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��14��117
<br /> ASSIGlVl1�IENT" �]F RE1VT'�
<br /> Laan No: ����75 7�� ��ontinued� Pag� 3
<br /> LEfVDER'S E�PENDITURES. �f any action or proceeding is camm�nc�d that would material�y aff�ct Lender's interest in
<br /> �h� Property or if Grantor fails tn compiy wifih any pro�ision ofi this Assignment or any Refated Dacuments, incsuding but
<br /> not limit�d tv �rantar's failu�e�o discharge or pay wh�n due any amounts Grantar is required to discharge or pay under
<br /> th�s Assignment Qr any R�lated Documen�ts, Lender �n Grant�r's behalf may �bu� shal� not bs obligated ta� take any
<br /> a��ian that Lender d��ms appropriate, including bu� nat limified ta discharging or paying ali �axes, fiens. securi�y
<br /> interests, en�umbrances and o�ther claims, at any time levied or pla�ed on the Ren�s or the Prvp�rty and paying all �osts
<br /> for �nsuring, maintaining and preserving the Property. All such expen�itures incurred or paid by Lender for such
<br /> purposes will�khen bear interes�at the rate charged under the No�e from the da�e incurred ar paid by Lsnder to th� date
<br /> �fi repayment by Grantor. All such expenses wil� �ecome a par� of the Indebtedness and, at Lender's option, will {A}
<br /> he payab[� on dsmand; �g� be added fi❑ the balance nf the hlote and be app�rtioned among and b� payable wi�h any
<br /> installment payrnen�rs to became due during either ��� the term �f any app[icable insurance policy; �r �2y the
<br /> remaining term of the Note; ❑r �Cy be trea�ed as a balloon payment which will be due and payable at the No�e's
<br /> maturity. The Assignment alsa will secure payment of these amounts, Such right shall be in addi�ion tQ all ❑�h�r rights
<br /> and remedies to which Lender may be en�itled upon Defaul�t.
<br /> DEFAULT. Each af the�Following, at Lend�r's aption, shall constitute an E��nt o�De�ault und�r this Assignm�nt;
<br /> Payment De�ault. Borrower fails�o make any payment when due under�he Inde�tedness.
<br /> �ther Defau��s. Bvrrnwer or Grantor fails to comp[y with ❑r t❑ perfarm any vther term� vbligation, covenant or
<br /> candi�ian contained in this Assignment �r in any of �he Relat�d D�cuments �r to comply with o�- �❑ perform any
<br /> term, ob�igation, coWenant or cvndition contained in any o�her agreement between Lender an� Borrower or�rantor.
<br /> Defaul� on ��her Payments, Failure of Grantor within �he tim� r��uired by this Assignmen�tv make any paymen�
<br /> �ar taxes or insurance, or any other payment necessary to prevent filing of ar to effect discharge of any IEen.
<br /> False Statements. Any warranty, representation or sta�ement made vr�urnished �to Lender by gorrower or�rantor
<br /> or on 6�rrower's ❑r Grantvr's behal� under this Assignment or the Related �ocumen#s is fia�se or misleading �n any
<br /> material respect. ei�her n�w or a� the �ime made ar furnished ar �aecames �false �r misleading at any time
<br /> thereafter.
<br /> Defect'rve Co[lateralizativn. This Assignment�r any af the Related Documents c�ases t❑ be in full forc� and effec�
<br /> �including failure vf any col{at�ral document t� crea�e a�alid and per�ected security interest or lien} at any time and
<br /> far any reason.
<br /> InsolWency, The dissolut�on ar termina�ion of the Tru�t, the insolvency of Borrawer or Grantor, the appaintment o�
<br /> a recei�er fi�r any part of Borrow�r's ar Granfiar's proper�yf any assignm�n��F�r tne ben�fit❑fi creditors� any type of
<br /> creditQr w�rkout, or�he cammen�ement �f any proceeding under any bankrupt�y or insolvency laws �y�r against
<br /> Borrower ar Grantor.
<br /> Creditor or For�Feiture Pro�eed�ngs. Commencement af forecl�sure �r f�rfe[ture proceedings, whether by judicial
<br /> praceedin�, sel�f-help. reposs�ssion or any o�her me�ho�, by any creditar vf 6orrawer ar Grant�r or by any
<br /> go�ernmental ag�ncy against the Rents or any property securing�he �ndebtedness. This inc�ud�s a garnishment o�
<br /> any of Barrower's or Granta�"s accounts, including dep�sit accounts. with Lender. Howe�er, this Event of D�fau�t
<br /> shal� nat appiy if there is a go�d fai�h dispute by 6orr�wer �r �ran��r as to the �alidi�y ❑r reasonableness af the
<br /> claim which is th� basis tif the credi�or or fvrfeiture proce�ding and if Borrower or Grantar gEves Lender writ�en
<br /> notice af the cred�tor or forfeiture praceeding and deposits with L�nder monies or a surety bond �or�he �r�ditvr or
<br /> �orfeiture pr�ceeding, in an amaun� determined by Lender, �n its so(e �iscre�ion, as being an adequate reser�e or
<br /> bond for�he dispute.
<br /> Property C3amage vr Lvss. The Property is lost, s�olen, substantially damaged, sflld, ar b�rrawed against.
<br /> Errents Affec#�ng Guaranfiorn Any a��he preceding events �ccurs wi�h respect to any guarantor, endorser, surety,
<br /> or accommodation party af any o� the Indebt�dness or any guarantor, endarser, sure�y, or a��ommvdation party
<br /> dies or becames incampetent, ar re�okes or dispu�es �he �a�idity �f, or Eiability under, any Guaranty of the
<br /> lndeb�edness.
<br /> AdWers� Change. A material a��ers� change �ccurs in Grant�r's financial conditian. or Lender belie�es �he
<br /> prospect of paymen�or perfarmanc�a�F the Indeb�edness �s irnpair�d.
<br /> Insecurity. Lender in g�od�aith believes its�[�insecure.
<br /> Cur� Pro�isions. if any defaul�, other than a defaulf �n payment is curable an� if �rantor has nat been gi�en a
<br /> notice ofi a breach ��the same proWisian vf this Ass�gnment within the preceding �w���e t��� m�n�hs, �� may be
<br /> cured if Grantor, after Lender sends wri��en notice ta Borrower demanding cur� of such defauft: ��y cures the
<br /> defaulfi withEn fift�en �15� days, or �2� ifi th�cure re�uires more�han fif�een �15� days, immedia�ely initiates s�eps
<br /> ►►vhi�h Lender deems in L�nder's sole discretion �o be sufficient to cure the default and th�reafter c�ntinues and
<br /> completes a[I reasonab[�and necessary s�eps su�ficient�o pr�du�e comp�iance as soon as reasonably prac�ica[.
<br /> R1GHT5 AND RE1IJ�EDIES (7N DEFAULT'. lJpon the�ccurren�e�f any E�en�of Defau�t and at any time thereafter. Lender
<br /> may ex�rcise any one or more vf the f�1l�wing ri�hts and remedies, in addition to any o�her righ�s or remedies pra�ided
<br /> by law:
<br /> A��elera�e Indehtedness. Lender sha{l ha�e the r�ght a� its option t� d�c�are the entire lndeb�edness Emm�dia�e�y
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