|
2� 1 ��7782
<br /> ASSI�NMENT �F REIVTS
<br /> L�an No; 7�'I 3��'l�'I �C[�ntirlu�d} Page 3
<br /> No Rec�uirement tv Act. Lender shall not be required to da any af the �aregain� acts or things, and the faGt �hat
<br /> Lender shal! ha�� p�rfQrmed ❑ne ar more of the faregaing act� or things shall n�t �equire Lender �o da any other
<br /> specific aGt or thin�.
<br /> APF�LI�ATI�N �F RENTS. Ail costs and �xp�nses incurred by �.ender in conr�ection with the Property sh�ll be #or
<br /> Grantvr's accaunt and L�nder may pay such costs and expenses �ram the Rents. L�nd�r, in its sole dis�r��ir�n, shall
<br /> determine the applica�ion o# any and all Rent� reGei�ed by it; howe�er, any such Ren�s re�ei�ed by Lender whiGh are
<br /> nat app�ied to �uch costs �r�d �xpenses shall b� applied to the Ind�b�edness. All ��cper�ditures made by Lend�r under
<br /> this Assignment and nat r�imbursed from the Rents sha�� become a part af the Indebtedness secur�d by this
<br /> Assignm�nt, and shall be pay�ble nn demand, with inter�st at the Noze rate from date of expendtture until paid,
<br /> FLlLL P�RFORMANCE. If Grantvr pays all of the Indeb�edness when due and otherwis� performs a�� the obligations
<br /> impo�ed upon Grantar under this Ass�gnm�n�, the Nate, and the Relat�d ❑ocuments, Lender shall execute and de���er to
<br /> �rantor a suitable satisfactian of this Assignment and suitable statements vf term�natifln of any financing statement on
<br /> file e�iden�ing Len�ier's security interes� in the Rent� and the ProRerty, Any term�nation tee �equired by faw shafE b�
<br /> paid by Grantar, if p�rmitted by applicable law.
<br /> LENDER'S EXPENDITURES. If any action or proceeding �s cammenced that would materially af�ect Lender's interest in
<br /> the Praperty or i�Grantor fai#s Y❑ �amply with any prn�isivn of thi�Assignment or any Rela�ed Dacuments, including but
<br /> no� limited t❑ Grantor's failu�e �Ca discharge ❑r pay when due any am�unts �rantor is required�o discharge ar pay under
<br /> this Assignment or any Related C�o�uments, Lender on �rantar's b�half may {but shall nat be obliga�ed ta� take any
<br /> action that L�nder de�ms appropriate, in�luding but nat limited tQ disCharging ❑r paying a!I taxes, liens, security
<br /> interests, en�umbran�es and ather claims, at any tim� levied or placed on the Rents or the Praper�ky and paying all �asts
<br /> fic�r insuring, maintaining and pres�rving the Property. All such ex�enditur�es incurred or paid by Lender fnr su�h
<br /> purpvses will then bear in��rest at the ra�� charged under the Note �ram the date incurred ❑r paid by Lender to the date
<br /> ❑f repayment by Grantar. All such expens�s will beGome a part af th� Indebtedn�ss and, at Lender's option, will �A�
<br /> be payable an d�mand; ��� be added ta the balance of the Nate and be apportianed among and be payabl� with any
<br /> ins�allment payments �o b�come due during �ither �1 y #h� t�rm af any appli��ble insurance palicy; or ��y th�
<br /> �em�in'sng �erm af the Not�; ❑r �C} be �Cr�at�d a� a baiioon p�yment which wil� �� due and payable �t the Not�'�
<br /> maxurit�. The Assign�n�nt �Is� will secure payment vt these amounts. Such right shall �e in additinn t❑ al�Qth�r rights
<br /> and remedies to �rvhich L�nd�r may be entit��d upon Default.
