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attorneys' fees. The Assignor will pay immediately upon demand all sums expended by the <br />Assignee under the authority of this Agreement, together with interest thereon at the rate of the <br />lesser of the rate of interest provided in the Note and the highest rate permitted by law, and the <br />same shall be added to said indebtedness and shall be secured hereby and by the Mortgage. <br />4. Present Assignment. This Assignment shall constitute a perfected, absolute and <br />present assignment, provided that the Assignor shall have the right to collect, but not prior to <br />accrual (except as permitted by paragraph 2 above), all of the Rents, and to retain, use and enjoy <br />the same unless and until an Event of Default shall occur under the Mortgage or the Assignor <br />shall have breached any warranty or covenant in this Lease Assignment. Any Rents which <br />accrue prior to an Event of Default under the Mortgage but are paid thereafter shall be paid to the <br />Assignee. <br />5. Survival of Obligation to Comply with Mortgage and This Assignment. This <br />Lease Assignment is given as security in addition to the Mortgage. The Assignor covenants and <br />agrees to observe and comply with all terms and conditions contained in the Mortgage and in this <br />Lease Assignment and to preclude any Event of Default from occurring under the Mortgage. All <br />of the Assignor's obligations under the Mortgage and this Lease Assignment shall survive <br />foreclosure of the Mortgage and the Assignor covenants and agrees to observe and comply with <br />all terms and conditions of the Mortgage and this Lease Assignment and to preclude any Event <br />of Default from occurring under the Mortgage throughout any period of redemption after <br />foreclosure of the Mortgage. <br />6. Default; Remedies. Upon the occurrence and continuance of any Event of <br />Default specified in the Mortgage or upon the breach of any warranty or covenant in this Lease <br />Assignment, the Assignee may, at its option, at any time: <br />(a) in the name, place and stead of the Assignor, and without becoming a <br />mortgagee in possession (i) enter upon, manage and operate the <br />Mortgaged Property or retain the services of one or more independent <br />contractors to manage and operate all or any part of the Mortgaged <br />Property; (ii) make, enforce, modify and accept surrender of the Leases; <br />(iii) obtain or evict tenants, collect, sue for, fix or modify the Rents and <br />enforce all rights of the Assignor under the Leases; and (iv) perform any <br />and all other acts that may be necessary or proper to protect the security of <br />this Lease Assignment; <br />(b) with or without exercising the rights set forth in subparagraph (a) above, <br />give or require the Assignor to give notice to any or all tenants under the <br />Leases authorizing and directing the tenants to pay all Rents under the <br />Leases directly to the Assignee; <br />(e) <br />without regard to waste, adequacy of the security or solvency of the <br />Assignor, apply for, and the Assignor hereby consents to, the appointment <br />of a receiver of the Mortgaged Property, whether or not foreclosure <br />proceedings have been commenced under the Mortgage, and if such <br />3 <br />