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2� 1 ���7�2
<br /> A���C�N�I"�ENT' �F RE�VT�
<br /> Loan N�: D�O�����'�8 ����tEnt��d) P�g� �
<br /> DEFA�LT. Each af the foilowing,at tender's op�ivn, shal�constitute an Event of Defauft under�his Assignmen�:
<br /> Payment Defau�t. Bo�rouver fa�ls t❑make any paymen#vuhen due under the�ndebtedn�ss.
<br /> 4ther Defaul�s. Bo�rower or Grantar�ails to comply with vr to perform any oth�r term, abliga�ion, co�enant or
<br /> condition conta�ned in this Assignment or in any of the Rela�ed Documents or �o camply with or ta perform any
<br /> term, obiiga�ion, co�enan�or condition con�ained in any other agreement between Lender and Barrow�r or Grantor.
<br /> Default on �ther Payments. Failure of Grantor within the time required by this Assignment�v make any payment
<br /> for faxes or insurance,ar any other paym�n#neces�ary ta pre�ent f ling of or to effect discharge o�any lien.
<br /> Defaul# in Fa�or of Third Parties. Borrower, any guaran�or or Grantor defaults under any Ioan, extension of credit,
<br /> security agreement, purchas�❑r safes agreemen�, or any other agreement, in fa�ar of any oth�r creditor or person
<br /> that may materiaEly afFec� any of Borrower's, any guarantor's or Grantar's pr�perty vr ability to perFa�m their
<br /> respective obligat�ons under�this Ass�gnment or any o�the Related Documents.
<br /> En�i�onmental Defaui�. Fa�iure�f any party to comply with ar pe�farm when due any terrn, obligation, co�enant or
<br /> condition cantained in any en�ironmentaf agreement execu#ed in connection with the PrQpe�ty.
<br /> �aise Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Grantor
<br /> o�an Borrower's or Grantar`s behaff und�r this Assignment or the Relafed ❑ocuments is faise ar m�s(eading in any
<br /> materia! �-espec�, �ither now or at the time made ar furnished ❑r be��mes false or misleading at any #ime
<br /> th�reafter.
<br /> Defecti►►e�otlate�ralization. This Assignment or any❑f the Reia#ed Documents ceases ta be in full force and effect
<br /> �inc�uding�aiiure af any collateral document to cr�afe a vafid and perfected security interes�or lien}a�any�ime and
<br /> �'or any reason.
<br /> Dea#h or lnsol�ency. The dea�h of Borrower or Grantor, xhe insoi��ncy o�Borrawer or�rantor,the appointmen�of
<br /> a recei�er for any part of Bor�ower's or Grantor's property, any assignm�nt far the benefit af credi#ars, any type of
<br /> credit�r workaut, ar�he cammencement of any proceeding und�r any bankruptcy or insai�ency faws by ar against
<br /> Barrower ar Grantor.
<br /> Gr�d��or or ForFeitu�e Praceed�ngs. Commen�ement af foreclosure or for�ei�ure proceedings, whether by judicial
<br /> praceeding, self-help, repvssessian or any other method, by any credi#or vf Barrower o� ��antor ar by any
<br /> go�ernmental agency aga�nst#he Rents or any proper�y securing the lndeb�edness. This includes a garnishmen�af
<br /> any�#Borrower's or G�rantar's accvun�s, inc�ud�ng depasit accounts,w�th Lender. HoweWer,this Event of Default
<br /> shall not apply if there is a good faith dispute by Bvrrow�r ar G�-antor as to the �alidi�y or reasonableness of the
<br /> claim which is #he bas�s of the creditor or�'orFeiture proceeding and if Bvrrower ar Grantar g��es Lender written
<br /> notice of the creditar or fo�Fei�ure praceeding and d�pasit�with Lender monies�r a surety bond for#he creditor or
<br /> forFeiture praceed�ng, in an arn�unt determined by Lendes�, �n its sole d�scretifln, as being an adequate �-esenre or
<br /> b�nd for the dispufe,
<br /> Prvperty Damage or Loss. The Property is los�, stvlen, su�stantiafly damaged,sold, or barrowe�against.
<br /> E�s��s A�fectsng Guaran#v�. Any o� the preceding e�ents occurs with �-espect to any �uarantor a� any of the
<br /> Indebtedness or any Guarantor dies or becomes incornpetent, or re�okes ar dispufes the va�idity o�, or liabili�y
<br /> under,any�uaranty of the lndebtedness.
<br /> Ad��rse Change, A mafe�-ial ad�erse �hange accurs in Grantar's frnancial cvndition, or Lender belie�es the
<br /> prospect of payment or performance of the lndebtedness is impaired.
<br /> Insecur�ty. Lender in gaod�ai�h belie�es itself insecure.
<br /> RIGHTS AND REMEDIES aN DEFAULT, LJpon the o�currence o�any Event ofi Defauft and at any�ime t�ereaf�er, Lender
<br /> may ex�r�ise any ane or more vf�he fol�vwing rights and remedies, in addi#ion to any o#her rights or�-emedies provfded
<br /> by law: .
<br /> Ac�elerate �ndeb#edn�ss. Lender shal� have the right at its aptian fo decfar�the entire �ndebte�ness immedia�e�y
<br /> due and payable,includ�r�� any prepaymen�penaity�hat Borrower would be required to pay.
<br /> Collect Rents. Lender shalf ha�e #he righ�, without notic� to Borrower or Grantor, �o take possessivn of the
<br /> Property and �v�lect th� Renfs, inc[uding amounts past due and unpaid, and apply tne ne� proceeds, a�er and
<br /> aba�e Lende�`s costs, against the Indebtedness. ln furtherance of this righ�, Lender shal! ha�e a�l the r�ghts
<br /> provided for in the Lender's Right tv R�ceive and Collect Rents Secfion, above. I� the Rents are cvllected by
<br /> Lender,then Grantor irre�ocab�y designates Lender as�rantor's attorney-in-fact�o endorse instrumsnts recei�ed in
<br /> payment�hereof in the name vf Grantor and to n�gotiate the same and collect�he proceeds. Raymen�s by tenants
<br /> ❑r o�her users �v Lender in respvnse t� Lender's demand shall sa�isfy the obtigativns for which �he payments are
<br /> made, whether �r n�t any p�oper grounds for the demand existed. Lender may exercise its rights under #his
<br /> su�paragraph ei#her in person, by agen�,o�th�ough a recei��r. .
<br /> nther Remed�es, Lender shalf ha�e all other. rights and remedies p�o�ided in this Assignmen� c�r �he Note or by
<br /> �aw. �
<br /> Election of Rsmedies. El�ctian by Lender tfl pursue any remedy shaf� nat exclude pursuit of any a�her remedy, and
<br /> an elec#�on�o make expendEtures or to take actian�o pe�orm an vbl�gativn of G�antor under this Assignment, after
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