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2� 1 ����42
<br /> ASSIGNIVIENT �F RENTS
<br /> Loan Il�o: 'i�'i�98376 ��antinued} Page 3
<br /> �flr insuring, main�aining and preser�ing the P�-aperty. A!� such e�penditures incurred or paid by Lender �or su�h
<br /> purposes will then bear interest at th� ra�e charged under�he Note from the date incurred or paid by Lender tv�he date
<br /> of repayment by Grantor. AI[ such expenses w��� become a part of the lndebtedness and, a� Lend�r's ❑ption, wi[[ �A)
<br /> be payable an demand; �By be added to the ba�ance vf the Na�e and be appor�ioned among and be payabfe with any
<br /> installment payments �v becvm� due during either ��} the term a� any applicable insuran�e pv��cy; or �2y th�
<br /> �emaining te�m ❑f the Note; or {C� be treated as a ballvon payment whi�h wi[[ be due and payable at the Note's
<br /> maturity. The Assignment a[so wi[E secure payment of these amvunts. :�uch right shaf� be in addition ta a11 other rights
<br /> and remedies to which Lender may be entit[ed upon ❑efault.
<br /> DEFAULT. Each of the fvEEowing, at Lender's opfiian, sha�l canstitute an i��ent❑f De�aul�under this Assignment:
<br /> Payment Default. Grantor faiEs to make any payment when due und�er the [ndebtedness.
<br /> �#her De�Faul�s. Grantor fai�s to compEy wi�h ar to perfiorm any ❑�her term, oE�ligatian, co�enan� ar condition
<br /> contained in this Ass�gnm�nt or in any ❑f the Related Documen�s or to cvmply with or to perfvrm any term,
<br /> obligation, ca�enant�r condition contained in any other agreement��etween Lender and Grantor.
<br /> Defaul�❑n �#her Payments. Failure vf Gran�vr within fihe #ime req�ai�ed by this Ass�gnment tv make any paymen#
<br /> for taxes ar insurance, ar any other paymen�nec�ssary�❑ prevent fifing❑�F or to effect discharge❑f any�ien.
<br /> False 5tatemen#s. Any warranty, representafiion �r statement made or furnished �❑ Len�er by Grantor or on
<br /> Gran�vr's behalf under this Assignment ❑r the R�fated Documents is faEse ar mis�eading in any mater�al respe�t,
<br /> ei�her now ❑r at the time made or furnished ar becomes fafse or misleading at any time thereafter.
<br /> Defe�ti�e Cvilateraliza��on. This Ass�gnment�r any of the Related Documents ceases�o be in ful[ force and ef#e�t
<br /> �inc[uding faiiure of any calla�era[dacument to create a valid and perfected security infieresfi ar lien} a�any time and
<br /> far any reason.
<br /> Death or �nsoIvency. The d�ssolutian of Grantor's �regardless o� whether e[ection to continue is madey, any
<br /> member withdraws from the limited �iabili�y company, vr any other terminatian of Grantor's existence as a going
<br /> business or the dea�h ❑f any memE�e�, the insol�ency of Grantor, the appointment o�F a �ecei�er far any par� af
<br /> Grantar's prvperty, any assignmen� �vr the benef�t af cr�ditc�rs, any type of creditvr warkou�, or �he
<br /> commen�ement❑f any proceeding under any bankruptcy❑r insol�ency Eaws by or aga�nst Granfivr.
<br /> Creditor or Forfeiture Pra�eedings. Commencement af fvreclvsure or fvrfeiture praceedings, whether by judi�iaf
<br /> proceeding, self-help, repvssession vr any other methad. by any cre�fitor v�Grantor❑r by any go�ernmenta[ agency
<br /> againsfi the Rsnts or any property securing �he lndet�fedness. Th�s inc[udes a garnishment of any of �ran#a�-'s
<br /> accounts, including deposit acc�unfis, with L�nder. Howe�er, thi:� E�ent vf ❑efau�t shall no� apply if there is a
<br /> good fai�h disput� by Grantor as to �he �alidity �r reasonableness o�f the claim which �s the basis of�he creditor or
<br /> fvrfei�ure proceeding and if Grantor gi�es Lender written notice v#tr�e credifior ar forfei�ure proceeding and deposits
<br /> with Lender monies or a surefiy bond fvr the credifor or f�rf�iture p��viceeding, in an amaunt determined by Lender,
<br /> in its sv[e discretian, as being an adequafie reser�e or band for the dispute.
<br /> Property Damage vr Loss. The Prvperty is last, s�ofen,substanfiially damaged, sald, or borrowed against.
<br /> Events Affecting Guarantvr. Any of the precedin� e�ents vccurs �nrith respect to any guaranto�-, endorser, surety,
<br /> ❑r accommvdativn party ❑fi any of the lndebt�dness a�- any guarantor, endarser, surety, ❑r accammvdation party
<br /> dies or becomes incamp�tent, flr re�okes o� disputes the va�idii:y ot, or liabi�ify under, any Guaranty of the
<br /> Indeb�edness.
<br /> Ad�rerse Change. A material adverse change vccurs in G�antor's financial condition, or Lende�- befie�es th�
<br /> prospect of payment ar Qerfiormance of the lndebtedness is impairecl.
<br /> Insecurity. Lender in govd fiaith believes Etself inse�ure.
<br /> Cure PraW�s�ons. I# any d�faul�� other than a defaul� in paymentf is curab�e and ifi Grantor has not b�en gi�en a
<br /> notice vf a br�ach of the same prv�isivn of this Assignment within #he preceding #w�l�e �12y months, it may be
<br /> cured i� Gran�or, after Lender sends written notice tv Grantor demanding �ure of such default: �'[} cu�-es fihe
<br /> detau�fi within fiifteen {15� days; or {2} i��he cure requires m�re th�n tifteen �15� days� immediate[y initiates steps
<br /> which Lend�r deems in Lender�5 sole discretivn ta be su�ficient to cure the default and thereafter cantinues and
<br /> comple#es ai� reasanable and necessary steps suf�i�ient to produ�e c�ompliance as so�n as reasvnably practical.
<br /> RiGHTS AND REMEDIES �N DEFAULT. Upon the o�currence ❑f any E�ent o�Default and at any�ime thereaft�r. Lender
<br /> may exercise any vne or mor� ❑f the �ollvwing rights and remedies, in a+�dition ta any other rights❑r remedies prvvided
<br /> by�aw:
<br /> Accelerafe Indebtedness. Lend�r sha[� ha�e �he righf at its aptian #o declare the entire Indebtedness immediately
<br /> due and payab[e, including any prepayment penalty that Grantvr wo�ld be required to pay.
<br /> CvIiec� Rents. Lender sha�[ ha�e the right, wEthflut no#ice to Gr��ntor, to take possessian of the Prvperty and
<br /> co[lect the Rents, inc[uding amounts pas� due and unpaid, and ap�aly �he net prviceeds, o�er and aba�e Lender's
<br /> cvsts, against the lndehfiedness. ln #urtherance of this right. Lender sha�l ha�e a!I the rights pra�id�d for in the
<br /> Lender's Right tv Recei�e and Cvllect Rents Secti�n, ak�a�e. If the Rents are ca�lected by Lende�r then Grantor
<br /> irre�vcably designates L�nder as Grantor's attorney-in-facf fa endorse instruments re�eE�ed in payment fih�reof in
<br /> the name o� Grantor and tv negvtiate the same and collect the prac�eds. Payments by �enants ar vther users to
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