201506246 - Laserfiche WebLink

Browse

� _ ��1 5��4� AS��GN11l�ENT �F RENTS Loan No: 'i�'i 2$9��3 ��ontinued� Page 3 , ac�ion that Lender deems appropriate� tn��uding but nat limited to discharging or paying all taxes, II�C15r security interests, encumbrances and other clairns,at any time�e�ied vr p�aced on the Rents or�he Praper-�y and paying a[f cas�s �Far insuring, rnaintaining and preser�ing -�h� Property. All such expenditures incurred or paid by Lender for such purposes wil��hen bear interest a��he ra��charged under the Note fr�m the dafie incurred �r paid by Lender t❑the date of repayment l�y Grantor. AI� such expenses wijl be�ome a part❑f�he ]ndeb�edness and, a# Lender's aption, will �A} be payable on demand; .{B} be added to the balance of the Nate and be apportioned arnong and h� payable with any �nstal�ment paymen�ts fio become due durfng either �� the term �f any applicable insurance policy; or �2} �he . remaining �erm o� the Nate; or {C} be treated a$ a ballv�n payment which will i�e du� and payable a� the No�te's ma�turi�y. The Assignmen�also will se�ure payment af these amaunfis. Such righ�shall be in addi�ivn tv all o�her rights � and remedies tv which Lender may be entitled upon Defiaul�. � � DEFAULT. Each af the#ollvwing, at L�nder`s option, sha[E��nsti�ute an Event❑f L�e�aul�under�his Assignment: i Payment Default. Gran�or fails to make any paym�nt when due under the ]nde�tedness. � �ther D�faul�s. Grantor fails to compfy with ❑r fio per��rm any ather �erm� ❑b[igatEvn, coWenant ar candEtion i contained in this Assignment ❑� in any of the Rela�ed �ocurnents ❑r to comply with or to per�orm any term, i ❑bli�a�ion, co�enant❑r cvndition cantained in any a�her agreernent between Lender and Gran��r, Defauit on �ther Paymen�s. Failure of Grantar within�he time required by this Assignrnent to make any payment fflr taxes or insu�-ance�ar any ather payment necessary�o prev�nt�iling of or�❑effect discharge of any lien. Fa�se S#afements. Any warranty, represenfiati�n ❑r s�at�ment made ❑r furnished �o Lender loy Grantar ar vn Grantor's behalf under fihis Assignment ❑r�he Related Documen�s is false ❑r rnisleading in any material respect, either now or-at the time rnade or furnished or becames false or misleading at any�ime�herea�ter. . Defective Collateralization. This Assignmen�or any o�the Rela�ed ❑ocuments ceases ta be in full��rce and effe�t �including�ai�ure o�any col�ateral dacumen�t�Co create a vaEid and perfected security interest or lien} at any�ime and fvr any r�ason. Death or Insolvency. The dissolution of �rantor's {regardless of whe�her election ta continue is madey, any member wi�hdraws frorn �he lirnited liabili�y cornpany, or any other�erminativn v� Grantar's exist�nce as a going business ❑r �he dea�h ❑f any rnember, the insol�ency of Gran�vr, �he appaintrnent ❑f a recei�er �or any�par� of Grantor's propertyr any assignrnen� for th� laene�E� o�r creditors, any type of credi�or v►rork�ut, ar the carnmen�ement ofi any praceeding under any bankruptcy or insal��ncy�aws by❑r against Grantvr. Credi�or ❑r For�ei�ure Pr�ceedings. C�rnmencement ❑��oreclasure or for�eiture praceedings, whether by judicia! p�aceeding, se�#-help, repossessian ❑r any❑#her method,by any credifivr of Grantar❑�by any gv�ernmenta�agency agains� the Rents vr any prope�ty securing the [ndebtedness, This includes a garnishment of any of Grantar's accounts, inc�uding deposi�t accvunts, with Lender. Howe�ier, �his E�ent af De#ault shall not apply if �here is a � good �Faith dispute by G�antor as ta�he�a�id��y or�reasonableness of�he claim which is�he hasis of the creditor❑r forfeiture proceeding and i�Grantar gives Lender written noti�e❑f the creditor❑r fvr�eiture praceeding and deposi�s with Lender rnvnies or a surety bond �or fihe creditar v�for��iture praceeding, in an amount de�errnined.by�Lender, in its sole discre�kion, as being an adequa�e reser�e or bvnd for the dispute. Proper�y Damage❑r Loss. The Proper�y is lost.s�o[en.substant�ally damaged.sold, or_borrowed against. Events Affe�#ing Guarantor. Any ❑� �he preceding e�ents ❑��urs with respect to any G uarantor of any of the lndebtedness ❑r any Guarantar d�es ❑r hecomes incompeten�, ar revakes or dispu�es the validity ❑�, or [iabili�y under, any G uaranty❑f the lndehtedness. Adverse Change. A material ad�erse change �ccurs En Grantor's financial condition, ❑r Lender belieWes fihe prvspec�❑�payment or perfarmance of the[ndeb�edness is impaired. �nsecuri�y. Lender in gaod faith belie�es i�self insecure. Cure Provis�ons. lf any defau��, ❑the� than a defiault in payment, is curable and if Grantor has nat been giWen a notic� ot a �reach of the same pr��isian of this Assignrnen�t within the pre�eding twel�e {'I 2y rnon�hs, Et rnay be �ured if Grantvr, af�er Lender sends writ�en notice fi❑ Grantor demanding cure of such default: {'!} cures the defau[t w�thin fift�en ��} days; or 42} i�the�ure requires mare than fif�een {'i 5} days, immedia#ely initiates steps which Lender deems in Lender's soie discre�ion �o be sufficient to cure �he default and fihereafter con#inues and �vmpletes all reasvnable and necessary steps sufficient�❑ prvduce cvmplian�e as soan as reasonably p�actical. RIGHTS AND REMEDIES �N DEFAiJLT. Upon the v�currence❑f any E�ent of�efault and at any time therea-�ter, Lender may exercise an�❑ne❑r more ❑f the fallowing rights and r�medies, in additian to any other rights ar remedi�s pravided by law: . A�ceierate lndebtedness. Lende�shall ha�e the right at i#s ❑p�ivn tv de�lare the entire �ndebtedness immediately � due and payab�e,3ncluding any prepaymenfi penalty tha�Grantar wfluld be required to pay. �� Collecf Rents. Lender sha1� ha�e the right, withvu-� notice �a �rantar, to take possessian o� the Property and caIlec�the Rents, including amounts past du� and unpaid, and apply the ne� proce�ds, a�er and above Lender's C�StS� agains�the lndeb�edness. In -�u�rtherance of this right, Lender shall have all �he rights pro�ided �or in �h� Lender's Righfi to Recei�e and Collect Ren�s Secfiion, abo�e. lf the Ren�ts are cvllected by Lender, �hen Grantar irre�o�ably d�signa�es Lender as Granfior's afitorney�in--fia��t❑ endorse ins�ruments recei�ed in payment fihereof in