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} � ASSIGNMENT OF RENTS 2 012 0 4 7� 0
<br />Loan No: 101253466 (Continued) Page 3
<br />remeining term of the Note; or (C) be treated es a balloon payment which will be due end payable at the Note's
<br />meturity. The Assignment elso will secure payment of these amounts. Such right shall be in additlon to ail other rights
<br />and remedies to which Lender may be entitled upon Defsult.
<br />DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment:
<br />Paymerrt Default. Grantor fails to make any peyment when due under the Indebtedness.
<br />Other Defeults. Grantor fails to comply with or to perform any other term, obligation, covenant or conditfon
<br />conteined in this Assignment or in any of the Related Documents or to comply with or to perform any term,
<br />obligetion, covenent or condition contained in any other egreement between Lender and Grantor.
<br />Defeuk on Other Paymeirts. Failure of Grentor within the time requ(red by this Assignment to make any payment
<br />for taxes or insurance, or any other payment necessery to prevent filing of or to effect discherge of any lien.
<br />Felse Statemerrts. Any warranty, representation or statement made or furnished to Lender by Grentor or on
<br />Grentor's behalf under this Asstgnment or the Releted Documents is false or misleading in any material respect,
<br />either now or at the time made or furnished or becomes falae or misleading et any time thareafter.
<br />Defective Colleteraltzation. This Assignment or eny of the Releted Documents ceases to be in full force end effect
<br />(including feilure of any colleteral document to create e velid and perfected security interest or lien) et any time and
<br />for any reason.
<br />Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of e receiver for any part of
<br />Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br />commencement of any proceeding under any bankruptcy or insolvency laws by or ageinst Grantor.
<br />Credkor or Forfetture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or eny other method, by any creditor of Grantor or by eny governmentel agency
<br />against the Rents or eny property securing the Indebtedness. This includes a gernishment of eny of Grantor's
<br />accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is e
<br />good faith dispute by Grantor as to the vefldity or reasonableness of the ciaim which is the basis of the creditor or
<br />forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits
<br />with Lender monies or a surety bond for the creditor or forfeiture proceeding, in en emount determined by Lender,
<br />in its sole discretton, 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 ageinst.
<br />Eve�s Affecting Guarantor. Any of the precedfng events occurs with respect to eny guerantor, endorser, surery,
<br />or eccommodation party of eny of the Indebtedness or eny 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 Chenge. A meterial adverse chenge occurs in Grantor's flnancial condition, or Lender believes the
<br />prospect of payment or performance of the Indebtedness is impaired.
<br />insecurity. Lender in good faith believes itself insecure.
<br />Cure Prov(stons. If any default, other than e defeult tn payment fs curable and if Grentor has not been given a
<br />notice of a breach of the same provision of this Assignment within the preceding twelve (12) months, it mey be
<br />cured if Grentor, after Lender sends written notice to Grentor demanding cure of such defeult: (1) cures the
<br />default within fifteen (15) days; or (2) if the cure requires more then fifteen (15) days, immediately initiates ateps
<br />which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br />completes all reesonable and necessary steps sufficient to produce compliance as soon es reasonably practical.
<br />RIOHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and et any time thereafter, Lender
<br />mey exercise any one or more of the following rights and remedies, in eddition to any other righta or remedies provided
<br />by law:
<br />Accelerete Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately
<br />due end payable, including any prepeyment penalty thet Grantor would be required to pay.
<br />Collect Rer�ts. Lender shell have the right, wtthout notice to Grantor, to take possession of the Properry and
<br />collect the Rents, including amounts past due and unpaid, and epply the net proceeds, over end 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 are collected by Lender, then Grantor
<br />irrevocably designates Lender as Grentor's ettorney-in-fact to endorae fnstruments received in peyment thereof in
<br />the neme of Grentor and to negotiate the same and collect the proceeds. Payments by tenants or other users to
<br />Lender in response to Lender's demend shall setisfy the obligations for which the peyments are made, whether or
<br />not eny proper grounds for the demend existed. Lender may exercise its rights under this subparegraph either tn
<br />person, by agent, or through a receiver.
<br />Other Remadias. Lender shall have all other rights end remedies provided in this Assignment or the Note or by
<br />lew.
<br />Election of Remedies. Election by Lender to pursue eny remedy shell not exclude pursuit of eny other remedy, and
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