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<br />20120577G
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<br />✓ `� � � � � � Inst. 2012 � 5 0 2 0
<br />which Grantor has failed to provide, Lender, after reasonable notice, may enter upon the Property to effect �j
<br />such obligation; and the cost thereof shall be added to the Indebtedness and paid on Lender's demand b.y �
<br />Grantor.
<br />ASSIGNMENT OF.LEASES_AND REN�'S. ,As addirional security for the payment of the_Indebtedness and the
<br />performance of the covenants contained herein, Grantor hereby assigns and transfers over to Lender all rents,
<br />income' and profits ("Rents") under any present;or„future leases, subleases or licenses of the Property; iriclud'mg
<br />any guaranties, exterisions, amendments c�r renewals thereof, from the use of tHe I'roperty. So long as Grantor is
<br />not in default, Grantor may receive, collect and enjoy all Rents accruing from the Property, buf not more tt►an one
<br />month in advance of the due date. Lender may also require Grantor, tenant and any other user of the Property to
<br />make payments of Rents directly to Lender. However, by receiving any such payments, Lender is not, and shall not
<br />be considered, an agent for any party or entity. Any amounts collected may, at Lender's sole discretion, be applied
<br />to protect Lender's interest in the Property, including but not lunited to the payment of taxes and insurance
<br />premiums and to the Indebtedness. At Lender's sole discretion, all leases, subleases and licenses must first be
<br />approved by Lender.
<br />CONDEMNATION. Grantor shall give Lender notice of any action taken or threatened to be taken by private ar
<br />public entiries to appropriate the Properly or any part thereof, through condemnatian, eminent domain or any other
<br />action. Further, Lender shall be permitted to participate or intervene in any of the above described proceedings in
<br />any manner it shall at its sole discretion determine. Lender is hereby given full power, right and authority to
<br />receive and receipt for any and all damages awarded as a result of the full or partial taking or appropriation and in
<br />its sole discrerion, to apply said awards to the Indebtedness, whether or not then due or otherwise in accordance
<br />with applicable law. Unless Lender otherwise agrees in writing, any applicarion of proceeds to the Indebtedness
<br />shall not extend or postpone the due date of the payments due under the Indebtedness or change the amount of
<br />such payments.
<br />GRANTOR'S ASSURANCES. At any time, upon a request of Lender; Grantor will execute and deliver to
<br />Lender,� and if appropriate cause to be recorded, such further mortgages, assignments, assignments of leases and
<br />rents, security agreements pledges, financing: statements, or such other document as Lender may require, in
<br />Lender's sole discretion, to effectuate, complete and to perfect as well as to continue to preserve_the,Indebtedness,
<br />or the lien or security interest created by this Security Tnstrument.
<br />ATTORNEY-IN-FACT. Grantor appoints Lender as attorney-in-fact on behalf of Grantor. If Grantor fails to
<br />fulfill any of Grantor's obligations under this Security Instrument or any Related Documents, includ'mg those
<br />obligations mentioned in the preceding pazagraph, Lender as attorney-in-fact may fulfill the obligations without
<br />notice to Grantor. This power of attomey shall not be affected by the dis�bility of the Grantor.
<br />EVENTS OF DEFAULT. The following events shall constitute default under this Security Instrument (each an
<br />'Bvent. of Defau,lt"): . � �
<br />(a) Failure to make required payments when due under Indebtedness;
<br />(b) Failure to perform ,or leeep any of tha covenants of this Security Instrument or a default under any of
<br />the Related Documents;
<br />(c) The making of any oral or written statement or assertion to Lender that is false or misleading in any
<br />material respect by Grantor or any person obligated on the Indebtedness;
<br />(d) The death, dissolution, insolvency, bankruptcy or receivership proceeding of Grantor or of any person
<br />or entity obligated on the Indebtedness;
<br />(e) Any assignment by Grantor for the benefit of Grantor's creditors;
<br />(fj A material adverse change occurs in the financial condition, ownership or management of Grantor or
<br />any person obligated on the Indebtedness; or
<br />(g) Lender deems itself irisecure for any reasori whatsoever.
<br />REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, I,ender may, without demand or
<br />notice; pay any or all "taxes, assessments, premiums, and liens required to be paid by Grantor, effect any insurance
<br />provided for herein, make such repairs, cause the abstracts of ritle or title insurance policy and tax histories of the
<br />Properiy to be certified to date, or procure new abstracts of title or title insurance and tax histories in case none
<br />were furnished to it, and procure title reports covering the Property, including surveys. The amounts paid for any
<br />such purposes will be added to the Indebtedness and will bear interest at the rate of interest otherwise accruing on
<br />the Indebtedness until paid. In the event of foreclosure, the abstracts of title or title insurance shall become the
<br />property of Lender. All abstracts of title, title insurance, taac histories, surveys, and other documents pertaining to
<br />the Indebtedness will remain in Lender's possession until the Indebtedness is paid in full.
<br />IN TI� EVENT OF THE SALE OF THIS PROPERTY UNDER TI� PROCEDURE FOR FORECLOSURE OF
<br />A SECURITY INSTRUMENT BY ADVERTISEMENT, AS PROVIDED BY APPLICABLE LAW, OR IN THE
<br />EVEN.T I.ENI?ER EXERCISES ITS gIGHTS UNDER T�IE ASSIGNMENT �F LEASES AND RENTS, T'�
<br />LENDER SHALL PROVIDE ALL STATUTORILY REQUIRED NOTICES OF SALE AND NOTICES OF
<br />JiJDICIAL HEARINGS BEFORE LENDER EXERCISES ANY OF ITS RIGHTS UNDER THIS
<br />INSTRUMENT.
<br />Upon the occurrence of an Event of Default, Lender may, without notice unless required by law, and at its option,
<br />declare the entire Indebtedness due and payable, as it may elect, regardless of the date or dates of maturity thereof
<br />and, if permitted by state law, is authorized and empowered to cause the Property to be sold at public auction, and
<br />to execute and deliver to the purchaser or purchasers at such sale any deeds of conveyance good and sufficient at
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