the Note and nothing herein contained shall be deemed to affect or impair any rights which Mortgagee may have under the Note, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use Mortgage or any other purpose not for the direct benefit document or agreement related hereto or thereto. Mortgagor does further specifically authorize and instruct each and every present and future lessee, sublessee, tenant or subtenant of the Propertywhole or any part of the Mortgaged Property to pay all unpaid rental agreed upon in any lease or sublease to Mortgagee upon receipt of demand from the Mortgagee so to pay the same.
Appears in 1 contract
Assignment of Rents. If MortgagorTOGETHER WITH all rents, royalties, issues, profits, revenue, income and other benefits from the property described in Paragraphs (A), (B), and (C) hereof to be applied against the indebtedness and other sums secured hereby, provided, however, that permission is hereby given to Mortgagor so long as a lessorno default has occurred hereunder, enters into any leases of the Propertyto collect, the receive, take, use and enjoy such rents, royalties, issues, profits, revenue, income and other benefits as they become due and payable, but not in advance thereof. The foregoing assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, at its option, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure perioddefault hereunder, to all businessrents, rentsroyalties, issues, profits, revenue, income and other benefits from the Property or from any business or other activity conducted thereon, property described in Sections 1.1Paragraphs (A), 1.2(B), 1.3 and 1.4 (C) hereof, whether or not Mortgagee takes possession of the property described in Paragraphs (A), (B), and (C) hereof. Upon the declaring of any such property. default hereunder, the permission hereby given to Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the collect such rents, royalties, issues, profits, revenue, income and other benefitsbenefits from the property described in Paragraphs (A), (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the PropertyB), and (dC) to apply rent, income, maintenance fees, hereof shall terminate and other benefits, after payment of all necessary charges and expenses, on account such permission shall not be reinstated upon a cure of the Secured Obligations. Such assignment and grant default without Mortgagee's specific consent, which consent shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been institutedbe unreasonably withheld. Neither the exercise of any rights under this Section 12 Paragraph by Mortgagee nor the application of any such rents, royalties, issues, profits, revenue, income or other benefits to the Secured Obligations indebtedness and other sums secured hereby, shall cure or waive any default or notice of default hereunder or invalidate any act done pursuant to this Mortgage hereto or to any such notice, but shall be cumulative of all other rights and remedies. It is understood This instrument constitutes an absolute and agreed that neither the foregoing present assignment of rents the rents, royalties, issues, profits, revenue, income and profits to Mortgagee nor other benefits from the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Mortgaged Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.,
Appears in 1 contract
Assignment of Rents. If As additional security for the payment of the indebtedness evidenced by the Promissory Note, including interest thereon, and the performance of all Mortgagor's obligations hereunder or secured hereby, and under any other document executed simultaneously or in connection herewith, Mortgagor does hereby sell, assign, transfer and set over unto Mortgagee, pursuant to Act 210 of the Public Acts of Michigan of 1953, as amended, all the rents, profits and income under all leases or occupancy agreements or arrangements, however evidenced or denominated, upon or affecting the Mortgaged Property (including any extensions, amendments or renewals thereof), whether such rents, profits and income are due or are to become due, including all such leases in existence or coming into existence during the period this Mortgage is in effect. This assignment shall run with the land and be good and valid as against Mortgagor and those claiming by, under or through Mortgagor, from the date of recording of this Mortgage. This assignment shall continue to be operative during the foreclosure or any other proceedings taken to enforce this Mortgage. In the event of a foreclosure sale which results in a deficiency, this assignment shall stand as a lessor, enters into security during the redemption period for the payment of such deficiency. This assignment is given as collateral security only and does not and shall not be construed as obligating Mortgagee to perform any leases of the Property, the assignment contained under Section 1.5 covenants or undertakings required to be performed by Mortgagor in any leases. Mortgagee and its duly authorized agents shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) entitled to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income delivering any and all such notices and other benefitscommunications to the tenants and occupiers thereof as shall be necessary or desirable in Mortgagee's discretion to exercise its rights hereunder, (b) and Mortgagee and its agents shall have absolutely no liability to dispossess by the usual summary proceedings Mortgagor arising therefrom. Mortgagee shall not, however, be obligated to give any tenant defaulting or occupier of the Mortgaged Property any notice by personal delivery and Mortgagee may, in its sole discretion, deliver all such notices and communications by ordinary first-class U. S. mail, postage prepaid, or otherwise. In the payment of event that Mortgagor obstructs Mortgagee in its efforts to collect the rents to and income from the Mortgaged Property, or after requested by Mortgagee, (c) unreasonably refuses, fails or neglects to let all or any part of the Property, assist Mortgagee in collecting such rent and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor be entitled to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Mortgaged Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion and of the Property. Mortgagor shall apply the income, rents and profits therefrom, with such powers as the court making such appointment may confer. Mortgagee shall at no time have any obligation whatever to the payment of all necessary and reasonable operating costs and expenses attempt to collect rent from any tenant or occupier of the PropertyMortgage Property notwithstanding that such tenants and occupiers may not be paying rent to either Mortgagor or to Mortgagee. Further, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or Mortgagee shall at no time have any obligation whatever to enforce any other purpose not for the direct benefit obligations owed by tenants or occupiers of the PropertyMortgage Property to Mortgagor. No action taken by Mortgagee under this Mortgage shall put Mortgagee in the position of a "mortgagee in possession." The provisions of this Section are not intended to evidence an additional recordable event, as may be prohibited by Act 459 of the Public Acts of Michigan of 1996, but rather are included in this Mortgage for purposes of complying with any applicable requirements of Act 210 of the Public Acts of Michigan of 1953, as amended.
