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2� 1 ���719
<br /> AS�IGNNIENT �F �ENT'�
<br /> Lvan No: 1�7��2��� ��orltl�lu�d} Page 3
<br /> not limited to Grantor's failure tv discharge or pay when due any amounts Grantor is requir�d t� dis�harge or pay under
<br /> �his Ass�gnment or an� Refated ❑ocuments, Lender on �ran�ar's behal� may �bu� shal! nat be �bligated to} take any
<br /> ac�ion �hat L�nder de�ms appropria�e, in�luding bu� n�t Iimi�ed to discharging or paying al[ taxes, liens, security
<br /> interests, sncumbrances and ather�laims, at any time IeWied or placed vn the Rents or the Pr�perty and paying all cvsts
<br /> fior insuring, maintainin� and pr�ser�ing the Praperty. Afl such exp�nditures incurr�d or paid by Lender #or such
<br /> purposes wi�� then�ear interest at�h� rat� charged under�he Note from �he date incurr�d ar paid by Lender to the date
<br /> �f �-epaymen� by Gran�ar. All such expenses will �ecome a par� af the Indebtedness and, at Lender`s option, wilf tA}
<br /> be payable on demand; {6} be added to the balance of the Note and be apportioned among and be payala�e v►rith any
<br /> installment payments ta became due during either t 1 y �he �erm �� any applicab�e insurance policy; or �2} the
<br /> remaining term af �he Nate; or {�} be trea�ed as a balloon payment which wil[ be due and payab�e at the Note's
<br /> maturity. The Assignrnent als� wtli secure payment af�hese amaunts. 5uch right shall be in addi�ion to a�1 a�her righ�s
<br /> and remedies�to which Lender may�ae�ntitled up�n De�auit.
<br /> DEFAULT. Each�f�he foll�wing, at Lender's op�ian, shall consfi�tute an Event❑�Defaul�under this AssEgnment:
<br /> Paymen�De�au��t. Borrower fails ta make any paymen�when due under the indeb�edness.
<br /> �ther Defaults. gorr�wer or �ran�or fails �a comply with ar �❑ per�Form any other term, ohligation, c��enan� or
<br /> condit�on c�n�ained in this Assignmen� or in any ❑f the Related Documents or to comply with or �o perform any
<br /> �erm, abligat�on, cvvenant ar c�ndition cantained in any��her agreemen�between Lender and Borrawer or Grantor.
<br /> De�Faui�on �ther�'aymen�s. Fai[ure �f Grantor wi�h�n �he time required by this Assignment to make any paymen�r
<br /> far taxes or insurance, or any other paymen�necessary to prevent filing of or�o effect discharge of any lien.
<br /> False 5#atem�nfis. Any warranty, representation �r statement made �r fiurnishsd to Lender by Borrower or Grantor
<br /> or❑n 6arrower's �r Gran�or's behalf under this Assignment or the Related Documents is fals� �r misleading in any
<br /> ma�erial resp�ct, either now or at �he �ime made or furnished or be�omes fa[se or misleading at any time
<br /> thereafter.
<br /> Defec#i�e Gollatera��zation. This Assignmen�or any af the Rela�ed Documents ceases to be in full farce and e�fect
<br /> �in�luding faifure af any coilateral dacument�o �reate a �alid and perfec�ed securi�y int�rest❑r li�n7 at an}r t�m� and
<br /> fvr any reasan.
<br /> Dea#h or �nsol�en�y. The dissolutivn or termina�ivn �f Borrower's or Gran�ar's existenc� as a �oin� business, the
<br /> ins�l�en�y o�f gorrower ❑r Grantor, �khe appointment af a recei�er for any part o�F gorrower's or Grant+or's property,
<br /> any assignmenfi�or the b�nefit af creditors, any type of credi�kor w�rkaut, ar�he commencement of any prn�eeding
<br /> under any bankrup�cy or insol�rency laws by or against Borrower�r Grantor.
<br /> �reditor �r Far#eiture Prviceedings. Commencement of fareclosure or �Forfeiture praceedings, whether by �udicial
<br /> proceeding, sel�-help� repass�ssion or any other me�ho�� by any creditar of Borrawer ar Grantor or by any
<br /> go�ernmental ag�n�y against the Rents or any property se�urin� the Ind�b�edn�ss. This includes a garnishmen�of
<br /> any of 6orrow�r`s �r Grantor's accaunts, in�luding deposit accounts, with Lender. H�we�er, th�s Event of De�ault
<br /> shall n�t apply if there is a gaad faith dispute by garrower �r Grantor as to the validi�y �r reasona�leness �f �he
<br /> claim which is th� bas�s of �h� creditvr or far-�eiture praGe�ding and i�F Barrower or Gran�or gives Lender written
<br /> nofii�e af�he creditar or �orf�i�ure proceeding and deposits with Lender monies or a surefiy bond for the creditor❑r
<br /> f�rf�iture pro�e�ding, in an amoun� de�ermEned by Lend�r, in its sole discretion, as laeing an adequate reserWe �r
<br /> bond for the dispute.
<br /> P�operty Damage nr Loss. The Praperty is Iast, stoIen, substantially damaged, sold, ❑r barrowed against.
<br /> E�ents Atfecting C�uarantor. Any a��he preceding e�ents o��urs with resp�ct ta any guaran�or, endorser, surety,
<br /> vr a�commodation par�y o� any o� �he Indebtedness or any guarantar, endorser, surety, or a�cammoda�ian party
<br /> dies or b�comes incompeten�, or rev�kes �r disputes ths validity o�f, or liabi�ity under, any Guaranty o� the
<br /> lndebtedness.
<br /> Adverse Change. A ma�eria� ad�erse change �ccurs in Grantor's �inancial condi�ion, or Lend�r be{ie�es the
<br /> prospect of payment ar perfarmance o��he Inde�tedness is impaired.
<br /> Insecuri�y. Lender in goad �aith b�lieves i�self insecure. -
<br /> Cure Prv�isions. I� any de�aul�, �ther than a de�aul� in paymen�, is curable and ifi Gran�cvr has not b�en gi��n a
<br /> nvtice of a breach of the same pra�isi�n of thEs Assignment within the preceding �wel�e f 1�y man�hs, it may he
<br /> cured Ef Grantor, af�er Lender sen�ls wri�ten notice ta Borrower demand�ng cure of such default: {1} cures the
<br /> default wi�hin fif�e�n {�5} days; or ��y if the cure requires more�han#ifteen ��5} days, immediately initia�es s�eps
<br /> which Lender deems in Lender's sole discretion �o b� suffici�nt ta cure �he d�fault and �khereaf�er continues and
<br /> campletes all reasanable and necessary steps suffi�ient to praduce compfiance as soon as reas�nab�y pra�tical.
<br /> RIGHTS AND REMEDiES C]N I�EFAULT. Upon the ❑ccurren��of any E�ent a�F[Jefault and afi any tim��hereaft�r, Lender
<br /> may exer�ise any one or mo�e of the �ollovving righ�s and remedies, in ad�lEtion to any vther rights or remediss pro�ided
<br /> by law:
<br /> Ac�e[erate Indeb�edness. Lender shall ha�e the right at its option to declare th� entire lndebtedness immediately
<br /> due and payabl�, including any prepayment penalty�hat Sorrow�r would be required ta pay.
<br /> Coll�cfi Rents. Lender shali ha�e the right, wifihou� notic� to Borrow�r or Grantor, to take passession o� the
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