Fill and Sign the Conditional Assignment of Rentals Mississippi Form

_____________ LOAN NO. _________ CONDITIONAL ASSIGNMENT OF RENTALS THIS AGREEMENT, entered into this ____ day of _________ , _______ , by and between ___________________ , ___________________ ___________________ ___________________ and ___________________ , AS TRUSTEE OF THE TESTAMENTARY TRUST OF ___________________ , DECEASED (hereinafter jointly referred to as OWNER), and ___________________ , a corporation of the State of ___________________ , having its principal office at _________________ , ______________ , _______________ (hereinafter referred to as LENDER); W I T N E S S E T H: WHEREAS, OWNER is the present owner in fee simple of property (hereinafter referred to as "Premises") described in Exhibit "I" attached hereto and made a part hereof; and WHEREAS, on ____________ ____ , _______ , LENDER did loan to ___________________ , a partnership consisting of ___________________ , ___________________ ___________________ ___________________ and ___________________ , hereinafter referred to as " ___________________ ," the sum of ___________________ Dollars ($ ___________________ ) evidenced by a Promissory Note; and WHEREAS, said indebtedness is secured by a Deed of Trust recorded in Book _____ at Page _____ of the Records of Deeds of Trust in the office of the Chancery Clerk of ___________________ County, Mississippi; and WHEREAS, the ___________________ have requested that said Note and Deed of Trust be modified by a Modification of Note and Deed of Trust; and WHEREAS, LENDER, as a condition to modifying said Note and Deed of Trust, has required the execution of this Assignment of the Rentals of the Premises by OWNER; and WHEREAS, OWNER anticipates that it will significantly benefit from the execution of this Assignment of Rentals because of the business relationship of OWNER with Eiflings; NOW, THEREFORE, in order to further secure the payment of the said indebtedness of Eiflings, and in consideration of the modification of said Note and Deed of Trust, and in further consideration of the sum of One Dollar paid by LENDER to OWNER, the receipt of which is hereby acknowledged, OWNER does hereby sell, assign, transfer, and set over unto LENDER all of the rents, issues and profits of the aforesaid Premises, this assignment to become operative upon any default being made by OWNER under the terms of the aforesaid Note or the Deed of Trust securing said Note, and to remain in full force and effect so long as any default continues to exist in the matter of the making of any of the payments or the performance of any of the covenants set forth in the aforesaid Note, or Deed of Trust securing said Note. 1. In furtherance of the foregoing assignment, OWNER hereby authorizes LENDER, by its employees or agents, at its option, after the occurrence of a default as aforesaid, to enter upon the Premises and to collect, in the name of OWNER or its own name as assignee, the rents accrued but unpaid and in arrears at the date of such default, as well as the rents thereafter accruing and becoming payable during the period of the continuance of the said or any other default; and to this end, OWNER further agrees that it will facilitate in all reasonable ways LENDER's collection of said rents, and will, upon request by LENDER, execute a written notice to each tenant directing the tenant to pay rent to LENDER. 2. OWNER also hereby authorizes LENDER upon such entry, at its option, to take over and assume the management, operation and maintenance of the said Premises and to perform all acts necessary and proper and to expend such sums out of the income of the Premises as may be needful in connection therewith, in the same manner and to the same extent as OWNER theretofore might do, including the right to effect new leases, to cancel or surrender existing leases, to alter or amend the terms of existing leases, to renew existing leases, or to make concessions to tenants; OWNER hereby releasing all claims against LENDER arising out of such management, operation and maintenance, excepting the liability of LENDER to account as hereinafter set forth. 3. LENDER shall, after payment of all proper charges and expenses, including reasonable compensation to such Managing Agent as it shall select and employ, and after the accumulation of a reserve to meet taxes, assessments, water rents, and fire and liability insurance in requisite amounts, credit the net amount of income received by it from the Premises by virtue of this assignment, to any amounts due and owing to it by ___________ under the terms of said Note and the Deed of Trust securing said Note, but the manner of the application of such net income and what items shall be credited, shall be determined in the sole discretion of LENDER. LENDER shall not be accountable for more moneys than it actually receives from the Premises; nor shall it be liable for failure to collect rents. LENDER shall make reasonable effort to collect rents, reserving, however, within its own discretion, the right to determine the method of collection and the extent to which enforcement of collection of delinquent rents shall be prosecuted. 