Appears in 1 contract
Sources: Mortgage (Progress Precision Inc.)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) Grantor hereby assigns to Trustee, for the benefit of the Beneficiary, the Rents as further security for the payment of and performance of the Obligations, and Grantor grants to Trustee and Beneficiary the right to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Beneficiary and Mortgagee Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents and Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and during the continuance of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting occurrence and evidencing during the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise continuance of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days’ written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of such part of the Trust Property as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment Grantor and any such affiliate will vacate and surrender the possession of the Trust Property to Beneficiary or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(b) Grantor has not affirmatively done any act which would prevent Beneficiary from, or limit Beneficiary in, acting under any of the provisions of the foregoing assignment.
(c) Except for any matter disclosed in the Credit Agreement, no action has been brought or, so far as is understood and agreed that neither known to Grantor, is threatened, which would interfere in any way with the right of Grantor to execute the foregoing assignment and perform all of rents Grantor’s obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 1 contract
Sources: Deed of Trust (Daramic, LLC)
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of and performance of the PropertyObligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and Mortgagee Mortgagor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence and continuance of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence and during the continuance of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default or invalidate any act done pursuant such revocation to this Mortgage Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or to any receiver appointed to collect the Rents, so long as such noticeEvent of Default is outstanding, but any lease security deposits. Mortgagor shall be cumulative not accept prepayments of all other rights installments of Rent to become due for a period of more than one month in advance (except for security deposits and remedies. It estimated payments of percentage rent, if any).
(a) Mortgagor has not affirmatively done any act which would prevent Mortgagee from, or limit Mortgagee in, acting under any of the provisions of the foregoing assignment.
(b) Except for any matter disclosed in the Loan Agreement, no action has been brought or, so far as is understood and agreed that neither known to Mortgagor, is threatened, which would interfere in any way with the right of Mortgagor to execute the foregoing assignment and perform all of rents Mortgagor's obligations contained in this Section and profits to Mortgagee nor in the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyLeases.
Appears in 1 contract
Assignment of Rents. If MortgagorTrustor irrevocably grants, transfers and assigns to Beneficiary, during the continuance of this Deed of Trust, all of Trustor's right, title and interest in and to the Rents. Notwithstanding such assignment, so long as a lessorno Event of Default has occurred and is continuing, enters into any leases Trustor shall have the right to collect, receive, hold and dispose of the PropertyRents as the same become due and payable, provided that unless Beneficiary otherwise consents in writing: (i) any such Rents paid more than 30 days in advance of the assignment contained under Section 1.5 date when due shall be fully operative without any further action delivered to Beneficiary and held by Beneficiary in a cash collateral account (over which Beneficiary shall have sole and executive control and right of withdrawal), to be released and applied on the part date when due (or, if an Event of either party Default has occurred and specifically is continuing, at any such other time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default times and the continuation of in such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Propertymanner as Beneficiary may determine), and (dii) if an Event of Default has occurred and is continuing, Trustor's right to apply rent, income, maintenance fees, collect and other benefits, after payment of all necessary charges receive the Rents shall cease and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee Beneficiary shall have no further obligations in respect of the Credit Facilitiessole right, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and with or without taking possession of the Property Real Property, to collect all Rents, including those past due and unpaid. Any such collection of Rents by Mortgagee pursuant to such grant, whether or Beneficiary shall not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default Event of Default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice. Failure or discontinuance of Beneficiary at any time, but or from time to time, to collect the Rents shall be cumulative not in any manner affect the subsequent enforcement by Beneficiary of all other rights and remediesthe right to collect the same. It is understood and agreed that neither the foregoing assignment Nothing contained in this Deed of rents and profits to Mortgagee Trust, nor the exercise of the right by Mortgagee of any of its rights or remedies Beneficiary to collect the Rents, shall be deemed to constitute Mortgagee make Beneficiary a “Mortgagee-in-"mortgagee in possession” " or otherwise responsible shall be, or liable in any manner with respect be construed to the Property be, an affirmation by Beneficiary of, or the usean assumption of liability by Beneficiary under, occupancy, enjoyment or operation of all or any portion a subordination of the PropertyLien of this Deed of Trust to, unless and until Mortgageeany tenancy, in person lease or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyoption.
