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2� 1 ��4994
<br /> ASSiGNMENT �F RENTS
<br /> Loan No: '1�'1�973'1� {Continued� Pag� 3
<br /> and remedies to vuhich Lender may he entitled upvn Defiault.
<br /> �EFAULT. Each ❑f the following, at L�nder's optivn, shall constitute an E�ent of Default under this Assignment:
<br /> Payment Default. Grantor fiails to make any payment when due under the fndehtedness.
<br /> �ther DefauEts. Grantor fails to compiy with vr to perf�rm any other term, abligatinn, cv�enant or condition
<br /> �ontained in this Assignment or in any of the Related Dvcumen�s vr t❑ comply with ❑r ta perfarm any term,
<br /> ob�igativn, �o�enant ar cvndition �ontain�d in any❑ther agreement between Lender and Grantor.
<br /> Defaul# vn �ther Payments. Failure of Grantar w�thin the time r�quired by this Assignment to make any payment
<br /> far taxes �r insuran�e, or any o�her payment necessar�to pre��nt filing of or to effect discharge af any 1ien.
<br /> Faise Statements. Any warranty, representation or statement made ❑r furnished to Lender by Grantor ar an
<br /> Grantvr's behal� under this Assignment ❑r the R�la�ed Documents is false or misleading in any material respect,
<br /> either now or at the time made ar fu�nished ❑r becames false or m�sleading at any time thereaft�r.
<br /> De�ecti►►e Co[iateralizativn. This Assignment ar any of the Rela�ed Dvcuments ceases to be �n full force and effect
<br /> �including failure o€ any ��Ilatera� document ta create a �alid and perfected securi�y interest vr lien� at any time and
<br /> for any reason.
<br /> Death or Insol►►�ncy. The death of �rantor or the dissolution ❑r t�rmination af Grantvr's existence as a going
<br /> business, the insal�ency ❑f �rantor, the appvintm�nt vf a recei�er for any part of Grantor's property, any
<br /> ass�gnment f�r the benefit of creditors, any type af creditvr workout, ar the �ammencement of any proceeding
<br /> under any bankruptcy or�nsoi�ency law� by or against Grantor.
<br /> Cr�ditar vr Forfeiture Pro�eedings. Commencement of far�cl��ure or forfeiture prvee�dings, wheth�r by judicial
<br /> proceeding, self-help, re�ossession ar any other method, by any creditar o#Grantor or by any go�ernmentaE agency
<br /> against the Rents or any prop�rty securing the Indebtedness. This in�ludes a garnishment o� any of Gran#or's
<br /> accounts, including deposit accounts, with Lender. Hawe�er, this E�ent of Default shal! nvt apply if there is a
<br /> good faith dispute by Grantor as t❑ the validity or reasonableness vf the claim which is the basis af the �reditar or
<br /> forfeiture proceeding and if Grantor gi�es Lender written notice o�the creditor or forfeiture proceeding and deposits
<br /> with Lend�r monies or a surety band for the �reditvr or forfeiture proceeding, in an amaunt determined by Lender,
<br /> in its sale disGretion, as being an adequate reser�e ar band far the dispute.
<br /> Prvperty Damage or Loss. The Propert}� is lost, stolen, substantially dama�ed, sold, or borrawed against,
<br /> E�ents Affe�ting Guarantar. Any of the preceding e�ents vc�urs with respe�t t❑ any guarantor, endorser, sur�ty,
<br /> �r accommodatian party ❑f any af the Ind�btedness ar any guarantvr, endorser, surety, ❑r accommodati�n party
<br /> dies or becomes incompetent, or re�akes or disputes the �alidity of, vr liabilfty under, any Guaranty of the
<br /> Indebtedness.
<br /> Ad►►erse Change. A material ad�erse �hange occurs in Grantor's financial canditian, ❑r Lender belie�es the
<br /> prospect of paym�nt or performance ❑f the Indebtedness �s impatred.
<br /> lnsecurity. Lender in good faith befie�es itself insecure.
<br /> Cure Pro�isions. If any default, oth�r than a default in payment, is curabEe and if �rantor has nat been gi�en a
<br /> notice of a breach of the same pr��ision of this Assignm�nt within the preceding twel�e �1�f mon�hs, it may be
<br /> cured it Grantar, after Lender sends written nntice to Grantor d�manding cure of such default: ��y cures the
<br /> default within fif�een �15} days; or {Z� if the cure requires more than fifteen �15} days, immediate�y initiates steps
<br /> which Lender deems in Lender's sale discretion ta be sufficient to cure the defaul� and thereafter �vntinues and
<br /> cvmpletes all reasonable and ne�essary st�ps sufficient t❑ produce compliance as soan as reasonably practical.
<br /> RIGHTS AND REMEDIES t7N DEFAULT. Upon the accurrence of any E�ent of Defauit and at any time thereafter, Lender
<br /> may exer�ise any one or more of the fallowing rights and remedies, in additivn to any other rights or remedies p�o�ided
<br /> by law:
<br /> Accelerate Indebtedness. Lender shall ha�e the right at its opti�n tv declare the entire Indebtedness immediately
<br /> due and payable, in�luding any prepayment penalty that Grantar would be required to pay,
<br /> Colle�t Rents. Lender shall ha�e the right, without notice ta Grantor, to take possession of th� Property and
<br /> coll�ct the Rents, including amounts past due and unpaid, and apply the net proceeds, v�er and abo�e Lende�'s
<br /> �osts, against the Indebtedness. f n furthe�ance of this right, Lender shall ha�e all the rights prv�ided for in the
<br /> Lender's Right to Recei�e and Collect Rents Section, abo�e. If the Rents are c�llected by Lender, then Grantar
<br /> irre�ocab�y designates Lender as Gran�or°s attorney-in-fact tQ endorse instruments recei�ed in paymeni thereof in
<br /> the name of Grantar and to negotiate the same and Golle�t the praceeds. Payments by tenants �r ather users ta
<br /> Lender in rssRonse ta Lender's demand shall satisfy the obfigations far which the payments are made, whether ar
<br /> nat any proper grounds f�r the demand �xasted. Lender may exercise its rights under this subparagraph �ither in
<br /> persnn, by agent, or thrvugh a recei�er.
<br /> ❑ther Remedi�s. Lender shal� ha�e af� ❑ther rights and remedies pro�ided in �his Assignment or th� Nvte or by
<br /> law.
<br /> Election of Remedies. Electian by Lender to pursue any remedy shall not exclude pursuit❑f any other remedy, and
<br /> an election ta make expenditures or to take action to perform an ❑bligation vf Grantor under this Assignment, after
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