|
2� 17��8�2
<br /> ASSIGNiIlIENT �F RENTS
<br /> Lvan Nv: 'i��3��'15� 4Contlnued} Page 3
<br /> �his Assignment or any Related Documents, Lender on Gran�or's behal� may {but shall not be obligated to} �ake any
<br /> aG�ion tha� Lender deems appropriate, including but not limi�ted ta discha�ging ar paying all taxes, li�ns, security
<br /> interests, encumbrances and ❑ther claims, at any time le�ied or plac�d ❑n the Rents or�he Praperty and paying al� costs
<br /> for insuring, main�aining and preser�ing fihe Proper�y. Ail such expendi�ures in�urred or paid by Lender for such
<br /> purposes will then bear interest at�he ra�e charged under�he Note �from fihe da�e �ncurred or paid hy Lende��❑the date
<br /> ❑f repayment by Grantor. All such �xpenses will become a par� o��he indebtedness and, a� Lender's option, will �A} '
<br /> be payable ❑n demand; �B� be added fi❑ the ba�ance v��he Na�e and be appvrtioned among and be payalale with any
<br /> �ns�allmen� paymen�s to become due during either {1� �he term a� any app�icable insuranc� �3D�IC�I; or {�} �he
<br /> remaining �erm of �he Note; or {C} be �reated as a hallaan paymen� which wil! be due and payable at the No�e's
<br /> maturi�y. The Assignment also will secure paymen�❑f these amounts. Such right shall be in addi�ian to a�l afiher rFghts
<br /> and remed�es ta which Lender may be en�itled upon ae�auit.
<br /> DEFAULT. Each of the following, at Lender's opt�on, shal! constitute an Event❑�Defaulfi under this Assignment:
<br /> Payment De�au[t. Gran�or�ai�s t❑ make any payment when due under the Indebtedness.
<br /> ��her De#auits. Gran�or �ails to comply with or tv per�arm any other term, ❑bligation, co�enant or conditi�n
<br /> cantained tn this Assignmenfi or in any of the ReIated ❑ocumen�s �r to comply wi�h or �o perform any term,
<br /> obI�ga�ion, co�enant or cvndition contained in any other agreemen�between Lender and Gran�or.
<br /> De�ault on D�her Payments. Failure a� Gran�ar within fihe fiime required by�his Assignment t� make any paymen�
<br /> for taxes or insurance, vr any ather paym�nt ne�essary t❑ pre�en��iling of or t❑ ef�e�t discharge❑f any li�n.
<br /> Fa[se Statements. Any warran�y, representati�n �r sta�emen� made a�- furnished t❑ Lender by Granfiar vr vn
<br /> � Grantvr's behalf under this Assignment �r the Related Documen�s is false ❑r misleading in any materia� respect,
<br /> either now ar a��he time made❑r�furnished or he�vmes false❑r misleading at any time thereafter.
<br /> ❑efec�i�e Collateraliza�ion. This Assignmenfi vr any of the Related Documents �eases t❑ be in fufl�orce and eff�cfi
<br /> {in�iuding fai�ur-e nf any colla�eral document�o create a�alid and perfe��ed security in�eres�vr[ien} at any�ime and
<br /> for any reason.
