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2� 1 ��5192
<br /> ASS1GN11lIENT �F RENTS
<br /> Loan 11Io: '10'I 29787 5 {Cotltinued} Page 3
<br /> remaining term o� �he Nvte; or �C� be treafied as a ba[[oon paymen� which will be due and payable a� the Nate's
<br /> matu�ity. The Assignment also wi[[se�ure payment of these amaunts. 5uch right shall be �n addition#❑ a!I vther r�ghts
<br /> and remedies ta which Lender may be en�it[ed upvn Default.
<br /> DEFAULT. Each vf the fvllowEng, at Lender's opt�vn, shal� canstitute an E�ent of Defau[t under this Assignment:
<br /> Payment Defau�t. Grantor�ails to make any payment when du� under the �ndebtedness.
<br /> Other Defaults. Gran�ar �ails to compfy w�th ❑r to perform any vther �erm, obligation, co�enant a� �ondition
<br /> contained in this Assignment or in any of the Refated D��uments ar to c�mpfy wi�h ❑r to perform any term,
<br /> abligafiion. covenant or�andition contained in any❑ther agreemenfi between Lender and Granfivr.
<br /> Default on 0#her Payments. Failure ❑f Grantor wi�hin �he time required by this Assignment to make any payment
<br /> for taxes or insurance, or any other payment necessary ta pre�ent filing o#or t❑effect discharge❑f any lien.
<br /> False Sta#ements. Any warran�y, representa�ian ar statement made or �urnished to Lender by Grantor or vn
<br /> Grantar's behalf under th�s Assignment ar the Re[ated Dacumen�ts is false ar misleading in any material �espect,
<br /> either nvw or at the time made or furnished or becomes false vr misleading a�any�ime thereafter.
<br /> De�ective CoIia#era�iza#ivn. This Assignment vr any ❑f the Related ❑v�umen�s �eases ta be in �ull fiorce and e��ect
<br /> �incf uding �ailure o�any caf f ateral dacument fiv create a vafid and p�rf�cted security interest❑r Eien} at any time and
<br /> fiar any reason.
<br /> l7eath or lnsolven�y. The death o�Grantor,the �nsol�ency of Gran�or, the appaintment o#a recei�er fvr any part��
<br /> Grantor's property, any assignment for the benefEt ot credifivrs, any type o# credito�- workout, ❑r the
<br /> commencement of any praceeding under any bankrup#cy ar insv[�ency faws by�r against Grantor.
<br /> Cred�#or or Forfeiture Proceedings. Cammencement af �arecfosure o�- fo�-fei#ure proceedings, whether by judicia�
<br /> proceeding� self-help, repossessian or any oth�r method. by any�reditvr of Grantor❑r by any go�ernmental agen�y
<br /> ag�inst the Rents or any property securing the lndebfiedness. This includes a garnishment of any �f Grantar`s
<br /> accaunts, inciuding deposifi ac�ounts, with Lender. Howe�er, this Event of D�fault sha[[ not apply if there is a
<br /> gaod faith dispute �y Grantor as to the�a[idity or reasonableness of the c[aim which is the basis v�f the creditvr or
<br /> fvrfeiture prviceeding and if Grantor gives Lender writ#en nvtice o�the creditvr or fvrfei�ure pro�eeding and deposits
<br /> with Lender manies or a surety band for the cred�tor or fvrfe�ture proceeding f En an amoun�de�erm�ned by Lender,
<br /> in its sole discretion, as being an adequate reser�e or b�nd for the dispute,
<br /> Property Damage or Loss. The Property is �osfi, sta[en, subs#antially damaged, sold, or borrow�d against.
<br /> Ev�n�s Affecting Guarantvr. Any vf the preceding events ❑ccurs wi�th �respect ta any guaranfior, endorser, surety,
<br /> ❑r accommvdation party at any at the lndebfiedness �r any guarantor, �ndvrser, sure�y, vr accammodation par�y
<br /> dies or becomes incompetent, or re�vkes ar disputes the �a[idity ❑f, vr �iabi[ity under, any Guaranty a# the
<br /> Indeb#edness.
<br /> Adverse Change. A materEal ad�erse change occurs in G rantor's financial condition, vr Lend�r believes the
<br /> p�-ospect of payment�r performance afi the fndebtedness is impaired.
<br /> Insecurity. Lender in good faith be�ie��s Etself insecure.
<br /> Cure Prv�isions. If any default, vthe� than a defaul� in payment, �s curable and if Grantor has not been gi�en a
<br /> notice a� a breach of the sam� pro�isivn �f this Assignment within the pr�ceding twel�e ��2} mvnths, it may be
<br /> cured if Grantor, after Lender sends writ#en notice t❑ Grantar demanding cure of such defau[t: {1 y cures �he
<br /> default w�thin fifteen ��5� days; or �2} i�the cure requires more than fif�te�n {�5} days, immediate[y initiates steps
<br /> which Lender deems in Lender's sole discretion �❑ be sufficient tv �ure the de�ault and thereaf#er continues and
<br /> cvmpl�tes all reasvnabl� and necessary steps sufficient t❑ praduce �ampliance as soon as reasonab�y practical.
<br /> RlGHT�AND REMEDiES �N DEFAULT. Upon the occurren�e of any E�ent o�r❑efault and at any time thereaf�er, Lender
<br /> may exgrcise any❑ne vr m�re a�the fv��owing rights and remedies, in addition to any ofiher�ights nr remedies pravided
<br /> by[aw:
<br /> Acceiera#e jndeb#edness. Lender shall ha�e �he right at its option �o declare �he entire [ndebfiedness immediate�y
<br /> due and payab[e, incfud'€ng any prepayment pena[ty that Grantvr wauld be required�a pay.
<br /> Coi�ect Ren�s. Lender shal� ha�e the right� withvut notice to Grantor, �o take possession of #he Property and
<br /> �ollect the Rents, inc[uding amounts past due and unpaid, and apply �he net prviceeds, v�er and aho�e Lender`s
<br /> costs, against the indehfiedness. In furtheran�e of this rEght, Lender sha�� ha�e af! the rights pro�ided fnr in �he
<br /> Lender's Right t❑ Rece��e and Colle�t Ren�s Sectian, aba�e. if the Ren�s are co[�ected by Lender, then Grantor
<br /> irrevocably designates Lender as �ranto�'s attarn�y--in-fact to endarse inst�umenfis recei�ed in paymen�thereof in
<br /> th� name ❑f Grantor and to nego�iate �he same and co[[ect the proceeds. Payments by �enants vr o#her us�rs to
<br /> Lender in response to Lender's demand shall satisfy the obliga�ions �Fvr which the payments are made, whether or
<br /> no� any praper graunds far the d�mand exis�ed. Lender may exerc�se �ts righ#s under this subparagraph either in
<br /> person, by agent, or thraugh a r�cei�er.
<br /> ��her Remedies. Lender sha[I ha�e al! other rights and remedies p�-o�ided in this Assignment ❑r the Note or by
<br /> 1aw.
<br /> El�c�ion vf Remedies. Electivn by Lender t❑ pursue any remedy sha�E not exc[ude pursuit❑f any o�her remedy, and
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