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2� 1 ��4�77
<br /> ASSIGIVMENT C�F RENTS
<br /> Lvan Na; ��1�9�597 ��antinued� Page 3
<br /> this Assignment and no� reimbursed from the Rents sha[f becvme a �ar� a� the �ndebtedness secure� by �his
<br /> Assignmen�, and sha�l ae payable vn demand, wi�h interest a�t�e Note r�te frvm date af expendEture un�il paid.
<br /> FU�.L PERF�RMANGE, i� �rantvr pays a�� of th� inde��edn�ss when due �nd nth�rwise per�Farms �[i the ❑biiga�ions
<br /> imposed upon Gran�ar under�his Assignment,�he Note, and�he ��lated �ocuments, Lender�hal1�x�cute and d�li�er�v
<br /> Grantar a sut�table sa�is�a��ian a��hi5 Assignment and suitable s�Catemen�s of termina�ion ❑�F any financing sta�emen�t on
<br /> ���e evidencing Lend�r's secursty in��rest 3n th� Rents and the Property. Any termination fee requir�d by faw sha11 be
<br /> paid by Grantor, if p�rmitted by applicable�aw. �
<br /> L�NDER`� �XPENDITURES. 1� any action ❑r �roc�eding is �ommenced that r►vvu�d materiafly a�ffect Lender's in�eres�in
<br /> the Praper�y or i�G�antv�r faiss ta compiy with any provisian of this Assignmen�vr any Reiated Documents, including but
<br /> not limited ta Gran�or's �ailure�o discharge or pay when due any amvun�s Grantvr is requ�red to disGharge or pay under
<br /> this Assignmen� or any Related Dvcumen�s, Lender on Grantor's behal� may �bu� sha11 no� be ab!'rgated toy take any
<br /> actian that Lend�r deems app��priate. inGludin� but nvt ��mited �o discharging ar paying a�� #ax�s, liens, secu�ity
<br /> interests� encumb�ances and v�he�cla�ms, at any�ime le�ied ❑r plaGed vn�he Renfis ar the Praper�y and paying aii �asts
<br /> for insur�ngr maintainEng and preserving �he Praper#y. Af[ su�h expenditures incurred �r paid by Lender �r�r su�h
<br /> purposes will then bear in�erest a�th� ra�e ch�rged under the Nate�rom�he date incurred ar paid by Lender�o the da�e
<br /> nf repa�rment �y Gran�vr, A�� such �xpenses w��i become a part o�the �ndeb#edness and, at Lender's ❑ptEQn, will tAf
<br /> be payable on demand; �By be added t❑the baiance ❑�the Nvte and be appor�ioned among and be paya��e with any
<br /> ins�allment paymen�s to becnme due during ei�her �1� �the term ❑f any appli�abie insurance pvliGy; or {�} th�
<br /> remainin� �erm o� �he Note; t�r ��� b� �rea��d as a ��I[oan p�yment whiGh vui[I be due �nd pay�ble at the Nv�e's
<br /> ma�urity. The Assignment also wi11 secur� paymer�t o��hese amaunts. �uch right shaii be in add��ivn ta all vther righ�s
<br /> and remedies to which Lender may be enti�led upvn Default.
<br /> DEFAULT. Each of the following, a�Lender`s aptionr shal[ cons�i�u�e an E�ent a�Default under this Assignment:
<br /> Paym�n�flefault. Bor�ower taf�s�a make�ny paymen�vtirhen due under�the lndebtedness.
<br /> Q�her De#auC�s. garrower or Grantar �ails to camply wi�h ar �v per�vrm any ❑ther �erm, ❑b�igation, cavenant vr
<br /> c�ndi�ian contained in �his Assignment vr in any o��he Related Documents or tn �vmply wifih ar �a perform any
<br /> te�m, ai��iga�ian, �ovenan�❑r c�nditivn �vn�ained in any vther agreemenfi between Lende�and Bflrrvwer or�rantar.
<br /> Defaulfi vn Q#h�r Payments. Faiiure of �r�an�or within �he time required hy this Assignment ta make any p�yment
<br /> fvr taxes a�insurance, vr any❑�her payment neces�a�y to pr���nt fifing o�flr�o e�tec�dis�harg�a�any 3iEn.
