Township Council Meeting — Packet

Do Not Charge the Wilentz Account: Record and Return to: Peter R. Herman, Esq. Wilentz, Goldman & Spitzer, P.A. 90 Woodbridge Center Drive Woodbridge, NJ 07095 ASSIGNMENT OF LEASES AND RENTS THIS ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) is entered into on this 30th day of October, 2018, by MONTCLAIR GOLF CLUB, a New Jersey not-for- profit corporation (the “Assignor”), having an office located at 25 Prospect Avenue, West Orange, New Jersey 07052, in favor of PROVIDENT BANK, (the “Assignor”), having an address at 100 Wood Avenue, South Iselin, New Jersey 08830. WIINESSETH: WHEREAS, pursuant to a certain Loan Agreement dated the date hereof among the Assignor, other parties related thereto, and the Assignee, as may be amended, restated and/or extended from time to time (“Loan Agreement”), the Assignee has made certain loans to Assignor (individually, the “Borrower") aggregating $8,220,966.31 (together with all other loans and extensions of credit made fromi time to timie by Assignee to the Assignor, the “Loans”), WHEREAS, simultaneously herewith, the Assignor is executing and delivering a certain Mortgage and Security Agreement with respect to the Premises (as hereinafter defined), as may be amended, restated and/or extended from time to time (the “Mortgage”), to scours its obligations to the Assignee under Loan Agreement (as defined in the Mortgage); and WHEREAS, to induce Assignee to make the Loans, and to secure payment of the Assignor’s obligations under the Loan Agreement, the Assignee has requested the Assignor, and the Assignor has agreed, to execute and deliver this Assignment for the purpose of securing all Obligations and the Assignor’s obligations and abilities with respect to the Loans, and all other obligations and liabilities secured by the Mortgage (collectively, the “Liabilities”). NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the Assignor, hereby conveys, transfers and assigns unto Assignee, its successors and assigns, all of the rights, interests and privileges: (a) which Assignor as lessor has and may have in the leases, subleases, contracts, licenses or other agreements now existing or hereafter made and affecting the property described in Schedule “A” attached hereto (the “Premises”) or any part thereof, as any such document may have been, or may from time to time be

ow existing or hereafter made and affecting the property described in Schedule “A” attached hereto (the “Premises”) or any part thereof, as any such document may have been, or may from time to time be hereafter, modified, extended and renewed, including, but not limited to, those leases set forth and described on the schedule attached hereto and made a part hereof as Schedule “B” (collectively, the “Leases”); and (b) which Assignor has and may have by virtue of any guaranty or surety agreement with respect to the tenant’s obligations under any of such Leases, as such guaranties or surety agreements may have been, or may from time to time be hereafter, modified and #10164868,1(141836.270) 02/44/2019 8:24:41 AM ESSEX COUNTY insi.# 2016098857 - Page 3 of 18