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� 2� 17��857
<br /> ASS1�Nf1l�ENT �F RENTS
<br /> Loan No: ��1��2�35 ��ontinued} Page 3
<br /> LEN[3ER'S EXPENDITURES. lf any action or p��ceeding is commenced that wauld ma�erially af�ect Lender's interes�in
<br /> the Property or i�f Gran�ar fails to comply wi�h any pra�ision of�this Assignmenfi or any Rela�ed ❑o�uments, in�luding but
<br /> nvt iimited to Grantvr's failure�❑ discha�ge ar pay when due any amounts Gran�or is required ta discharge or pay under
<br /> this Assignment or any Related Do�umen�s, Lender- on Grantvr's behal� may tbut shali no� he vbligated ta} take any
<br /> ac�ion tha� Lender deems appropriate, including but not limited to discha�ging or paying all taxes, liens, securi�y
<br /> interests, encumbrances and ❑ther claims, at any time le�ied ar placed ❑n th� Rents or�he Praperfiy and paying all costs
<br /> fior insuring, maintaining and preserWing the Proper�y. All such expendi�ures incurred or paid by Lender �or such
<br /> pur�oses will then bear in�eresf at the rate charged under�he Note from the da�e �ncurred ❑r paid by Lender t❑�he date
<br /> o� repayment by Gran�or. A1� such expenses will became a par� �f the Indeb�edness and, a� Lender's option, will �A}
<br /> be payable an demand; �B} be added ta the balanc� af the Note and �e apportioned among and be payab�e with any
<br /> insta��menfi payments t� be�ome due dur�ng ei�her ��� the fierm of any appIicable insurance policy; ❑r �2} the
<br /> remain�ng term of �he Note; ❑r ��� be t�eated as a ba��oan payment which wi�� he dus and payahle at the Note's
<br /> ma�urity. The Assignmen�alsa will secure payment❑f these amounts. 5u�h �ight shall be in additivn to a�l vther rights
<br /> and remedies fio which Lender may be entit�ed upon �efaul�.
<br /> aEFAULT, Each o��he fiollvwing, a�Lender's op�ion, shall cansfiifiu�e an E�ent o�❑e�ault under this Assignmen�:
<br /> Paym�n�Defaul�. Granfior fails tv make any paymen�when due under the lndsb��dness.
<br /> ��her Defaul�s. Grantvr fails �a comply wi�h or t❑ perform any ofiher term, ob�igati�n, co�enant ❑r conditivn
<br /> contained in this Assignment ❑r in any af the Rela�ed Dvcumen�s vr to comply with or �o p�rfiarm any term,
<br /> ab�igation, co�enan�or candi�ian contained in any o�her agreement between Lender and Grantnr.
<br /> Default vn ��her Paymen�s. Fa�Iure ❑f Grantor within �he time required 1ay this Assignrnent�v make any payment
<br /> �or taxes ❑r insuran�e, or any❑ther paym�n�necessary to pre�ent�i�ing vf or to effec�discharge o�any lien.
<br /> FaEse 5tatements. Any warranty, representatian ❑r sta�ement made ❑r furnished to Lender hy Grantor or on
<br /> Grantor's b�half under th�s Assignmen� ❑r the Rela��d Documents is �a{se or mis�eading in any matertal respe�t,
<br /> either naw or a�the�ime made or-�urnished ❑r becomes �a�se a�-misfeading at any time thereafker.
<br /> T�efec�i►re Collateraliaativn. Th�s Assignment❑r any o�the Reiafied ❑ocuments ceases to be in full�arce and effe�t
<br /> �inc[uding failure v�any collate�-a� documenfi to cr�a�e a�alid and perfected se�uri�y interes�❑r lien} a�any time and
<br /> for any reason.
