the texas assignment of rents act ......committee member, uniform assignment of rents act committee,...
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THE TEXAS ASSIGNMENT OF RENTS ACT !"#$%&'(#(")%*+,-#("%.%/+0'(%1#2%3"4(5,6%*+,7+#8%
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Edward F. Walker Partner Cramer Weatherbie Richardson Walker LLP 5956 Sherry Lane Suite 850 Dallas, Texas 75225 214-369-2270 [email protected] Board Certified, Commercial Real Estate Law, Texas Board of Legal Specialization
Focus
! Practice focuses on commercial real estate and finance transactions with developers, sellers, purchasers, landlords, tenants, lenders and borrowers. These transactions include real estate dispute resolution, asset disposition, loan workouts, foreclosures, receiverships, and remedial actions by creditors and borrowers, commercial and multifamily residential purchases and sales, commercial, office, and warehouse leasing, mortgage financing transactions, construction and development, subdivisions, residential and mixed use and multi-tiered condominium developments, commercial equity financing, and transactions involving government sponsored entities. Mr. Walker’s practice also includes assisting foreign companies to establish U. S. manufacturing, sales and marketing subsidiaries. Mr. Walker has represented both domestic and foreign clients as well as several Fortune 500 companies in a comprehensive range of commercial, real estate and finance matters.
Relevant Experience
! Foreclosures, workouts and dispute resolution in connection with mortgage loans, including 200 multimillion-dollar loan workouts/foreclosures for largest multifamily secondary market lenders. Counsel to same in connection with standard security instrument modification.
! Debt restructuring.
! REO sales and purchases in connection with private and federally related entities.
! Usury & lender liability.
! Receiverships.
! Real estate issues in complex conventional and bankruptcy litigation.
! Disposition of over $100 million in fee simple and leasehold medical office buildings, clinics, hospitals and medical administrative facilities in various States through sale, assignment, lease termination, and sublease.
! Mixed use, multifamily residential, commercial, hotel, resort, and marina condominium development, financing, sales, acquisitions, leasing, management and operation, including over 50 different projects.
! Counsel to numerous foreign corporations establishing business subsidiaries in the U.S. engaged in manufacturing telecommunications and related goods.
! Bulk and whole loan sales, loan participations, servicing sales, and dispute negotiations for state and national financial institutions, including most recently, sale of $66,000,000 loan in default - maker in bankruptcy - secured by 900-acres of residential land.
! Residential and commercial planned developments from initial planning stages, platting, subdivision, lot take-down contracts, development loans, construction loans, owner association documentation, sales, management, leasing documentation, and negotiations with lender, sellers, buyers, tenants, and landlords.
! Commercial, retail, warehouse, office and residential leasing and subleasing and dispute resolution.
! Creation, sales, acquisition, and dissolution of partnerships and ventures engaged in property acquisition, development, operation and disposition.
! Hotel, motel, and restaurant financing, sales and leasing, including multi-hotel multi-jurisdictional workout involving six lenders.
! Ground leases.
Edward F. Walker Board Certified, Commercial Real Estate Law, Texas Board of Legal Specialization
Membership & Honors
! Member, Dallas Bar Association
! Admitted to practice: United States Supreme Court; United States Tax Court; U.S. District Court for the Northern and Southern Districts of Texas; Licensed to practice in Texas
! Board Certified, Commercial Real Estate Law, Texas Board of Legal Specialization since 1983
! Av rated by Martindale Hubbell
! Planning Committee, University of Texas Law School, Mortgage Lending Institute (2007 to present).
! Committee Member, Uniform Assignment of Rents Act Committee, Real Estate, Probate and Trusts Section, State Bar of Texas (2009 to present)
! Knight First Class Order of the Lion of Finland
! Retired Honorary Consul of Finland
! Former Dean, DFW Consular Corps
! Texas Super Lawyer 2005 – 2010 – Law & Politics and Texas Monthly
Reported Decision
! Louis L. Seiffert, Jr. v Bowden, Receiver for the First State Bank, Aransas Pass, Texas, 556 S.W.2d 406 (Tex. Civ. App. - Corpus Christi, 1977)
Education
! LL.M., Southern Methodist University, 1981
! J.D., University of Texas, 1976
! A.B. (Economics) , College of William & Mary, 1969
Prior Employment
! Associate, Wood, Burney, Nesbitt and Ryan (1976-1979)
! Associate, Partner, Shareholder, Of Counsel, Jenkens & Gilchrist (1980-2007)
! Counsel, Hunton & Williams, LLP (2007-2009)
Speeches/Publications
! Speaker, “Bankruptcy Issues in Foreclosures and Workouts”, University of Texas School of Law, Mortgage Lending Institute, 2009
! Speaker, "Texas Commercial Lending Usury Law Update ", Dallas Area Real Estate Discussion Group, 2006
! Speaker, Basic Real Estate Law - Certification Training, Legal Assistants Division, State Bar of Texas Convention, June 2002.
! Speaker, “Texas Usury Law in Transition”, Dallas Area Real Estate Discussion Group, 1997
! Speaker, “Negotiating Deeds of Trust”, State Bar of Texas 17th Annual Advance Real Estate Course, 1995
! Speaker, “Fannie Mae Update”, University of Houston Law Center 2nd Annual Mortgage Lending Institute, 1992
! Author, Creation of a Secondary Market Through Securitization of Loans/Assets, Defensor Legis 7-8 Helsinki, Finland: Suomen asianajajaliito r.y., July-August 1992
Edward F. Walker Board Certified, Commercial Real Estate Law, Texas Board of Legal Specialization
! Speaker, “Fannie Mae Conventional Multifamily Prior Approval Loans”, University of Houston Law Center 1st Annual Mortgage Lending Institute, 1991
Military Service
! Lieutenant (junior grade) United States Navy Reserve, 1969-73. Served aboard the attack aircraft carrier USS John F. Kennedy (CVA-67) in the Atlantic, Caribbean and Mediterranean for three years as Officer of the Deck (Underway-Fleet Steaming) and Combat Information Center Watch Officer. Awarded National Defense Service Medal; Cold War Service Certificate. Recommended for augmentation to Regular Navy. Division Officer in charge of 80 enlisted personnel and while standing duty as officer of the deck underway fleet steaming, responsible for the tactical operations of entire ship with compliment of 3,500 sailors.
