|
2� 1 �� 1 �84
<br /> �S��GNMENT DF RENTS
<br /> Lvan No: 1�12942'1� �Continued} Page 3
<br /> FULL PERFDRMANCE. I� Gran�or pays ail ❑f �the Indebtedness when due and otherwise performs all �he ob�iga�ions
<br /> imposed upon Gran�vr under this Assignment,the Note, and �he Rela�ed Documen�s, Lender shall execu�e and deli�er t❑
<br /> Grant�r a suitab�e satisfac�ivn of�his Assignmenfi and suitable s�a�emen�s ❑f fierminafiion a� any financing stafiem�nt❑n
<br /> �Fi�e e�idencing Lender's securi�y in�erest in �he Rents and �he Praperty. Any �ermina�ian fee required by faw shall be
<br /> paid by Gran�or, i�F permitted by applicab�e law.
<br />� LENpER'S E�PENBITURES. �f any acti�n vr pro�eeding is cammenced that wou�d ma�erially affec� Lender's in�erest in
<br /> �he Prape�ty or if Grantor�fails fi❑campfy with any pro�ision ❑�f this Assignm�nt or any Related ❑ocumen�s, inc�uding hut
<br />' nat limi�ed�� Grantor's�failure fio discharge vr pay when due any amaun�s Granfivr is required to discharge or pay unde�-
<br />' this Assignmen� or any Re[ated ❑ocuments, Lender on Grantar's �ehalf may �but sha[! nofi be obligated ta� fiake any
<br /> ac�ian that Lender deems apprapriate, including but nvt limi�ed �❑ discharging ❑r paying all taxes, iiens, security
<br />' in�erests, encumbrances and other claims, afi any�ime IeWied ❑r p�aced❑n�he Rents or the Pr�per�y and paying all cos�s
<br /> fior insuring, maintaining and preserving �he Property. All such expenditures incurred or paid by Lender �ar such
<br />� �urposes will then bear in�erest at�he ra�e charged under the Na�e frvm the date in�urred vr paid by Lender�o the date
<br />' o� repayment �y Gran�or. All such expenses will become a par� ❑f the lnde�tedness and, a� Lender's op�ion, will �A�
<br />� ' be payable on demand; �B} I�e added �v �he halance of�he Note and be appor�ian�d among and be payable with any
<br />; ins�allm�n� payments to hecome due during either ��� fihe �erm of any applicahle insurance policy; or ��} th�
<br />: remaining term vf �he Note; ❑r {C� be �reated as a l�alloon payment whi�h will be due and payable at the Note's
<br /> maturi�y. The Ass�gnmen�a[s�will secu�e payment o��hese amvun#s. Such right sha[[ be in add�tian fi❑ all ather rights
<br /> and remedies ta whi�h Lender may be en�i�led upon De�ault.
<br /> DEFAULT. Each❑f the follawing. a�Lender's op�ion, sha�l �ans�i�u�e an E�en�C ofi Default under thFs Assignment:
<br /> Paym�n�❑efau[�t. �ran�or fai�s ta make any paymen�t wh�n due unde�the lndeb�edness.
<br /> ❑�her De#aults. Gran�vr fails t� �amply with ❑�r �o perform any v�her �erm, obliga�ion, cv�enan� or conditivn
<br />� confiained in this Assignment ❑r in any o�F �he Re�ated Documents or to �omply wi�h or �k� perfvrm any term,
<br />; ❑bligation, co�enant or conditian cvnfained in any❑ther agr�emen�1�efiween Lender and Grantor.
<br />� Defaul�on �ther Paymen�s. Failure ❑f Gran�ar v+iithin the�ime required by�his Assignmen��o make any payment
<br />� �ar taxes vr insurance. or any other payment necessary to pre�en�fi�ing o�F or fiv effect discharge of any lien.
<br /> Fa�se S#atemen�s. Any warran�ty, rep�-esen�ativn vr sta�emen� made vr furnished fio Lender by Crantor or ❑n
<br />� Grantor's behal�f under this Assignmen� or �he Rela�ed �ocumenfis is �a�se �r mis�ead�ng in any ma�eria� respec�,
<br /> either now or a�fihe time made or furnished ar 1�ecomes false or m�sleading a�any time thereaft�r.
