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the right, title and interest of the Assignor in and to (i) any and all present or future leases or tenancies, whether written or oral, covering or affecting any or all of the Mortgaged Property (all of which, together with any and all extensions, modifications and renewals thereof, are hereinafter collectively referred to as the "Leases ": and each of which is referred to as a "Lease "), and (ii) all rents, profits and other income or payments of any kind due or payable or to become due or payable to the Assignor as the result of any use, possession, occupancy or sale of all or any portion of the Mortgaged Property or as the result of the use of or lease or sale of any personal property constituting a part of the Mortgaged Property (all of which are hereinafter collectively referred to as "Rents "), whether the Rents accrue before or after foreclosure of the Mortgage or during the periods of redemption thereof, all for the purpose of securing; (a) Payment of all indebtedness evidenced by the Note and all sums secured by the Mortgage; (b) Performance and discharge of each and every obligation, covenant and agreement of the Assignor contained herein, and in the Mortgage. THE ASSIGNOR WARRANTS AND COVENANTS as follows: 1. Performance of Leases. The Assignor will faithfully abide by, perform and discharge each and every obligation, covenant and agreement which Assignor is now or hereafter becomes liable to observe or perform under any present or future Lease, and, at Assignor's sole cost and expense, enforce or secure the performance of each and every obligation, covenant, condition and agreement to be performed by the tenant under each and every Lease. The Assignor will observe and comply with all provisions of law applicable to the operation and ownership of the Mortgaged Property. The Assignor will give prompt written notice to the Assignee of any notice of default on the part of the Assignor with respect to any Lease received from the tenant thereunder, and will also at Assignor's sole cost and expense, appear in and defend any action or proceeding arising under, growing out of or in any manner connected with any lease or the obligations, duties or liabilities of the Assignor thereunder, and Assignor will not lease or otherwise permit the use of all or any portion of the Mortgaged Property for rent that is below the fair market rent for such property. 2. Collection of Rents. The Assignor will not collect or accept any Rents for the use or occupancy of the Mortgaged Property for more than one month in advance. Security or purchase deposits shall not be deemed Rents for purposes of this paragraph. 3. Protecting the Security of this Agreement. Should the Assignor fail to perform or observe any covenant or agreement contained in this Assignment, then the Assignee, but without obligation to do so and without releasing the Assignor from any obligation hereunder, may make or do the same in such manner and to such extent as the Assignee may deem appropriate to protect the security hereof, including, specifically, without limiting its general powers, the right to appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of the Assignee, and also the right to perform and discharge each and every obligation, covenant and agreement of the Assignor contained in the Leases and in exercising any such powers to pay necessary costs and expenses, employ counsel and pay reasonable 2