Common use of Present Assignment Clause in Contracts

Present Assignment. Grantor hereby absolutely and unconditionally GRANTS, BARGAINS, SELLS, and CONVEYS the Rents unto Lender to provide a source of future payment of the Indebtedness and the Obligations, subject only to the License and any applicable Permitted Exceptions, it being the intention of Grantor and Lender that this conveyance be absolute, unconditional, presently and immediately effective, and not a security for the repayment of the Indebtedness and the Obligations; TO HAVE AND TO HOLD the Rents unto Lender forever and Grantor does hereby bind itself, its successors, and assigns to WARRANT AND FOREVER DEFEND the title to the Rents unto Lender against every Person whomsoever lawfully claiming or to claim the same or any part thereof.

Present Assignment. Grantor Borrower hereby absolutely and unconditionally GRANTS, BARGAINS, SELLS, and CONVEYS the Rents unto Lender to provide a source of future payment of the Indebtedness and the Obligations, subject only to the License and any applicable Permitted Exceptions, it being the intention of Grantor Borrower and Lender that this conveyance be absolute, unconditional, presently and immediately effective, and not a security for the repayment of the Indebtedness and the Obligations; TO HAVE AND TO HOLD the Rents unto Lender forever and Grantor Borrower does hereby bind itself, its successors, and assigns to WARRANT AND FOREVER DEFEND the title to the Rents unto Lender against every Person whomsoever lawfully claiming or to claim the same or any part thereof.