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2� 17��273
<br /> ASSIGNIIlIENT �F RENTS
<br /> Loan No: 1�'I 3�'{�72 ��antinued� Page 3
<br /> remaining term af the Note; ar �C� be treat�d as a ballvon payment which will be due and payable at the Note's
<br /> maturity. The Assignment alsa will secure payment af these amounts. Such right shail be in addition to all other rights
<br /> and remedies t❑ which Lender may be entitled upon Default.
<br /> DEFAULT. Ea�h af the fvllowing, at Lender`s ❑ption, shall constitute an E�ent af Default under this Assignment;
<br /> Payment Defau�t. Grantor fails t❑ make any payment when due under the �ndebtedness,
<br /> ather Defaul#s. Grantar faiis to cvmpty with ar to perform any other term, ❑bligation, G��enant or candition
<br /> cantained in this Assignment a� in any af the Related Dacuments �r to evmpEy with or t❑ �erfarm any term,
<br /> ob�igatian, co�enant or candition cantain�d �n any other agreement h�tween Lender and Grantor.
<br /> Default on �ther Payments. Failure ❑f Grantor within the time required by this Assignment to make any payment
<br /> for taxes ❑r insurance, or any other payment necessary to pre�ent filing ❑f nr ta effect dis�harge�f any�ien.
<br /> False 5tatements. Any warranty, representation ar statement made or furnished to Lender by Grant�r or ❑n
<br /> Grantar's behalf under this Assignment or the Related ❑vcuments is false or misleadfng in any material respect,
<br /> either n�w ar at the time made or�urnished ar becomes false ❑r misleading at any time thereafter,
<br /> Defecti�e Collateraliza�ion. This Assignment or any vf the Related Documents �eases to be in full farce and e#�ect
<br /> {including faiiure ❑f any collateral document t❑ create a �alid and perfected security interest❑r lien� at any time and
<br /> far any reason.
<br /> Death or Insvl�ency. The death ❑� �rantar, the insoi�ency of Grantor, the appointment ot a recei�er for any part of
<br /> �rantvr's property, any assignment for the bene#�t af creditars, any type of creditvr workout, ❑r the
<br /> �ommencement o�any prviceeding under any bankruptcy or insol�ency laws by or against Grantor.
<br /> Cr�ditor ar Forfeiture RrQ�eedings. Commen�ement of fareGlasure ❑r forfeiture prnceedings, whether �y judicia�
<br /> proceeding, self-help, repossession ar any ather method, by any creditar of�rantar or by any gv�ernmental agency
<br /> against the Rents ❑r any p�operty securing the Indebtedness. This includes a garnishment of any of Grantor's
<br /> accaunts, inc�uding deposit accaunts, with Lender. Hflwe�er, this E�ent af Default shall nat apply if there is a
<br /> goad faith dispute by Grantor as ta th� �alidity ar reas�nableness ❑�the claim which is the basis ot the creditor ar
<br /> �orfe�ture proceeding and if Grantar gi�es Lender written notice vf the creditor or forfeiture praceeding and depvsits
<br /> with Lender monies or a surety bond for the �reditor ❑r forfeiture prviceedFng, in an amount determined by Lender,
<br /> in i�s sole discretion, as being an adequate reser�e ar bvnd for the dispute.
<br /> Rrvperty Damage or Lvss. The Property is lost, sto�en, substantially damaged, sold, ❑r bvrrowed against.
<br /> E�ents Affecting Guarantor, Any of the prec�ding e�ents occurs with respect to any guarantvr, endnrser, surety,
<br /> vr accommodation party of any v# the �ndebtedness or any guarantor, endorser, surety, or accommvdation party
<br /> dies or becomes incompetent, or re�okes or disputes the �alidity of, or liability under, any Guaranty ❑f the
<br /> Indeb�edness.
<br /> AdWerse Change. A material ad�erse change accurs in Grantor's finan�iai condition, ar Lender belie�es the
<br /> praspect of payment or perfarmance ❑f the indebtedness is impaired.
<br /> Insecuri�y. Lender in gvod faith belie�es itself insecure.
<br /> Cure Pro�isions. If any default, other than a d�fault in payment, is curab�e and if �rantor has not been gi�en a
<br /> nnti�e of a breach of the same pro�ision af this Assignment within the preceding twel�e �1 Zy months, it may be
<br /> �ured if C rantar, after Lender sends written noti�e to Grantor demanding cur� �f such default: �1� cures the
<br /> default within fifte�n (�5� days; or 42} if the cure requires mvre than fifteen 4�5� days, imm�diately initiates steps
<br /> which Lender deems in Lender's sofe dis�retivn ta b� suffiGient ta cure the defau�t and thereafter continues and
<br /> campl�tes alt reasonable and necessary steps sufficient ta produce campliance as saan as reasonabEy practical.
<br /> RiGHTS AND REMEDIES �N DEFAULT. LJpon the occurrence ❑f any E�ent af Default and at any time ther�after, Lender
<br /> may exerc€se any one or mot�e vf the following rights and �emedies, in additivn ta any a�her rights vr remedies pro�ided
<br /> by !aw:
<br /> Accel�rate Indehtedness. Lender sha�1 ha�e the right at its ❑ptivn to declare the entire Indebtedness immediately
<br /> due and payable, including any prepayment penalty tha� Grantor wauld be required to pay.
<br /> Coile�t Rents. Lend�r sha�l ha�e the right, without notice to Grantor, ta take possessivn vf th� Prvperty and
<br /> �o�lect the Ren�s, including amaunts past du� and unpaid, and apply the net prviceeds, a�er and abo�e Lender's
<br /> costs, against the Indebtedness. In furtherance of this right, Lender shall ha�e all the rights p�o�ided for in the
<br /> Lender's Right to Recei�e and Collect Rents 5ection, abo�e. li the Rents are collected by Lender, then Grantor
<br /> irr��acably designa�es Lend�r as �rantvr's attorney-in-fact to endorse instruments rec�i�ed in payment thereaf in
<br /> the name of Grantor and t❑ negatiate the same and co��ect the proceeds. Payments by tenants �r vther users to
<br /> Lend�r in respanse t❑ Lender's demand shall satisty the obligations tor whieh the payments are made, w�et�er�r
<br /> no# any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
<br /> person, by agent, or through a recei�er.
<br /> �ther Remedies. Lender shall ha�e all ather rights and remedies prv�ided in this Assignment ❑r the Note or by
<br /> law.
<br /> Ele�tivn ❑f Remedies. Electivn by Lender t❑ pursu� any rem�dy shall not ex�lude pursuit�f any other remedy, and
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