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2� 1 ����38
<br /> ASSIGNMENT �F RE:NTS
<br /> Loan No: 'I�'I 2985�8 �Corltirlued} Pag� 3
<br /> �his Assignmen� or any Related Documents. Lender on Grantar's beh��f may {but shall nofi fae ❑b[igated tv� take any
<br /> activn that Lender de�ms apprapriate, inc�ud�ng hut nofi Eimited to discharging ❑r paying all taxes, liens, security
<br /> interests� encumbrances and other claims� at any fiim� le�ied nr p[aced ❑n the Rents ar the Property and paying al[ cvsts
<br /> far �nsuring, maintaining and preser�ing the Property. Afl such exp�nditures incurred ❑r paid by L�nder fvr such
<br /> purpases wili then bear interes�at the ra�e charged under the Note frvm the date incurred or paid by Lender to the date
<br /> ❑fi repayment by Grantar. All such expenses will becvme a part of the [nde�tedness and, at Lender's option, will {A�
<br /> be payabEe ❑n demand; �B} be added t❑ the balance ❑�the Nate and be appvrtioned among and be payable wi�h any
<br /> insta��ment payments to become due during eifiher ��y the term a� any appli�able insurance pvlicy; or �2} the
<br /> remain�ng te�-m af the Nate; or �Cy bs treated as a balloon paymen�t which wi�� be due and payable at �he Nv�e's
<br /> ma�urity. The Assignmenfi a!s❑ will secure payment of these amounts. Such right shali be in add��ion tv afE ❑ther rights
<br /> and remedies ta wh�ch Lender may be entitled upon Defau[t.
<br /> DEFAULT. Ea�h o�the fa�lowing. at Lender's op�ivnf shall constitute an E�ent of Defau��und�r this Assignment:
<br /> Paymen#Defaul#. gorrov►rer fails t❑ make any payment when due under the fndehtedness.
<br /> Q�her Defaul#s. Barrawer or Grantor �ails to comp[y with or to perform any ❑ther term, obligation, co�enant ❑r
<br /> canditian cantained in this AssEgnment or in any ❑f the Related Documents ar ta comply wifih vr tv perform any
<br /> t�rm, ab[igafiivn, co�enant or condition cvntained in any o�her ag�eement be�we�n Lender and 6orrower❑r Grantvr.
<br /> Default on �the�r Payments. Fai[ure vf�ran�or wi#hin the time required by this Assignment to make any payment
<br /> far fiaxes�r insurance, vr any other paym�nt necessary fio prevent�iling of❑r to efFect discharge of any Iien.
<br /> False 5tatemsnts. Any warranty, representatEon or statement made❑r furnished to Lender E�y Barrawer vr Grantor
<br /> ❑r an Borrower's or Grantvr's behalf under this Assignmen�t or the Related Dacuments is faise ❑r mis�eading in any
<br /> mater�al respect, either now ❑r at the time made ❑r furnished ❑� becom�s false ❑r misEeading at any �ime
<br /> �hereafter.
<br /> De#ec�ive �oI�a#eraliza�ivn. This Assignmen�or any of the R�fated I]acuments ceases to be in fu[f �orce and ef�e��
<br /> {inc[uding �ailure af any collatera� documenfi to c�eat� a�afid and p�rfected secur��y in�eresfi or lien) at any time and
<br /> fvr any reasvn.
<br /> Death or�nsol�ency. The death af B�rrawer or Grantor, the insol��ncy af Borrawer or Grantor,the appointmen�❑f
<br /> a rec���er#ar any part vf Bvrrower's or Granfior's prvperty, any assignment�or the ben�fit o�creditars, any type of
<br /> creditvr workaut, or�he cammencement o�any pt-oceeding under�ny bankruptcy or insa[ven�y faws by or agains�
<br /> Borrower o�G rantvr. .
<br /> Creditor ❑r For�eiture Proceedings. Cammen�ement af #vreclasu�� vr �or�eiture proceedings. whether by judi�ia[
<br /> proceeding, sel�-help, repossessivn flr any ofiher method. by a�y credifivr vf 6orrower �r Grantar ar hy any
<br /> gv�ernmental agency against�he Ren�s or any prvperty securing the lndebt�dness. This includes a garnishment a�
<br /> any of g�rrower's ar Grantor's ac�vunfis, inc[ud�ng deposifi accaunl:s� with Lender. Hvwe�er, fihis E�ent of❑e#ault
<br /> shaf[ not appfy if there is a good faith dispute k�y Borrower or Gran�ar as t� the val�dity ar reasonabfeness of the
<br /> claim which is the hasis ❑f #he creditor vr �vrfeiture pra�eeding and if Borrower ❑r Grantor gi�es Lender written
<br /> nvtice of th� creditor or fvrfeitu�e prviceeding and depvsits with Le�der manies or a sur�ty band for the creditor vr
<br /> farfeiture prv�e�ding, in an amount determined by Lender, in its sol� discretian, as beEng an adequate reserve or
<br /> bond far the dispute.
<br /> Praperty Damage ar Loss, The Property is iosf, stvlen, substantiall>>damaged. svfd, or barrowed against.
<br /> Events Af�ecting Guarantor. Any ❑f the preceding evenfis occurs ►rvith respect to any guarantvr, endorser, sure�y,
<br /> ar accammodation party of any of the indeb�edness ❑r any guara�7for, endorser, sursty, or accammodation parfiy
<br /> dies ar becomes incompetent, or revakes ar dispu�es �he �alidity of, or Iiahility under, any Guaranty af the
<br /> Indehtedness.
<br /> Adverse Change. A materia[ ad�erse change occurs in Grant�r's financiaf canditEan, ❑r Lender belie�es the
<br /> prospect of paymen�vr perfiormance af the lnde�tedness is impaired.
<br /> Insecuri#y. Lender in good fai#h �elie�es ifself insecure.
<br /> Cure Pro�isivns. !f any defaulfi, �ther than a default in payment, is curahle and i� Gran�or has no� heen gi�en a
<br /> natice ❑f a breach of the same pro�isian ❑f this Assignment within the preceding twelve {��} man�hs, it may be
<br /> cured if Grantor, after Lend�r sends writt�n notice to gorrow�r d�mand�ng cure ❑f such defau��: ��} cures the
<br /> default within �Efteen {�5� days; ar ��� if the cure requires more�han fiifteen ��5y days, immediate[y initiates steps
<br /> which Lender deems in Lender's sale discretion to be sufificienfi to cure the default and thereafter �ontinues and
<br /> �nmpletes aE! reasanable and necessary steps su##icient to p�aduce cvmp[iance as soon as reasonab[y practicaf.
<br /> RIGHTS AND REMEDIES �N DEFAULT. Upon the occurrence of any E�ent af Defiault and at any time thereafter, Lend�r
<br /> may exercise any❑ne vr more o�the following rights and remedies, in addition t� any vther rEghts❑r remedies pro��ded
<br /> by law:
<br /> Ac�elerate �ndebtedness. Lender sha�i have #he righ� at its ❑ption to declare the entire Indebtedness immediately
<br /> due and payahle, including any prepayment penalty that Barrawer�n►vu[d be required to pay.
<br /> Co��ect Rents, Lender shall ha�e �he right, without natice to Barrower ar Gran�or, to take pvssession of the
<br /> Property and cvllect the Rents, including amounts pasfi due and unpaid� and apply the net proceeds, over and
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