Appears in 1 contract
Sources: Deed of Trust (Aei Real Estate Fund Xv LTD Partnership)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases All Rents arising out of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before use or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rents, income and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all or any part of the Property, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, on account of the Secured Obligations. Such assignment and grant shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee shall have no further obligations in respect of the Credit Facilities, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise of any rights under this Section 12 by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession occupancy of all or any part of the Property Trust Property, all rights of Trustor in any leases, tenancies, or other use and occupancy agreements affecting all of any part of the Trust Property, and all rights of Trustor against any guarantors of the foregoing are assigned absolutely to Beneficiary as further security for the payment and performance of the Obligations. To enforce Beneficiary’s rights under this Deed of Trust, Trustor also assigns to Beneficiary all rights to exercise any landlord liens under any other remedial rights to which a landlord may be entitled under _Texas law. When requested by such receiverBeneficiary from time to time, shall and within the time as Beneficiary may reasonably require, Trustor will execute, deliver, and record, and will cause any lessee, tenant, or occupant (collectively, a “Tenant”) of Trustor designated by Beneficiary to execute, deliver, and record separate lease assignments covering any or all of the leases that may affect any part or all of the Trust Property. All separate lease assignments will be in a form as Beneficiary, in its sole discretion, may require. Without limiting the generality of the foregoing, Beneficiary may require any Tenant to subordinate the Tenant’s rights to the lien of this Deed of Trust. Beneficiary will not be deemed required to make Mortgagee a Mortgageegive non-in-possession disturbance or otherwise responsible or liable similar commitments to any Tenant. Upon the occurrence of an Event of Default, Trustor authorizes and directs the Tenants of the Trust Property to make, upon written notice from Beneficiary, all payments required under any leases directly to the Beneficiary as they become due. Trustor relieves all Tenants from any liability to Trustor by reason of any payments being made to Beneficiary. Beneficiary may apply all rents collected by Beneficiary in any manner with respect Beneficiary elects, in its sole discretion. Nevertheless, until Beneficiary notifies Tenants in writing to the Property or the usemake such payments to Beneficiary, occupancy, enjoyment or operation Trustor is granted a revocable license to collect all such Rents and/or payments. Beneficiary will be entitled to give written notification under this Paragraph 15 only if there is an Event of all or any portion Default by Trustor. In furtherance of the Property. Mortgagor shall apply assignment of rents described above, Beneficiary may require Trustor to execute a separate or specific assignment of rents, the rents and profits to the payment terms of all necessary and reasonable operating costs and expenses which will be fully incorporated into this Deed of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyTrust.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Leases, and Fixture Filing
Assignment of Rents. If Mortgagor, Mortgagor hereby assigns to Mortgagee the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits estimated payments of percentage rent, if any). Mortgagee shall be entitled to the payment of all necessary and reasonable operating costs and expenses of the Propertyrights and benefits conferred by Act No. 210 of the Michigan Public Acts of 1953 as it may be amended, debt service on including by Act No. 151 of the Secured ObligationsMichigan Public Acts of 1966 (MCLA 554.231 et seq.), and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit Act No. 228 of the PropertyMichigan Public Acts of 1925 as it may be amended, including by Act No. 55 of the Michigan Public Acts of 1933 (MCLA 554.211 et seq.). The collection of rents by Mortgagee shall in no way waive the right of Mortgagee to foreclose this Mortgage in the event of any default.
