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2� 1 ��425 ASSIGNMENT �F RENTS Loan N�: 'f�'!2�8553 �CDntinu�d� Page 3 file e�idencing Lender's security interest in the Rents and the Property. Any terminatinn fee required by law shall be paid by G rantor, if permitted by applicable law, LENDER'S ExPENDITURES. 1f any a�tion or proceed�ng is cammenced that would materially affect Lender's interest in the Property ❑r if G rantor fails tv comply with any pra�ision of this Assignment or any Re�ated Documents, including but nat limited ta �rantor's faifiure tfl discharge or pay when due any amounts �rantor is required to discha�ge ❑r pay under this Assignment ❑r any R�lated Documents, Lender on Grant�r's beha!# may �but shall not be obligated to� take any action that Lender deems approp�iate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and vther claims, at any time le�ied ❑r placed on the Rents or th� Property and paying all costs fflr insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date in�urred vr paid b� Lender ta the date of repayment by Grantnr. Alf such exp�nses will became a part of the Indebtedness and, at L�nder's ❑ption, will �Ay be payable on demand; �By be added to the balance of the Note and be apportioned among and be payable with any installment payments ta becvme due during either �� the term ❑f any ap�licable insuran�e policy; ❑r �2� the �emaining �erm of the Note; or {C� be treated as a balloan payment which will be due and payable at th� Nate's maturity. The Assignment alsa wii� se�ure payment af thes� amounts. 5uch right shall be in additian to all other rights and remedies to which Lender may be entitled upvn Default. DEFAULT. Each ❑f the followin�, at l.end�r's aptEon, shali cvnstitute an Event�f ❑efault under this Assignment: Paymen# Defaul#. Borrower fails t❑ make any payment when due under the Indebtedness. Dther Defaults. Borrower or Grantor fails �o comply with vr to perfvrm any other term, v�liga#ion, co�enant or cvnditi�n contained in this Assignment or in any of the Related Documents ar to cvmply with �r to perfarm any term, abligation, cv�enant flr conditian cantained in any other agreem�nt�etween Lend�r and Barrower vr Grantor. De�ault on ather Paymen#s. Fa�lure ❑f Grantvr wvithir� the time required by this Assignment t❑ make any payment for taxes �r insurance, or any�ther payment necessary to pre�ent filing af ar to effe�t dis�harge of any lien. False 5tatements. Any warranty, repres�nta�ian or statement made or furnished to Lender by gorrower or Grantvr vr on E3orrower's ❑r Grantor's behalf under this Assignment or the Related Dvcuments is false ❑r mss�eading in any material respect, either nvw or a# �he time made ❑r furnished or becflmes false ar misleading at any time thereafter. De#e�ti►►e Cvllateralization. This Assi�nment❑r any af the Reiated Documents ceases tv be in full farce and e��ect �incfuding tailure of any collateral dacument ta create a �alid and perfecter�security interest or lien� at any time and far any reasan, lnsvl►rency. The dissolution ❑r termination �f Borrower's or Grantor's existen�e as a going business, the insnl�ency at Borraw�r o� Grantflr, the appvintment of a receiver far anY part af 6vrrower's or Grantor's proper#y, any assignment �ar the benefit af creditors, any type ❑f creditar workaut, or the commencement of any praceeding under any bankruptcy or insol�ency faws by or against Borrawer❑r Grantor. Creditvr or For�ei#ure Proceedings. Commencement v� forecl�sure ar #orfeiture proceedings, whether by judicial p�oceeding, self-help, repassession or any other methad, by any creditvr af Borrow�r ar �rantor or by any go�ernmental a�ency against the Rents vr any prvperty securing the �ndebtedness. This includes a garnishment of any of Bvrrower's ar �rantvr's accvunts, including deposit accounts, with Lender. Howe�er, this Event af Default shall not appiy if there is a good faith dispute hy Borrawer or Grantor as to the �alidity or reasonableness of the ciaim whi�h is the basis af th� creditor or farfeitur� prv�eeding and if Borrower ❑r Grantor gi�es Lender written notice af the creditor or forfeiture praceeding and depvsits with Lender monies or a surety bond for the �reditar or #orfeitu�e proceed�ng, in an amaunt det�rmined by Lender, in its sole discretion, as b�ing an ad�quate reser�e �r bond tor the dispute. Property Damage or Loss. The Property is �ost, stalen, substantially damaged, sold, ar k�orrowed against. E�ents Affecting Guarantor. Any of the preceding e�ents occurs with respect to any guarantor, endorser, surety, or accommodation party af any af the Indebtedness ar any gua�antar, endarser, surety, ar accammodation party dies ar becames incampetent, or re��kes or disputes the �alidity of, or lia�ility under, any Guaranty of the Indebtedness. Advsrse Change. A material ad�erse change occurs in Grantor's financial conditivn, ar Lender belie�es the prospe�t❑f payment or perf�rmance of the lndehtedness is impaired. lnseGurity. Lender in g��d faith belie�es itsel#insecure. Cur� Pra�isians. I�f any defau�t, atY�er than a default in payment, is curable and af Grantar has not been gi�en a notice ❑f a k�reach af the same pro�isian of this Assignment within the prec�ding twel�e �1�y months, it may he cured if Grantor, after Lend�r sends written notice t❑ Sorrawer clemanding cure af such default: �1} cures the default wi�hin fifteen {15� days; or �2) if the cure �equires more than fifteen ��5� days, immediately initiates steps which Lender deems in Lender's sole discretion ta be sutticient ta cure the detault and thereatter con�inues and completes all reas�nable and neGessary steps sufticient ta produce compl�an�e as s�on as reasonably practical. RIGHTS AND REMEDIES �N DEFAULT. Upon the accurrence�f any E�ent of ❑efault and at any time thereafter, Lender may exercise any one or more vf the fallowing rights and rernedies, in addition to any other rights ❑r remedi�s pro�ided