<br /> lnsal►rency. The dissolu�ivn or termina�ion of Gran�ar's exis�ence as a gaing business, �he insvl�en�y ❑f G�antor,
<br /> the appoinfimen� o� a recei�er for any part o� Gran�or's property, any assignment tor�he benefit v� credi�ors, any
<br /> type ❑��reditor workout, ❑r the commencement of any prv�eeding under any bankruptcy or insal�ency laws by ❑r
<br /> agains�Grantar.
<br /> Creditar or For�eiture Pro�eedings. Commencement of fvreclvsure or fvrfei�ure proceedings, whether by �udicial
<br /> proceeding, self--help, repassessEon ar any❑ther meth�d, by any credit�r of Grantor or 1ay any go�ernmenfial agency
<br /> against the Ren�s ❑r any property securing �khe Indebtedness. ThFs includes a garnishmen� ❑f any of Grantvr's
<br /> accvunts, including deposi�k accounts, with Lender. Hawe�er, �his E�ent of Defaul� shalf no�t appfy i� there 15 a
<br /> gaod faifih dispu�e by Grantor as tv the�alidity ar reasonab�eness of�he cfaim which is the basis a�the credi�or ar
<br /> forfeiture proceeding and if Grantvr gi�es Lender written notice of the creditar or�orfei�ure proceeding and depasits
<br /> with Lender monies or a sure�y bond �or th� creditar or�Forfei�ure praceeding, �n an amaun�de�ermined by Lender,
<br /> in its sole discretion, as being an adequate reser�e or bond�for the dispute.
<br /> Proper�ty❑amage or Loss. The Property is lost, sfialen, substantially damaged, snld, or borrowed agains�.
<br /> Events Affecting Guaran�or. Any ❑f the pr�ceding evenfis occurs with respect to any guarantor, endvrser, su�ety,
<br /> ar accammodatian par�y o� any of the Indebtedness or any guarantar, endors�r, surety, or accammodafiian party
<br /> dies ar becvmes �ncompeten�, ❑r �-e�ok�s o�- disputes �he �afidifiy vf, or liability under, any Guaran�y of the
<br /> Indebtedness.
<br /> Adv�rse Change. A material ad�erse chan�e accurs in Grantvr's fiinancial c�ndition, or Lender belie�es �he
<br /> prospe�'�ofi payment or per�vrmance of the lndeb�edness is impaired.
<br /> �nse�urity. Lender in gvod fiaith belie�es itself insecure.
<br /> Cure Pravisions, lf any default, other �han a defaul� in paymen�, is curable and if Grantvr has nvt 1�een gi�en a
<br /> na�ice o�f a hreach o�the same pro�ision vf this Assignmen'� wi�hin the pre�eding �wel�e �12} months, i�k may be
<br /> �ured if Grantor, after Lender sends written no�ice t❑ Grantor demanding cure ❑f such de�Faulfi: ��� cures �he
<br /> default within fif'�een ��5} days; or �2� if the cure requires mvre than�ifteen {�5� days, immedia��fy initiates s�eps
<br /> which Lender deems in L�nder's sole dis�re�ian �o �e su�fi�ien� t❑ cure the default and thereafter confiinues and
<br /> campietes aff reasonabl� and necessary s�eps su��icien��v produce compliance as soon as reasonably practical.
<br /> RI�HTS AND REMEDIES �N DEFAULT. lJpon fihe occurrence o�any E�en�of❑efaul�and a�any�ime thereafker, Lend�r
<br /> may exercise any vne ❑r more❑�the fvllvwing righ�s and remedEes, in additivn ta any other rights ❑r rem�dies provided
<br /> by law:
<br /> Accelerate Indeh�edness. Lender sha�� ha�e �he right at its vptivn to declare �he en�ire Indebt�dness immediately
<br /> due and payable, including any prepaymen�pena[ty�ha�Grantar wou�d be required to pay.
<br /> Colle�t Ren�s. Lender shall have the righ�, without noti�e tv Grantor, to take possession of the Property and
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