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<br />�w ': °� � �� , ASSIGNMENT OF RENTS 2 01 `� 0 4 2 6 9
<br />Loan No: � 101253567 � (Continued) Page 3
<br />not limited to Grantor's failure to discharge or pay when due any emounts Grantor is required to discharge or pay under
<br />this Assignment or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any
<br />action that Lender deems appropriate, including but not limited to discharging or paying ell taxes, liens, security
<br />interests, encumbrances and other claims, et any time levied or placed on the Rents or the Property and paying all costs
<br />for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such
<br />purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the dete
<br />of repayment by Grentor. All such expenses will become a pert of the Indebtedness end, at Lender's option, will (A)
<br />be payable on demand; (B) be added to the balance of the Note end be apportioned among end ba peyable with any
<br />installment payments to become due during either (1) the term of any appUcable insurence policy; or (2) the
<br />remaining term of the Note; or (C) be treated es a balloon payment which will be due and payable at the Note's
<br />maturity. The Assignment elso will secure peyment of these amounts. Such right shall be in addition to all other rights
<br />and remedies to which Lender mey be entitled upon Defeult.
<br />DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment:
<br />Peyment Default. Borrower fails to make eny payment when due under the Indebtedness.
<br />Other Defeults. Borrower or Grantor fails to comply with or to perform any other term, obligation, covenant or
<br />condition contained in this Assignment or in any of the Related Documents or to comply with or to perform any
<br />term, obligetion, covenant or condition contained in eny other egreement between Lender and Borrower or Grentor.
<br />Default on Other Payments. Failure of Grentor within the time required by this Assignment to meke any payment
<br />for taxes or insurance, or any other peyment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statemerrts. Any warrenty, representation or stetement mede or furnished to Lender by Borrower or Grantor
<br />or on Borrower's or Grantor's behalf under this Assignment or the Related Documents is false or misleading in any
<br />material respect, either now or at the time made or furnished or becomes false or misleading at eny time
<br />thereafter.
<br />Defective Collateralization. This Assignment or any of the Releted Documents ceases to be in full force and effect
<br />(including feilure of eny collateral document to create a valid end perfected security interest or lien) at any time and
<br />for any reason.
<br />Death or Insolvency. The death of Borrower or Grantor, the insolvency of Borrower or Grantor, the eppointment of
<br />a receiver for any part of Borrower's or Grantor's property, eny assignment for the benefit of creditors, any type of
<br />creditor workout, or the commencement of any proceeding under any benkruptcy or insolvency laws by or against
<br />Borrower or 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 Borrower or Grantor or by any
<br />governmental agency against the Rents or eny property securing the Indebtedness. This includes a gernishment of
<br />any of Borrower's or Grantor's accounts, including deposit eccounts, with Lender. However, this Event of Default
<br />shall not apply if there is a good faith dispute by Borrower or Grantor as to the validity or reasonebleness of the
<br />claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives Lender written
<br />notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or
<br />forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or
<br />bond for the dispute.
<br />Property Damage or Loss. The Property is lost, stolen, substantially demaged, sold, or borrowed against.
<br />Ever�ts Affecting Guarantor. Any of the preceding events occurs with respect to any guerentor, endorser, surety,
<br />ar accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liebility under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A meterial edverse change occurs in Grentor'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 Provislons. If any defeult, other than e default in payment is cureble and if Grantor has not been given a
<br />notice of e breach of the same provision of this Assignment within the preceding twelve (12) months, it may be
<br />cured if Grantor, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the
<br />defeult within fifteen (16) days; or (2) if the cure requires more than fifteen (15) days, immediately initietes steps
<br />which Lender deems in Lender's sole discretion to be sufficient to cure the defeult and thereafter continues and
<br />completes ell reasonable end necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender
<br />may exercise any one or more of the following rights end 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 entire Indebtedness immediatety
<br />due and payable, including any prepayment penalty that Borrower would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the
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