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I. IntroductionR%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%L #R Why does Texas need an assignment of rents actc%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%L b. Potential SolutionsR%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%M
II. The Proposed Texas Assignment of Rents ActR%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%A #R Working Draft.%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%A -R Major Changes from UARA Model ActR%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%A c. Structure of TARAR%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%A
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ZZZR Foreclosure.%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%JF ZiR Assignment of Rents Form.%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%JL iR Conclusion.%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR%JL
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PROPOSED ASSIGNMENT OF RENTS ACT A FIRST LOOKL
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%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%LF%%International Property Management%#(%LFOIR%
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LL%%International Property Management%#(%LFOER%LJ%% !R%G#6$"D%.%WR%T 5$$',6)%Absolute Assignments of Leases and Rents Has the Unicorn Been Found or Is It Still Myth)%/"H#'%\#+%!"#$%&'(#(")%*+,-#("%#6;%/+0'(%1#2%!":,+("+%Ki,$08"%OF)%X,R%O)%W:+5$%LBBJNf%!R%G#6$"D)%Absolute Assignments of Leases and Rents: Are They Enforceable, Are They Worth the Effort?)%J C(?% W660#$%Y ,+(7#7"%1"6;567%Z 6'(5(0("%K <65b"+'5(D%, d% /"H#'%1 #2% 34?,,$)%L BBJNf%! R%G #6$"D)%Absolute Assignments Versus Collateral Assignments of Leases and Rents: What Are The Issues, Are Absolute Assignments Worth the Effort%/"H#'%\#+%!"#$%&'(#(")%* +,-#("%# 6;%/ +0'(% 1#2%!":,+("+%Ki,$08"%OC) %X,R%O) %W:+5$%LBBE Nf%GR%G"+-"+)%Assignment of Real Estate Rents, Absolute, Collateral or Conditional: Do We Or Should We Care?%3(#("%\#+%,d%/"H#')%W;b#64";%!"#$%&'(#("%G+#d(567%=,0+'"%KJFFFNR%LO%EFL%Nolana, Inc. v. RTC Mortgage Trust)%BMM%3R>RJ;%IAL)%IAM%K/"HR%W::Rs=,+:0'%=?+5'(5)%LBBI)%2+5(%;"65";Nf%NCNB Texas National Bank v. Sterling Projects, Inc.)%IEB%3R>RJ;%OAE)%OCF%K/"HR%W::RsG#$$#'%LBBF)%;5'8n;%2,hNf%In re Tripplet)%EM%\#6@+R%EM)%EE%K\#6@+R%>RGR%/"HR%LBEENR%%LM%%/"HR%S56#64"%=,;"%3"4(5,6%OFARFFLK#PLNR%
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EJ
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% =?#:("+%B%2 ,0$;%7,b"+6% (?"% :"+d"4(5,6)%( ?"%" dd"4(%,d %:" +d"4(5,6% ,+%6,6 P:"+d"4(5,6)% #6;% (?"% :+5,+5(D% ,d%'"40+5(D%56("+"'('%56%+"6('R%%> ?5$"%4+"#(5,6%#6;%(+#6'd"+%,d%#%'"40+5(D%56("+"'(%#+"%;5'(564(%d+,8%:"+d"4(5,6)%(?"%"dd"4(%,d%:"+d"4(5,6%,+%6,6P:"+d"4(5,6)%#6;%(?"%:+5,+5(D%,d%#%'"40+5(D%56("+"'()%(?"+"%25$$%-"%#%'(+,67%("8:(#(5,6)%5d%6,(%564$56#(5,6)%d,+%(?"%4,0+('%#6;%#((,+6"D'%(,%4 ,6d$#("%( ?"%4 ,64":('%,d %<==%$ #2%2 5(?%( ?,'"% ,d%/ "H#'%+ "#$%:+ ,:"+(D)%8,+(7#7"%# 6;%d,+"4$,'0+"%$#2')%564$0;567%=?#:("+%AL%,d%(?"%*+,:"+(D%=,;"R%
ZZZR Foreclosure. %
/W!W%;," '%6,( %:+ ,b5;"%d ,+%# %' ":#+#("%: +,4";0+"%d ,+%d ,+"4$,'567%,6%+ "6('%5 6%2?54?%# 6%#''576""%? ,$;'%#%' "40+5(D%5 6("+"'(R%% Zd%( ?"%+ "6('%?# b"%6,( %-" "6%:# 5;% K06'"b"+";N% d+,8%( ?"%+ "#$%:+,:"+(D)%( ?"6%( ?"%+ "6('%2 5$$%d ,$$,2%( ?"%+ "#$%:+ ,:"+(D%5 6%" 5(?"+%# % 6,6h0;545#$%,+ %h 0;545#$%d,+"4$,'0+"R%% Zd%( ?"% +"6('%? #b"%- ""6% :#5;% ,+%4 ,6b"+(";%( ,%:+ ,4"";'% K'"b"+";N)%( ?"6%d ,+"4$,'0+"%80'(%-"%#44,8:$5'?";%56%#44,+;#64"%25(?%=?#:("+%B%,d%(?"%\0'56"''%#6;%=,88"+4"%=,;"R%%X,("%?,2"b"+)%(?#(%=?#:("+%B%:+,b5;"')%56%:"+(56"6(%:#+(U%
Zd% #%' "40+5(D% #7+""8"6(%4, b"+'%- ,(?%: "+',6#$%#6 ;%+ "#$%: +,:"+(D)%#%' "40+";%: #+(D%8 #D%:+,4"";U%
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%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%EL%% /"HR%\0'R%.%=,88R%=,;"%oBRLFBK;N%KLLN%2,0$;%-"%#8"6;";%(,%+"#;U%%lK4N%%/?5'%4?#:("+%;,"'%6,(%#::$D%(,U%R%R%R%KLLN%(?"%4+"#(5,6%,+%(+#6'd"+%,d%#6%56("+"'(%56%,+%$5"6%,6%+"#$%:+,:"+(D)%564$0;567%#%$"#'"%,+%+"6('%(?"+"06;"+%K#'%;"d56";%56%*+,:"+(D%=,;"%'"4(5,6%tttttt%jciting TARA as codifiedkN%umR%EJ%%/W!W%%
JL%%
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%
ZiR Assignment of Rents Form.%
/,%#$$#D%4,64"+6'%#-,0(%(?"%d,+8%#6%#''5768"6(%,d%+"6('%'?,0$;%(#@"%5d%/W!W%5'%"6#4(";)%#6%"H#8:$"%5'%#((#4?";%(,%(?5'%#+(54$"R%%/?"%d,+8%2#'%(#@"6%d+,8%#%(D:54#$%#-',$0("%#''5768"6(%,d%+"6(')%-0( %?#'%-""6%8,;5d5";%(,%564$0;"%(?"%:+,b5'5,6'%#;;+"''567%(?"%/W!W%5''0"'%+"d"++";%(,%#-,b"%56% (?"%*+#4(54"%6,("'R%% /?"%d,+8%?#'%-""6%#66,(#(";%(,%56;54#("%(?"%:+,b5'5,6'%,d %/W!W%#6;%,(?"+%$#2'%(?#(%+"$#("%(,%(?"%:+,b5'5,6'%#66,(#(";R%%]d%4,0+'")%(?"%d,+8%'?,0$;%,6$D%-"%0'";%0:,6%" 6#4(8"6(%,d %/ W!WR%% Zd%/ W!W%5 '%" 6#4(";)% :+#4(5(5,6"+'% 8#D%#; #:(%#6 D%, (?"+%d, +8%, d%#''5768"6(%,d%+"6('%#6;%564,+:,+#("%(?,'"%4$#0'"'%,+%:+,b5'5,6'%d+,8%(?"%d,+8%(?"D%d56;%0'"d0$R%
/?"%#( (#4?";%d,+8%5 '%7"6"+54%5 6%6#(0+"R%% Z(%5 '%5 6("6;";%#' % #%( "#4?567%#5 ;%25(?%+ "7#+;%( ,%/W!W)%-0(%5'%6,(%56("6;";%#'%#6%"H?#0'(5b"%(+"#(8"6(%,d%#$$%#':"4('%,d%#''5768"6('%,d%+"6(%06;"+%/"H#'%$#2R%%1"6;"+'%#6;%(?"5+%$"7#$%4,06'"$%80'(%8,;5dD%(?5'%d,+8%(,%8""(%(?"%':"45d54%d#4('%#6;%45+408'(#64"'%, d%"#4? %( +#6'#4(5,6R%% /?"%# 0(?,+%;5 '4$#58'%# 6D%5 6("6(%( ,%:+ ,b5;"%' :"45d54%$ "7#$%#;b54"%+"7#+;567%#6D%#4(0#$%(+#6'#4(5,6R%
iR Conclusion.%
S,+%#$8,'(%(?+""%;"4#;"'%(?"%/"H#'%4,0+(')%8,+(7#7"%$"6;"+'%#6;%(?"5+%4,06'"$%?#b"%-""6%'#;;$";%25(?%(?"%$"7#4D%,d%Taylor v. BrennanR%%=,0+('%#+"%:,,+%b"?54$"'%d,+%#;;+"''567%5''0"'%$5@"%(?"%4+"#(5,6%,+%:"+d"4(5,6%,d%56("+"'('%56%+"#$%:+,:"+(D%+"6('R%%W%$"75'$#(5b"%',$0(5,6%5'%$,67%,b"+P;0"R%%/ W!W% +":+"'"6('%#% 4,8:+"?"6'5b"%' (#(0(,+D% ',$0(5,6% 6,(%,6$ D% d,+%( ?"% 4+"#(567%#6 ;%:"+d"4(567%'04?%56("+"'(')%-0(%,d%(?"%:"+6545,0'%"dd"4('%,d%(?"%pro tanto +";04(5,6%+0$"R%%/?"%$#2'%,d%/"H#'%2,0$;%-"%7+"#($D%58:+,b";%-D%(?"%"6#4(8"6(%,d%/W!WR%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%EO%%/"HR%\0'R%.%=,88R%=,;"%oBRCFM%K#NR%EM%%/"HR%\0'R%.%=,88R%=,;"%oBRLFJK#N%IMNR%
L%%
TEXAS ASSIGNMENT OF RENTS ACTEA
SECTION 1. SHORT TITLE.%%
%
SECTION 2. DEFINITIONS.%%
SECTION 3. MANNER OF GIVING NOTIFICATION.%
SECTION 4. SECURITY INSTRUMENT CREATES ASSIGNMENT OF RENTS; ASSIGNMENT OF RENTS CREATES SECURITY INTEREST.
SECTION 5. RECORDATION; PERFECTION OF SECURITY INTEREST IN RENTS; PRIORITY OF CONFLICTING INTERESTS IN RENTS.
SECTION 6. ENFORCEMENT OF SECURITY INTEREST IN RENTS.
SECTION 7. ENFORCEMENT BY NOTIFICATION TO ASSIGNOR.%
SECTION 8. ENFORCEMENT BY NOTIFICATION TO TENANT.
SECTION 9. FORM OF NOTIFICATION TO TENANTR%
SECTION 10. EFFECT OF ENFORCEMENT. %%
SECTION 11. APPLICATION OF PROCEEDS.%%%
SECTION 12. APPLICATION OF PROCEEDS TO EXPENSES OF PROTECTING REAL PROPERTY; CLAIMS AND DEFENSES OF TENANT.
SECTION13. TURNOVER OF RENTS; COMMINGLING AND IDENTIFIABILITY OF RENTS; LIABILITY OF ASSIGNOR.