Appears in 1 contract
Sources: Credit Agreement (Laidlaw Environmental Services Inc)
Assignment of Rents. If MortgagorGrantor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Beneficiary, the Rents as a lessor, enters into any leases further security for the payment and performance of the PropertyNoteholder Secured Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further Grantor grants to Mortgagee Beneficiary the right (a) to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Noteholder Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Noteholder Secured Obligations are paid in full, but Beneficiary and performed in full Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents and Mortgagee Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents except during the occurrence and continuance of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting occurrence and evidencing during the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise continuance of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days’ written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Trust Property or of such part thereof as may be cumulative in the possession of all other rights Grantor or any affiliate of Grantor, and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable upon default in any manner with respect to such payment Grantor and any such affiliate will vacate and surrender the Property or the use, occupancy, enjoyment or operation of all or any portion possession of the Property, unless and until Mortgagee, in person Trust Property to Beneficiary or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Assignment of Rents. If MortgagorGrantor hereby assigns to Trustee, as a lessor, enters into any leases for the benefit of the PropertyBeneficiary, the assignment contained under Section 1.5 shall be fully operative without any Rents as further action on security for the part payment of either party and specifically at any time before or after foreclosure Mortgagee shall be entitledperformance of the Obligations, and Grantor grants to Trustee and Beneficiary, upon the occurrence and during the continuance of a Default and the continuation an Event of such Default beyond any applicable cure periodDefault, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured Obligations. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are fully paid and performed in full performed, but Beneficiary and Mortgagee Trustee hereby waive the right to enter the Mortgaged Property for the purpose of collecting the Rents and Grantor shall have no further obligations in respect be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Credit Facilities, Rents may be revoked by Beneficiary upon the execution of this Mortgage constituting occurrence and evidencing during the irrevocable consent of Mortgagor to the entry upon and taking possession of the Property by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither the exercise continuance of any rights Event of Default under this Section 12 Deed of Trust by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or invalidate to any act done pursuant receiver appointed to this Mortgage collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to any such noticereceiver, but shall be cumulative of all other rights the fair and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise reasonable rental value as determined by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver Beneficiary for the Property by any court at the request use and occupancy of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any such part of the Mortgaged Property by or of any such part thereof as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment Grantor and any such affiliate will vacate and surrender the possession of the Mortgaged Property to Beneficiary or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not be deemed accept prepayments of installments of Rent to make Mortgagee become due for a Mortgagee-in-possession or otherwise responsible or liable period of more than one month in any manner with respect to the Property or the useadvance (except for security deposits and estimated payments of percentage rent, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases of the Property, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) Grantor hereby assigns to Beneficiary, the Rents as further security for the payment of the Indebtedness and performance of the Obligations, and Grantor grants to Beneficiary the right to enter upon and take possession of the Trust Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Trust Property or any part of the Propertythereof, and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Beneficiary and performed Trustee hereby waive the right to enter the Trust Property for the purpose of collecting the Rents and Grantor shall be entitled to collect, receive, use and retain the Rents until the occurrence of an Event of Default under this Deed of Trust; such right of Grantor to collect, receive, use and retain the Rents may be revoked by Beneficiary upon the occurrence of any Event of Default under this Deed of Trust by giving not less than five days' written notice of such revocation to Grantor; in full the event such notice is given, Grantor shall pay over to Beneficiary, or to any receiver appointed to collect the Rents, any lease security deposits, and Mortgagee shall have no further obligations pay monthly in respect advance to Beneficiary, or to any such receiver, the fair and reasonable rental value as determined by Beneficiary for the use and occupancy of the Credit FacilitiesTrust Property or of such part thereof as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment Grantor and any such affiliate will vacate and surrender the execution possession of the Trust Property to Beneficiary or to such receiver, and in default thereof may be 175 21 evicted by summary proceedings or otherwise. Grantor shall not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and estimated payments of percentage rent, if any).
