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� � 2� 15�7421
<br />; ASSI�NMENT �F RENTS
<br />; Lvan Nv: 'i D'i����4'I {C�ntinued� Page 3
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<br /> . be payahle on demand; 4B} be added �❑�he balance of the No�e and bs apportivned among and be payabie with any
<br />; ins�tallment paymen�s to become due during either {'i y the term v� any applicab�� insurance pvlicy; or �2} the
<br />� remaining term vf �he Nvte; ❑r {C� }�e treated as a ballo�n paymen� which will be due and payable at the Nv�e's
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<br />; maturity. The Assignmen�als�will se�ure payment of�hese amounts. 5uch righ�shall be in add�tion t❑ all ❑ther rights
<br />; and remedies to which Lender may be entitled upon ❑e�fault. �
<br />� DEFAULT. Each❑f the�ollvwing, a�t Lender's option,shall cons�itute an Event of❑e�fault und�r this Assignmen�:
<br />; Payment Defauit. Grantor�ails to make any paymen�when due under the Indebtedness.
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<br /> Dther Defaults. G�rantor �rai�s to comp[y wi�h or �a perform any other te�m, ❑bliga�ion, ca�enanfi or conditivn
<br /> cvn�ained in this Assignment or in any of the Related Dacumen�s ❑r �o comply with ar to per#vrm any term.
<br /> �bliga�ion, co�enant ar candifiion c�n�ained in any other agr�ement between Lender and G�antvr.
<br />, Defaul�on �#her Paymenfs. Faifu�-e o� Gran�or wi�hin�he time required by this Assignment�❑ make any payment
<br /> �or�taxes ar insurance, ❑r any other payment necessary t❑ pre�ent�iling of ar ta e��ect discharge o�any lien.
<br /> False 5#atements. Any warranty, representation or statemen� mad� or �urnished to Lender by ��-ant�r or vn
<br /> Grantar's behalf under �his Assignmen�t ❑r the Related Documents is false nr misleading in any mafie�-ial resp�ct,
<br /> either now or at�he time made❑r furnished or becomes fafse or misiead'tng at any t�me thereafter.
<br /> Defecti►re Cvllateralizativn. This Assignment or any of�he ReEated Documents �eases ta be in full force and effec�
<br /> �including failure o�any colla�eral document to create a�aiid and perfec�ed security interest❑r lieny at any time and
<br /> far any reason.
<br /> Death vr�nsvl�ency. The death�f Grantor,the insol��ncy a�Grant�r,the appointment of a recei�er#or any part o�
<br /> Grant�r's p�-�perty, a,ny assignmenfi for �he bene�it ❑f cred�tors, any �ype ❑� credi�vr v►rvrkout, �r the
<br /> cvmmencemen�v�any proceeding under any bankruptcy❑r insvl�ency laws by or aga�nst Grantar.
<br /> Creditor vr Fvr#eiture Prviceedings. Commencemen� o� �arecl�sure or far�eiture proceedings, whether i�y judiciaE
<br /> proceeding, se�f-help, repossession or any vther me�had, by any credifior vf Grantor or by any go�ernmen�al agency
<br /> �against the Rents ar any property secur�ng �he Indebtedness. This inciudes a garnishment ❑f any of Grantor's
<br /> accvunts, Fncluding�deposi� a�caun�s, with Lender. Hawe�er, this E�ent of De�ault shall nat apply if �here is a
<br /> govd �Fai�h dispute by Grantar as to the�alidity❑r reasvnabl�n�ss o�the cla�m which is�he basis ❑f�the �redi��r ar
<br /> �arfei�kure�roceeding and if Gran�or gi�es Lender wri�ten notice of the creditor vr forfeiture prviceeding and deposits
<br /> with Lender mvnies or a surety bond for the credifi�r❑r forfei�ure praceeding, in an amaunt determined by Lender,
<br />� in its s�le dEscre�ivn, as being an adequate reser�e or band�or the dispute.
<br />: Prvperty Damage ar Loss. The Prvperty is Ivst, stolen, subs�tantially damaged,sold, ❑r borrow�d against.
<br /> Events Affe�ting Guarantvr. Any of the preceding e�ents �c�urs with respe��to any guarantor, endorser, surety,
<br /> or ac�ammodati�n party o� any o�the Indebtedness ❑r any guarantvr, endorser, surety, ar accommoda�ion party
<br /> dies ❑r becomes incampefient,.�r re�okes or disput�s fihe �alidi�y of, ar lialaility under, any Guaranty ❑f �he
<br />� lndebtedness.
<br /> Adverse Change. A material ad�erse chang� accurs in Gran�or's financial condifiian, ar Lender be�Ee�es �he
<br />� praspec�❑f payment or performance of the lndebtedness ts impaired.
<br /> Insecur�ty. Lender in govd fiai�h belie�es itsel�insecure.
<br /> Cure Pro�risions. I� any de�ault, other fihan a default �n payment, is �u�-abEe and i� Grantor has na� been gi�en a
<br />' na�ice o� a �reach ❑f the same pro�isivn a��his Assignment withtn fihe preceding twel�e {12� man�hs, i� may he
<br /> cured i�F Grantor� after Lender sends written natice t❑ Grantor demanding �ure o�F such de�aul�: �'[� cures the
<br /> default wi�hin�ifteen {15� days; ❑r ��} i�the cu�-� requires mor�than fifteen �15} days, immediately initiates s�eps
<br /> which Lender deems in Lender's snle discretion to be su��icient t� cure the de�ault and �hereaf�er continues and
<br />� complet�s all reasanable and necessary steps sufficient t❑prvduce compliance as soan as reasvnalaly practical.
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<br /> RIGHTS AN❑ REME�IES aN DEFAULT. llpon the occurrence o�any E�ent❑�Defaul�and at any�ime�hereafter, Lender
<br />� may exercise any ❑ne ❑r more of the folla►nring rights and remedies, in addi�ion to any vther rights vr remedies provid�d
<br />' by law:
<br />� Acce�erate lndebtedness. Lender shall ha�e the ri�ht a� �ts vp�ion tv declare th� entire fndebtedness immedia�tely
<br /> due and payal�le, including any prepayment penalty tha�Gran�or would be required to pay.
<br /> Collect Rents. Lender shalf ha�e fihe right, without noti�e �o Grantor, t❑ �ake pvssession of �he Property and
<br />� collect fihe Rents, including amvunts pas� due and unpaid, and apply the net proc�eds, o�er and aba�e Lender's
<br /> cos�s, agains� the lndebtedness. ln fur�herance ��this right, Lender shall haWe a�� the rights pro��ded for in �he
<br />; Lender's Righ� �o Recei�e and Colle�t Rents Sectivn, abv�e. i�F the Rents are collected by Lender, �hen Grantor
<br />; Erre�acably designa�es Lender as Grantvr's attv�ney-in--�a��k�o endarse instruments recei�ed in payment therev� in
<br /> fihe name nf Grantor and t� nego�ia�e the same and cvlfec��he proceeds. Payments by�enan�s or vther users ta
<br /> Lender in response�o Lender's demand shaE! satEsfy the obfigatians far which the paymen�s are made, whe�her or
<br /> not any prape�- grounds for�he demand existed. Lender may ex�rcise its rights under�his subparagraph ei�her in
<br /> person, by agenfi, vr#hrvugh a recei�er.
<br />' Dther Remedies. Lender shal� ha�e all vfiher rights and remedies pr�v�ded in �h�s Assignment ar �he Nate ar by
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