SECTION14R%%% ATTACHMENT,%PERFECTION AND PRIORITY OF ASSIGNEE’S SECURITY INTEREST IN PROCEEDS.
SECTION 15. PRIORITY SUBJECT TO SUBORDINATIONR%%%
SECTION 16. APPLICATION TO EXISTING RELATIONSHIPS.%
SECTION 17. EFFECTIVE DATE.%%
SECTION 18. CONFORMING AMENDMENTS.
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%EA%%X,%4,:D+57?(%5'%4$#58";%,+%#''"+(";%25(?%+"':"4(%(,%(?5'%:+,:,'";%b"+'5,6%,+%#6D%,(?"+%b"+'5,6%,d%/W!WR%
J%%
%
TEXAS ASSIGNMENT OF RENTS ACT
SECTION 1. SHORT TITLE.%%/?5'%=?#:("+%8#D%-"%45(";%#'%(?"%W''5768"6(%,d%!"6('%W4(R%
%
SECTION 2. DEFINITIONS.%%Z6%(?5'%=?#:("+U%
KLN%%lAssigneem%8"#6'%#%:"+',6%"6(5($";%(,%"6d,+4"%#%'"40+5(D%56'(+08"6(R%
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#6%,-$57#(5,6%(,%:#D%+"6('R%
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,440:#(5,6%,d)%+"#$%:+,:"+(Df%
K\N%% 4,6'5;"+#(5,6%:# D#-$"%( ,%# 6%# ''576,+%06;" +%# %:,$ 54D%,d %+ "6(#$%5 6("++0:(5,6%5 6'0+#64"%
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%
SECTION 3. MANNER OF GIVING NOTIFICATION.%
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SECTION 4. SECURITY INSTRUMENT CREATES ASSIGNMENT OF RENTS;
ASSIGNMENT OF RENTS CREATES SECURITY INTEREST.%
K#N%% W6%"6 d,+4"#-$"%' "40+5(D%5 6'(+08"6(%4+ "#("'%#6 %#' '5768"6(%, d%+ "6('%#+ 5'567%d +,8%( ?"%+ "#$%
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%Texas CommentU%
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(#@567%#6%#''5768"6(%,d%+"6('%;,"'%6,(%+";04"%(?"%'"40+";%,-$57#(5,6R%
%
SECTION 5. RECORDATION; PERFECTION OF SECURITY INTEREST IN RENTS;
PRIORITY OF CONFLICTING INTERESTS IN RENTS.%
K#N%%W%;,408"6(%4+"#(567%#6%#''5768"6(%,d%+"6('%8#D%-"%+"4,+;";%56%(?"%4,06(D%56%2?54?%#%:#+(%,d%
(?"%+"#$%:+,:"+(D%5'%$,4#(";%56%(?"%8#66"+%:+,b5;";%56%3"4R%LLRFFL)%*+,:R%=,;"R%
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#::,56(8"6(%,d%#%+"4"5b"+R%
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C%%
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%
SECTION 6. ENFORCEMENT OF SECURITY INTEREST IN RENTS.%
K#N%%W6%#''576""%8#D%"6d,+4"%#6%#''5768"6(%,d%+"6('%0'567%,6"%,+%8,+"%,d%(?"%8"(?,;'%':"45d5";%
56%3 "4(5,6'%I% ,+%E% ,+%#6D% ,(?"+%8"(?,;%'0dd545"6(%( ,%"6d,+4"%( ?"%# ''5768"6(%06;" +%$ #2%,d %( ?5'%
3(#("%,(?"+%(?#6%(?5'%=?#:("+R%
K-N%%S+,8%(?"%;#("%,d%"6d,+4"8"6()%(?"%#''576""%5'%"6(5($";%(,%4,$$"4(%#$$%+"6('%(?#(U%
KLN%%?#b"%#44+0";%-0(%+"8#56%06:#5;%,6%(?#(%;#("f%#6;%
KJN%%#44+0"%,6%,+%#d("+%(?#(%;#("R%
%%SECTION 7. ENFORCEMENT BY NOTIFICATION TO ASSIGNOR.%
K#N%%Wd("+%;"d#0$()%,+%#' %,(?"+25'"%#7+"";%-D%(?"%#''576,+)%(?"%#''576""%8#D%75b"%(?"%#''576,+%# %
6,(5d54#(5,6%;"8#6;567%(?#(%(?"%#''576,+%:#D%,b"+%(?"%:+,4"";'%,d%#6D%+"6('%(?#(%(?"%#''576""%5'%
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;#("%,d%(?"%'"40+5(D%56'(+08"6(%2#'%'576";%#6;%+"8#56'%(?"%#''576,+g'%?,8"'("#;%,6%( ?"%;#("%,d%
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SECTION 8. ENFORCEMENT BY NOTIFICATION TO TENANT.
K#N%%Wd("+%;"d#0$()%,+%#'%,(?"+25'"%#7+"";%-D%(?"%#''576,+)%(?"%#''576""%8#D%75b"%(,%#%("6#6(%,d%(?"%
+"#$%:+,:"+(D%#%6,(5d54#(5,6%;"8#6;567%(?#(%(?"%("6#6(%:#D%(,%(?"%#''576""%#$$%06:#5;%#44+0";%+"6('%
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#''576,+R%%/?"%6,(5d54#(5,6%80'(%'0-'(#6(5#$$D%4,8:$D%25(?%(?"%d,+8%4,6(#56";%56%3"4(5,6%B%#6;%-"%
'576";%-D%(?"%#''576""%,+%#''576""g'%#0(?,+5r";%#7"6(%,+%+":+"'"6(#(5b"R%
I%%
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'(#("%,(?"+%(?#6%(?5'%=?#:("+)%#d("+%+"4"5:(%,d%#%6,(5d54#(5,6%06;"+%'0-'"4(5,6%K#NU%
KLN%% #%( "6#6(%5 '%,-$ 57#(";%(,%:#D%(,%( ?"%#''576""%# $$%06:# 5;%#44+0";%+ "6('%#6;%#$ $%06#44+0";%
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?#'%6,(%4#64"$";%(?#(%6,(5d54#(5,6f%
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KMN%%#%("6#6(g'%:#D8"6(%(,%(?"%#''576""%,d%+"6('%(?"6%;0"%'#(5'd5"'%(?"%("6#6(g'%,-$57#(5,6%06;"+%
(?"%("6#6(g'%#7+""8"6(%25(?%(?"%#''576,+%(,%(?"%"H("6(%,d%(?"%:#D8"6(%8#;"f%#6;%
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SECTION 9. FORM OF NOTIFICATION TO TENANTR%% /?"%d ,$$,2567%d ,+8%,d %
6,(5d54#(5,6)%2?"6%:+,:"+$D%4,8:$"(";)%'#(5'd5"'%(?"%+"q05+"8"6('%,d%3"4(5,6%EU%
NOTIFICATION TO PAY RENTS TO PERSON
OTHER THAN LANDLORD%
Tenant:%%%jX#8"%,d%/"6#6(k%%%Property Occupied by Tenant (the “Premises”):%%jW;;+"''k%%%Landlord:%%jX#8"%,d%$#6;$,+;k%%%Assignee:%%jX#8"%,d%#''576""k%%%Address of Assignee and Telephone Number of Contact Person:%%jW;;+"''%,d%#''576""k%
j/"$":?,6"%608-"+%,d%:"+',6%(,%4,6(#4(k%