<br /> DE�AULT. Each of the fo�iowing, at Lender's optivn, sha�! cvnstitute an E�ent of Defaulfi und�r this Assi�nment:
<br /> Payment Qefault. Barrawer fails t❑ mak� any payment when du� under the Indebtedn�ss.
<br /> C3�her Defaults. Borr�w�r or Grantor fai�s t❑ Gomply with or t� per#orm any other �erm, vbligati�n, c��enant or
<br /> canditivn cvntain�d in this Ass+gnment or in any �f the Related �acuments or to comply with or to perfvrm any
<br /> term, ab#igativn, co�enan�vr condition contained �n any other agreement between Lender and Barrower❑r Grantar.
<br /> De#ault on ather Payments. Fai�ure of Grantar within the tim� requir�d by this Assignment to make any payment
<br /> for taxes ar insu�ance, or any vther payment necessary t❑ pre�ent filing ❑f or tv effect discharge of any lien.
<br /> Fafs� �tat�r�ne�ts. Any warranty, representati�n ❑r statement made or furnished to Lender by Borrnwer or �rantar
<br /> ❑r on Sorrawer's vr Grantvr's behaif under this Assignrnent ar the Re�ated Dacuments is �alse ar misleading in any
<br /> materia� respect, either naw or at the time made ar �urnished ar becomes false ❑r misleading at any rime
<br /> thereafter.
<br /> Defecti�e Gollateralizatian. This As�ignment or any af the Relat�d ❑ocuments ceases to be in full for�e and effect
<br /> �ir�ciudin� failure of any co�late�al do�um�nt t❑ create a �alid and perf��ted s��urity interest vr lieny at any tim� and
<br /> �or any r�ason,
<br /> Death vr Insol�ency. The d�ath ❑f garrvwer or �rant�r, th� insol�ency o�Borrovve�ar Grantar, the ap�aintment�f
<br /> a receiWer for any part af �orrower's car G rantor's praperty, any assignment far�he b�nefit❑f�feditors, any type of
<br /> �reditor workau�, or the commencem�nt qf any pro�eeding under any bankrup�cy ar inso��ency laws �y vr against
<br /> �vrrower or Gran�ar.
<br /> Credit�r vr Farfe'rfiur� Proceedings. �omm�n�ement o� far�ctasure or forfeitur� �raceedings, wheth�r by judicial
<br /> prac�eding, s�lf-h�lp, repassession ❑r any ather methad, by any credi�vr Qf �arr�wer vr Grantar ar by any
<br /> ga�ernmentai agency a�ainst the Rents a� �ny pr�perty securinr� the Indebtedness, Thi� in�ludes a garnishment vf
<br /> any of �Qrrawer's �r �rantvr's accounts, including depvsit accounts, with Lender. Hvwe�er, this E�ent of De�ault
<br /> shal! not apply if there is a gvvd �aith disput� �y Borrower �r �rant�r as to the ��lid��y or reasvna�leness of the
<br /> Glaim whi�h is the basis ❑f the creditor or fvrfeiture praceeding and if Borrawer ar Grantar gi�es L�nd�r written
<br /> nati�� af the creditor ar forfeiture praGe�dinr� �nd depasits with Lender mvnies ar a surety bond far the �reditvr ar
<br /> for�ei�ure prv�ee�ing, in an amaunt determined by Lender, in its sale dis�retifln, as being an adequate reser�e vr
<br /> bond fiar the dispute.
<br /> Property Damage or Lvss. The Prvpe�ty is lost, stvlen, substantially damaged, sold, or borrowed against.
<br /> E�ents Affecting Guarantvr. Any of the prece�ing e�ents ❑ccurs with respect tv any guarantor, endorser, surety,
<br /> a� a�commvdation party o# any of the Indebtedness ❑r any guarant�r, endorser, surety, vr accommodation party
<br /> dies or �ecome� incompetent, or re��kes ❑r disputes the �alidity of, ❑r Itahility under, any Guaranty �f the
<br /> Indeb�edness,
<br />
|