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200102662 Leases, Rents, Guaranties or this Assignment, and to pay all costs and expenses of Lender, including without limitation, reasonable attorneys' fees incurred by Lender in any such action or proceeding in which it shall appear•, and (j) that Assignor shall not, without Lender's prior written approval, modify or cancel any leases. SECTION 5 5.0 DEFAULT AND REMEDIES. 5.1 Default. This Assignment shall be deemed to be in "Default" in the event that: (a) Assignor shall fail to perform beyond applicable cure period any of its obligations or undertakings hereunder, or any of the representations and warranties contained herein shall be materially untrue, inaccurate or misleading; (b) any default has occurred pursuant to the terms of the Mortgage, Note, Loan Agreement or any of the other Loan Documents, and such default has not been cured within the applicable cure period, if any; (c) any default beyond applicable cure period has occurred pursuant to the terms of the $400,000.00 promissory note or any of the loan documents evidencing or securing said note given by Allen Parcel 24, L.L.C. 5.2 Default Under Loan Documents. Any Default under this Assignment shall, at the sole option of Lender, constitute and be deemed to be a default under the terms of any or all other Loan Documents, entitling Lender to each and every right, power, and remedy contained in such other Loan Documents. 5.3 Remedies. Upon or at any time after the occurrence of a Default, Assignor's license to collect the Rents shall automatically terminate with no action required on Lender's part (other than mailing notice to Assignor as required herein), and the Lender may, at its option, with or without notice: (a) declare all indebtedness secured hereby or by the Loan Documents immediately due and payable; (b) either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court, take possession of the Premises and have, hold, manage, lease and operate the same on such terms and for such period of time as the Lender may deem proper. Assignor hereby unconditionally and irrevocably consents to the appointment of a receiver in the event of a Default; 1049116.2 5