LR%% W''576""%5' %" 6(5($";%(, %4 ,$$"4(%+ "6('%, 6%( ?"%* +"85'"'%0 6;"+%% <Name of Document > K(?"%lW''5768"6(% ,d% !"6('mN% ;#(";%tttttttttt)% #6;% +"4,+;";%# (% <Recording Data> ,d% (?"% ttttttttt%!"4,+;'% ,d%ttttttttttttttttttt%=,06(D)%/"H#'R%%`,0%8#D%,-(#56%#;;5(5,6#$%56d,+8#(5,6%#-,0(%(?"%W''5768"6(%,d%!"6('%#6;%W''576""g'%+57?(%(,%"6d,+4"%5(%#(%W;;+"''%,d%#''576""R%
JR%%W%;"d#0$(%"H5'('%06;"+%(?"%W''5768"6(%,d%!"6('%,+%+"$#(";%;,408"6('%-"(2""6%1#6;$,+;%#6;%W''576""R%%W''576""%5'%"6(5($";%(,%4,$$"4(%+"6('%d+,8%(?"%*+"85'"'R%
OR%%/?5'%6,(5d54#(5,6%#dd"4('%D,0+%+57?('%#6;%,-$57#(5,6'%06;"+%(?"%#7+""8"6(%06;"+%2?54?%D,0%,440:D%(?"%*+"85'"'%KD,0+%l1"#'"%W7+""8"6(mNR%%<6$"''%D,0%?#b"%,(?"+25'"%#7+"";%56%#%;,408"6(%'576";%-D%D,0)%5d%D,0+%6"H(%'4?";0$";%+"6(#$%:#D8"6(%5'%;0"%25(?56%OF%;#D'%#d("+%D,0%+"4"5b"%(?5'%6,(5d54#(5,6)%D,0%25$$%6,(%-"%56%;"d#0$(%06;"+%D,0+%1"#'"%W7+""8"6(% d,+%6 ,6:#D8"6(% ,d%( ?#(%+ "6(#$%:# D8"6(% 06(5$% LF%;# D'%# d("+%( ?"%;0 "%;# ("%,d %( ?#(%:# D8"6(%,+ %OF%;# D'%d,$$,2567%(?"%;#("%D,0%+"4"5b"%(?5'%6,(5d54#(5,6)%2?54?"b"+%,440+'%d5+'(R%%%
MR%%`,0%8#D%4,6'0$(%#%$#2D"+%#(%D,0+%"H:"6'"%4,64"+6567%D,0+%+57?('%#6;%,-$57#(5,6'%06;"+%D,0+%1"#'"%W7+""8"6(%#6;%(?"%"dd"4(%,d%(?5'%6,(5d54#(5,6R%
AR%%`,0%80'(%:#D%(,%W''576""%#(%(?"%W;;+"''%,d%W''576""%#$$%+"6('%06;"+%D,0+%1"#'"%W7+""8"6(%2?54?%#+"%;0"%#6;%:#D#-$"%, 6%( ?"%; #("% D,0%+ "4"5b"%( ?5'% 6,(5d54#(5,6%# 6;%#$ $%+ "6('%#44+ 0567%0 6;"+% D,0+% 1"#'"%W 7+""8"6(%#d ("+% D,0%+"4"5b"%(?5'%6,(5d54#(5,6R%%%
CR%%Zd%D,0%:#D%+"6('%(,%W''576""%#d("+%+"4"5b567%(?5'%6,(5d54#(5,6)%(?"%:#D8"6(%25$$%'#(5'dD%D,0+%+"6(#$%,-$57#(5,6%(,%(?"%"H("6(%,d%(?#(%:#D8"6(R%
IR%%Zd%D,0%:#D%#6D%+"6('%(,%1#6;$,+;%#d("+%+"4"5b567%(?5'%6,(5d54#(5,6)%D,0+%:#D8"6(%(,%(?"%1#6;$,+;%25$$%6,(%;5'4?#+7"%D,0+%+"6(#$%,-$57#(5,6)%#6;%W''576""%8#D%?,$;%D,0%$5#-$"%d,+%(?#(%+"6(#$%,-$57#(5,6%6,(25(?'(#6;567%D,0+%:#D8"6(%(,%1#6;$,+;)%06$"''%D,0%,440:D%(?"%*+"85'"'%#'%D,0+%:+58#+D%+"'5;"64"R%
ER%%Zd%D,0%?#b"%:+"b5,0'$D%+"4"5b";%#%6,(5d54#(5,6%d+,8%#6,(?"+%:"+',6%(?#(%#$',%?,$;'%#6%#''5768"6(%,d%(?"%+"6('%;0"%06;"+%D,0+%1"#'"%W7+""8"6()%D,0%'?,0$;%4,6(560"%:#D567%D,0+%+"6('%(,%(?"%:"+',6%(?#(%'"6(%(?#(%6,(5d54#(5,6%06(5$%
B%%
(?#(%:"+',6%4#64"$'%(?#(%6,(5d54#(5,6R%%]64"%(?#(%6,(5d54#(5,6%5'%4#64"$";)%D,0%80'(%-"756%:#D567%+"6('%(,%W''576""%56%#44,+;#64"%25(?%(?5'%6,(5d54#(5,6R%
X#8"%,d%#''576""%
\DU%%%%%%]dd54"+e#0(?,+5r";%#7"6(%,d%#''576""%
%
SECTION 10. EFFECT OF ENFORCEMENT. %/?"%"6d,+4"8"6(%,d%#6%#''5768"6(%,d%+"6('%
-D%#%8"(?,;% 5;"6(5d5";%5 6%3"4(5,6%C)%I% ,+%E )%(?"% #::$54#(5,6%,d %: +,4"";'%-D%(?"%#''576""%06;"+%
3"4(5,6%LJ%# d("+% "6d,+4"8"6()%( ?"%:# D8"6(%,d % "H:"6'"'%06;" +%3 "4(5,6%L L)%,+ %# 6%# 4(5,6%06;" +%
3"4(5,6%LO%;,"'%6,(U%
KLN%%8#@"%(?"%#''576""%#%8,+(7#7""%56%:,''"''5,6%,d%(?"%+"#$%:+,:"+(D%d+,8%2?54?%(?"%+"6('%#+5'"f%
KJN%%8#@"%(?"%#''576""%#6%#7"6(%,d%(?"%#''576,+f%
KON%% 4,6'(5(0("%#6 %"$ "4(5,6%, d%+ "8";5"'%( ?#(%: +"4$0;"'%#%$ #("+%# 4(5,6%( ,%"6 d,+4"%( ?"%' "40+";%
,-$57#(5,6f%
KMN%%8#@"%(?"%'"40+";%,-$57#(5,6%06"6d,+4"#-$"f%
KAN%%$585(%#6D%+57?(%#b#5$#-$"%(,%(?"%#''576""%25(?%+"':"4(%(,%(?"%'"40+";%,-$57#(5,6f%,+%
KIN%% -#+%# %; "d545"64D%h0 ;78"6(%: 0+'0#6(%(, %# 6D% $#2%, d%(? 5'%' (#("% 7,b"+6567%, +% +"$#(567%(, %
;"d545"64D%h0;78"6('%d,$$,2567%(?"%"6d,+4"8"6(%,d%#6D%"6408-+#64")%$5"6)%,+%'"40+5(D%56("+"'(R%
%
SECTION 11. APPLICATION OF PROCEEDS.%%%<6$"''%,(?"+25'"%#7+"";)%#6%#''576""%(?#(%
4,$$"4('%+ "6('%06;"+%(?5'%=?#:("+%,+ %4,$$"4('%0:,6 %# %h0;78"6(%56% #6% #4(5,6%06;"+%3"4(5,6%LOK4N%
'?#$$%#::$D%(?"%'08'%4,$$"4(";%56%(?"%d,$$,2567%,+;"+%(,U%
KLN%% (?"%# ''576""g'% "H:"6'"'%,d % "6d,+4567%5 ('%# ''5768"6(%,d %+ "6(')%5 64$0;567)%( ,%( ?"% "H("6(%
:+,b5;";%d ,+%- D%# 7+""8"6(%# 6;%6,( %: +,?5-5(";% -D%$ #2%,d %( ?5'%' (#("%,( ?"+%( ?#6%( ?5'%= ?#:("+)%
+"#',6#-$"%#((,+6"Dg'%d""'%#6;%4,'('%5640++";%-D%(?"%#''576""f%
KJN%% +"58-0+'"8"6(%,d %# 6D%" H:"6'"'%5 640++";%- D% (?"%# ''576""%( ,%:+ ,("4(%,+ %8 #56(#56%( ?"%+ "#$%
:+,:"+(D%'0-h"4(%(,%(?"%#''5768"6(%,d%+"6('f%
KON%%:#D8"6(%,d%(?"%'"40+";%,-$57#(5,6f%
KMN%% :#D8"6(%,d %# 6D%,-$ 57#(5,6%' "40+";%- D%# %' 0-,+;56#("%' "40+5(D%5 6("+"'(%,+ %,( ?"+%$ 5"6%,6 %( ?"%
+"6('%5d)%-"d,+"%;5'(+5-0(5,6%,d%(?"%:+,4"";')%(?"%#''576""%+"4"5b"'%#%'576";%6,(5d54#(5,6%d+,8%(?"%
?,$;"+%,d%(?"%56("+"'(%,+%$5"6%;"8#6;567%:#D8"6(%,d%(?"%:+,4"";'f%#6;%
LF%%
KAN%%(?"%#''576,+R%
%
SECTION 12. APPLICATION OF PROCEEDS TO EXPENSES OF PROTECTING
REAL PROPERTY; CLAIMS AND DEFENSES OF TENANT.%
K#N%% <6$"''%, (?"+25'"% #7+"";%- D%( ?"% #''576"")%#6 %#' '576""%( ?#(%4, $$"4('%+ "6('%d ,$$,2567%
