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2� 1 ��73 ASSIGNIIl�ENT �F RENTS Lvan Na: 1��9��7 ��ontinued} Page 3 Assignment, and shal� be payahle an demand, with interest a��he Note rate-�rom date of expend�ture until paid. FULL PERFaRMANCE. lf Gran�a� pays all af the Indebtedness when due and ❑�herwise performs all �he obligafiions imposed upan Grant�r under this Assignment,the Note, and�he Re�ated D�cuments, Lender shalf execute and deli�er tv Gran�fivr a suitable satisfaction o�this Assignmen� and suitable s�atemen�s ❑f termina�ion of any financing sta�emen�❑n file e�sdencing Lsnder's security interest in �he Rents and �he Pr�per�y. Any termEnatian �ee required by !aw sha�� be paid by Gran�or, i�p�rmitted �y applicable law. LENDER'S EXPENDITURES. lf any a�tion or pra�e�ding is c�mmenced �ha�would materially a��ec� Lender's interest in the Proper�y or if Grantor�ails to Gamply with any pro�isivn of this Assignment vr any Related Dvcuments, inc�uding but not limited ta Grantvr's faifure to discharge ❑r pay when du� any amounts Grantvr is required t❑ discharge ❑r pay under this Assignment or any Rela�ed Documents, Lender on Granfiar's behal�F inay �bu� shall na� be obliga�ed to} take any action �ha� Lend�r deems appropriate, in�luding but not limited to discharging ar paying a�[ taxes, liens, security interests, encumbrances and ❑ther claims, at any�ime le�ied ar placed on the Rents❑r the Proper�y and paying all costs �or insuring, main�aining and p�eser�ing �he Property. All such expendi�ures ;ncurred vr paid by Lender �for such purposes will then bear interest at the rate �harged under�he Note from the date incurred or paid by Lender ta fihe date of repayment by Granfior. All such expenses wilE �ecame a pa�t of the lndebtedness and, a� Lender's vp�ion, will �A� be payahle ❑n demand; tB} be add�d to�he �a(ance of the Nate and be apportioned among and be payable wtth any installment paymen�s �o be�ome due durin� either ��} the term of any applicable insurance paiFcy; or ��} the �emaining te�-m o�F �he Note; ❑�- {G� he treated as a bai�oon payment which will be due and payable a� �he No�ke's maturi�y. The Ass�gnmen�als❑wifl secure payment of these amoun�s. Such right sha[I be in addition�❑ all a�her righ�s and remedies�o which Lender may be entitled upan I�efaul�. DEFAULT. Each af�he fallowing, a�t Lend�r's option, shall cvnstitu�te an E�en�of❑efaul�under this Assignment: Payment De�ault. Barrower fails ta make any paymen�when due under�he Indeb�edness. �ther Defaul�s. 6orrawer ❑r Granfior fails to com�Ey with or �o perfvrm any oth�r t�rm, obligation, co�enant ❑r candi�ion con�ained in �his Assignmen� ❑�- in any a��he Related Documents vr �o comply with ar �o perform any �erm, obligati�n, co�enan�❑r condi�ian c�n�ained in any other agreement between Lender and gorrower or Grantor. De�ault on Dthe� Payments. Failure ❑f Gran�or within the�ime required hy fihis Assignment to make any payment far�axes or insurance, or any a�her payment necessary tn pre�en�fi�Eng of or�o effecfi discharge ofi any Iien. False 5�a�ements. Any warranfiy, represenfiafiion vr s�atemen�made or furnished fi❑ Lender�y Bvrraw�r ar Gran�kar a�-on gorrower's or Grant�r's behalf under this Assignmen�vr the Related Documents is�afse or misieading in any material respe�fi, either now vr a� ths �ime made ❑r furnish�d ❑r becomes false ar misleading at any �ime �khereafter. Defe��iWe Collateraliza#ion. This Assignment or any of�he Related �3v�umen�s ceases t� be in fulE farce and effec� {including failure❑f any co��ate�-a�document tv create a valid and per�e�ted security in�erest o�-lien� at any t�me and �ar any reason. Dea�h ❑r insol�ency. The deafih ❑�Bvrrower❑r Grant�r,the insol�ency❑f 6orrower or Grantar, the appvintment of a re�ei�er for any part of 6orrawer's vr Gran�vr's property, any assignmen��ar�he benefi�of credi�vrs, any�ype ofi , credi�or workou�, ar the commencement❑f any pr-oce�ding under any bankrupt�y or insa��ency laws by or against Barrawer❑r Gran�ar. Creditor ❑r Fvrfeifiure Prviceedings. Commencement v� �vreclvsure or ��r�ei�ure prnceedings, whether by judicial proceeding, self-hefp, repossession or any o�her method, by any creditor af 6orrower vr Gran�vr or by any ga�ernmenta� agency agains��he Ren�s or any property securing�he indeb�edness. This inc�udes a ga�nishmenfi❑� any❑f gorrvwer's vr Grantar's accounts, including dep�si�accoun�s, with Lender. Howe�er, this E�ent❑f De�fault shall not apply i�f there is a goad faith dispufie hy Borrower or Gran�or as �ko �he �alidity or reasonableness �f the claim which is the l�as�s of the creditor ❑r forfei�ure proceeding and �f Bor�-ower or Gran�or gi�es Lender writ�en notice of the credi�ar or forfeiture proceeding and depvsits with Lend�r monies or a sure�y bond for the credi�or or for�eitu�e pr�ceeding, in an amaun� de�ermined by Lender, in its sole discretion, as being an adequate reserve ❑r bond far the dispute. Prvperty Damage❑r Lvss. The Property is �ost, stolen, substan�ially damaged, sold, or bor�-awed agains�. Events A�ffecting Guarantvr, Any of the preceding e�ents ❑�curs with respect to any guarantor, endarser, surety, ' or accommada�ion par�y ❑f any af the lndebtedness a�- any guaranfivr, endorser, surety, or accommadation party dies or be�vmes incompe�ent, o� re�akes ❑r disputes �he validity of, or �iab�lity under, any Guaranty of the lndebtedness. Ad�erse Change. A ma�erial ad�erse change occurs in Gran�tor's �inancia� candition, or Lender I�elie�es the prospec�of payment or performance❑f the lnd�btedness is impaired. Insecuri�y. Lender in govd faith belie�es itself insecure. Cure Provisions. l� any defau�t, �the� �han a de�rault in payment, is curable and i� Grantor has no� been gi�en a nvtice ❑f a h�each of fihe same pro�isi�n ❑f this Assignmen� within the preceding twel�e 4�2y m�nths, it may be cured if Gran�or, after Lender sends writt�n notice �a Borrower demanding cure of such default: {�} cures fihe default within fifteen �'�5} days; ar �2� i�the cure requires more than�i�-keen t15} days, immediafiely ini�ia�es s�eps