(b) Beneficiary's acceptance of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor assignment shall not, prior to the entry upon and taking possession of the Trust Property by Mortgagee pursuant Beneficiary, be deemed to such grantconstitute Beneficiary a "mortgagee in possession", whether nor obligate Beneficiary to appear in or defend any proceeding relating to any of the Leases or to the Trust Property, take any action hereunder, expend any money, incur any expenses, or perform any obligation or liability under the Leases, or assume any obligation for any deposits delivered to Grantor by any tenant and not foreclosure has been instituteddelivered to Beneficiary, or render Beneficiary liable for any injury or damage to person or property in or about the Trust Property. Neither the exercise collection of Rents due under the Leases herein described, nor possession of the Trust Property by Beneficiary under any rights under this Section 12 by Mortgagee nor of the application of any such rents, income or other benefits to the Secured Obligations circumstances set forth herein shall cure or waive any default or notice of default or invalidate any act done pursuant to this Mortgage or render Beneficiary liable with respect to any obligations of Grantor to any tenant or subtenant under said Leases, such noticeliability to arise only with respect to a party purchasing the Trust Property at a foreclosure sale or receiving a deed covering the Trust Property in lieu of foreclosure and then to arise only with respect to obligations accruing subsequent to such foreclosure sale or deed in lieu thereof.
(c) By Beneficiary's acceptance of this Deed of Trust, but shall be cumulative of all other rights and remedies. It it is understood and agreed that neither a full and complete release of this Deed of Trust shall operate as a full and complete reassignment to Grantor of the foregoing assignment Beneficiary's rights and interests under this Section.
(d) All provisions hereof shall inure to the benefit of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies all actions authorized hereunder shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to exercisable by the Property Trustee or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court Substitute Trustee at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the PropertyBeneficiary's request.
Appears in 1 contract
Sources: Credit Agreement (Campfire Inc)
Assignment of Rents. If Mortgagor, as a lessor, enters into any leases (a) The assignment contained in paragraph (G) of the section of this Mortgage entitled "The Mortgaged Property" shall, to the extent permitted by law, constitute an absolute and present assignment of the rents, royalties, issues, profits, revenues, income and other benefits described in said paragraph, subject, however, to the conditional permission given to Mortgagor to collect and use the same as provided in said paragraph (it being understood and agreed that neither the existence nor exercise of such permission shall subordinate such assignment to any subsequent assignment by Mortgagor and that all such subsequent assignments shall be subject to the rights of Mortgagee under this Mortgage). Said assignment contained under Section 1.5 in paragraph (G) shall be fully operative without any further action on the part of either party by Mortgagor or Mortgagee, and specifically Mortgagee is hereby irrevocably authorized and empowered, at any time before or after foreclosure Mortgagee shall be entitled, its option upon the occurrence and during the continuance of a Default and the continuation an Event of such Default beyond any applicable cure periodDefault, to collect and receive any and all business, such rents, income and other benefits from the Property or from any business or other activity conducted thereonroyalties, described in Sections 1.1issues, 1.2profits, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Property for the purpose of collecting the rentsrevenues, income and other benefits, (b) whether or not Mortgagee shall have taken, or at any time shall take, possession of the Land, the Buildings or any other part of the Mortgaged Property. Mortgagee is hereby irrevocably authorized, upon and during the continuance of an Event of Default, to dispossess by the usual summary proceedings any tenant defaulting in the payment notify all tenants, licensees, invitees, guests, customers, occupants or other users of rents to Mortgagee, (c) to let all or any part of the PropertyMortgaged Property of Mortgagee's rights under this Section and said paragraph (G).
(b) Mortgagor hereby grants to Mortgagee the right, at Mortgagee's option upon the occurrence and (d) during the continuance of an Event of Default, to apply renttake all actions with respect to any and all such rents, incomeroyalties, maintenance feesissues, profits, revenues, income and other benefits as are contemplated by Section 3.03 below. Mortgagee is hereby irrevocably authorized and appointed the agent and attorney-in-fact of Mortgagor, at Mortgagee's option upon the occurrence of and during the continuance of an Event of Default, to demand, collect, receive and enforce payment of any and all such rents, royalties, issues, profits, revenues, income and other benefits, after payment of all necessary charges to give receipts, releases and expensessatisfactions therefor and to apply such collections in the manner provided in Section 3.03, on account of the Secured Obligationswhich appointment shall be deemed to be coupled with an interest. Such assignment assignment, grant and grant appointment shall continue in effect until the Secured Obligations are paid and performed in full and Mortgagee Indebtedness shall have no further obligations been paid in respect of the Credit Facilitiesfull, the execution of this Mortgage constituting and evidencing the irrevocable consent of Mortgagor to the entry upon and taking possession of the Mortgaged Property by Mortgagee pursuant to such grantgrant and appointment, whether or not foreclosure has shall have been instituted. Neither the exercise by Mortgagee of any rights under this Section 12 by Mortgagee or said paragraph (G), nor the application of any such rents, royalties, issues, profits, revenues, income or other benefits to the Secured Obligations Indebtedness, shall cure or waive any default Event of Default or notice of default any Event of Default or invalidate any act done pursuant to this Mortgage or to any such notice, but shall be cumulative of all other rights and remedies. It is understood and agreed that neither the foregoing assignment of rents and profits to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not be deemed to make Mortgagee a Mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property. Mortgagor shall apply the rents and profits to the payment of all necessary and reasonable operating costs and expenses of the Property, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Property.