"6d,+4"8"6(%06;"+%3"4(5,6%C)%I%,+ %E% 5'%6,(%,-$57#(";%(,%#::$D%(?"%4,$$"4(";%+"6('%(,%(?"%:#D8"6(%
,d%"H:"6'"'%,d%:+,("4(567%,+%8#56(#56567%(?"%+"#$%:+,:"+(D%'0-h"4(%(,%#6%#''5768"6(%,d%+"6('R%
K-N%%<6$"''%,(?"+25'"%#7+"";%-D%#%("6#6()%(?"%+57?(%,d%(?"%#''576""%(,%4,$$"4(%+"6('%d+,8%(?"%("6#6(%
5'%'0-h"4(%(,%(?"%("+8'%,d%#6D%#7+""8"6(%-"(2""6%(?"%#''576,+%#6;%("6#6()%,+%#6D%4$#58%,+%;"d"6'"%
#+5'567%d+,8%(?"%#''576,+g'%6,6:"+d,+8#64"%,d%(?#(%#7+""8"6(R%
%
SECTION 13. TURNOVER OF RENTS; COMMINGLING AND IDENTIFIABILITY OF
RENTS; LIABILITY OF ASSIGNOR.%
K#N%%Zd%#6%#''576,+%4,$$"4('%+"6('%(?#(%(?"%#''576""%5'%"6(5($";%(,%4,$$"4(%06;"+%(?5'%=?#:("+)%
(?"%#''576,+%'?#$$%(0+6%,b"+%(?"%:+,4"";'%(,%(?"%#''576""%25(?56%(?5+(D%;#D'%#d("+%6,(5d54#(5,6%d+,8%
#''576""%06;"+%3"4(5,6%I)%,+ %'04?%,(?"+%:"+5,;% #'%8#D%-"%:+,b5;";%56% #%'"40+5(D%56'(+08"6(%,+%
,(?"+%;,4 08"6(%' 576";% -D%# ''576,+%# 6;%# ::+,b";%- D%# ''576"")%$ "''%#6 D% #8,06(%+ ":+"'"6(567%
:#D8"6(%,d %" H:"6'"'%# 0(?,+5r";%- D% #%' "40+5(D%5 6'(+08"6(%,+ %,( ?"+%;,4 08"6(%' 576";%- D%( ?"%
#''576""R%
K-N% Z6%#;;5(5,6%(,%#6D%,(?"+%+"8";D%#b#5$#-$"%(,% (?"%#''576""%06;"+%$#2%,d%(?5'%'(#("%,(?"+%(?#6%
(?5'%=?#:("+)%5d%#6%#''576,+%d#5$'%(,%(0+6%,b"+%:+,4"";'%(,%(?"%#''576""%#'%+"q05+";%-D%'0-'"4(5,6%
K#N)%(?"%#''576""%8#D%+"4,b"+%d+,8%(?"%#''576,+%56%#%45b5$%#4(5,6U%
KLN%%(?"%:+,4"";')%,+%#6%#8,06(%"q0#$%(,%(?"%:+,4"";')%(?#(%(?"%#''576,+%2#'%,-$57#(";%(,%(0+6%
,b"+%06;"+%'0-'"4(5,6%K#Nf%#6;%
KJN%+"#',6#-$"%#((,+6"Dg'%d""'%#6;%4,'('%5640++";%-D%(?"%#''576""%(,%(?"%"H("6(%:+,b5;";%d,+%-D%
#7+""8"6(%#6;%6,(%:+,?5-5(";%-D%$#2%,d%(?5'%'(#("%,(?"+%(?#6%(?5'%=?#:("+R%
K4N%% /?"%# ''576""%8 #D% 8#56(#56%# 6%# 4(5,6%06;" +%' 0-'"4(5,6%K -N%" 5(?"+% 25(?%,+ %2 5(?,0(% (#@567%
#4(5,6%(,%d,+"4$,'"%#6D%'"40+5(D%56("+"'(%(?#(%5(%8#D%?#b"%56%(?"%+"#$%:+,:"+(DR%%%
K;N%%<6$"''%,(?"+25'"%#7+"";)%5d%#6%#''576""%(?#(%?#'%:+5,+5(D%06;"+%3"4(5,6%A"6d,+4"'%5('%56("+"'(%
56%+ "6('%# d("+%# 6,(?"+%4 +";5(,+%?,$ ;567%# %' 0-,+;56#("%' "40+5(D%5 6("+"'(%5 6%+ "6('%?# '%" 6d,+4";%5 ('%
56("+"'(%06;"+%3"4(5,6%I%,+%E)%(?"%4+";5(,+%?,$;567%(?"%'0-,+;56#("%'"40+5(D%56("+"'(%56%+"6('%5'%6,(%
LL%%
,-$57#(";%(,%(0+6%,b"+%#6D%:+,4"";'%(?#(%5(%4,$$"4('%-"d,+"%5(%+"4"5b"'%#%'576";%6,(5d54#(5,6%d+,8%
(?"%#''576""%25(?%: +5,+5(D% (?#(%( ?"% #''576""%25(?%: +5,+5(D%5' % "6d,+4567% 5('%56 ("+"'(%56 %+"6('R%%/?"%
'0-,+;56#("%4+";5(,+%'?#$$%(0+6%,b"+%(,%#6%#''576""%25(?%:+5,+5(D%#6D%:+,4"";'%(?#(%(?"%'0-,+;56#("%
4+";5(,+%4,$$"4('%#d("+%5(%+"4"5b"'%(?"%6,(5d54#(5,6%d+,8%(?"%#''576""%25(?%:+5,+5(D%(?#(%(?"%#''576""%
25(?%: +5,+5(D%5' %" 6d,+4567%5(' %56 ("+"'(%56 %+ "6('% ,6% ,+%- "d,+"%( ?5+(D%; #D'%#d ("+%5 (%+ "4"5b"'%( ?"%
6,(5d54#(5,6)%,+ %# '%,( ?"+25'"%# 7+"";%-" (2""6%( ?"%# ''576""%2 5(?%:+ 5,+5(D%# 6;%( ?"%' 0-,+;56#("%
4+";5(,+R%%W6D%:+,4"";'%'0-'"q0"6($D%4,$$"4(";%-D%(?"%'0-,+;56#("%4+";5(,+%'?#$$%-"%(0+6";%,b"+%(,%
(?"%#''576""%25(?%:+5,+5(D%,6%,+%-"d,+"%("6%;#D'%#d("+%(?"%:+,4"";'%#+"%4,$$"4(";)%,+%#'%,(?"+25'"%
#7+"";%-"(2""6%(?"%#''576""%25(?%:+5,+5(D%#6;%(?"%'0-,+;56#("%4+";5(,+R%
%
SECTION 14. ATTACHMENT, PERFECTION AND PRIORITY OF ASSIGNEE’S
SECURITY INTEREST IN PROCEEDS.%
K#N%%W6%#''576""g'%'"40+5(D%56("+"'(%56%+"6('%#((#4?"'%(,%5;"6(5d5#-$"%:+,4"";'R%
K-N%%Zd%#6%#''576""g'%'"40+5(D%56("+"'(%56%+"6('%5'%:"+d"4(";)%5('%'"40+5(D%56("+"'(%56%5;"6(5d5#-$"%4#'?%
:+,4"";'%5'%:"+d"4(";R%%
K4N%% &H4":(%# '%: +,b5;";%5 6%' 0-'"4(5,6%K -N)% \0'56"''%# 6;%= ,88"+4"%= ,;"%= ?#:("+%B)%, +%( ?"%
4,8:#+#-$"%:+ ,b5'5,6'% ,d%( ?"%< 65d,+8%= ,88"+45#$%= ,;"%,d %# 6,(?"+%# ::$54#-$"%h0 +5';54(5,6)%
;"("+856"'%K5N%2?"(?"+%#6%#''576""g'%'"40+5(D%56("+"'(%56%:+,4"";'%5'%:"+d"4(";)%K 55N%(?"%"dd"4(%,d%
:"+d"4(5,6%,+ %6,6 P:"+d"4(5,6)%K 555N%( ?"%:+ 5,+5(D% ,d%# 6%5 6("+"'(%5 6%:+ ,4"";')%# 6;%K 5bN%( ?"%$ #2%
7,b"+6567%:"+d"4(5,6)%(?"%"dd"4(%,d%:"+d"4(5,6%,+%6,6P:"+d"4(5,6)%#6;%(?"%:+5,+5(D%,d%#6%56("+"'(%56%
:+,4"";'R%
K;N%% S,+%: 0+:,'"'%, d%( ?5'%= ?#:("+)%4#' ?%: +,4"";'%#+ "%5 ;"6(5d5#-$"%5 d%( ?"D%#+ "%8 #56(#56";%5 6%#%
'"7+"7#(";%;" :,'5(%# 44,06(%,+ )%5 d%4 ,88567$";%2 5(?%,( ?"+%d 06;')%( ,%( ?"%" H("6(%( ?"D%4 #6%-" %
5;"6(5d5";%-D%#%8"(?,;%,d%(+#4567)%564$0;567%#::$54#(5,6%,d%"q05(#-$"%:+5645:$"')%(?#(%5'%:"+85((";%
06;"+%$#2%,d%(?5'%'(#("%,(?"+%(?#6%(?5'%=?#:("+%25(?%+"':"4(%(,%4,88567$";%d06;'R%
%
SECTION 15. PRIORITY SUBJECT TO SUBORDINATIONR%%%
/?5'%=?#:("+%;,"'%6,(%:+"4$0;"%'0-,+;56#(5,6%-D%#7+""8"6(%-D%#%:"+',6%"6(5($";%(,%:+5,+5(DR%%
SECTION 16. APPLICATION TO EXISTING RELATIONSHIPS.
