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2� 1 �� 1 �8�
<br /> ASSIGNN�ElN1f �F RE[�TS
<br /> L�an No: 14'I�924�7 ����tll�ued� F�age 3
<br /> not limi�ed t� Grantor's i`ailure�o discharg� or pay wh�n due any amvunts Gran�or is requir�d to discharge �r pay under
<br /> this Assi�nment or any Relate� Documents, Lender on Grantor's behal� may �bu�t shall nat �e obligated �o} take any
<br /> actian tha� L�nder deems appropria�e, including but no� limi�ed to discharging or paying all taxes, li�ns, security
<br /> interes�s, encum�rances and other c�aims, a�any�ime levied or placed on the Rents vr the Property and payfng all costs
<br /> for insuring, ma�ntain�ng and preserving the Prap�rty. AI� such expendi�ures incurred or paid by Lender f�r such
<br /> purposes wi�l then bear in�erest at the ra�e char�ed under the Note�ram �he dat� incurr�d or paid by Lender to the date
<br /> o� repaymen� by Grantor. All such expenses will �ecome a part o� the Indebtedness and, at Lender"s aption, w�ll �Ay
<br /> �e payable on �emand; �By be added to the balance of�he N�te and be apportioned among and be paya�le w�th any
<br /> instal�ment payments to become due during either �1� the tsrm of any applicable insurance policy; ar {Z} �he
<br /> remain�ng �term of the Nvt�; vr 4Cf be treated as a balloon payment which w�li 1ae due and payab�e at the Nat�'s
<br /> matur�ty. The Assignment also will secure payment of�hese amounts. 5uch right shall be in additian to all o�her rights
<br /> and remedies fio which Lender may be en�itled upon Default.
<br /> DEFAULT. Each af the f�llowing, at Lender's aption, shall cvnstitute an Event af Default under this Assignmen�:
<br /> Payment Defaul�. Barrower�ails#v make any payment when due under the Indsbt�dness.
<br /> D#her Defaul�s. B�rrower or Grantor �ails �to c�mply with ar t� perform any ofiher term, ohliga�ion, cavenant or
<br /> �andition contained in this Assignment ar in any ❑f the Related Documen�s or to comp�y uvith ar to perform any
<br /> term, obligation, ca�enant vr candition contained in any other agr�ement between Lend�r and gorrower vr Grantor.
<br /> Defaulfi ❑n O�her Payments. Failure �f �rant�r within the time required by this Assignment to make any payment
<br /> for taxes or insurance, �r any o�her payment necessary tn pre�ent fil3ng ofi or to effect discharge of any lien.
<br /> Fals� 5�atements. Any warranty, representation ❑r s�atem�n�mad�or�Furnished to Lender by Borr�wer or Grantar
<br /> or on Borr�wer's �r Gran�or's �ehal�f under this Assi�nrnen�t or the Rela�ed Do�uments is false ❑r misleading in any
<br /> material respec�, either nvw or a� the time made vr furnished vr becames false or misleading a� any fiime
<br /> thereaft�r.
<br /> DefectiWe Cvlla�eraiiza�ion. This Assignment or any of�he F�ela�ed aocum�nts ceases t❑ �e in fu11 force and effe�t
<br /> {including failure�f any c�i�ateral document to create a�alid and per�ecfi�d se�urity in�erest ar�i�n} at any time and
<br /> fivr any reason.
<br /> Dea�h ar �nsalvency. The dissolu�ian vf Gran�or's {regardl�ss af whs�her �lec�ion to cvntinue is made�, any
<br /> member withdraws fr�m the limited liability cQmpany, or any vther terminatian o� �arrower's or Crantor's
<br /> exis�en�e as a going business or the d�:ath ot any member, the insal�ency o� Borr�wer�r Grantor, the appoin�m�nt
<br /> a'�a recei�er for any part o�B�rrower's ar�rantor's proper�y, any ass�gnmen�for the benefit of creditors, any type
<br /> of �redi�or workout, �r the cammencem�nt of any prv�eed�ng under any bankruptcy ar ins�l�ency laws �y or
<br /> against 6orrower or Grantor,
<br /> Creditor or For#ei#ur� Proceedings. Commencem�nt Qf �areclasure or f�rfeiture praceedings, whe�her by judicial
<br /> proc��ding, self-help, repassessian �r any ather m�thod, by any creditor of Sorrower vr Grantar nr by any
<br /> gflvernmental agency against the Rents ar any property securing�he Indebtedness. This includes a garnishment o�
<br /> any vf Borrvwer's or GrantQ�'s accoun�s, including deposit accoun�s, with Lender. Hvwever, this E�ent af De�aul�
<br /> shall nat app[y �f there is a good �Faith dispute by 6orrawer ar Gran�or as �o the validity or r�asanableness a� the
<br /> claim which is the basis of the credit�r or forf�itur� praceeding and if Bvrrower or Grantar gi�es Lender Writt�n
<br /> notice of�he creditar or forf�itu�-e pr�ce�ding and depasits with L�nder manies or a sure�y bond �or the credi�or or
<br /> farfeiture proceeding, in an amount determin�d by Lender, in ��s svle discrefiion, as being an ad�quate reser�� vr
<br /> bond for the dispute,
<br /> Proper�y Damage or Loss. The Property is lost, s�alen, substan�ia(ly damaged, so�d,or borrowed against.
<br /> E�ents Aff�cting Guaran�or. Any of the prec�ding even�s occurs with respe�t�a any guarantor, endorser, sure�y,
<br /> or acGommadation par�y of any of �he Indebtedness ar any guarantor, end�rser, sure�y, or accammodativn par�ry
<br /> dies or becomes in��mpe�en�, ar revoices or disputes th� �alidi�y ��, or liability under, any Guaranty �� the
<br /> Indebtedness,
<br /> Ad�erse �hange. A ma�eria! ad�erse chan�e occurs in Grantor's �Financial c�ndi�ian, or L�nder believes the
<br /> prospec�t af paym�nt or p��fiorman�e of�he Indebtedness is impaired.
<br /> [nsecuri�y. Lsnder in good�ai�h bsl�e��s itsel�insecure,
<br /> Cure Pr�vis�ons. If any default, other than a default in paymen�, is curable and if Gran�or has no� been gi�en a
<br /> notice of a breach �f �khe same proWisian of this Assignmen� with�n �he prec�ding �welWe t1�� m�nths, it may be
<br /> �ur�d if Grantar, aft�r Lender sends wr�tten notice �0 6orr�wer demanding cure of such default: �1� cures the
<br /> defaul��rvithin fif�een �15� days; or ��� i�f�he cure requires more than fif�een �153 days, �mmediat�ly initiates steps
<br /> �rvh�ch Lender d��ms in Len��r's sole dis�r�tion �o be suffici�nt �o cure the default and thereafter cantinues and
<br /> comple�kes alf reasonab�e and necessary steps su��icient�a produce compliance as saan as r�asonably practi�al.
<br /> RlGHTS AND REiIlIEDIES �N DEFAULT. Upon the occurrence of any EWent of Defaui�and a�any time th�reaf�er, Lender
<br /> may exercise any one or more of�he foll�wing rights and remedies, in addition to any othar righ�s vr remedies provided
<br /> by law:
<br /> Accelera�e indeb�edness. Lender shal! ha�e the right at its optian to decfar� the entire Indebfedness immediately
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