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201301592
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<br /> ASSIGNMENT OF RENTS
<br /> Loan No: 101201719 '(Continued) Page 3
<br /> not limited to Grantor's failure to discharge Cr pay when due any amounts Grantor is required to discharge or pay under
<br /> this Assignment or any belated Documents, Lender on Qrentor's behalf may Ibut shall not be obligated tel take any
<br /> aotlon that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, eecurity
<br /> Interests, encumbrances and other dolma, at any time levied or placed on the Rants or the Property and paying all costs
<br /> for insuring, maintaining and preserving the Property. Ail 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; 181 be added to the balance of the Note and be apportioned among arid be payable with any
<br /> installment payments to become due during either (1} the term of any applicable insurance policy; or 12) 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 tails to make any payment when due under the Indebtedness,
<br /> Other Defaults. Borrower or Grantor falls to comply with or to perform any other term, obligation, Covenent or
<br /> condition contained In this Aseigrtment 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 mieioading at any time
<br /> thereafter,
<br /> Defective Collatsraiixatlon. This Assignment or any of the Related Documents ceases to be in full force and effect
<br /> iinciudine 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 pert 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 Proceedinge, Commericecnent 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 Grerdor'a 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 reaagnebleneaa of the
<br /> claim which is the basis of the creditor or forfeiture proceeding..and if Borrower or Grantor give$,Lander written
<br /> notice of the creditor or forfeiture proceeding and deposits with Lender monies or s surety bond for the creditor or
<br /> forfeiture proceeding, in en amount determined by,Lender,•in its Sole discretion, as being an adequate reserve or
<br /> bond for the dispute. .
<br /> • Property Damage or Lase. Tho'Property'is lost, stolen, substantially damaged, sold, or borrowed against.
<br /> Events Affeoting 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. .
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<br /> Adverse.Change, A material adverse change papurs in Grantor's financial condition, or Lender believes the
<br /> prospect of payment or perfCrmanee of the Indsbtedneee is impaired,
<br /> Insecurity. Lander in good faith believes Itself Insecure.
<br /> Cure ProvIslens, It any default, ether than a default In payment is curable and if Grantor has not been given a
<br /> notice of a breach of the same provialon of this Assignment within the preceding twelve (12) months, it may be
<br /> Cured if Grantor, after Lender trends written;notice to Borrower demanding cure of such default: 11) cures the
<br /> default within fifteen (1 5) days; or 12} if the cure requires more than fifteen (.1 5) 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 eufticient 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:
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<br /> Accelerate indebtedness, Lender shall have the right at Its option to declare.the entire lndebtedileas immediately
<br /> due and psyeble, Including any prepayment penalty that Borrower would be required to pay,
<br /> Collect Rem,. Lender shell have the right, without notice to Borrower or Grantor, to take possession of the
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