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2� 17��855
<br /> A551GNMENT �F RENTS
<br /> L�an Nv: '��'���2'14� ��ont�nued} Page 3
<br /> this Assignmen� ❑r any Rela�ed Documents, Lender on Grantor's i�ehalf may �hut sha�� not �e ❑bligated �a� �ake any
<br /> actian �hafi Lender deems appropriate, incIuding but not limited ta discharging vr payFng all taxes, liens, security
<br /> interes�s, encumbrances and ❑ther c�aims, at any�ime le�ied ❑r placed ❑n the R�n�s or the P�vper�y and paying all casts
<br /> �For insuring, main�aining and preser�ing the Property. All such expendi�ures incurred or paid by Lender �ar such
<br /> purposes will�hen b�ar in�erest a�the ra�e charged under the Nv�e frvm the date incurred or paid by Lender t❑�he dafie
<br /> o�F �epayment by Gran�or. All such expenses will be�ome a part ❑f�he lndebtedness and, at Lender's option, will �A}
<br /> be payab�e on demand; �B} he added t❑ the balan�e ❑fi the Note and be apport�vn�d among and be payabls with any
<br /> ins�allmen� payments fi❑ laecame due during either ��} the term af any applica�le insurance poiicy; or ��} the
<br /> remaining term ❑f the Nvte; or �C} �e �reated as a 1aal�oon paymen� whi�h will be due and payable a� the Nate's
<br /> ma�uri�y. The Assignment alsa will secu�e paymenfi o�these amounts. Such righ�shall be in addition�o all other righ�s
<br /> and remedies t❑which L�nder may be enti�led upon Defaul�.
<br /> DEFAIJLT. Each ❑�the following, a�Lender's aption, shall Gvnstitute an E�ent of De�ault unde�this Assignment:
<br /> Paymenfi aefault. Gran�or fails t❑ make any paymenfi when due under�he Indebtedness.
<br /> D�her De�au[ts. Grantor fails �a �omply with ❑r t❑ perform any a�her fierm, obligation, covenant or candition
<br /> contained in this Assignment �r in any of �he Rela�ed ❑acumen�s or �o comply with or fio perform any term,
<br /> obiiga�ion, co�enant or condition cantained in any❑�her agreement�e�ween Lender and Grantor.
<br /> Default on Dther Payments. Failure ❑f Grantor wi�hin the time required by this Assignment�o make any payment
<br /> �vr taxes ar insu�ance, or any other payment necessary tv pre�ent�iling ❑f or to e��ect discharge ❑�any lien.
<br /> False S�a�emen#s. Any warranty, repr-esenta�ivn ar statement made ❑r furnished to Lender by Crantor ❑r ❑n
<br /> Grantor's behal� under this Assignmen� ar the Related Documenfis is fialse or mis�eading in any materiaf respe�t,
<br /> either now or at the time made ar furnished or becomes false�r mis�eading at any time therea-�-�er.
<br /> Defec�irre Co!la�eraliza�ion. This Assignment or any of the Re�at�d Documents c�ases fiv be in full force and �ffe�t
<br /> �inc�uding �ailure❑f any collateral document ta create a Walid and perfe�ted se�urity interes�ar lien� at any fiime and
<br /> far any reasan.
<br /> lnsvlvency. The dissolu�ion or�ermina�ion af Granta�'s exsstence as a going 1�usiness, �he insol�ency of Gran�or,
<br /> the appvin�ment of a recei�er�or any part of Gran�or's praperfiy, any assignmen�for�he �enefit �f credito�s, any
<br /> type ❑f credi�or wvrkvu�, �r the commencement o� any praceeding under any bankrup�cy �r insol�ency laws by vr
<br /> against Grantor.
<br /> Credi�or vr Forfeiture Proceedings. C�mmencement of #ore�lvsure or �ar�eiture prv�eedings, whether by judicial
<br /> proceeding, self--help, rep�ssession or any other method, by any cr�ditor❑f Grantor or by any go�ernm�ntal agen�y
<br /> against the Ren�s or any property securing �he Inde��edness. This includes a garn�shmen� o� any �� Gran�or`s
<br /> ac�oun�s, including dep�sit accoun�ks, with Lender. HoweWer, this E�ent of ❑e�fault sha�� nv� apply Ef there is a
<br /> good faith dispu�e by Gran�or as �o the �a��difiy vr reas�nableness of�he claim which is the basis ❑f the credi�ar or
<br /> �or�eiture pro�eeding and i�G�antor gives L�nder written no�ice af�he�redi�vr vr forfei�ure proceeding and deposi�s
<br /> with Lender monies ❑r a surety bond �ar the credifior or for�eiture praceed�ng, in an amount determined by Lender,
<br /> in its sole discretian, as being an adequate reser�e ❑r bond far the dispu�e.
<br /> Property Damage or Loss. The Property is los�, stolen, substantial�y damaged, SD�d, or borrowed agains�.
<br /> E►ren�s Affecting Guaran#vr, Any ❑f the preceding e�en�s vccurs with respec�to any guarantvr, end�rser, sur�ty,
<br /> vr accvmmodation party ❑f any of the lndehtedness ❑� any guaran�or, endorse�-, surety, or accommadativn party
<br /> dies ❑r becomes inGompe�en�, ❑r re�okes or dispufies the �alidity of, or liab�l�ty under, any Guaran�y of the
<br /> lndehtedness.
<br /> Ad�erse Change. A ma�kerial ad�erse change accurs in Grantor's �inancial condition, ❑r Lender belie�es the
<br /> praspect❑f payment�r performance of the lnde�tedness is impaired.
<br /> [nsecurity. Lender in good faith belie�es itself insecure.
<br /> Cure Provisivns. !f any de�ault, �ther than a default ir� paymen�, is cu�-able and if Grantor has nat been gi�en a
<br /> no�ice of a brea�h of the same pro�ision o�this Assignment wi�hin the precsding �wel�e ��2� months, i� may be
<br /> cured if Gran�or, after Lender sends written no�ice t❑ Grantor demanding cure vf su�h de�fault: ��� cures the
<br /> defau�t within fif�een ��5� days; ❑r {�� ��f the cure requires more than fif�een ��5� days, �mmediateiy ini-�iates steps
<br /> which Lender deems in Lender's sole discre�ivn t� be suff�cient to �ure the defaul� and thereafter continues and
<br /> comple�es all reasonable and necessary s�eps sufficient to produ�e cvmpliance as saon as reasvnabiy prac�ical.
<br /> R�GHTS AND REMED[E5 �N DEFAULT. Upon�he occurrence o�any E�enfi❑�❑efau�t and at any time thereafte�, Lender
<br /> may exer�ise any one or mvre ❑f�he�Fvllowing rights and remedies, in addition ta any ofiher righ�s or remedies pro�ided
<br /> �y law:
<br /> A��elera�e lndehtedness. Lender shall have the righ� at its optivn �o declare �he �n�ire lndebtedness Emmedia�ely
<br /> due and payable, including any prepayment penalty that Gran�kar would 1ae required to pay.
<br /> Collect Rents. Lend�r shall ha�e �he right, withvut natEce to Grantor, to take possession o# the Property and
<br /> col�ect �he Rents, inc�uding amaunts past due and unpaid, and appiy �he net p�-oceeds, o�er and abo�e Lender's
<br /> C05�5� against the indehtedness. �n furtherance vf this right, Lender sha�l ha�� all �he ��ghts pra�ided �or in the
<br /> Lender`s Right tv Recei�e and C��le�t Rents Section, abv�e. I��he Rents are �vllected fay Lender, then Granfivr
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