|
201300018
<br /> ASSIGNMENT OF RENTS
<br /> •
<br /> Loan No: 101260063 (Continued) Page 3
<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 all taxes, liens, security
<br /> interests, encumbrances and other claims, at 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 date
<br /> of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A)
<br /> be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
<br /> installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the
<br /> remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's
<br /> maturity. The Assignment also will secure payment of these amounts. Such right shall be in addition to all other rights
<br /> and remedies to which Lender may be entitled upon Default.
<br /> DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment
<br /> Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br /> Other Defaults. 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, obligation, covenant or condition contained in any other agreement between Lender and Borrower or Grantor.
<br /> Default on Other Payments. Failure of Grantor within the time required by this Assignment to make any payment
<br /> for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> False Statements. Any warranty, representation or statement made 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 any time
<br /> thereafter.
<br /> Defective Collateralization. This Assignment or any of the Related Documents ceases to be in full force and effect
<br /> (including failure of any collateral document to create a valid and 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 appointment of
<br /> a receiver for any part of Borrower's or Grantor's property, any assignment for the benefit of creditors, any type of
<br /> creditor workout, or the commencement of any proceeding under any bankruptcy 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 any property securing the Indebtedness. This includes a garnishment of
<br /> any of Borrower's or Grantor's accounts, including deposit accounts, 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 reasonableness 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 damaged, sold, or borrowed against.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br /> or 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 liability under, any 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 impaired.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> Cure Provisions. If any default, other than a default in payment is curable and if Grantor has not been given a
<br /> notice of a 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 /> default within fifteen (15) days; or (2) if the cure requires more than fifteen (151 days, immediately initiates steps
<br /> which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br /> completes all reasonable and 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 and 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 immediately
<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
<br /> Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
<br />
|