05-13-2020 Council Packet - Laserfiche WebLink

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12587850v1 12 expended by the Assignee under the authority of this Assignment, together with interest thereon, and the same shall be added to said indebtedness and shall be secured hereby. 17.Present Assignment. This Assignment shall constitute a perfected, absolute and present assignment, provided that the Assignor shall have the right to collect, but not prior to accrual (except as permitted by paragraph 15 above), all of the Rents, and to retain, use and enjoy the same unless and until an Event of Default shall occur under the Loan Agreement or the Mortgage or the Assignor shall have breached any warranty or covenant in this Assignment. Any Rents which accrue prior to an Event of Default under the Loan Agreement or this Mortgage but are paid thereafter shall be paid to the Assignee. 18.Survival of Obligation to Comply with Mortgage and This Assignment. All of the Assignor's obligations under this Mortgage and Assignment shall survive foreclosure of this Mortgage and the Assignor covenants and agrees to observe and comply with all terms and conditions of this Mortgage and Assignment and to preclude any Event of Default from occurring under the Loan Agreement or the Mortgage throughout any period of redemption after foreclosure of the Mortgage. 19.Additional Remedies. Upon the occurrence of any Event of Default specified in the Loan Agreement, the Indenture or herein, the Assignee may, at its option, in addition to any remedies set forth in Section 6, at any time: (a)in the name, place and stead of the Assignor and without becoming a mortgagee in possession (i) enter upon, manage and operate the Mortgaged Property or retain the services of one or more independent contractors to manage and operate all or any part of the Mortgaged Property, (ii) make, enforce, modify and accept surrender of the Leases; (iii) obtain or evict tenants, collect, sue for, fix or modify the Rents and enforce all rights of the Assignor under the Leases; and (iv) perform any and all other acts that may be necessary or proper to protect the security of this Assignment. (b)with or without exercising the rights set forth subparagraph (a) above, give or require the Assignor to give, notice to any or all tenants under the Leases authorizing and directing the tenants to pay all Rents under the Leases directly to the Assignee. (c)without regard to waste, adequacy of the security or solvency of the Assignor, apply for, and the Assignor hereby consents to, the appointment of a receiver of the Mortgaged Property, whether or not foreclosure proceedings have been commenced under the Mortgage, and if such proceedings have been commenced, whether or not a foreclosure sale has occurred. The exercise of any of the foregoing rights or remedies and the application of the rents, profits and income pursuant to paragraph 20 shall not cure or waive any Event of Default (or notice of default) under the Mortgage or invalidate any act done pursuant to such notice. 20.Application of Rents, Profits and Income. All Rents collected by the Assignee or the receiver each month shall be applied as provided in Section 6(c) above and applicable statutes. The rights and powers of the Assignee under this Assignment and the application of