10-25-01 3. MORTGAGE - Laserfiche WebLink

Home Browse Search

16. Collection of Rents. Unless permitted by the Mortgagee,the Mortgagor will not collect or accept any Rents for the use or occupancy of the Mortgaged Property for more than one month in advance. Security deposits shall not be deemed Rents for purposes of this paragraph. 17. Protecting the Security of This Assignment. Should the Mortgagor fail to perform or observe any covenant or agreement contained in this Assignment, then the Mortgagee, but without obligation to do so and without releasing the Mortgagor from any obligation hereunder, may make or do the same in such manner and to such extent as the Mortgagee 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 Mortgagee, and also the right to perform and discharge each and every obligation, covenant and agreement of the Mortgagor contained in the Leases and in exercising any such powers to pay necessary cots and expenses, employ counsel and pay reasonable attorneys' fees. The Mortgagor will pay immediately upon demand all sums expended by the Mortgagee under the authority of this Assignment, together with interest thereon, and the same shall be added to said indebtedness and shall be secured hereby. 18. Present Assignment. This Assignment shall constitute a perfected, absolute and present assignment,provided that the Mortgagor shall have the right to collect,but not prior to accrual (except as permitted by paragraph 16 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 Mortgagor 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 Mortgagee. 19. Hazardous Waste. The Mortgagor represents and warrants to Mortgagee that,to the best of the Mortgagor's actual knowledge and subject to any matters disclosed by any environmental report delivered to Mortgagee by the Mortgagor, there is not presently located anywhere in, on or under the Mortgaged Property any asbestos, urea-formaldehyde foamed-in- place insulation or polychlorinated biphenyls ("PCB's") or any other hazardous substance, hazardous waste, hazardous facility, pollutant or contaminant (including petroleum products), all as defined in any applicable state, local or federal statute, ordinance, code or regulation "Hazardous Substances" and Mortgagee,or an authorized agent of Mortgagee, (collectively, )� g shall be permitted to enter upon the Mortgaged Property at any time for the purpose of performing inspections, taking soil borings, or conducting any other tests or procedures, which Mortgagee deems appropriate to determine whether any Hazardous Substances are present on the Mortgaged Property. Any such inspections or tests will be at the expense of the Mortgagor only if: 12