Appears in 1 contract
Sources: Open End Mortgage Deed and Security Agreement (Griffin Land & Nurseries Inc)
Assignment of Rents. If MortgagorMortgagor hereby absolutely and unconditionally assigns, transfers, conveys and sets over to Mortgagee, the Rents as a lessor, enters into any leases further security for the payment of the PropertyIndebtedness and performance of the Obligations, the assignment contained under Section 1.5 shall be fully operative without any further action on the part of either party and specifically at any time before or after foreclosure Mortgagee shall be entitled, upon the occurrence of a Default and the continuation of such Default beyond any applicable cure period, to all business, rents, income and other benefits from the Property or from any business or other activity conducted thereon, described in Sections 1.1, 1.2, 1.3 and 1.4 whether or not Mortgagee takes possession of such property. Mortgagor further grants to Mortgagee the right (a) to enter upon and take possession of the Mortgaged Property for the purpose of collecting the rents, income same and other benefits, (b) to dispossess by the usual summary proceedings any tenant defaulting in the payment of rents to Mortgagee, (c) to let all the Mortgaged Property or any part of the Property, thereof and (d) to apply rent, income, maintenance fees, and other benefits, after payment of all necessary charges and expenses, the Rents on account of the Secured ObligationsIndebtedness. Such The foregoing assignment and grant is present and absolute and shall continue in effect until the Secured Obligations are Indebtedness is paid in full, but Mortgagee hereby waives the right to enter the Mortgaged Property for the purpose of collecting the Rents, letting the Mortgaged Property or any part thereof or applying the Rents and performed in full Mortgagor shall be entitled to collect, receive, use and Mortgagee shall have no further obligations in respect retain the Rents until the occurrence of the Credit Facilities, the execution an Event of Default under this Mortgage constituting and evidencing the irrevocable consent Mortgage; such right of Mortgagor to collect, receive, use and retain the entry upon and taking possession of the Property Rents may be revoked by Mortgagee pursuant to such grant, whether or not foreclosure has been instituted. Neither upon the exercise occurrence of any rights Event of Default under this Section 12 Mortgage by Mortgagee nor the application of any such rents, income or other benefits to the Secured Obligations shall cure or waive any default or giving not less than five days' written notice of default such revocation to Mortgagor; in the event such notice is given, Mortgagor shall pay over to Mortgagee, or invalidate to any act done pursuant receiver appointed to this Mortgage 21 collect the Rents, any lease security deposits, and shall pay monthly in advance to Mortgagee, or to any such noticereceiver, but shall the fair and reasonable rental value as determined by Mortgagee for the use and occupancy of the Mortgaged Property or of such part thereof as may be cumulative in the possession of all other rights Mortgagor or any affiliate of Mortgagor, and remedies. It is understood upon default in any such payment Mortgagor and agreed that neither any such affiliate will vacate and surrender the foregoing assignment possession of rents and profits the Mortgaged Property to Mortgagee nor the exercise by Mortgagee of any of its rights or remedies shall be deemed to constitute Mortgagee a “Mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Property, unless and until Mortgagee, in person or by agent, assumes actual possession. The appointment of a receiver for the Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of all or any part of the Property by such receiver, shall not and in default thereof may be deemed to make Mortgagee a Mortgagee-in-possession evicted by summary proceedings or otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, enjoyment or operation of all or any portion of the Propertyotherwise. Mortgagor shall apply the rents not accept prepayments of installments of Rent to become due for a period of more than one month in advance (except for security deposits and profits to the payment estimated payments of all necessary and reasonable operating costs and expenses of the Propertypercentage rent, debt service on the Secured Obligations, and a reasonable reserve for futures expenses, repairs and replacements for the Property, before using the rents and profits for Mortgagor’s personal use or any other purpose not for the direct benefit of the Propertyif any).
Appears in 1 contract