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<br /> .�4.��I��I�E�1T C]F R�N�T'�
<br /> Loan No: D�D�DDU4'�8 ��Dntinued} Page 3
<br /> be paya��e on demand; �B} he added to the �alance of the Note and be a�p�r�ioned amang and b� payab�e with any
<br /> installment paymen�s to be�ame due during ei#her �'I} the term of any appli�abie �nsuranGe pal�cy; ar �2} #he
<br /> remaining term a�f th� Note; or �C) be �rsated as a bal�oan paym�nt which will be due and payabie a# �he Note's
<br /> maturity. The Assignment alsa wil�secure paymen#of thes�amounts. Su�h ri�h�shal� be in addition to a�l other rights
<br /> and remedies ta which Lender may be entitled upnn Default,
<br /> DEFAULT. Each of the fallowing,at L�nder's op#�on,shall consti#u#e an Event of Defauit under this Assignmen#:
<br /> Payment Default, Grantor�aiis to make any paym�n�when due under the Indebtedness.
<br /> C��her ❑efaults. �rantor �Fails to comply with ar ta perForm any other term, obligati�n, co�enant �r condit�an
<br /> . contained in this Assignment or in any a�F the Related ❑ocurnents or �o �omp�y wi�h or to pe�orm any �erm,
<br /> oblig�tion,co�enant r�r condi��on contained in any v#he�agreement be�tweer�Lend�r and��antor.
<br /> Default❑n�the�Payments. Failure�f G��ntar with�n #h��irne required by this Ass�gnment to make any payment
<br /> �or taxes or insurance, o�any other payment necessary t�pre�ent filing a�or to e'f'fect discharge of any I�en.
<br /> �efault in Favor o� Third Parties. Grantor defaults under any faan, extension of credit, security agreement,
<br /> purchase ar sales agreemen#, or any other agreement, �n favar of any o�ther creditor or person that may ma��rial�y
<br /> afiFec� any o���antor's prape�ty ❑r ahili�y to perf4rm �rantor's ❑b�igations un�e� �his Assignment or any of the
<br /> Re�a#ed Documen#s.
<br /> En�ironmenta[ Default. Failure of any party�a com�ly with or per�orm when due any term,obligation, co�enant or
<br /> condition con�ained in any en�rironrnental agreement exe�uted in connec��on wi�h the Property.
<br /> � False Statements. Any warranty, representat�on or statement made or furnished to Lender by Grantar or on
<br /> Grantor`s behal�'under this Assignmen� or�he Re�ated ❑�cuments is false or misleading in any ma�eria� respect,
<br /> ei�her now or at tne time made ar furnished or becames fa�se or rnisleading at any tim�th�reafter.
<br /> �e�ec#i�e Co[lateraliaat�on. This Assignment or any of�he ReIa�ed❑ocuments ceases�o be in full�orce and effect
<br /> �inc�uding failure of any ca�[ateral dacument ta create a va�id and perfected secu�-ity interest or lien}at any time and
<br /> f�r any reasan. �
<br /> Insol�ency. Th� dissalution or�ermina#ion of G�-an�or's exist�n�e as a going business, �he inso���ncy o�Grantor,
<br /> �he appvintment of a �ecei�er�o�any p�rfi of Gran�ar's property, any ass�gnmen#far the benefit af creditors, any
<br /> �ype of creditor workout, or th��ommencement of any proceeding under any bankruptcy or insolvency lavvs by flr
<br /> against Grantor.
<br /> Credi#or or For�ei�ure Proceedings, Commencement of forec�osure or fa�eitu�e proc�ed�ngs, whether by jud�cia�
<br /> proc�eding,seif help, repassessian ar any o�her method,by any creditor o#�rant�r or by any go�ernmental agency
<br /> against the Rents or any prope�y seeurEng the Indeb�edness. This in�[udes a garnishment o�any o�' Gran�vr's
<br /> accaunts, including dep�sit acGoun�s, wi�h Lender. However, this E�ent of de�ault shall not appiy if there �s a
<br /> good faith dispute by�rantor as to�he�alidity or reasanabieness�f the cla�m which is the basis of the credito�-or
<br /> �'o�ei�ure proce�ding and if Grantor gives L�nder wr�tt�n noti�e of the�t'editor or forfeiture proceed�ng and deposits
<br /> wifh Lender manies o�a surety bond for the creditor or�ar�eiture proceed�ng, in an amount det�rrnined by Lender,
<br /> in ��s so[e discretion,as being an adequate reserve or bond�FQ�the dispute.
<br /> Praperty Damage or Loss. The Property is lost,s�alen,substantially damaged,sold,or borrawed against.
<br /> Erren#s Affe�ting Guarantar. Any ofi the preceding e�ents occurs with respec#ta any guarantor, endorser, surety,
<br /> or accornmoda#ion pa�ky af any af the Indebtedness❑�- any guarantar, endo�ser, surety, or accammada#ion party
<br /> dies or becames �ncompe�en�, ❑r revokes ar d�sput�s �the �alidity a�, o� liability under, any �uaran#y vf �he
<br /> Indehtedness.
<br /> ' Ad�erse Change, A materiai adverse ehange occurs i�r Grantor's financ�a! cond�tian, or Lende� be�ie�es the
<br /> prospect af payrnent❑r performance c�f the f ndebte�iness is irnpaired.
<br /> �nsecurity. Lender in good fai�h belie�es itsei€insecu�e.
<br /> RtGHTS AND REMEDiES aN DEFAI]LT. Upon#he occurr�nce af any E�ent of De�'au!#and a�any time thereafter,Lender
<br /> may exercise any ane or mare of the�ol�owing rights and remedies, �n additinn tv any oth�r rights or remedies provided
<br /> by law:
<br /> AccelQra#e Indebtedness. Lender shail have �he �ight af its optian t� declare the en�ire [ndebtedness immedia�e�y
<br /> due and payabie,inciuding any prepayment penai�y�tha�Grantar would be required to pay.
<br /> Cv�lec# Ren#s. Lend�r shall have the r�ight, wEthout natice �a Grantar, ta tak� possession of the Praperty and
<br /> � c�llect�he Rents, including amaunts past due and unpaid, and apply�he net �raceeds, o�er a�d abo�e Lender's
<br /> costs, against�he Indeb#edness. In fur�he�-ance of this right, Lender shall ha�e all the righ�s p�ovided for in the
<br /> � Lender`s Right �a Re�ei�e and Collect Rents Section, abo�e. I-��he Ren�s are calle�ted by Lender, then Grantor
<br /> irre�acably designates Lend�r as �ran#ar's a�torn�y-in-facf to endorse instrumen#s recei�ed in paymen��hereof ir�
<br /> the name of Grant�r and �o negotia�e the same and collect the proceeds. Payments by tenants or a#her users to
<br /> Lender in�esponse�tv Lender's dernand shall sa�isfy the ob[iga�ions for vuhich the paymen�s a�e rnade,whe�he�-ar
<br /> not any prop�r gr�unds�ar�he d�mand existed. Lender may exercise its rights under this subparagraph e��h�r in
<br /> person,by ag�n�,❑r thraugh a r�ceiver.
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