Pledge of rents. In order to secure the due payment of the note, or any renewal or renewals on it, in principal and interest, according to its tenor and effect, the undersigned A has assigned, transferred, set over and delivered in pledge and pawn, and does by this means assign, transfer and deliver in pledge and pawn, to B all those certain rents due and payable to it as lessor under leases, executed by the persons named in the schedule annexed and identified here, for premises in the _________ building, becoming due and payable for the calendar year commencing [Date]. This assignment, transfer and delivery in pledge is made upon and is subject to the following conditions: 1. So long as A is not in default in the due payment of the principal or interest of the note, or of any renewal or renewals, if any, B will pay over to A, or to its order, all rents, from time to time accruing and received by it, so that so long as there shall be no such default A shall have full use and benefit of all such rents. 2. All rents due A shall be made payable by the terms of leases with its tenants at B and when received by A shall be placed in a special account to be known as _________ rental account, and upon request from time to time of A, B (so long as there is no default in the due payment of the principal and interest of the note) will transfer all of the funds, or so much of them as may be requested, to a general checking account of A and all such money transferred shall be free and clear of the pledge created by this means. 3. In case default is made by A in the due payment of the principal and/or interest of the note, or of any renewal of it, B is authorized to apply all monies received by it from rents accruing monthly during the calendar year over and above $_____ towards the payment of the note in principal and interest, it being the intent that in any event $_____ out of the amount of rents received by B in each month shall be paid over monthly to A to enable it to have funds to pay accruing interest on its first and second mortgage bonds and that the surplus remaining shall be held in pledge for the payment of the note; in such event of default, B is further authorized to take such other steps or to do any other thing it may deem necessary for its protection in the premises not inconsistent with the provisions of this pledge.