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2� 1 �� 152� ASSIGNNIENT C]F RENTS Loan No: '1�'1�94U17 �CorltirlU�d� Pag� 3 actian that Lender deems apprvpriate, inc�uding but no� limited to discharging ar paying afl �axes, liens, security inte�ests, encumbrances and o�her ciaims, at any�ime �e�ied vr placed on the Rents or�he Property and paying all costs fvr insuring, main�aining and preser�ing �he Prope��y. All such expenditures incurred ❑r paid by Lender for such purpas�s wi�!�hen bear interest at the ra�e charged under the Note from the date incurred or pa�d by Lender t❑the da�� o� repaymen� by Grantar. All such expenses wi�l becvme a par'� of fihe Indebtedness and, a� Lender's vption, will {A} be payable ❑n demand; �6y be added to the balance of the Na�e and �e appartianed among and be payabEe w�th any installment paymen�s ta become due durEng either {1� the term ❑f any applicabie insurance policy; ar t2} the remaining term afi �he Nate; v� �Cy be treated as a bal�vvn paymenfi which wi[I he due and payable at the Nvte's ma�urity. The Assignment als❑ will secure paymen�of these amounts. 5uch ri�ht shall be in additivn to all vther rights and remedies to which Lender may be entitled upan Default. DEFAULT. Each o��he fvll�wing, at Lender's vp�ion, shall constftute an E�ent af Defaul�under�his Assignment: Paymen�Default. Grantar fails to make any payment when due under the lndeb�edn�ss. �ther Defau�ts. Grantor fails �o cvmply with �r t❑ pe�farm any ather �erm, ❑bliga�ian, covenan� or condition con�ained in this Assignment or in any ❑f the Refated Qvcumen�s ar �❑ �omply with or to perform any fierm, obliga�ivn, co�enan�or candition contained in any other agreemenfi between Lender and Grantar. Default an Other Payments. Faiiure of Grantor within the �ime required by this Assignment to make any payment �or�fiaxes vr insurance, or any other payment necessary tv prevent filing of or to e��ect dis�harge af any lien. False 5fia�ements. Any warranty, representa�ivn ar statement made ar �urnished �❑ Lender �y Grantor ar on Grantor`s behalfi under this Assignm�nt ❑r �he Related Documents is fa�se vr misleading �n any material respe�t, either naw or at the time made ar furnished ar be�ames false or misleading at any time thereafter. Defective Collateraliza�ion. This Assignment ar any ❑f the Related Documents c�ases to be in �ull fvrce and effect {including �ailure ❑fi any co�lateral dacument t❑ create a Walid and perfiected s�curity interes�vr I�en} at any time and for any reason. Death ar 1nsvlWency, The death ❑f Grantvr, �he insvl�en�y❑�Gran�vr, the appointmen�of a recei�er for any par�ofi Gran�or's property, any assignment for the bene�ft of credi�ors, any type o� cred�tvr wfl�rkaut, or �he �amm�ncement of any proceeding under any bankruptcy ar insal��ncy faws by❑r agains��rantor. �Credi�ar or Fvrfeiture ProceedEngs. C�mmencemen� of foreclosure or �orfeiture proceedings, whether by judicial proceedingr 5e��help, repossessi�n or any v�her method, by any creditvr of Grantor or i�y any ga�ernmentaf agency against �he Ren�s ar any property securing �he lndebtedness, This includes a garnishmen� ❑f any of Grantor's accounts, including depasit accoun�s, with Lend�r. Hawever, this EWent af Default shall nvt apply if �here is a ga�d faifih dispu�e by Grantor as t❑ �h� �alEdity ar reasanableness ❑�the claim whi�h is the basis ofi�he credi�or ar fvrfeitu�-e proceed�ng and i�Grantor gi�es Lender writ�en no�ice ofi the creditvr or�orfeiture proceeding and deposits with Lender mvnies or a sure�y bflnd for the creditor or forfeiture proceeding, in an amount determined by Lender, in its svle discretion, as being an adequate �eser�e ❑r bond fvr the d=spute. Prvperty Damage or Loss. The Prvper�y is lost, sfiolen, substantially damaged, sold, vr borrowed against. Events A�f#ecting Guarantor. Any vf�he preceding e�ents ❑ccurs with respect to any guarantor, endorser, surety, vr a�cvmmada�ivn party of any of the Indebtedness or any guar.antor, endorser, surety, ar accommadat�on party dies or becomes incompe�ent, or re�akes ❑r disputes the �alidity of, ❑r liai�ili�y under, any �uaran�y of the �ndebtedness. Adverse Change. A materia� ad�erse change ❑�curs in �rantvr's financ�al c�ndition, ❑r Lender believes the praspect of paymen�or perform�ance of the �ndebtedness is impaired. Insecur�ty. Lender in good faifih be�ie�es itself insecur�. Cure Pravisions. If any default, o�her than a defaul� in payment, is curable and i� Grantor has nvt �een gi�en a nvtice af a breach ❑fi�he same pro�ision a�this Assignmen� within the preceding �welve t 12} moriths, it may be �ured E� Grantor, after Lender sends wri��en nottce t❑ Grantvr demanding cure af such default. �� cures �he defaul�within fifteen �15} days; or {2� if the cure requires more than fifteen �1�� days, immedia�ely initiates s�eps which Lender deems in Lender's sole discre�ion �o be su�ficient ta Gure �he default and thereafter continues and completes a11 reasanable and necessary steps sufficien��o prvduce compliance as sovn as reasanably practica�. RIGHTS AND REMEDlES DN DEFAULT. Upvn�he occurrence of any E�ent o�Default and at any�ime therea�ter, Lender may exercise any one.or more of the follvwing rights and remedies, in addi�ion t� any other rights ❑r remedies pro��ded by law; � Acceterate lndeh�edness. Subject �o any requ��-emen� under applicable �aw to p�o�ide notice ofi defau�t and vppar�unity�o cure, Lender sha�� ha�e the righ�a��ts vption�o declare the entire �ndebtedness immediafiely due and payable, including any prepayment penalty that�rantor wauld be required ta pay. Collect Ren#s. Lsnder shall ha�e �he ri�ht, without na�ice ta G�antar, to take possession v� the Proper�y and co��ect �h� Rents, including amoun�s past due and unpaid, and apply the ne� proceeds, o�er and abo�e Lender's COS�Sr against the ]nde�tedn�ss. ln fiur�herance of this right, Lender shall ha�e all the r�ghts pravided fvr in �he Lender's REght ta Recei�e and Colle�t Rents 5ectfon, aba�e, �f the Rents are �olle��ed by Lender, then �ran�ar irre�ocably designates Lender as Gran�vr's attorney-in-fac� to endarse instruments recei�ed in paymenfi thereof in