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��14��115
<br /> A��1GN�li�IVT �F REIVT�
<br /> L�an Nv: '1�'l�751�5 ��o�t��u�d� Page 3
<br /> nvt limited tv Grantor's faiiure t� discharge or pay when due any amaunts Grantor is re�uired�❑ discharge or pay under
<br /> this Assignment or any Reia�ed Dacumen�s, Lender �n Crantor's behal� may �but sha11 n�t bs obliga�ed to� take any
<br /> actian that Lender deems apprapria�e, includirtg but no� iimited to discharging or paying al� �axes, liens, se�urity
<br /> interests, encumbrances and other claims, at any time [evied or placed on the Rents�r the Praperty and paying afl casts
<br /> for insuring, maintaining and preservin� the Property. All such expenditures incurred or paid by Lend�r for such
<br /> purposes will then bear interes�a�the rate charged under�he Note from �he date incurred or paid by Lender�o the date
<br /> of repaym�nt by Grantvr. Ai! su�h expenses will �ecame a part❑�f the lndebtedness and, at Lender's opt�an, will �A}
<br /> be payable vn demand; �B} be added to the balance of th� N�te and b� appart�vned among and be paya�le with any
<br /> installment payments to bec�me due during either �1 y the �term o� any applica��e insurance policy; �r ��� �he
<br /> remain�ng �erm of the Note; �r �C} �e trea�ed as a ball�on payment which will be due and payable at the Note's
<br /> maturi�y. The Assignm�nt also vuill secure payment of these amoun�s. Such right shall be in addi�tion to all other rights
<br /> and remedies to which Lend�r may b�entitled upon ❑e�ault.
<br /> DEFAULT. Each vf th��Follvwing, at Lender's opt�an, shall constitute an E�en�vf Default under this Assignmen�:
<br /> Payment Defiault. Barrow�r�ails t� make any paymen�when due under the lndeb�edness.
<br /> Dther C7e�aul�s. gorrawer or �rantor fails to comply vvi�h or t� perform any ather termf ob[igatian, co�enant ❑r
<br /> condition conta�ned in this Assignment nr in any of th� Related Documents �r t� comply with or �� perform any
<br /> term� vbligatian, �o�enant or c�ndi��on contained in any other agreement between Lender and garr�wer vr Gran�or.
<br /> ❑e�ault an Other Paymen�s. Failure vf Gran��r within the time re�uired by�his Assignment to ma�e any payment
<br /> for#axes or insurance� or any oth�r payment necessary�v preWer�t filing ��ar to eff�ct discharg�vf any lien.
<br /> Fals� 5tatemenfs. Any warranty, representa�ti�n or sta�em�nfi made ar furnished ta Lend�r by Borrow�r or Gran�ar
<br /> or�n Sorrower's or�rant�r's hehal�under this Assignment or fihe R�lated �o�uments is false ar misleading in any
<br /> materia� respect, either now ar at fihe time made ar furnished or becomes faise or m�sleadin� at any time
<br /> therea���r.
<br /> �efectiWe Cv�lateralizatian. This Assi�nment ar any of fihe Related Documents ceases to b� in full fior�e and effec�
<br /> {including failure of any collateral dacument ta crea�� a�alid and per�Fected security interes�or lien} at any time and
<br /> fv�-any r�asan.
<br /> Death ar Inso�r►en�y. The dissolufiEon or �rerminativn o� Borrower's ar Grantar's existence as a going business ar
<br /> the death o� any partner, the insQlvency vf Bnrrvwer or Gran�vr, th� app�intment of a receiver for any part vf
<br /> �3vrrvwer's ❑r Grantor's properfiy, any assignment�or the benefit vf creditors. any type of creditor work�ut, or the
<br /> cammencem�nt�f any pr�ceeding under any banlcruptcy or inso[�en�y laws by ar against Borr�w�r ar Gran�or.
<br /> Credi�ar or �or�eiture Pro�eedings. Commencement of fareclosure vr forfeEture pro�eedsngs, ►rvheth�r by judicial
<br /> proc��ding, sel�F-help, repossession or any other msthod, by any creditor ��F Borroriver or Grantar �r by any
<br /> gavernmental agency agains�the Rents or any property securing the Indeb�edness, This inc(ud�s a garnishment af
<br /> any o� Borrvwer's or Grantor's aGcounts, including depasit acc�unts, wi�h Lender. Howe�er, this Event vf De�aul�
<br /> shall not app�y if there is a good faith �ispute by Barrower ar Grantar as to �the �a�idity or reasona�leness a� �he
<br /> claim which �s �he basis of the creditor or forf���ure pro�eeding and E�f 6arrower vr Gran��r gi�es Lender wri�ten
<br /> no�ice vf the �reditor�r�fvrfeiture proceeding and deposits with Lender manies nr a surety bond for the creditor or
<br /> forf�itur� praceeding, in an amaunt de�ermined hy Lender, in its sofe disGretian, as being an adequa�� reser�e or
<br /> bond for the dispute.
<br /> Prop�r�y Damage or Loss. The �rvperty is Iflst, s�ol�n, substantially dama�ed,svld, or barrvwed agains�.
<br /> E►rents Af�ecting Guarantvr. Any of the pr�ceding �:Wents occurs with respect to any guaran�vr, endarser, sure�y,
<br /> or a��ommoda�ion party of any af the Indebtedness �r any guarantor, end�rser, suretyf ar acc�mmadation party
<br /> di�s or becomes in�omp�tent, or re�vkes ar disput�s �he va�id�ty of, ❑r liability under, any Guaranty o�F the
<br /> Indebtedness.
<br /> Ad��rse Change. A material adv�rse change Q�curs in Grant�r's financial condition. or Lender h�li�v�s the
<br /> prospect of payment ar performanGe of the Indeb�edness is impairede
<br /> Inse�urity. Lender�n good faith believ�s itself insecure.
<br /> Cure PrvWisians. lf any default, ather than a default in payment is curab[e and if Grantor has not been given a
<br /> notice af a breach �f the same praWis�on af th�s Assignment wi�hin the preceding twelve {12� months, it may be
<br /> cured if Grantor, af�er Lender sends wri�ten no�ice to Borrower demanding cur� afi such �efaul�: ��} cures the
<br /> default within fi�teen {�5} days; or {2� if the cure requires more than fi��een ��5y days, immediately initiat�s st�ps
<br /> which Lender deems in Lender's sole discretivn �o be suf�Ficient to cure the default and therea�ter continues and
<br /> complefes ail reasonable and necessary s�eps sutficient to produce compliance as soon as reasonab[y practical.
<br /> RIGHTS AN❑ RE[VIEDIES �N ❑EFALJLT. �pon the occurrence❑f any EWent of❑efault and at any time thereaf�er, Lender
<br /> may exercise any flne or m�re af the �Folfowing righ�s and remedies, in additian �� any o�her rights or rem�dies pravided
<br /> �y�aw:
<br /> Accelera�� Indebtedness. Lender shall ha�� the right at i�s opti�n ta declare the entire �ndehtedness immediafely
<br /> due and payabie, incfuding any prepayment penalty�ha��orrower would be required to pay.
<br /> Collec� Ren�s. Lender shall ha�e fih� right, withou� noti�e ta 6orrvwer ar Grantor. tv tak� pass�ssion of �he
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