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2� 1 �� 174 ASSIGNIVIENT �F F�ENTS Laan Na: 'I D'I�989�?5 ��nt�tlued� Pag� � fi[e e�idencing Lender's securi�y interest in the Ren�s and the Praperty. Any terminat�an fee required by Iaw shall be paid by Grantor, i�permitted by applicab[e law. LENDER'S E�CPENDITUR�S. f� any act�on vr proceeding is cvmmenced that wau�d mafierialiy affect Lender's interest in the Praperty or if Grantvr fails to camply with any pra�ision af�his Assignment❑r any Re[ated Documents, inc�uding but not limited to Gran�or's�=ai[u�-e to discharge or pay when due any amounts Grantor is required tv discharge❑�r pay under this Assignment ❑r any R�lated Dacuments, Lender on Grantor's behalt may {but sha11 no� be abligated tv} take any action that Lender deems appr�priate, Enc�uding but no# limited tv dis�harging or paying aE� taxes, �iens, security interests, encumbrances and ofiher claims, at any time ie��ed ❑r placed ❑n the Rents ❑r the Proper�y and paying alI cas#s for insuring, maintaining and preser�ing �the Property. AI[ such expenditures incurred or paid by Lender fa� such purpases wilf then hear interest at the rate charged under the Note firom the date incurred vr pa�d hy Lend�r to the date of repayment by Grantv�r. AEE su�h expenses wi[[ become a pat-�t vf the lndebtedness and, afi Lender's ❑ption, wil! �Ay be payable vn demand; {B� b� added t❑ the balance ❑f the Nv�e and be appor�ioned amvng and be payable wixh any insta[Iment payments tv he�vme due during either {1} th� �erm of any applicable insurance policy; or {2� the �emain�ng term of the Note; or �C� be treated as a ballovn payment which v►riif be due and payab[e a� the No#e's matur�ty. The Assignment also wil[secure paym�nt of these amaunts. 5uch right sha11 be in addition tv a�l other r�ghts and remedies to which Lende�may be en#it[ed upon Default. DEFAIJLT. Each af the foElowing� at Lender's ❑ptivn. shall canstitute an E�en�t af❑etault unde�-this Assignment: Payment Default. E�orrower fails to make any payment when due under th� Endebtedness. Uther Defau�#s. Barrower vr Grantar faiEs t❑ camply with or to pertvrm any other term, obiigat�on, ca�enant ar cvndition contained in �his AssEgnment or in any of the Related Dacuments o� to comply with ❑r tv perfiorm any term, vbligation, ca�enant or cvnditivn contain�d in any other agreement be�ween Lender and Borrower vr Grantor. Default on �ther Payments. Failure o� Grantor within the time required by this Assignment to make any payment fiar taxes or insurance, or any❑ther payment necessary to pre�ent f�fing of or to effect discharge❑f any lien. False Statements. Any warranty, representa�ion or sta�emenfi made or furnished ta Lender by Bvrraw�r or Grantar ar vn Borrower's or Grantor's behalf under this Assignment vr the Re�ated Da�uments is fa[se ❑r misleading in any materia! respect, �ither naw vr afi the time made or furnished or becomes false or mis[eading at any time therea#ter. Defecti�e Collateraiizafiion. This Assignment❑�any o�the Related Documents ceases ta be in �ull force and e�fec� tincluding fai[ure❑f any cal�a�era�document tv create a �alid and perfected security interest or lien} at any time and �ar any reasan. Death or Inso��enc�r. The�eath vf Bvrrower ar Grantor, the inso[�ency of Bvrrower or Grantor,the appvintmen�o� a recei�er for any part❑fi 6orrvwer's vr Grantor's property, any assignment far the benef�t af creditvrs. any type �� creditvr workout, o�-fihe commencement❑f any p�-viceeding unde�any bank�-uptcy ❑r insv��ency laws by a�' against gorrvwer❑r Grantor. CredE#vr vr Forfeiture Prviceedings. Commencement of �oreclosure �r forfeiture proceedings, whether by judi�ial proceeding, se[�-h�lp� repassession or any other methvd, by any creditor of Barrower ❑r Granta�- or by any governmental agency against th� R�n�s ❑r any property securing the [ndebtedness. This inc�udes a garnishment of any of Borrower's ❑r Gran#or's accounts, including d�posit accounts, with Lender. H�we�er, �h�s Evenfi nf Default shall not apply i� fihere is a gavd faith disput� E�y Barrower vr Grantor as to the vaEidity or reasvnableness of the claim whi�h is the basis of �he credi�ar ❑r #vrfeiture praceeding and if Bvrrower or Grantor gi�es Lender written notice o�the creditor❑r for�e�ture proceeding and depvsits wifih Lender manies or a surety band tor the creditvr or forfeiture proceeding, En an amaunt de�erm�ned by Lender, in its sole discrefiivn, as being an adequate reser�e or bond fvr the disput�. Property Damage or Loss. The Property is Ivs�, stv�en, substantial[y damaged, sold, or borrvwed against. Events Affect�ng Guarantor. Any o�fihe preceding e�ents �c�urs with respe�t to any guaran�ar, endorser, surety, ar accvmmadation party of any af fihe Indebtedness or any guaran#vr, endvrser, surety, o� accommndation party dies ❑r becomes incompefient, or revokes vr disputes the �alidity of, ❑r [iability under, any Guaranty of the lndehtedness. Adverse Change. A material ad�erse change occurs in Grantar's financiai condition, or Lender believes the prospe�t o�paymenfi ar performance of the [ndebtedness is impaired. �nsecuri#y. Lend��-in govd fiaith belie�es ifiself insecure. Cure Pro��sions. I�f any defau[t� other fihan a default in payment, is curable and i� Grantvr has nat heen given a natice of a breach v� the same pro�isivn of this Assignment within the pre�eding twelve t'[2} m�n�hs. it may be cured if Grantor, after Lender sends written notice to Borrower demanding �ur� of such de#ault: {�y cures the default within#ifteen {�5� days; or ��y if the cure requires more than�ifteen t 15� days, immediately initiates steps which Lender deems in Lender's sale discretion tv be sufficient #v �ure the default and thereafter continues and completes all reasanab[e and necessary steps suf�icient tv produce comp[iance as soon as reasanably practicaf. RIGHTS AND REMEDIE�� N DEFAULT. Upan the❑ccurrence of any E�ent vf De�ault and at any time the�eafter, Lender may exercise any ane or mare of�he �rollvwing righ�s and �emedies, in add�tian to any o�her rights❑r remed��s pra�i�ed