LJ%%
K#N%%&H4":(%#'%,(?"+25'"%:+,b5;";%56%(?5'%'"4(5,6)%(?5'%=?#:("+%7,b"+6'%(?"%"6d,+4"8"6(%,d%%%#6%#''5768"6(%,d%+"6(')%(?"%:"+d"4(5,6%#6;%:+5,+5(D%,d%#%'"40+5(D%56("+"'(%56%+"6(')%#6;%(?"%%%#((#4?8"6(%#6;%:"+d"4(5,6%,d%#%'"40+5(D%56("+"'(%56%:+,4"";'%"b"6%5d%(?"%;,408"6(%4+"#(567%%%(?"%#''5768"6(%,d%+"6('%2#'%'576";%#6;%;"$5b"+";%-"d,+"%(?"%"dd"4(5b"%;#("%,d%(?5'%=?#:("+R%
%K-N%%/?5'%=?#:("+%;,"'%6,(%#dd"4(%#6%#4(5,6)%4#'"%,+%:+,4"";567%4,88"64";%-"d,+"%(?"%%%"dd"4(5b"%;#("%,d%(?5'%=?#:("+R%%K4N%%3"4(5,6%MK#N%,d%(?5'%=?#:("+%;,"'%6,(%#::$D%(,%#6D%'"40+5(D%56'(+08"6(%'576";%#6;%%%;"$5b"+";%-"d,+"%(?"%"dd"4(5b"%;#("%,d%(?5'%=?#:("+R%%K;N%%/?5'%=?#:("+%;,"'%6,(%#dd"4(U%%KLN (?"%"6d,+4"#-5$5(D%, d%#6 %#''576""g'%'"40+5(D%56("+"'(%56%+"6('%, +%: +,4"";'%5 d)%588";5#("$D%-"d,+"%(?"%"dd"4(5b"%;#("%,d%(?5'%=?#:("+)%(?#(%'"40+5(D%56("+"'(%2#'%"6d,+4"#-$"f%%KJN (?"%:" +d"4(5,6%,d %# 6% #''576""g'%' "40+5(D%5 6("+"'(%5 6%+ "6('%,+ %:+ ,4"";'%5 d)%5 88";5#("$D%-"d,+"%(?"%"dd"4(5b"%;#("%,d%(?5'%=?#:("+)%(?#(%'"40+5(D%56("+"'(%2#'%:"+d"4(";f%,+%%KON%% (?"%:+ 5,+5(D%,d %# 6% #''576""g'%' "40+5(D%5 6("+"'(%5 6%+ "6('%,+ %:+ ,4"";'% 25(?%+ "':"4(%( ,%( ?"%56("+"'(%,d %# 6,(?"+%:" +',6%5 d)%5 88";5#("$D%- "d,+"%( ?"%"d d"4(5b"%; #("%, d%( ?5'%= ?#:("+)%( ?"%56("+"'(%,d%(?"%,(?"+%:"+',6%2#'%"6d,+4"#-$"%#6;%:"+d"4(";)%#6;%(?#(%:+5,+5(D%2#'%"'(#-$5'?";R%%
SECTION 17. EFFECTIVE DATE.%%/?5'%W4(%(#@"'%"dd"4(%588";5#("$D%5d%5(%+"4"5b"'%#%b,("%,d%
(2,P(?5+;'%,d%#$$%(?"%8"8-"+'%"$"4(";%(,%"#4?%?,0'")%#'%:+,b5;";%-D%3"4(5,6%OB)%W+(54$"%ZZZ)%/"H#'%
=,6'(5(0(5,6R%Zd%(?5'%W4(%;,"'%6,(%+"4"5b"%(?"%b,("%6"4"''#+D%d,+%588";5#("%"dd"4()%(?5'%W4(%(#@"'%
"dd"4(%j 3":("8-"+%L)%JF LLk%j K'(#(";%; #("N)%JFLLk %j ,6% (?"%BL' (%;# D% #d("+%( ?"%$ #'(%;# D%,d %( ?"%
$"75'$#(5b"%'"''5,6kR%
%
SECTION 18. CONFORMING AMENDMENTS.
K#N%%\0'56"''%#6;%=,88"+4"%=,;"%3"4(5,6%BRLFBK;NKLLN%5'%#8"6;";%(,%+"#;U%
lKLLN%(?"%4+"#(5,6%,+%(+#6'd"+%,d%#6%56("+"'(%,+%$5"6%,6%+"#$%:+,:"+(D)%564$0;567%#%$"#'"%,+%
+"6('%K#'%;"d56";%56%/"H#'%*+,:"+(D%=,;"%3"4(5,6%PPPPPN%(?"+"06;"+)%(?"%56("+"'(%,d%#%
b"6;,+%,+%b"6;""%56%#%4,6(+#4(%d,+%;"";%(,%:0+4?#'"%#6%56("+"'(%56%+"#$%:+,:"+(D)%,+%(?"%
56("+"'(%,d%#6%,:(5,6,+%,+%,:(5,6""%56%#6%,:(5,6%(,%:0+4?#'"%#6%56("+"'(%56%+"#$%:+,:"+(D)%
LO%%
"H4":(%(,%(?"%"H("6(%(?#(%:+,b5'5,6%5'%8#;"%d,+U%
%%%%%KWN%$5"6'%,6%+"#$%:+,:"+(D%56%3"4(5,6'%BRJFO%#6;%BROFEf%
%%%%%K\N%d5H(0+"'%56%3"4(5,6%BROOMf%
%%%%%K=N%d5H(0+"%d5$567'%56%3"4(5,6'%BRAFL)%BRAFJ)%BRALJ)%BRALC)%#6;%
%%%%%BRALBf%#6;%
%%%%%KGN%'"40+5(D%#7+""8"6('%4,b"+567%:"+',6#$%#6;%+"#$%:+,:"+(D%56%
%%%%%3"4(5,6%BRCFMfm%
%%%
L%
ANNOTATED ASSIGNMENT OF LEASES AND RENTSEC
3/W/&%]S%/&^W3% % o%
o% _X]>%W11%Y&X%\`%/9&3&%*!&3&X/3U%=]<X/`%]S%ttttttttttt% o%
/9Z3%W33Z[XY&X/%]S%1&W3&3%WXG%!&X/3%KlAssignmentmN%5'%8#;"%(?5'%ttttt%;#D%,d%tttt tttttttt)% JFtt)%- D%ttttttttttt tttttt)%# %ttt tttttttttttt%K ?"+"56#d("+%4 #$$";%lAssignormN)%2 ?,'"%# ;;+"''%d ,+%6,( 5d54#(5,6EI% 5'%tttt ttttttttttttttttt)EE% (,%ttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt%K?"+"56#d("+%4#$ $";%lAssigneemN)%2?,'"%#;;+"''%d,+%6,(5d54#(5,6%5'%tttttttttttttttttttttREB
>%Z%/%X%&%3%3%&%/%9U%
%
W''576,+)%56%4,6'5;"+#(5,6%,d%(?"%'08%,d%/"6%G,$$#+'%KvLFRFFN%4#'?%56%?#6;%:#5;%#6;%,(?"+%7,,;%#6;%b#$0#-$"%4,6'5;"+#(5,6%:#5;%-D%W''576"")%(?"%+"4"5:(%#6;%'0dd545"64D%,d%2?54?%#+"%?"+"-D%#4@6,2$";7";)%;,"'%?"+"-D%[!WX/)%=]Xi&`)%W33Z[X)%/!WX3S&!%WXG%3&/%]i&!%06(,%W''576""%(?"%d,$$,2567U%
WR% #$$%+ 57?(')% (5($")%5 6("+"'(')% "'(#("')%:,2"+')%:+ 5b5$"7"')%,: (5,6'%# 6;% ,(?"+% -"6"d5('% ,d%W''576,+%56)%(,%#6;%06;"+%(?"%$"#'")%$54"6'"')%'585$#+%#7+""8"6(')%#6;%1"#'"')%#'%;"d56";%56%(?"%/"H#'%W''5768"6(%, d%! "6('%W 4(%K lTARAmN)% /"HR% *+,:R%=,;"%otttttttttttttt)%2?54?%6,2 %,+ % 56%( ?"%d0(0+")%d+,8%(58"%(,%(58")%4,b"+%,+%#dd"4(%#$$%,+%#6D%:,+(5,6%,d%(?"%$#6;%;"'4+5-";%56%Exhibit “Am%#((#4?";%? "+"(,%#6 ;%8 #;"%#%: #+(%? "+",d%#6 ;%( ?"%5 8:+,b"8"6('%$ ,4#(";%( ?"+",6%K '#5;% $#6;%# 6;%58:+,b"8"6('%? "+"56#d("+%4#$ $";%( ?"% lPropertymN)% (,7"(?"+%2 5(?%# $$%+ "6"2#$')%" H("6'5,6')%8,;5d54#(5,6')%#8"6;8"6(')%'0-$"#'"')%#6;%#''5768"6('%,d%'04?%#7+""8"6('%K'04?%$"#'"')%$54"6'"')%#7+""8"6(')%+ "6"2#$')%" H("6'5,6')%8,;5d54#(5,6')%#8"6;8"6(')%' 0-$"#'"')% #6;% #''5768"6('%? "+"56%4#$$";%(?"%lLeasesmNf%#6;%
