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2� 1 ��5488
<br /> ASS�CN1'V�ENT �F RENTS
<br /> �Continued} Page 3
<br /> Paymen�t Defau�t. Grantor fails to make any payment when due under the f ndebtedness.
<br /> �ther De#aults. Grantor fai�s to comply with ar �o perform any other term, obligation, co�enant or cond�t�on
<br /> con�ained in �his Assignment or in any of the Related Documen�s or tfl �ompiy wifh or ta perfarm any term,
<br /> obliga#ion, co�enan�or�ondi#ion can�a�ned in any other agreement between Lender and Grantnr.
<br /> Default on Dther Payments. Failure of Gran�or within �h� �ime requ�red by this Assignment ta make any paymenf
<br /> for taxes or insurance, or any o�her payment necessary�o preWent filing of❑r to effect discharge of any lien.
<br /> �]efault in Fa�or af Tnird Parties. Any guarantor or Grantor defaults under any loan, exter►s�on ❑f��-edi�, se�urity
<br /> agreement, pur�hase ar sa�es agreement, ❑r any other agreemen#, in fa�or of any other creditor or person fhat may
<br /> maferially affect any of any guaran�ar's or�rantor's property or ab�iity to perform their respecti�e obligatians unde�-
<br /> �his Assignmen#or any of the Related Documen�s.
<br /> False Statements. Any warran�y, representati�n or statement made or furnished to �ender by Grantor ❑� on
<br /> ��antor`s behal� under this Assignmen� or the Relat�d Documents is false or m�sieading in any ma�erial respect,
<br /> e��her now or at the t�me made or furnished or becomes false or misleading at any�ime thereaf�er.
<br /> DefectiWe Co�(ateralization. This Ass�gnment o�any of�he Re�ated Documents ceases ta be in full force and effect
<br /> �inc[uding failure of any collateral dacumen�to create a�alid and perfe�ted security interest or Iien} at any time and
<br /> for any reason. ,
<br /> Death vr [nsal�en�y. The dissolution flf �rantor's �regardless of whether elec�ion �o �ontinue is made}, any
<br /> member withdraws f�am th� limited liabili�y company, or any other termina�ion of Granto�-'s ex�stence as a going
<br /> business o�- �he death o� any member, the inso(�ency of Grantor, the appointment of a recei�er for any pa�t af
<br /> Grantor's property, any assignmen� for the ben�fit of creditors, any type of creditor workout, or the
<br /> commencement o�any pr�ceeding under any bankrup�cy ot-insa��ency laws by or ag��nst�rantor.
<br /> Creditar ar Forfei#ure Proceedings. Commencemen# af foreclosure or forfeiture pro�eedings, whethe�- by judicial
<br /> proceeding, self-help, repossession❑r any other method, by any credit�r of Grantor❑r by any ga�ernmental agency
<br /> agains� the Rents or any praper�y securing the lndebtedness, This includes a garnishmen� of any a� �rantor's
<br /> accoun#s, including deposit accounts, with Lender. Howe�er, �his E�ent of Defaul� shall not apply if there is a
<br /> gaod faith dispute hy Gran�or as to the�alidi�y❑r reasanableness of the ciaim which �s th� basis of the cred�tor or
<br /> forfeiture proceeding and if�rantor gives Lender wr�tten notic�of the creditor or forfeiture pro�eed�ng and deposits
<br /> with Lender mon�es or a surety bond fo�-the cred�tar o�forfe�ture proceed�ng, in an amoun�determined by Lender,
<br /> �n,its s�le discretion, as bein�an adequate rese�ve or bond for�he dispute.
<br /> Property Damage vr Loss. The Property is lost, stolen, subs#antia�ly damaged, sold, o�-borrowed against.
<br /> E�ents Af#�c�ing Guaran#vr, Any of the preceding e�en�s occurs wi�h respect to any Guaran�or of any of �he
<br /> Indebtedness or any Guarantar dies or becomes �ncompetent, or revakes or dispufes �he �alidi�y of, or liab���ty
<br /> under, any Guaranty of the Indeb�edness.
<br /> Ad�erse Change, A material adverse �hange occurs in Grantor's financia� cvndition, ❑r Lender be[ie�es �he
<br /> pr�spect of payment or performan�e of the lndeb�edness is impaired.
<br /> [nsecurity. Lender in good fai�h believes i#s�lf inse�ure.
<br /> Cure Pro�isions. lf any default, other than a default in paymen�, is curable and if Gran�or has not be�n given a
<br /> notice of a breach ofi the same pra�ision af this Assignrnent within the preced�ng ane (�} month, it may be cured if
<br /> Gran�or, after Lender sends written na�ice ta Grantor demanding cure of such defaul�: ('�} �ures the default within
<br /> #hirty �3�} days; or �2} if the cure requ�res mare than �hirty �3U} days, immediately initia�es s�eps which Lender
<br /> deems in Lender's sole discretion �a be suffi�ien� to cure the defaul� and thereafter con�inues and comp�etes a�l
<br /> reasonahle and necessary steps sufficienf to produce compliance as s��n as reasonab[y pra�t��al.
<br /> RIGHTS AN� RE�IEOIES DN DEFALJLT. Upon �he❑c�urrence❑f any Event of❑efault and at any time thereaf�e�, Lender
<br /> may exercise any one o�more of the fol�ow�ng �-ights and remedies, in addition to any ather righ�s or remedies provided
<br /> by I aw:
<br /> A�celerate Indebfedness. Lender shal[ have the righ� at its opt�an to declare#he ent�re Indeb�edness immediately
<br /> due and payab[e, includ�ng any prepayment penalty that Grantor would be�-equired to pay.
<br /> Collect Rents. Lender shall have �he right, without na�ice to Grantor, to take possession of the Property and
<br /> calle�t the Rents, �ncluding amounts past due and unpaid, and apply the net praceeds, a�er and above Lender's
<br /> cos�s, against the Indebtedness. In fur�heranGe �f this right, �ende�- shall ha�e al� �he rights pro��ded for in the
<br /> Lender`s Right to Recei�e and Collect Rents 5ection, abo�e, lf the Ren�s are co��ected by Lende�-, then Grantor
<br /> irre�ocably des[gna�es Lender as Gran�or's a�#orney�in-fact ta endorse instrumen�s recei�ed in payment thereofi in
<br /> �he name of Grantar and to negotiate the same and collec��he proceeds. Payments by�enan�s or other users fo
<br /> Lender in response �o Lender's demand sha[1 satisfy th� obl�gations for which �he paymen�s are made, vuhe#he�r ar
<br /> no� any proper grounds fvr�he demand existed. Lender may exercise its rights under�his subparagraph either in
<br /> person, by agent, or through a recei�er.
<br /> Dfher Remedies. Lende�- shall ha�e afl other rights and remedies provided in �his Assignment or the hlo�e or by
<br /> law.
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