<br /> lnso��ren�y. The dissolu�ian vr�ermination ❑f Grantor's exis�en�e as a gaing business, the ins�l�ency of Grantar,
<br /> �he appointm�nfi o� a recei�er fo�- any part af Grantor's pr�perty, any assignment for�he benefit af creditors, any
<br /> fiype ❑f cr�ditor workout, ❑r th� cammencemen�❑�any proceeding under any bankrup�cy or insol�ency laws by ❑r
<br /> agains�Grantor. •
<br /> Creditvr or Forfeiture Proceedings. �ommencement of foreclosure ❑r f�rfeiture prv�eedings, wh��her by �udicial
<br /> pra�eedin�, sel�--help, repossess�on ar any other methvd, by any creditor o�Grantvr ar by any go��rnmen�al agency
<br /> against the Ren�s or any proper�y secur�ng �he Indebtedness. This includes a garnishmenfi ❑fi any af Crantvr`s
<br /> accaunts, including deposit a�coun�s, with Lender. Howe�er, this E�ent ❑� Defauit shall nv� apply i� there is a
<br /> gvod faifih dispute by Gran�or as to the �alidity vr reasonableness v�the cfaim wh�ch is the basis of the credifior or
<br /> fivrfei�ure pro�eeding and i�Gran�or gi�es L�nder wri��en nafiice vf fihe credi�or or forfeifiure proceeding and depasi�s
<br /> with Lender monies or a surety �ond �for�the credifior ar�ar�eEtur� praceeding, in an amount de�ermined by Lender,
<br /> in its sole discretion, as beEng an adequa�e reser�e❑r bond for�he dispute.
<br /> Proper�y❑amag�❑r Loss. The Prvperty�s Ivs�, stolen, subs�an�ially damaged, svld, or borrawed against.
<br /> E�ents Affe�ting Guaran�vr. Any o�fihe preceding even�s occurs wEth respect t� any guaran�or, endarser, surety,
<br /> or accommodation party of any �f the lndeb�edness or any �uaran�or, endorser, surety, ar accommodation par�y
<br /> dies ❑r becames incampetent, ❑r re�okes or dispu�es the �alidi�y o�, vr liahility under, any Guaranty ❑� fihe
<br /> lndelatedness.
<br /> Ad�erse Change. A mafieria� ad��rse change accurs in Grantvr's financial candition, ❑r Lender belie�es the
<br /> prospect of payment or performance of th� �ndel�tedness is impaired.
<br /> lnsecuri�y. Lender in go�d fai�h belie�es itself insecure.
<br /> Cure Pravisions. I�f any de�auft, other than a defaul� in payment, is curahle and if Grantor has nvt been gi�en a
<br /> nvfiice ❑fi a brea�h vf�he same prv�isivn vf fihis Assignment within �he pr�ceding twe��e 4��� man�hs, it may be
<br /> cured if Grantar, after Lender sends written not�ce to Grantor demanding cure ❑� such de�ault: ��} �ures the
<br /> defau�t wi�hin fi#-keen {�5� days; or t2} if the �ure requires more than�fifteen �'f 5} days, immedia�ely ini�iates sfieps
<br /> which Lender deems in Lender's sole discretion to be sufficient �❑ cure �he defaul� and thereaf�er confiinues and
<br /> cvmpletes all reasonable and necessary s�eps su�ficient�o prvduce�ompliance as soon as reasonal�ly practical.
<br /> RIGHTS AND REME�]�E5 �N DEFAULT. Upon the v�currence o�any E�ent of❑e�autt and at any�ime thereafker, Lender
<br /> may exercise any❑ne ❑r more o�the fvllowing righ�s and remedies, in addition fi❑ any a�her righ�s or remedies pro�ided
<br /> by law:
<br /> Acce�erate Indeb�edness. L�nder shall ha�e fihe right afi its ❑ptivn to declare �he enfiire lndebtedness immedia�ely
<br /> due and payable, including any prepayment penalty that Gran�tor would be required to pay.
<br /> Col�ect Ren�s. Lender shall haWe �he right, wi�hout not�ce �❑ Grantor, to take passession of fihe Proper�y and
<br /> cvllect the Ren�s, in�luding amvunts past due and unpaid, and apply the net praceeds, o�er and abo�e Lender's
<br /> cos�s, against �he �ndebtedness. ln furtheranGe of this right, Lender sha[� ha�e all the rights pra�ided for in the
<br /> Lender's REght t❑ Rec�i�e and Collect Rents 5e�tion, abv�e. lf the R�n�s a�-e c�tlec�ed by Lender, then Gran�or
<br />
|