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LMR W''576,+%4 ,b"6#6('%# 6;%# 7+""'%( ?#(%' ,%$ ,67%# '%( ?"% 3"40+";%] -$57#(5,6% +"8#56'%06:#5;% ,+%0 6:"+d,+8";)% 5d% #6D% ("6#6(% 06;"+%( ?"% 1"#'"'%' ?,0$;%-" %( ?"%' 0-h"4(%,d %# 6D%:+ ,4"";567%06;"+%(?"%S";"+#$%\#6@+0:(4D%=,;"%,+%#6D%,(?"+%d";"+#$)%'(#("%,+%$,4#$%'(#(0("%2?54?%:+,b5;"'%d,+%(?"%:,''5-$"%("+856#(5,6%,+%+"h"4(5,6%,d%#6D%,d%(?"%1"#'"'%#''576";%?"+"-D)%5d%#6D%1"#'"%5'%',%+"h"4(";)%6,%'"(($"8"6(%d,+%;#8#7"'%'?#$$%-" %8#;"%25(?,0(%(?"%:+ 5,+%2+5(("6%4,6'"6(%,d %W''576"")%#6;%#6D%4?"4@%56%:#D8"6(%,d%;#8#7"'%d,+%+"h"4(5,6%,d%#6D%'04?%1"#'"%25$$%-"%8#;"%:#D#-$"%(,%W''576""%(,%(?"%d0$$"'(%"H("6(%:"+85((";%-D%$ #2R% %W''576,+%?"+"-D%#''576'%#6D% '04?%:#D8"6(%(,%W''576""%#6;%d0+(?"+%4,b"6#6('%#6;%#7+""'%(?#(%0:,6%(?"%+"q0"'(%,d%W''576"")%5(%25$$%;0$D%"6;,+'"%(,%(?"%,+;"+%,d%W''576""%#6D%'04?%4?"4@)%(?"%:+,4"";'%,d%2?54?%25$$%-"%#::$5";%(,%(?"%X,("%#6;%,(?"+%56;"-(";6"''%'"40+";%-D%(?"%G"";%,d%/+0'()%:+5645:#$)%56("+"'()%#((,+6"D'g%#6;%4,$$"4(5,6%d""'%#6;%,(?"+%#8,06(')%56%'04?%,+;"+%#'%W''576""%56%5('%',$"%;5'4+"(5,6%8#D%;"("+856"R%
LAR W''576,+%# 7+""'%2 5(?%W ''576""%( ?#(%6, (?567%4 ,6(#56";%?" +"56%# 6;%6,%# 4(%; ,6"%,+ %,85((";%-D%W''576""%:0+'0#6(%(,%(?"%:,2"+'%#6;%+57?('%7+#6(";%W''576""%?"+"06;"+%'?#$$%-"%;""8";%(,%-"%#%2#5b"+%-D%W''576""%,d%5 ('%+57?('%#6;%+"8";5"'%06;"+%(?"%X,("%#6;%(?"%G"";%,d%/+0'(%,+%#%2#5b"+%,+ %4 0+567%,d %# 6D%;" d#0$(%?" +"06;"+%,+ %06;" +%( ?"%X ,("%,+ %( ?"%G "";%,d %/ +0'()%# 6;%( ?5'%W''5768"6(%5'%8#;"%#6;%#44":(";%25(?,0(%:+"h0;54"%(,%#6D%,d%(?"%+57?('%#6;%+"8";5"'%:,''"''";%-D%W''576""%06;"+%(?"%("+8'%,d%(?"%X,("%#6;%(?"%G"";%,d%/+0'(R%%/?"%+57?(%,d%W''576""%(,%4,$$"4(%'#5;%:+5645:#$%' 08)%5 6("+"'(%# 6;%5 6;"-(";6"''%# 6;%( ,%" 6d,+4"%# 6D%' "40+5(D%( ?"+"d,+%?"$;%- D%5(%8# D%- "%"H"+45'";%-D%W''576""%"5(?"+%:+5,+%(,)%'580$(#6",0'$D%25(?)%,+%'0-'"q0"6(%(,%#6D%#4(5,6%(#@"6%-D%5(%?"+"06;"+R%
LCR W''576,+%+ ":+"'"6(')%4 ,b"6#6(')%# 6;%# 7+""'%( ?#(%W ''576""%,2 "'%W ''576,+%6 ,%d5;045#+D%;0( D)%;0( D%,d %7,,;%d #5(?%,+ %' 585$#+%;0( D%,+ % ,-$57#(5,6%# 6;%2 #5b"'%# $$%' 04?% ;0(5"'%# 6;%,-$57#(5,6'R%
LIR X,(25(?'(#6;567%#6D%"H40$:#(,+D%:+,b5'5,6'%4,6(#56";%56%(?"%X,(")%G"";%,d%/+0'(%,+%,(?"+%;,408"6(%"b5;"64567%,+%'"40+567%(?"%3"40+";%]-$57#(5,6')%W''576,+%#6;%"#4?%70#+#6(,+%,d%(?"%3"40+";%]-$57#(5,6%'?#$$%?#b"%d0$$%$5#-5$5(D)%h,56($D%#6;%'"b"+#$$D)%d,+%#$$%!"6('%#6;%:+,4"";'%(?"+",d%W''576""%5 '%"6(5($";% (,%4,$$"4(% (?#(%# +"%6,(%(0+6";%,b"+%( ,%W''576""R%% Z6%( ?"%"b"6(%,d %#6D%4,6d$54(%#8,67%(?"%("+8'%,d%(?"%X,(")%G"";%,d%/+0'()%(?5'%W''5768"6()%,+%#6D%,(?"+%;,408"6()%(?"%:+,b5'5,6'%
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LER Zd%( ?"% 3"40+";%] -$57#(5,6%5' % :#5;% #6;%:" +d,+8";% #'%( ?"%' #8"%- "4,8"'%; 0"%#6 ;%:#D#-$"%,+%:"+d,+8#-$"%#6;%5d%#$$%,d%(?"%4,b"6#6(')%2#++#6(5"')%06;"+(#@567'%#6;%#7+""8"6('%8#;"%56%(?"%X,(")%G"";%,d%/+0'()%,(?"+%;,408"6('%"b5;"64567%,+ %'"40+567%:#D8"6(%,+ %:"+d,+8#64"%,d % (?"%3"40+";%]-$57#(5,6')% #6;%56%(?5'%W''5768"6(%# +"%@":(%#6;%:"+d,+8";)% (?"6%(?5'%W''5768"6(% '?#$$%-"4,8"%60$$%#6;%b,5;%#6;%,d %6,%d 0+(?"+%d,+4"%#6;%"dd"4()%-0(%6,% ("6#6(%06;"+%(?"%1"#'"'%'?#$$%-"%+"q05+";%(,%(#@"%6,(54"%,d%'04?%("+856#(5,6%06(5$%#%4,:D%,d%#%+"$"#'"%,d%(?"%G"";%,d%/+0'(%#6;%(?5'%W''5768"6(%'?#$$%?#b"%-""6%;"$5b"+";%(,%'04?%("6#6(R%
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LBR W''576,+%#7+""'%(?#(%W''576""%8#D%(#@"%,+%+"$"#'"%#6D%'"40+5(D%d,+%(?"%:#D8"6(%,d%(?"%X,("%#6;%,(?"+%56;"-(";6"''%'"40+";%-D%(?"%G"";%,d%/+0'()%8#D%+"$"#'"%#6D%:#+(D%:+58#+5$D%,+%'"4,6;#+5$D%$5#-$"%(?"+"d,+%#6;%8#D%#::$D%#6D%'"40+5(D%?"$;%-D%5(%(,%(?"%'#(5'd#4(5,6%,d%(?"%X,("%#6;%'04?%,(?"+%56;"-(";6"''%'"40+";%-D%(?"%G"";%,d%/+0'(%25(?,0(%:+"h0;54"%(,%#6D%,d%5('%+57?('%06;"+%(?5'%W''5768"6(R%
