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2� 17��859
<br /> ASS[GNMENT �F RENTS
<br /> Loan Nv: ���3��'13� {Continu�d} Page 3
<br /> �his Assignmen� vr any Re�ated Dacuments, Lender �n Gran��r's behalf may {but shall nat be obligated tv} take any
<br /> ac�ion that Lender deems apprapriafie, includ�ng but not �imited t❑ discharging vr paying all �axes, liens, securi�y
<br /> in�erests, sncumbrances and other ciaims, at any t�me le�ied or pla�ed an the Ren�s vr the Prvperty and paying all costs
<br /> for insuring, maintaining and prese��ing the Praperfiy. All such expenditures incurred or paid by Lsnd�r �ar such
<br /> purposes wil��hen bear in�erest afi the ra�e charged und�r fihe Note frvm �he da�ke incurred ar paid by Lende��a�he date
<br /> af repaymen� by Gran�or. A�� such expenses will become a part of the lndebtedness and, a� Lender's ❑p�ion, will �A}
<br /> be payabl� on demand; {B} be added t❑ the balanGe of�he Note and 1ae apportioned among and be payable with any
<br /> ins�allmenfi payments �o become due during either ��� the �erm ❑f any appli�a�le insurance poli�y; ❑r t�} the
<br /> remaining term o� the No�e; ar {C� be trea�ed as a balloon payment which will be due and payable at �he Note's
<br /> ma�urity. The Assignment a�so wili secure paymenfi of these amoun�ks. 5uch righ�shall be in addi�ivn to all vther rights
<br /> and remedies�❑ which Lendsr may be enfiifiled upon ❑efaul�.
<br /> DEFAULT. Each ❑f�he fallowing, at Lender's op�ion, shall cans�i�u�e an E�en�of Default under�his Assignment:
<br /> Paymen�Defaul#. Gran�or faifs to make any paymen�when due under the �ndebfiedness.
<br /> �ther De#aul�s. �rantar �ails �❑ comply with or to perform any other fierm, ❑bligativn, co�enant or cond��i�n
<br /> can#ained in this Assignment or in any af �he Rela��d Documents �r to comp�y with ar �a perform any term,
<br /> ohligativn, �o�enan�❑r conditFon confiained in any other agreement betwe�n Lender and Grantor.
<br /> Defaul� ❑n D�her Paymenfis. Failure of Granfior within the �ime required by fihis Assignment t� make any payment
<br /> for�axes ❑r insurance, or any ather paymen�necessary ta pre�enfi�i�ing of or t❑ ef�ec�discharge af any�ien.
<br /> False Statements. Any warranty, represenfiafiion ❑r s�afiement made or furnished �o Lender by Grantor vr on
<br /> Grantvr's behalf under th�s Assignmen� vr the Related Documents is �alse ❑r mis�eadFng in any ma�erial respect,
<br /> either now or a��he time made❑r furnished or becomes fals�ar mis[eading at any time therea�rer.
<br /> Defective Colla�eraliza�ion. This Assignment ar any of�he Related ❑ocuments �eases�❑ be in full farce and effect
<br /> �including failure a�any�ollateral document�a create a valid and perfected security interest o�-lien� afi any time and
<br /> �or any reason.
<br /> �nsvlvency. The dissolu�ian ar t�rmination ❑f Grantvr's existence as a gaing business, the insol�ency of Grantor,
<br /> the appoin�men� ❑�f a receiver for any part of Grantor's properfiy, any assignment far the benefit of creditors, any
<br /> type o�credi�or workou�, ❑r the c�mmencement of any proceeding under any bankrup�cy or insvlven�y laws by or
<br /> against Gran�or.
<br /> Cred�tvr or Fvr��iture Proceedings. Commencemenfi o� fvrec��sure vr f�rfei�ure proceedings, whether by judiciai
<br /> pro�eeding, sel�-help, repossession or any vther meth�d, by any cr�ditor af Grantar or hy any ga�ernmen�al agency
<br /> against the Rents or any praper�y securing �he lndeb�edness. This includes a garnishment a� any v� Grantor's
<br /> accvun�s, in�luding depnsi� accounts, with Lender. Howe�er, �kh€s E�ent of Defaul� shall not apply i# there is a
<br /> good faith d�s�ute by Granfior as ta the �aiidity❑r reasonableness of the claim whi�h is the �as�s of the cr�ditor or
<br /> forfei�ure prviceeding and if Gran�or gi�es Lender w�-itten notice of�he c�edi�or or�farfeiture pro�eeding and deposits
<br /> wi�h Lender mvnies ❑r a sure�y bond �for the credi�or or�Forfiei�ure proceeding, in an amaunfi determined by Lender,
<br /> in i�s sale discre�ion, as heing an adequate reserW�ar bond fvr�he dispute.
<br /> Proper�y Damage or Loss. Th� Prope�ty ts fosfi, sto[en, substantially damaged, sofd, ��-bor�-owed against.
<br /> Even�s Affecting Guarantvr. Any ❑f fihe preceding events ❑c�urs with respect�o any guarantor, endorser, surety,
<br /> ❑r accommoda�ion party of any vf the lndebtedness or any guaran�or, endorser, surety, or accommodation par�y
<br /> dies or becomes incampeten�t, or re�vkes ar disputes the �afidi�y o�, or fiability under, any Guaran�y o� the
<br /> �ndebtedness.
<br /> Ad�erse Change. A materEal ad�erse change �ccu�-s in Gran�ar's financial condi�ivn, or Lender belie�es the
<br /> prospect�f payment❑r performance❑f th� lndebtedness is impaired.
<br /> lnsecurity. Lender in gvad fai�h �elie�es i�self insecure.
<br /> Cure Rruvisivns. If any detaul�, other than a default �n paymen�, is curable and i� Grantor has not been gi�en a
<br /> natEce of a breach ❑f th� same prv�isivn of this Assignment within �he pr�ceding twel�e ��2� months, it may be
<br /> cured if Grantor, af�er Lende�- sends written notice t❑ Gran�ar demanding cure of such defaul�t: 4�} cures �he
<br /> de�aul�within�ifteen ��5y days; ar ��} if�the �ure �-equires m�re�han fifteen ��5} days, immediateiy ini-�iates st�ps
<br /> which Lender deems in Lender's sale discretivn t❑ be sufficient�o �ure �he de�ault and the�-eafter continues and
<br /> c�mpletes all reasonable and necessary steps su��icient to produce compliance as snon as reasvnably practical.
<br /> RI�HTS AND REMEDIES �N DEFAULT, Up�n�he o�currence❑f any EWen�of Default and at any time thereaf�er, Lender
<br /> may exercise any one ❑r mvre of the �olfvwing rights and remedies, in addition�o any other rights or remedies pro�Eded
<br /> by�aw:
<br /> A��elerate Indebtedness. Lender shall ha�e the righ� at its op�ivn to declare �he en�ire lndebtedn�ss immediafiely
<br /> due and payable, including any prepaym�nt pena[ty that Grantor wou�d he required to pay.
<br /> Cvllec� Ren�s. Lender shall ha�e the right, without not�ce t❑ Grantar, ta take possessivn v� the Proper�y and
<br /> �ollec� �he Rents, including amounts past due and unpaid, and appty the net praceeds, o�er and aba�e Lender's
<br /> cos�s, against �he fndebtedness. In furtherance o# �his righ�, Lender sha�! ha�e a�l the r�gh�s pro�ided �ar in the
<br /> Lender's Righ� �v Receive and CofEect Rents 5ec�ion, abo�e. If �he Rents are co�lected I�y Lender, then Gran�or
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