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ASSIGNMENT OF RENTS 2 012 0 2 7 7�
<br />(Continued) Page 3
<br />condition contained in any environmental agreement executed in connection with the Property.
<br />False StatemerKs. Any warranty, representation or statement made or furnished to Lender by Grantor or on
<br />Grantor`s behalf under this Assignment or the Related Documents is false or misleading in any material respect,
<br />either naw or at the time made or furnished or becomes false or misleading at any time thereafter.
<br />Defective Collateralizetion. This Asaignment or any of the Related Documents ceases to be in full force and effect
<br />lincluding failure of any collaterai document to create e valid and perfected security interest or lien) et any time and
<br />for any reason.
<br />Death or Insolvency. The dissolution ot Grantor� (regardless of whether election to continue is made), any
<br />member withdraws from the fimited liability company, or any other termination of Grantor's existence es a going
<br />business or the death of any member, the insolvency of Grantor, the appointment of e receiver for any part of
<br />Grantor's property, any assignment tor the benefit of creditors, eny type ot creditor workout, or the
<br />commencement of any procesding under any bankruptcy or insolvency lews by or against Grantor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forteitura proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other mathod, by any creditor ot Grantor or by any governmental agency
<br />against the Rents or any property securing the Indebtedness. This includes a garnishment of any of Grantor`s
<br />accounts, including d'eposit accounts, with Lender. However, this Event of Default shall not appfy if there is a
<br />good faith dispute by Grantor as to tha validity or reasonableness of the claim which is the besis of the creditor or
<br />forfefture proceeding and if Grarrtor gives Lender written notice of the creditor or forfeiture proceeding and deposits
<br />with Lender monies or a surery bond for the creditor or forfeiture proceeding, in an amount determined by Lender,
<br />in its sole discretion, es being an adequate reserve or bond for the dispute.
<br />Property Damage or Loss. The Property is lost, stolen, substantiaily damaged, sold, or borrowed against.
<br />Events Affectirtg Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the
<br />Indebtedness or any Guerantor dies or becomes incompetent, or revokes or disputes the validity of, or liability
<br />under, any Guaranty of the Indebtedness.
<br />Adverse Change. A meterial adverse change occurs in Grantor's financial condition, or Lender belleves the
<br />prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurhy. Lender in good faith believes itself insecure.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occuRence of any Event of Default and et eny time thereafter, Lender
<br />may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided
<br />by law:
<br />Accalerete Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately
<br />due and payable, including any prepayment penalty that Grerrtor would be required to pay.
<br />Collect Rer�ts. Lender shali have the right, without notice to Grantor, to take possession of the Property and
<br />collsct the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's
<br />costs, against the Indebtedness. In furtherence of this right, Lender shall have all the rights provided for in the
<br />Lender's Right to Receive and Collect Rents Section, ebove. If the Rents ere collected by Lender, then Grentor
<br />irrevocably designates Lender as Grantor's attomey-in-fact to endorse instruments received in peyment thereof in
<br />the name of Grentor and to negotiate the same end collect the proceeds. Payments by tenants or other users to
<br />Lender in response to Lender's demand shall satisfy the obligations for which the payments are mede, whether or
<br />not any proper grounds for the damand existed. Lender may exercise its rights under this subparagreph either in
<br />person, by agent, or through a receiver.
<br />Other Remedies. Lender shall heve all other rights and remedies provided in this Assignment or the Note or by
<br />law.
<br />Election of Remedies. Election by Lender to pursue any remedy shali not exclude pursuit of any other remedy, and
<br />an election to make expenditures o� to take action to perform an obligation of Grantor under thls Assignment, after
<br />Grantor's failure to perform, shall not affect Lender's right to declare a defauit and exercise its remedies.
<br />Attomeys' Fees; Expenses. If Lender institutes any suit or action to enforce any ot the terms of this Assignment,
<br />Lender shall be entitled to recover such sum as the court may adjudge reasonable as attomeys' fees at trial and
<br />upon any appea{. 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 protectfon of its
<br />interest or the enforcement of its rights shall become a part of the Indebtedness payable on demend and shall bear
<br />interest at the Idote rate from the date of the expenditure until repaid. Expenses covered by this paregraph include,
<br />without limitetion, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal
<br />expenses, whether or not there is a lawsuit, including attomsys' fees and expanses for bankrupicy proceedings
<br />iincluding efforts to modify or vacate any automatic stay or injunctionl, appeals, and any anticipated postyudgment
<br />collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors'
<br />reports, and appraisal fees, titie insurance, and fees for the Trustee, to the extent permitted by appticable lew.
<br />Grantor also wlll pay any court costs, in addition to all other sums provided by law.
<br />MISCELLANEOUS PROVISIONS. The tollowing miscellaneous provisions are a pert of this Assignment: �
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