Common use of Present Assignment Clause in Contracts

Present Assignment. This Assignment shall constitute a perfected, present assignment, provided that Borrower shall have the right to collect, but not prior to accrual, all of the Rents and to retain, use and enjoy the same unless and until an Event of Default shall occur under any Loan Document and any applicable opportunity to cure under the Security Deed shall have expired. Following the occurrence of an Event of Default and the expiration of any applicable opportunity to cure, Borrower hereby releases and surrenders to American Family all rights to amend, modify or to in any way alter any Lease, and to take such action without the prior consent of Borrower.