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20]20287]
<br />collected from the operation of the Property may be applied in such order as Lender may deem proper,
<br />including, but not limited to, payment of the following: operating expenses, management, brokerage,
<br />attorneys' and accountants' 'Fees, the Secured Debts, and toward the maintenance of reserves for repair
<br />or replacement. Lender may take such auJon without regard to the adequacy of the security, with or
<br />without any action or proceeding, through any person or agent: or receiver to be appointed by a court,
<br />and irrespective of Assignor's possession. The collection and application of the Rents or the entry upon
<br />and taking possession of the Property as set out in this section shall not cure or waive any notice of
<br />default under the Secured Debts, this Assignment, or invalidate any act pursuant to such notice. The
<br />enforcement of such remedy by Lender, once exercised, shall continue for so long as Lender shall elect,
<br />notwithstanding that such collection and application of Rents may liave cured the original default.
<br />H. Waiver. Except as otherwise required by law, by choosing any one or more of these remedies you do
<br />not give up any other remedy. You do not waive a default if you choose not to use a remedy. By
<br />electing not to use any remedy, you do not waive your right to later consider the event a default and to
<br />use any remedies if the default continues or occurs again-
<br />12. APPOINTMENT OF A RECEIVER. On or after an Assignor's default, Assignor agrees to Lender making an
<br />application to the court for an appointment of a receiver for the benefit of Lender to take possession of the
<br />Ptoperty and the Leases, with the power to receive, collect and apply the Rents. Any Rents collected will
<br />be applied as the court authorizes to pay taxes, to provide Insurance, to make repairs and to pay costs or
<br />any other expenses relating to the Property, -he Leases and Rents, and any remaining sums shall na applied
<br />to the Scoured Debts. Assignor agrees that this appointmen4 of a receiver may be without giving bond,
<br />without reference to the then - existing value of the Property, and without regard to the insolvency of any
<br />person liable for any of the Secured Debts.
<br />13. COLLECTION EXPENSES AND ATTORNEYS' FEES. To the extent permitted by law, Assignor agrees to pay
<br />all expenses of collection, enforcement or pratection of Lender's rights and remedies under this Assignment.
<br />Uniess the applicable law that governs this Assignment is North Dakota, expenses include, but are not
<br />limited to, reasonable attorneys' fees, court costs and other legal expenses. These expenses are due and
<br />payable immediately. These expenses will bear interest from the date of payment until paid in full at the
<br />contract interest rate then in effect for the Loan. To the extent permitted by the United States Bankruptcy
<br />Code, Assignor agrees to pay the reasonable attorneys' fees Lender incurs to collect this Assignment as
<br />awarded by any court exercising jurisdiction under the Bankruptcy Code.
<br />14. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, ?f) Environmental Law
<br />means. without limitation, the Comprehensive EnvironmentaS Response, Compensation and Liability Act
<br />(CERCLA, 42 U.5.C. 9591 at seq. }, all other federal, state and local laws, regulations, ordinances, court
<br />orders. attorney general opinions or interpretive letters concerning the public health, safety, welfare,
<br />environment or a hazardous substance; and ;2) Hazardous Suhstance means any toxic, radioactive or
<br />hazardous material, waste, pollutant or contaminant which has characteristics which render the substance
<br />dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes,
<br />without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous
<br />waste," "hazardous substance," or "regulated substances" under any Environmental Law.
<br />Assignor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has
<br />been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on,
<br />under or about the Property, except in the ordinary course of business and in strict compliance with all
<br />applicable Environmental Law.
<br />B. Except as previously disclosed and acknowledged in writing to Lender, Assignor has not and will not
<br />cause, contribute to, or permit the release of any Hazardous Substance on the Property.
<br />C. Assignor will immediately notify Lender if 11) a release or threatened release of Hazardous Substance
<br />occurs on, under or about the Property cr migrates or threatens to migrate from nearby property; or
<br />121 there is a violation of any Environmental Law concerning the Property. In such an event, Assignor
<br />will take all necessary remedial action in accordance with Environmental Law-
<br />Asst nnentor Lc,a,i sad Rnrts NE ASMT- RENT.NE 7 /112091
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