04-14-2021 Council Packet - Laserfiche WebLink

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13135953v2 15 26. Present Assignment. This Assignment is intended by the parties hereto to be a present conveyance of and security interest in and chattel mortgage upon such collateral, subject to the right of the Mortgagor to receive the same prior (subject to paragraph 24 above) to any default hereunder or under the Loan Agreement, and is not a mere pledge of such collateral to be given effect as a lien upon default, foreclosure and the appointment of a receiver. Any Rents which accrue prior to an Event of Default under the Loan Agreement or the Mortgage but are paid thereafter shall be paid to the Mortgagee. 27. Survival of Obligation to Comply with Mortgage and This Assignment. All of the Mortgagor’s obligations under this Mortgage and Assignment shall survive foreclosure of this Mortgage and the Mortgagor 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. 28. Additional Remedies. Upon the occurrence of any Event of Default specified in the Loan Agreement, the Indenture or herein, the Mortgagee may, at its option, in addition to any remedies set forth in Section 10, at any time: (a) in the name, place and stead of the Mortgagor 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 Mortgagor 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 Mortgagor 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 Mortgagee. (c) without regard to waste, adequacy of the security or solvency of the Mortgagor, apply for, and the Mortgagor 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 29, 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.