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r � 2� 1 ��2254 ASSIGN�l1ENT �F RENTS . Lvan No: '��94�4a ��ntlnue } . Page 3 Gran�or's accoun� and Lender may pay such cas�s and expenses �From �he Ren�s. Lender, in its sale d�scretion, shall de�ermine the application ❑� any and alf Rents rece€�ed 1ay �t; h�w�ver, any such Ren�s r�c�i�ed by Lender which are not applied to such cas�s and expenses shall be applied ta the Indebtedness. A[1 expenditures made by Lender under this Assignmen� and not r-eimbursed �from the Rents shall become a part ❑� the [ndebtedness se�ured by �his Assignment, and shall be payable on demand, wi�h in�erest at the Nvte rate�rom da�e❑f expenditure until paid. FULL PERF�RMANCE. 1� Gran�ar pays aI� of �he indebtedness when due and ❑�kherwise performs a�� he ab�igations imposed upan Gran�or under this Assignmen�,�he Nofie, and the Relafied ❑acuments, Lender shall execute and defiver t❑ Gran�ko� a suitable sa�isfaction a�this Assignment and suitable sta�emenfis vf fiermina�ion of any financing sta�ement an �i[e eWidencing Lender's security in�eres� in �khe Rents and the Praperty. Any �ermination fee required by law shalf be paid �y Gran�vr, if permi��ed by applicable law. LEN�ER'S EXPEND�TURES. lf any ac�ion ❑r proceeding is commen�ed tha�would mat�riafly a-��ect Lender's interes�k in �he Property ar i�Grantor�Fails�o comply v�i�h any prv�isivn a�th�s Ass�gnment or any Re[ated Documents, in�luding bu� not�imited�a Gran�or's fiailure to dis�harge ❑r pay when due any amoun�s Gran�ar is r�quired to discharge ❑r pay under this Assignmen� or any Rela�ed �ocuments, Lender on Gran�kor's behalf may �bu� shall no� be obliga�ed to� take any action that Lende� deems appropria�e, including but not limited to discha�-ging or paying all taxes, liens, securi�y interests, encum��ances and vther�laims, a�any time [e�ied or placed an the Ren�s❑r the Proper�y and paying all costs �pr insur�ng, mainfiaining and preserving �he Properky. All such expendi�ures incurred ar paid by Lender �vr such purposes wiI[�hen bear interes�a�the ra�e charged under�he No�te�rom�he date incurred ❑r paid by Lender fio the da�e of repaymen� by Grantar. All su�h expenses will beGome a part v�F�he lndebfiedness and, a� Lender's aptivn, will {A� be payable on demand; �B} be added �o the balance �f the No�e and be appnrtioned among and be payable wi�h any €nstaI�ment paymen�ts ta laecome due during eifiher �� the term v� any applicabfe insurance policy; o� �2� the remaFning �erm v� the Nvte; or {C} be �reated as a bal�aon paymen� which will be due and payab�e at the Note's maturFty. The Assignment also wi�I s�cure payment❑f these amounts. Such righ�shall be in additivn fiv all other righfis and remed�es tv which Lender may be entit�ed upon Default. DEFAULT. Each of the�o[�owing, at Lender's op�ion, shall constitute an E�ent o�De�Faulfi unde�-�his Assignment: Paymen�De#aul#. Borr�wer fails to make any payment when due under the Indebtedness. ❑�her Defaults. Bvrrower ❑r Grant�r �ai[s �to camply with �r to per�arm any �ther fierm, ❑bligatEon, ca�enan� ❑r condi�ion c�n�ained in this Assignment or in any of the Related Documents o�r �❑ camply wi�h ar fio pe��vrm any fierm, v}�ligation, cv�enan�vr cvndi�ion cvn�ained in any other agreemen�b�trrv�en Lender and 6arrower❑r Gran�or. Defaul# on ❑ther Paymen�s. Failure ❑f Gran�or within �he�ime requi�-ed hy this Assignment�❑ make any paymen� far�axes or�nsurance, or any a�her payment necessary t❑ pre�ent�iling ❑f or�o e�fect discharge of any lien. False 5tatements. Any warran�y, represen�ation ar statemen�made ❑r�urnished to Lender by Barrower vr Grantor vr on 6orrov+rer's vr�.rantor's behalf under fihis Assignmen�vr the Related ❑ocumenfis is false ❑r misleading in any ma�erial respec�, ei�her now or at �he �ime made ❑r furn�shed or �e�omes false or misleading at any time �hereafter. " Defecti�e Ca1la�era�izatEan. This AssFgnment❑r any af the Re[ated Documen�s ceases to be in�ull �Force and e�fect �inc�uding faiIure vf any ca��ateraf dacument t❑ create a va��d and per�e��ed security interest❑r r�en� a�any�ime and �For any reasan. . �nsol�rency. The dissolution ❑r fierminatian vf Bvrrvwer's vr Grantor's existence as a going business, the insal�ency �f Borrower ❑r Gran�ar, the appo�ntmen� o�a recei�er�or any part of Borrower's ❑r Gran�or's praper�y, any ass�gnment for�he bene�it vf cred�tors, any fiype ❑�creditor workvut, or the commen�ement of any proceeding under any laankruptcy❑r insolWency laws 1�y or agains�Barrawer ar Grantar. Credi�or or Fvrfeiture ProceedEngs. Commencement o� foreclasu�-e or �orfei�ure prv�eedings, whether by judicial proceed�ng, se��-help, repassession or any ❑�her me�hod, by any creditor o� gorrower or Gran�or or by any ga�ernmental agency against the Rents vr any prvperfiy securing the �ndeb�edness. This includes a garnishmen�a� any af gorrower's ❑r Grantar's accoun�s, including deposi�accoun�s, with Lender. Hawe�er, �his Even�❑f�efau�t shali n�t apply i-�there is a good fiaith dispufie by gorrawer or Granfivr as ta fih� �alidi�y ❑r reasvnab�eness of�he claim which is �he basis ❑f �he creditor vr far�ei�ure pr�ceeding and i� gorrower ❑r Gran�or g�ves Lender wri�ten nv�ice ot the creditvr or farfei�ure prace�ding and deposits w�th Lender manies ❑r a surefiy bond fior the cr�di�or ar forfeiture pra�eeding, in an amaunt de�ermined by Lender, in its saie dis�retion, as �eing an adequa�e reser�e or band fvr the d�spute. • • � Prvper�y Damage or Loss. The Property is last, stolen, subs�antially damaged, sold, ❑r borrawed against. EWenfis Af�Fec�ing Guaran#or. Any af the preceding e�ents occurs with respeG�to any guarantor, endvrser, surety, or accvmmoda�ivn party of any o�F the Indebtedness ar any guarantor, endarser, surety, ar accommodation party dies or becomes incompe�ent, �r revakes or disputes �he validity of, or liability unde�, any Guaranty a� the indeb�edness. Ad�erse �hange. A ma�erial ad�erse change occurs in Gran�or's finanGial condi�ian, ❑r Lender belie�es the prospect a�payment or per�armance o�the Indebtedness is impaired. Insecuri�y. Lender in good�a�th beIie�es itseI�f insecure.