JFR W''576,+%#7+""'%(?#(%W''576""%8#D%#(%#6D%(58"%#6;%d+,8%(58"%(,%(58"%56%2+5(567%K#N%2#5b"%4,8:$5#64"%-D%W''576,+%25(?%#6D%4,b"6#6(%?"+"56%8#;"%-D%W''576,+%(,%(?"%"H("6(%#6;%56%(?"%8#66"+%':"45d5";%56%'04?%2+5(567f%K-N%4,6'"6(%(,%W''576,+%;,567%#6D%#4(%2?54?%?"+"06;"+%W''576,+%5'%:+,?5-5(";%d+,8%;,567)%,+%4,6'"6(%(,%W''576,+%d#5$567%(,%;,%#6D%#4(%2?54?%?"+"06;"+%W''576,+%5'%+"q05+";%(,%;,)%(,%(?"%"H("6(%#6;%56%(?"%8#66"+%':"45d5";%56%'04?%2+5(567f%,+%K4N%+"$"#'"%#6D%:#+(%,d%(?"%*+,:"+(D%#6;e,+%(?"%1"#'"')%,+%#6D%56("+"'(%(?"+"56)%d+,8%(?5'%W''5768"6(R%%X,%'04?%#4(%'?#$$%56%#6D%2 #D%5 8:#5+%( ?"%+ 57?('%, d%W ''576""%? "+"06;"+%"H 4":(% (,%( ?"%"H ("6(% ':"45d54#$$D% #7+"";%( ,%- D%W''576""%56%'04?%2+5(567R%
JLR W''576,+%#7 +""'%( ?#(%( ?"%+ 57?('%# 6;%+ "8";5"'%,d % W''576""%?" +"06;"+% '?#$$%6,( % -"%58:#5+";%-D%#6D%56;0$7"64")%564$0;567%-0(%6,(%$585(";%(,%K#N%#6D%+"6"2#$)%"H("6'5,6%,+%8,;5d54#(5,6%2?54?%W''576""%8#D%7+#6(%25(?%+"':"4(%(,%#6D%3"40+";%]-$57#(5,6)%K-N%#6D%'0++"6;"+)%4,8:+,85'")%+"$"#'")%+ "6"2#$)%"H("6'5,6)%"H4?#67"%,+ %' 0-'(5(0(5,6%2?54?%# ''576""%8#D% 7+#6(%5 6%+ "':"4(%,d %( ?"%*+,:"+(D)% (?"%1"#'"')% (?"%!"6(')% ,+%#6 D%: #+(%( ?"+",d%, +%#6 D%5 6("+"'(%( ?"+"56)%, +%K 4N%#6 D%+ "$"#'"%, +%56;0$7"64"%7+#6(";%(,%#6D%"6;,+'"+)%70#+#6(,+%,+%'0+"(D%,d%#6D%3"40+";%]-$57#(5,6R%
JJR W''576,+%# 7+""'%( ?#(%# % ;"("+856#(5,6%( ?#(%# 6D% :+,b5'5,6% ,d%( ?5'%W ''5768"6(% 5'%06"6d,+4"#-$"%,+%56b#$5;%'?#$$%6,(%#dd"4(%(?"%"6d,+4"#-5$5(D%,+%b#$5;5(D%,d%#6D%,(?"+%:+,b5'5,6%#6;%#6D%;"("+856#(5,6%( ?#(%( ?"%# ::$54#(5,6%,d %# 6D%:+ ,b5'5,6% ,d%( ?5'%W ''5768"6(%( ,%# 6D%:" +',6%,+ %45+408'(#64"%5 '%5 $$"7#$%, +%0 6"6d,+4"#-$"% '?#$$%6 ,(%#d d"4(%( ?"%"6 d,+4"#-5$5(D%, +%b #$5;5(D%, d%' 04?%:+,b5'5,6%#'%5(%8#D%#::$D%(,%#6D%,(?"+%:"+',6'%,+%45+408'(#64"'R%
JOR W''576,+%# 7+""'%(? #(%6 ,(25(?'(#6;567%K #N%(? #(%# 6D% 1"#'"%, +% (?"%$ "#'"?,$;% "'(#("%4+"#(";%(?"+"-D%8#D%-" %?"$;)%;5+"4($D%,+ %56;5+"4($D)%-D%,+ %d,+%(?"%#44,06(%,d %#6D%:"+',6%,+ %"6(5(D%2?54?%'?#$$%?#b"%#6%56("+"'(%56%(?"%d""%"'(#("%,d%(?"%*+,:"+(D)%K-N%(?"%,:"+#(5,6%,d%$#2%,+%K4N%#6D%,(?"+%"b"6()%("6#6(g'%$"#'"?,$;%"'(#("%06;"+%'04?%1"#'"%'?#$$%6,(%8"+7"%56(,%(?"%d""%"'(#("%#6;%(?"%("6#6(%'?#$$%+"8#56%,-$57#(";%06;"+%'04?%1"#'"%#'%#''576";%-D%(?5'%W''5768"6(R%
JMR W''576,+%#7+""'%#6;%4,b"6#6('%25(?%W''576""%(?#(%(?5'%W''5768"6(%#6;%(?"%("+8')%:+,b5'5,6')%+ ":+"'"6(#(5,6'%# 6;% 2#++#6(5"'%?" +"56% 4,6(#56";% '?#$$%-" %-5 6;567%0:,6%W ''576,+%# 6;%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%LLB%%/W!W%oEK4NKLNR%
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JAR W''576,+%#7+""'%(?#(%25(?56%(?5'%W''5768"6()%2,+;'%,d%#6D%7"6;"+%'?#$$%-"%?"$;%#6;%4,6'(+0";%(,%564$0;"%#6D%,(?"+%7"6;"+)%#6;%2,+;'%56%(?"%'5670$#+%608-"+%'?#$$%-"%?"$;%#6;%4,6'(+0";%(,%5 64$0;"% (?"% :$0+#$%# 6;%2,+;'% 56% (?"%: $0+#$% 608-"+%' ?#$$% -"%?" $;%# 6;%4,6'(+0";%( ,%5 64$0;"% (?"%'5670$#+)%06$"''%(?"%4,6("H(%,(?"+25'"%+"q05+"'R%
JCR /,%d#45$5(#("%"H"40(5,6)%(?5'%W''5768"6(%8#D%-"%"H"40(";%56%#'%8#6D%4,06("+:#+('%#'%8#D%-"%4,6b"65"6(%,+%+"q05+";R%%Z(%'?#$$%6,(%-"%6"4"''#+D%(?#(%(?"%'576#(0+"%,+%#4@6,2$";78"6(%,d)%,+%,6%-"?#$d%,d)%"#4?%:#+(D)%,+%(?#(%(?"%'576#(0+"%,d%#$$%:"+',6'%+"q05+";%(,%-56;%#6D%:#+(D)%,+%(?"%# 4@6,2$";78"6(%,d %' 04?%:# +(D)%# ::"#+%, 6%" #4?% 4,06("+:#+(R%% W$$%4 ,06("+:#+('%' ?#$$%4,$$"4(5b"$D% 4,6'(5(0("%# %' 567$"%56 '(+08"6(R%% Z(%' ?#$$%6 ,(%- "%6 "4"''#+D%56 %8# @567%: +,,d%, d%(? 5'%W''5768"6(%(,%:+,;04"%,+%#44,06(%d,+%8,+"%(?#6%#%'567$"%4,06("+:#+(%4,6(#56567%(?"%+"':"4(5b"%'576#(0+"'%,d)%,+%,6%-"?#$d%,d)%#6;%(?"%+"':"4(5b"%#4@6,2$";78"6('%,d)%"#4?%,d%(?"%:#+(5"'%?"+"(,R%%W6D%' 576#(0+"%,+ %# 4@6,2$";78"6(%:# 7"%( ,%# 6D%4 ,06("+:#+(%8 #D%-" %;" (#4?";%d +,8%' 04?%4,06("+:#+(%25(?,0(%58:#5+567%(?"%$"7#$%"dd"4(%,d%(?"%'576#(0+"'%,+%#4@6,2$";78"6('%(?"+",6%#6;%(?"+"#d("+%#((#4?";%(,%#6,(?"+%4,06("+:#+(%5;"6(54#$%(?"+"(,%"H4":(%?#b567%#((#4?";%(,%5(%#;;5(5,6#$%'576#(0+"%,+%#4@6,2$";78"6(%:#7"'R%
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29. THE PARTIES TO THIS ASSIGMENT HEREBY KNOWINGLY, VOLUNTARILY INTELLIGENTLY, AND WITH SUFFICIENT AWARENESS OF THE RELEVANT CIRCUMSTANCES AND LIKELY CONSEQUENCES WAIVE THEIR RIGHT TO HAVE ANY SUIT, CLAIM OR DISPUTE, ARISING DIRECTLY OR INDIRECTLY UNDER THIS ASSIGMENT, DECIDED BY A JURY, AND CONSENT TO HAVE ANY SUCH MATTER DECIDED SOLELY AND EXCLUSIVELY BY THE COURT.
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EXHIBIT A
[PROPERTY DESCRIPTION] %