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��15��444
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<br />� . ASSIGNMENT �F RENTS
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<br />� Loan Nv: 'I�'i 2824�1 �Cor1t111ued� Page 3
<br /> specific act�r thing.
<br /> APPLICAT��N DF RENTS. AI! C�5�5 and expenses incurr�d by Lender in cvnnection w�th �he Proper�y shall be �or
<br />� Grantar's account and Lender may pay such Cfl5�5 and expenses �ram �he Rents. Lender, in ifis sole dis�retion, shall
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<br /> determine �th� aQp�ication of any and all Rents recei�ed by it; howe�er, any such Rents recei�ed by Lender which are
<br />' , not applied t� such cas�s and expenses shall be appfied to the In�ebtedness. All expendifiures made by Lender under
<br /> i this Assignment and not reimbursed frvm the Ren�s shall becvme a par� ❑f �the Indebtedness secured by �his
<br />' Assignment, and shall be payabie vn demand, with interest at the Nv�e rate from dafe ❑f expenditure until paid.
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<br />� FULL PERF�RMANCE. lt Grant�r pays al! of the lndebtedness when due and v�herwise performs all the obligativns
<br /> imposed upon�rant�r under#his Assignmen�,the No�e, and the Related Documents, Lender shal! execute and deliver�❑
<br />� Grantar a suitable satisfaction v�fhis Assignmen�and suitable s�afiements of terminatian ❑f any financing statemen�on
<br />; file e�idencing Lender's secu�ity infierest in the Rents and �khe Property. Any termination fee required by !aw shaiE be
<br />� paid by Grantor, Ef permitted by applicable �aw.
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<br />; LENDER'S EXRENDITURES, If any action o� pro�eeding �s cammenced that wou�d ma#erially a��ect L�nder's interest �n
<br />' the Property ar if Grantor�ails to comply wi�h any pro�isE�n ❑�this Assignmen�or any R�lated Documents, including bufi
<br />� not limited�❑ Gran�vr's #ailure to discharge or pay when due any amounts Gran�vr is require�tv dischar�e or pay under
<br />' this Assignment ❑r any Related Docum�nts, Lender on Grant�r's behal� may {but shall nat be obligated ��y take any
<br />. acfiion that Lender deems apprapr�ate, including bu� not limi�ed t❑ discharging or paying a!I taxes, liens, securi�y
<br /> in�erests� encumbrances and ❑�her claims, a�any time levied or p�aced ❑n the Rents ar'�he Praperty and paying a!i costs
<br />� �vr insuring. main�aining and preser�ing the Property. All su�h expenditures �n�urred or paid �y Lender for su�h
<br />� purposes wil�then bear interes�at the ra�e �harged under the Note �r�m�he da�e incurred vr paid by Lender tn�he da�e
<br /> of repaymen# �y Gran�or. AE! su�h expenses will became a part o�the �ndebtedness and, at Lender's ❑ption, will �Ay
<br /> � be payable on demand; {B} be added to the balance ❑f�he No�e and be apportioned among and be payable with any
<br /> insta[[ment paymen�s tv hecome due during either {'I} the term v� any appficable insurance policy; ❑r ��} �he
<br /> remaining �erm of the No�e; or �C� be treated as a ballvvn payment which wiEl be due and payable at the Note's
<br /> maturifiy. The Assignmenf alsv wi�l secure payment of these amvunts. 5uch right shall be in addi�ivn to ail vther rights
<br /> and remed�es�a which Lender may be enfiitled upan ❑efaul�.
<br /> DEFAULT. Each of the follvwing. at Lender`s aption, shail canstitute an E�ent o�De�aul�under this Assignment: .
<br />- Rayment De#aujt. Grantor fails to make any payment when due under th� lndebtedness.
<br /> Q#her Defaults, Grantor �ails tv camply with ❑r to per�arm any other term, abi�gativn, co�enant ar condition
<br />: . confiained in �his Assignment ❑r in any of �he Related Dn�uments or t❑ comply wi�h ❑r to per�vrm any term,
<br />' abliga�ion, co��nanfi❑r condition contained in any❑ther agreemen�between Lender and G�antor.
<br />, Defaul�an 0#her Paymen#s. Failure ❑� Grantar within the �ime requ�red by this Assignment�o make any paymen�
<br /> �or�axes vr insurance, ❑r any vther payment necessary�a pre�ent filing af or�o effect dis�harg�o�any lien.
<br /> False Sta�ements. Any warranty, representativn or s�atemen# made ar furnished �o Lender by �rantvr ❑r on
<br />: Grantor's behalf under this Assignment or the Related Dvcumen�s is false ❑r misleading in any materia[ respec�,
<br /> either now or at�h�time made❑r�urnished or becomes false or misleading at any time�herea�ter.
<br /> De�ect�ve �olla�eral�zation. This Assignmen�vr any of the Re�ated Documen�s ceases to be in full fivr�e and e�fect
<br />� {incEuding taiiure of any cvllaterai document to create a�alid and perfected security infierest or lien� at any time and
<br /> �ar any reasvn.
<br /> Death vr Insolvency. The dea�h of Grantvr, the insal�ency o�Granfor, �he appvintment o�a receiver�vr any par�❑fi
<br /> Grantar's praper�y, any assignment for �he bene�i� of creditors, any type of creditor workout, vr the
<br />� cnmmencemen�❑�any proce�ding under any bankrupt�y or insol�ency laws by❑r against Grantar.
<br /> CredEtor vr Fvrfeiture Proceedings. Cammencemen� v� �oreclosure ❑r forfei�ur� prviceedings, whether by judicia[
<br /> proceeding, self-help, repossession vr any❑ther me�hod, by any creditar of Gran#or ar by any gv�ernmenfa� agency
<br /> against the Renfis or any prvperty securing �he Endeb�edness. This inciud�s a garnishment o� any of Grantor's
<br /> a��vun�s, including deposit accflunts, wi�th Lender. Howe�er, �his Event �� De�au�t sha!! na� apply i�f there is a
<br /> good faith dispu�e by Gran�or as tv the validity❑r reasflnab�eness ❑fi�he claim whi�h is the basis o�the creditar or
<br /> forfei�ure proceeding and if Grantor gi�es Lender written no�ice of�he creditar❑r fiorfieiture prv�eeding and deposits
<br /> with Lender mon�es or a sure�y bond far the creditor ar forfeEture proceeding, in an amoun�determined by Len�er�
<br />: in ifis svle discret�on, as being an adequa�e reser�e or bvnd for the dispute.
<br /> Property Damage vr Lvss. The Proper�y is lvs�, stolen, substantia��y damaged, sold, v�r borrawed against.
<br /> E►rents A�€fe��ing �uaran�or. Any vf the preceding e�ents occurs with respect t❑ any guarantor, endarser, suretyr
<br /> or accommodatian party o� any of the Indeb�edness or any guarantor, endarser, surety, ❑r accvmmvdation party
<br />: dies �r be�omes �ncompetent, ❑r re�okes or disputes �he �alidi�y of, or liabi�i�y under, any Guaranty ❑� �he
<br /> �ndebtedn�ss.
<br />� Adrrerse Change. A material adWerse change occurs in �rantor's financial condi�ian, or Lender belie�es the
<br />� prospec�o�payment❑r performance vf the Indebtedness is impaired,
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<br />' Insecuri#y. Lender in gvod�aith belie�es itse[fi insecure.
<br />. . Cure Pro�isions. I� any default, v�her than a default in payment is curabfe and E� Gran�vr has not been gi�en a
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