201500264 - Laserfiche WebLink

Browse

��15��4 ASS[GNMENT �F RENTS Loan No: ��282�C5 � {��r�tlnued} Page 3 Assignmen�, and shall be payable on demand, with in�erest at the Note rafie�rom date v�expenditu�-e un�til paid. FULL PERFDRMANCE. If Gran�ar pays all o� the lndebtedness when due and o�therwise perfarms ali �he �bligations impased upon Grant�r under this Assignment,the Nvte, and the Related Documen�s, Lender shall execu�e and deliver tn Gran�or a suita�le satisfaction of�his Assignment and suitalale statements vf�ermina�ivn vf any�financing s�atement an fil� e�idencing Lender's securi�y interest in �he Rents and the Prvperty. Any termination fee required by law shall be paid by Gran�or, if permitted by applicalale �aw. LENDER'S E�PENDlTURES. I� any actian ar praceeding is �vmmenced that wvuld materially affect Lender's interest in the Pro�er-ty❑r i�Gran�or fiails to comply wi�h any pro��si�n vf this Assignment or any Rela�ed Documents, including hu� � not�smited fio Gran�or's failure�o discharge or pay when due any amoun�s Grantvr is required fo discharge or pay under this Assignmen� or any Related Documenfis, Lender ❑n Grantor's behalf may �but shai! nat be ❑laligat�d to� take any action that Lender deems apprapriate, including but n�t limited to discharging or paysn� all taxes, liens, se�urity interests, encumlarances and ❑fiher�laims, at any�ime le�ied ❑r placed ❑n the R�nfis vr the Prvperty and paying all �os�s , �or insuring, maintaining and preser�ing the Properfiy. All such expendifiures incurred �r paid by Lender �or such purposes wi��hen bear interest at the rafie charged under the Nn�e from�he date incurr�d or paid by Lender to�he�date o� repayment hy G ranfior. All such expenses wi�� become a park of the f ndelatedness and, at Lender's option, will {A� he payable on demand; �B} be added to the balance a�F the Nv�e and be appor�ioned among and be payalale with any ins�allment payments fia become due during either �'�} the �kerm ❑f any applicable insurance pvli�y; vr �2} the� remaining term o# the Nvte; or �C} be treated as a ba�[oan payment which will be due and payable at the Note's ma�urity. The Assignment als❑will secu�e payment❑f these amvunts. 5uch right sha�i be in additivn t❑ all other righ�s and remedies fio which Lender may be en�i�led upon Defaul�. , DEFAULT. Each��the following, a�Lend�r's ap�ion, shall cvnstitute an Event nf L�efault under this Assignmen�: Payment De�aul�. Borrower�aiEs�o ma�e any paym�n�when due unde�-the lndebtedness. ��her Defaul�s. gorrower o�- �ranfior fiails to comply with ar t� per�orm any ❑ther term, obliga�ion, cn�enant ❑r condi�ivn �vntained in this Assignmen� or in any ❑�f the Related Dacuments ❑r�v cvmply wi�h ❑r to per�orm any �erm, abligation, co�enan�ar conditivn�vntained in any other ag�-eement be�ween Lender and gvrrower❑r Grant�r. Defaul�❑n �ther Payments. Failur� of Gran�or within#he fiime required by�his Assignment�a make any paymen� �or�axes❑r insurance, ar any other paymenfi necessary�o pre�en��iiing v�or ta effecfi discharge of any lien. Fa�se 5tatements. Any warranty, representatian or stat�ment made or furnished fiv Lender by Barrvwer vr Grantor ❑r on Barrawer's vr Grantnr's behalf under this Assignmen�❑r the Re�ated Documents is false ❑r mis�eading in any material �espec�, ei�her now or at the fiime mad� o�- furnished ❑r becomes false or misleading at any time thereafter. De�ective Collat�raliza#ion. This Assignmen�k or any o�F�he Re�ated ❑acuments ceases t❑ be in �u�[farce and ef�ect �including failure o�any cvliateral dvcument�❑create a�alid and perfected se�urifiy in�erest�r lieny a�any�kime and � fvr any reason. Dea�h or 1nsal►rency. The death of Bo�-rower v�-Grantor,�he inso��ency of Borrow�r or G�ran�ar,the appointment of a recei�er�ar any part o�Borr�wer's ❑r Granto�r's praperty. any assignment fvr the benefi�af credi�ors, any type of credi�or workau�k, or the c�mmencement v�any proceeding under any ban.kruptcy or insvl�ency laws by vr agains� Barrower or Grantor. Creditvr vr Forfei�ure Pro�eedings. C�mmencemen�k ❑f foreclosure ❑r for�eiture pro�eedings, whe�her by �udicia[ prviceeding, self-help, repossessivn or any other me�hod, �y any credi�or of Bvrrawer or �rantvr or hy any gv�ernmental agency agains��he Ren�s or any property securing�he Indebfiedness. This includes a garnishment❑f any❑f gorrower's or Gran�vr's accounfis, inc�uding depasit accaun�s, wi�h Lender. Howe�er, �his Even�a# ❑e�ault shall na� apply if�here is a gvvd fai�h dispu�e by B�rrvwer or Grantar as to the �alidity vr reasvnableness of�he claim which is �he basis o� the credito�- ar farfeifiure proceed�ng and if Borrower or Grantor gi�es Lender writ�en nv�ice ❑t the creditvr�r��r�eiture proceeding and deposits wi�h Lender monies or a surety band fvr the creditar ar forf�iture proceeding, in an amounfi determined by Lender, in i�s sole discretion, as being an adequate reser�e or bond for�he dispu�e. Property Damage or Loss. The Prvper�y is �vst, stolen, sui�s�antially damag�d, sold, ❑r borrvwed agains�. Even�s Affe�ting Guarant�r. Any v�the preceding e�ents occurs wEth respecfi fio any guarantor, endflr-s�r, sur�ty, or accommadation party af any o#the Endelafiedness or any guaran�or, endorser, surety, vr accommadatian par�y dies ❑r laecomes incvmpe�ent, or re�akes v�r dfsputes �he �alidity af, ❑r iiabi�ifiy unde�r, any Guaranty ❑f the lndeb�edness. AdWerse Change. A ma�erial adverse change occurs in Gran�or`s financial cvndition, or Lender belie�es the prvspe�t of payment or per�vrmance of the indebtedn�ss is impaired, � Insecurity. Lender in govd fai�h be�ie�es itself insecure. Cure PrvWisions. �f any defaul�, ather than a default in payment is curable and i� Gran�ar has nat been gi�en a nofiice ❑� a breach of�he same pro�ision af�his Assignment within the preceding twel�e {1�} months, it may be cured if G rantor, a�f-ter Lender sends wri�ten notice fiv Borrvwer demanding cure o� such default: �'i} cures the � default within fifteen {'!5� days; �r �2� if�he cure requires more than�ifte�n 4�5} days. immedia�ely initiates steps