|
ASSIGNMENT OF RENTS 2 01 `� � 3 4��
<br />Loan No: 101�251582 '� (Continued) Page 3
<br />Other Defaults. Grentor fails to comply with or to perform any other term, obligation, covenant or condition
<br />conteined in this Assignment or in any of the Related Documents or to comply with or to perform any term,
<br />obligation, covenent or condition conteined in any other agreement between Lender and Grantor.
<br />Defauit on Other Payments. Failure of Grantor within the time required by this Assignment to make eny payment
<br />for taxes or insurence, or any other peyment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any warrenty, representetion or statement made or furnished to Lender by Grentor or on
<br />Grantor's behalf under this Assignment or the Related Documents is false or misleeding in eny meterial respect,
<br />either now or et the time mede or fumished or becomes false or misleading at any time thereafter.
<br />Defective Collateralhetion. This Assignment or any of the Related Documents ceases to be in full force end effect
<br />(including failure of any colleteral document to create a velid and perfected security interest or flen) at any time and
<br />for any resson.
<br />Death or Insolvency. The death of Grantor, the insolvency ot Grantor, the appointment of a receiver for any part of
<br />Grantor's property, any essignment for the beneftt of creditors, eny type of creditor workout, or the
<br />commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other method, by any creditor of Grantor or by any governmental agency
<br />against the Rents or any property securing the Indebtedness. This includes a garnlshment of any of Grantor's
<br />accounts, including deposit accounts, with Lender. However, this Event of Default shell not apply if there is e
<br />good faith dispute by Grantor as to the vefldity or reasonebleness of the claim which is the basis of the creditor or
<br />forfeiture proceeding and if Grentor givea Lender written notice of the creditor or forfeiture proceeding end deposits
<br />with Lender monies or e surety bond for the creditor or forfeiture proceeding, in an emount 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, substantially demaged, sold, or borrowed against.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or eccommodation party of any of the Indebtedness or any guarantor, endorser, surety, or eccommodetion party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liebil(ty under, eny Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the
<br />prospect of payment or performance of the Indebtedness is impeired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Cure Provialons. If any default, other than a default in peyment is curable and if Grantor has not been given e
<br />notice of a breach of the seme provision of this Assignment within the preceding twelve (12) months, it mey be
<br />cured if Grantor, after Lender sends written notice to Grantor demanding cure of such default: (1) cures the
<br />default within fifteen (15) deys; or (2) if the cure requires more than fifteen (1 b) days, immediately initiates ateps
<br />which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues end
<br />completes sll reasonable and necessary ateps sufficient to produce compliance as soon as reasonably precticel.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default end et any time thereafter, Lender
<br />may exercise any one or more of the following rights and remedies, in eddition to any other rights or remedies provided
<br />by law:
<br />Accelerate Indebtedness. Lender shell have the right at its option to declare the entire Indebtedness immediately
<br />due and payable, including any p�epayment penalty that Grantor would be required to pay.
<br />Collect Rents. Lender shell have the right, without notice to Grantor, to teke possession of the Property end
<br />collect the Rents, including amounts pest due end unpaid, end apply the net proceeds, over and above Lender's
<br />costs, against the Indebtedness. In furtherence of this right, Lender ahall have all the rights provided for in the
<br />Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by Lender, then Grentor
<br />irrevocably designetes Lender as Grentor's attorney-in-fact to endorse instruments received in peyment thereof in
<br />the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenents or other users ta
<br />Lender in response to Lender's demand shall setisfy the obligations for which the payments are made, whether or
<br />not eny proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
<br />person, by agent, or through e receiver.
<br />Other Remedias. Lender shell have 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 shall not exclude pursuit of eny other remedy, end
<br />en election to make expenditures or to take action to perform an obligation of Grantor under this Assignment, after
<br />Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any auit or action to enforce any of the terms of this Assignment,
<br />Lender shall be entitled to recover such sum as the court mey adjudge reasonable es ettorneys' fees at trial and
<br />upon any eppeal. Whether or not any court action is involved, and to the extent not prohibited by lew, all
<br />reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its
<br />
|