<br />� Defec�ive Callateralization. This Assignmen�❑r any o�F�he Related I�o�uments ceases�0 1�e in �ull fiorce and effect
<br />�
<br />; �inciuding �a€lure of any colla�eral document�❑create a valid and perfec�ed securi�y �nterest❑r�ien} a�any time and
<br /> far any reason. �
<br />' � Dea�h nr lnsolvency. The disso�ution �f Gran�or's �regardless �� whefiher election �o can�inue is made�, any
<br />; member withdraws from the limited ��abilifiy cvmpany, or any o�kher �erminatian of �rantor's existence as a going
<br /> business ❑r the death of any member, the �ns�l�ency ❑f Gran�ar, the appointment vf a receiver for any part ❑f
<br />' Grantor`s praperty, any assignmen� �or �he benefi� of creditars, any type ❑f cred�tvr wvrkout, vr �he
<br /> commencement�f any praceeding under any bankrup�cy❑r inso��ency laws by❑r agains�Gran�or.
<br /> �reditor or Forfei�ure Prv�eedings. Commencement o� �areclasure ar fa��ei�ure proceedings, whether hy judicia[
<br />� pr�ceeding; self--help, repassession vr any o�ther meth�d, by any�redi�ar❑f Grantor o�by any gv�ernm�n�al agency
<br /> agains� the Rents or any prvper�y securing �khe Indeb��dness. This inc�udes a ga�nishment af any v� �rantor's
<br /> ac�oun�s, inc�uding depasit accounts, with Lender. How��er, �his E�en� of De�fau�t shall not apply if �here is a
<br /> good �aith dispute by Grantor as t��he validi�y or reasonableness of�he �laim which is the �asis af the credi�or ar
<br />, �vrfeiture proceeding and if Grantor g��es Lender wrifiten natice�f the creditor ar far�fei�ure prviceeding and deposits
<br /> with Lender monies or a surety b�nd �or the �redi�or o�-farfeiture proceeding, in an amoun�determined by Lender,
<br /> in i�s sale discr��ion, as being an adequate reser�e❑r bond for�he dispute.
<br /> Prvper�y Damage or Lvss. The Property is lasfi, sto�en, substan�ially damag�d, sold, vr laorrowed against.
<br /> Even�s AfFecting �uaranfor. Any ❑f the preceding evenfis accurs with respec��� any guaran�ar, endorser, surety,
<br /> or accommvdation party o� any of�he �ndeb�edness ar any guaran�or, endvrser, surety, ❑r a��ommodafiian party
<br /> dies ❑r becomes incompefient, or re�akes ar disput�s �he �a�idi�y of, ❑r liability under, any Guaranty ❑f the
<br /> Indebtedness. , . .
<br /> Ad�erse Change. A ma�erial ad�erse change vccurs in �rantvr's financia� conditian, ❑r Lender helie�es �he
<br /> prospect❑f payment vr perfat-mance vf the Indeb�edness is impaired.
<br /> Insecuri�y. Lender in gaod�aith belie�es ifiseIt insecure.
<br /> Cure Pro►risivns. lf any de�Faul�, ather �han a default in paymen�, is curab�e and i� Grantvr has no� been gi�en a
<br /> natice o� a breach of�he same pro�isivn of�his Assignmen� wi�hFn the pr�ceding twe��e {��� months, it may be
<br /> cured i� Grantor, after Lender sends wri��en notice �� Gran�or demanding cure ❑f such default: �'i� �ures �he
<br /> defau�t within fifi��en ��5} days; or ��� i�the cure requires mvre�han�ifteen {15} days, immediately ini�iates s�eps
<br /> which Lender deems in Lender's svle dis�re�ion �o be su��icient�❑ cure �he default and �hereafter con�inues and
<br /> compf�tes all reasanable and necessary steps su��icient t❑ produ�e campliance as soon as reasonably pract��al.
<br />
|