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201202��� <br />ASSIGNMENT OF RENTS <br />(Continued) Page 3 <br />condition contained in any environmentai agreement executed in connecUon with the Property. <br />False Stataments. Any warranty, representation or statement made or fumished to Lender by Grantor or on <br />Grantor's behalf under this Assignment or the Related Documents is felse or misleading in eny materiel respect, <br />either now or at the time made or fumished or becomes false or misleading at any time thereafter. <br />Defective Collateralaetion. This Assignment or any of the Releted Documents ceasss to be in full force end effect <br />lincluding failure of any collateral document to create a valid and perfected security interest or lien) at any time and <br />for any reason. <br />Death or Ir�pivency. The dissolution of Granto� regardless of whether election to continue is madel, any <br />member withdraws ftom the limited liability company, or any other termination of Grantor's existence es a going <br />business or the death of any member, the insolvency of Grentor, the appointment of a receiver for any pert of <br />Grantor's property, any assignment for the beneflt of creditors, eny type of creditor workout, or the <br />commencement of any proceeding under any bankruptcy or insolvency lews by or againsi Grarrtor. <br />Cred(tor or Forfehure Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial <br />praceeding, self-help, repossession or any other method, by any creditor of Grantor or by any govemmentel agency <br />against the Rents or any property secu�ing the Indebtedness. This includes a garnishment of eny of Grantor's <br />accounta, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a <br />good faith dispute by Grantor as to the validity or reasonebleness of the claim which is the basis of the creditor or <br />forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forteiture proceeding and deposits <br />with Lender monies or a surety bond tor the creditor or forfeiture proceeding, in an amount determined by Lender, <br />in its sole discretion, as being an adequate reserve or bond for the dispute. <br />Property Damage or Loss. The Property is lost, stolen, substantielly demaged, sold, or borrowed against. <br />Eventa Affecting Guerarrtw. Any of the preceding events occurs with respect to any Guarantor of any of the <br />Indebtedness or eny Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability <br />under, any Gueranty of the Indebtedness. <br />Advarse Chango. A materiel edverse chenge occurs in Grantor's financial condition, or Lender believes the <br />prospect ot payment or performance of the Indebtedness is impaired. <br />Insecurity. Lender in good faith believes itself insecure. <br />RIGHTS AIVD REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at eny time thereafter, Lender <br />may exerciae any one or more of the following rights and remedies, in addition to any other rights or remedies provided <br />by law: <br />Accelerate Indebtedness. Lender shall have the right at its option to declare the errtire Indebtedness immediately <br />due and payable, including any prepayment penalty that Grantor would be required to pay. <br />Collect Rer�ts. Lender shall have the right, without notice to Grantor, to teke possession of the Property end <br />collect the Rents, including emounts past due and unpaid, and apply the net proceeds, over and above Lender's <br />costs, agalnst the Indebtedness. In furtherance of th(s right, Lender shall have all the rights provided fo� in the <br />Lender's Right to Receive and Collect Rents Section, above. If the Rents are colfected by Lender, then Grantor <br />irrevocably designates Lender as Grantor's attomey-in-fact to endorse instruments received in payment thereof in <br />the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to <br />Lander tn response to Lender's demand shall satisfy the obligations for which the payments are made, whether or <br />not any proper grounds for the demand existed. Lender may exercise its rights under this subperagraph either in <br />person, by agent, or through a receiver. <br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by <br />law. <br />Election of Remedies. Etection by Lender to pursue any remedy shalt not exclude pursuit of any other remedy, and <br />an election to meke expenditures or to take action to pertorm an obligation of Grarnor under this Assignment, after <br />Grantor's failure to perform, shall not affect Lender's right to declare a defeult artd exercise its remedies. <br />Attomeys' Fees; Expenses. If Lender institutes any suit or aation to enforce any of the terms of this Assignment, <br />Lender shall be entitled to recover such sum as the court may adjudge reasonable as ettorneys' fees et triel and <br />upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all <br />reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its <br />interest or the enforcement of its rights shall become a part of the Indebtedness payabie on demand and shall bear <br />interest at the Note rate from the dete of the expenditure until repaid. F�cpenses covered by this paragraph include, <br />without limitation, however subject to any limits under epplicable law, Lender's ettorneys' fees and Lender's legal <br />expenses, whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings <br />(including afforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment <br />coliection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' <br />reports, end appraisal fees, title fnsurance, and fees for the Trustee, to the extent permitted by applicable law. <br />Grantor also will pay any court costs, in eddttion to all other sums provided by lew. <br />MISCELLANEOUS PROVISIONS. The following misceitaneous provisions are a part of this Assignment: � <br />� <br />