<br /> Fa[s� Statements. Any warranty, represen�a�ion ar statemen�made or�urnished�fl Lender by Barrawer or Grantar
<br /> or❑n Borrower's or Grantor's behal�under this Assignm�nt ar t�e Refa�ed �vcuments is faise ar mis�ead�ng in any
<br /> mat�rial rsspec�, either nvw ❑r �t the time made or furnished ar becames �a1se ❑r misleading at any time
<br /> �her��f�er.
<br /> DefeGt��e Co��atera�i�at�on. This Assignm�n�❑r any o�F the i�e4afied Documen�s ceases to be in �ull�v�ce and efifec�
<br /> �in�luding failure❑f any�ol�atera! document ta crea�e a Waiid and per�ec�ed security�nterest or lieny a�any time and
<br /> fvr any reasan.
<br /> Qea#h vr�nsvf�ency. The dea�h pf Barrovrr�r vr�ran�or. �he ins�lWen�y of 6arrvwer❑r Gran�ar��he appointmen�o�
<br /> a recei�e��or any par�o�gvrrower's ar Grantor's praper�yr �ny assignment fvr the b�ne�it of credi�ors, any�ype ta�
<br /> credi�ar warkout, vr�he �vmmencemen���any proceeding unde�any bankruptcy ❑r ins�lvency �av►rs by ar against
<br /> garr�wer or Grantor.
<br /> Creditr�r or FQrf�i�ture Prviceeding�, Cammencemen� ❑� fore�lvsure ar �orfei�ure p�viceedings, whe�her by judic�a�
<br /> proceeding. sel��help, repossession vr any �the� m��had, by any credi�ar o� Bvrrawer or Gr�n�or or by any
<br /> ga�ernmen�a� agen�y against the Ren�s or any prQperty securing�he Indeb�edness. This incfud�s a garnishment❑�
<br /> any of Borrawer`s o�Grantar's �ccaun�s, including dep��it accaun�s� with Lender. HvweWer,thss Event n�❑e�auifi
<br /> shall nat apply i� there is a gvod �aith dispute �y Borrvwer ar Grantor as ta the va[idity ❑r reas�nabieness vf the
<br /> claim which is the basis of �the cr�ditor o� forfeitur� Rroceeding and i� Bvrro►rver ❑r Gran�or gi��s Lender wri��en
<br /> notic� a��he Gr�di�or or�orfeitur� proc��ding and d�posits wi�h Lender monies or a sur��y bflnd �ar the c��di�or ar
<br /> forfi�:�ure prvG�eding, in an am�u�t det�r�mined by Lend�r, in its sole dis��e�ivn, as being an adequa�e reser�e vr
<br /> bvnd�or the d+spute.
<br /> Prvperty Damag�or Loss. The Property is�ost, stoien,Substantia�ly damaged.svidr �r barrowed against.
<br /> Even�,s Affe�tEng Guaran�or, Any nf the preGeding ev�n�� oGcurs wi�h res�ec�tv any guarantar� endarser, sur�ty,
<br /> ❑r accamm�da�ian party af any �f the Inde�tedness ❑r any guaran�or. endvrser, sur��y, or ac�ommvda�CiQn par�y
<br /> dies or becames �ncompetent, �r re�okes �r disputes the �alidity ��, or �iabifity unde�, any Gua�anty ❑f �he
<br /> Indebfi�dness.
<br /> Adverse �hange. A ma�erial ad�erse change occurs in Grantvr's ��nanGial �ondition, �r Lender be�i���s �he
<br /> prvspec�a�payrnen�ar per#vrm�r�ce❑�the Indebt�dness is irrtipaired.
<br /> lnse�urity. Lender in gaad�aith belie�es itse�f insecure.
<br /> Gu�e Prov�sivns, f� any default, o�her than a de�aul� in payment. is cu�able and i�r Gran�or has nat be�n given a
<br /> not�G� o� a hrea�h a� �he same pro�isivn a��his Assignmen� with�n �h� preceding tv►ref�e {'[�� months, it may be
<br /> cured i� Gran�.vr, after L�nder sends written no�ice �o Bo�rrawer d�m�ndEng �ure of su�h defaui�C: {1� cures �h�
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