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Loan No: 0000000067
<br />, 1405693
<br />ASSIGNMENT OF RENTS
<br />(Continued) Page 3
<br />purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially
<br />affect any of Grantor's property or ability to perform Grantor's obligations under this Assignment or any of the
<br />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 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 />Insolvency. The dissolution or termination of Grantor's existence as a going business, the insolvency of Grantor,
<br />the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any
<br />type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or
<br />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. Arty 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 />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.
<br />Attomeys' 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
<br />interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
<br />interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include,
<br />without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal
<br />expenses, whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings
<br />(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post - judgment
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