4. In the event, however, that OWNER shall reinstate the loan of ___________________ completely in good standing, having complied with all the terms, covenants and conditions of the said Deed of Trust and the Note secured thereby, then LENDER within one month after demand in writing shall re-deliver possession of the Premises to OWNER, who shall remain in possession unless and until another default occurs, at which time LENDER may at its option again take possession of the Premises under authority of this instrument. 5. OWNER hereby covenants and warrants to LENDER that neither it nor any previous owner has executed any prior assignment or pledge of the rentals of the Premises, nor any prior assignment or pledge of its landlord's interest in any lease of the whole or any part of the Premises. OWNER also hereby covenants and agrees not to collect the rents of the said Premises in advance, other than as required to be paid in advance by the terms of any rental agreement, and further agrees not to do any other act which would destroy or impair the benefits to LENDER of this assignment. 6. It is not the intention of the parties, hereto that an entry by LENDER upon the Premises under the terms of this instrument shall constitute LENDER a "mortgagee in possession" in contemplation of law, except at the option of LENDER. 7. This assignment shall remain in full force and effect as long as the said debt of Eiflings to LENDER remains unpaid in whole or in part. 8. In the event that the LENDER shall assign or otherwise transfer the Deed of Trust of the Premises which secures said Note, such assignment or transfer shall operate as an automatic assignment of this instrument and of all the LENDER's rights hereunto to the assignee of the said Deed of Trust. 9. It is understood and agreed that a full and complete release of the aforesaid Deed of Trust securing said Note shall operate as a full and complete release of all LENDER's rights and interest hereunder, and that after said Deed of Trust has been fully released, this instrument shall be void and of no further effect. 10. The provisions of this instrument shall be binding upon OWNER and its legal representatives, successors or assigns of OWNER and upon LENDER and its successors or assigns. The word "OWNER" shall be construed to mean any one or more persons or parties who are holders of the legal title or equity of redemption to or in the aforesaid Premises, and the singular includes the plural, and the neuter gender includes the masculine and feminine. IN WITNESS WHEREOF, OWNER has executed this agreement in manner and form proper and sufficient in law on the day and year first above written. ____________________________________________ _______________________________ , individually, and as a general partner in ___________________ , a Mississippi general partnership ____________________________________________ _______________________________ individually, and as a general partner in ___________________ a Mississippi general partnership ____________________________________________ ___________________ individually, and as a general partner in ___________________ , a Mississippi general partnership ____________________________________________ ___________________ individually, and as a general partner in ___________________ , a Mississippi general partnership ____________________________________________ ___________________ As Trustee of the Testamentary Trust of ___________________ , Deceased STATE OF MISSISSIPPI COUNTY OF ___________________ Personally appeared before me, the undersigned authority at law in and for the jurisdiction aforesaid, the within-named ___________________ , ___________________ ___________________ ___________________ , who each acknowledged that they signed, executed and delivered the above and foregoing instrument on the day and year therein mentioned. GIVEN under my hand and seal, this the ____ day of _________ , _______ . ____________________________________________ NOTARY PUBLIC My Commission Expires: _____________________ STATE OF MISSISSIPPI COUNTY OF ________________ Personally appeared before me, the undersigned authority at law in and for the jurisdiction aforesaid, the within-named ___________________ , who acknowledged to me that he is Trustee of the Testamentary Trust of ___________________ , Deceased, and who further acknowledged that he, as such Trustee, signed, executed and delivered the above and foregoing instrument on the day and year therein mentioned after first having been duly authorized so to do. GIVEN under my hand and seal, this the ____ day of _________ , _______ . ____________________________________________ NOTARY PUBLIC My Commission Expires: _____________________