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ASSIGNMENT OF RENTS 201304773
<br /> Loan No: 101265847 (Continued) Page 3
<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. Grantor fails 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 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 Grantor or on
<br /> Grantor's behalf under this Assignment or the Related Documents is false or misleading in any material respect,
<br /> either now or at the time made or furnished or becomes false or misleading at any time 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 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, repossession 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 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 an 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 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 Grantor demanding cure of such default: (1) cures the
<br /> default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) 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 Grantor would be required to pay.
<br /> Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and
<br /> collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's
<br /> costs, 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 Lender, 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 users 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, after
<br /> Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies.
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