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201309933
<br /> ASSIGNMENT OF RENTS
<br /> (Continued) Page
<br /> materially affect any of any guarantor's or Grantor's property or ability to perform their respective obligations under
<br /> this Assignment or any of the Related Documents.
<br /> Environmental Default. Failure of any party to comply with or perform when due any term,obligation, covenant or
<br /> condition contained in any environmental agreement executed in connection with the Property.
<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 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 reason.
<br /> Death or Insolvency. The dissolution of Grantor's (regardless of whether election to continue is made), any
<br /> member withdraws from the limited liability company, or any other termination of Grantor's existence as a going
<br /> business or the death of any member, 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 of any of the
<br /> Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability
<br /> under,any Guaranty of the 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 ten(10)days;or (2) lithe cure requires more than ten(10)days, immediately initiates steps which
<br /> 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 /> in-evocahly 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.
<br /> Attorneys'Fees;Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment,
<br /> Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys`fees at trial and
<br /> upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all
<br /> reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its
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