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• 201.3047 05
<br />ASSIGNMENT OF RENTS
<br />Loan No: 161266246 (Continued) Page 3
<br />end 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. Grantor falls to make any payment when due under the Indebtedness.
<br />Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition
<br />contained in this Assignment or In any of the Related Documents or to comply with or to perform any term,
<br />obligation, covenant or condition contained In any other agreement between Lender and 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 eny 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 Grantor or on
<br />Grantor's behalf under this Assignment or the Related Documents is false or misleading in any materiel respect,
<br />either now or at the time made or furnished or beoomse false or misleading at any time thereafter.
<br />Defective Collaterallzation. 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 moon.
<br />Death or Insolvency. The death of Grantor, the Insolvency of Grantor, the appointment of a 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 against Grantor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by Judicial
<br />proceeding, self -help, repoeseasion or any other method, by any creditor of Grantor or by any governmental agency
<br />against the Rents or any property securing the indebtedness. This Includes a garnishment of any of Grantor's
<br />accounts, Including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a
<br />good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or
<br />forfeiture proceeding end if Grantor gives Lender written notice of the creditor or forfeiture proceeding end deposits
<br />with Lender monies or a surety bond for the creditor or forfeiture proceeding, in en amount determined by Lender,
<br />in Its sole discretion, as being an adequate reserve or 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 (lability under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A materiel 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 breech 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 Grantor demanding ours of such default: (1) cures the
<br />default within fifteen (1 5) days; or (2) if the cure requires more then fifteen (161 days, immediately initiates steps
<br />which Lander 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 Grantor would be required to pay,
<br />Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property end
<br />oonsct the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's
<br />posts, against the Indebtedness. In furtherance of this right, Lender shall have all the rights provided for in the
<br />Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by Lander, then Grantor
<br />Irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof In
<br />the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other ueere to
<br />Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or
<br />not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
<br />person, by agent, or through a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by
<br />law.
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and
<br />an election to make expenditures or to take action to perform an obligation of Grantor under this Assignment, lifter
<br />Grantor's failure to perform, shall not effect Lender's right to declare a default end exercise its remedies,
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