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2� 17��8�4
<br /> ASS��Ni�ENT �F RENTS
<br /> Lvan Na: ���3��'�47 ���nt�nued} Page 3
<br /> �his Assignment or any Related ❑ocuments, Lender ❑n Gran�ar's beha�f may �but shall not be ❑b�igated ta} take any
<br /> action �hat Lender deems appr�pr�ate, including bu� no� limited to discharging vr paying all taxes, liens, seGuri�y
<br /> interests, encumbrances and v�her claims, a�any time le�ied or placed an the Rents or the Property and paying all costs
<br /> far insuring, ma�ntaining and preser�ing �he Property. A�I such expendi�ures incurred or paid by Lender far such
<br /> purposes will�hen bear in�eres�at the ra�e charged under the Nate�rom �he date incurred or pa�d by Lender to�he date
<br /> ❑f repayment by Grantor. A1� such expenses will become a par�o-�the Indebtedness and, at Lender's aptian, will {A}
<br /> be payable an demand; {B} be added ta �he balance of the Nate and be apportivned amang and be payable wi�h any
<br /> installmen� paymen�s to become due during either �1} �he �erm of any applicable insurance palicy; or {2� the
<br /> rema�ning te�m ❑f �h� No�e; vr {C} be trea�ed as a balloon payment which will he due and payable at �he Note's
<br /> maturi�y. The Assignment alsa will secure paymen�o��h�se amounfis. 5uch righ�sha�� be in addition�o ai� o�hher righ�s
<br /> and remedies to which Lender may be enfii�led upvn De�FauIt.
<br /> DEFAULT. Each of the�afl�wing, at Lender's option, sha�l consti�ufi� an EWenfi o�❑efaul�under�his Assignment:
<br /> Paymen�De�au�fi. Granfior fails tv make any payment when due under the Indebtedness.
<br /> �ther Defaults. Grantvr fails �o camply wi�h or t❑ perform any ofiher �erm, �bligation, co�enant ar condi�kion
<br /> confiained in this Assignmen� or in any ❑f fihe ReIated Documents or �� comply with or to per�orm any term,
<br /> ❑bl�ga�ion, co�enant or condition �an�ained in any other agreemen�between Lender and Grantor.
<br /> ❑efault an �ther Paymenfis. Failure o� Granfior within the time required by �his Assi�nmen�tv make any payment
<br /> tar taxes or insurance, or any ofiher paymen�necessa�y to pre�en�filing o�or to e��ect discharge❑f any lien.
<br /> False 5fia�ements. Any warranty, representa�ion ❑r s�a�ement made or furnished �v Lender by Grantar or on
<br /> G�-antvr's behalf under this Assignment vr the Relafied Documen�s is false or misleading in any ma�eria� respect,
<br /> either now vr at fihe time made or furnished ❑r becomes false ar misleading at any time thereaf�er.
<br /> Defec�ive Caiiateralizativn. This Assignment or any of�he Relafied Dacuments ceases fia be in�ull fvrce and effec�
<br /> �inciuding �ailure af any collafieral documenfi t❑ create a Walid and perfec�ed securi�y �nterest vr�ien} at any time and
<br /> for any r�ason.
<br /> lnsol�ren�y. The d�ssolution or termination ❑f Grantor's exisfience as a going business, �he insolWency o� Gran�or,
<br /> the app�in�ment of a receiver for any par� o� Gran�vr's proper�y, any assignment for the benefiit ❑� creditors, any
<br /> �ype of creditar warkout, or the cammencement❑f any proceeding under any bankruptcy ar insofWency laws by or
<br /> agains�G ranfior.
<br /> Credi�or or For�ei�ure Pro�eedEngs. Commen�ement of forecivsure or forfeiture proceedings, whether hy judicial
<br /> proceeding, self-help, repossessivn or any vther m�th�d, by any creditor o�G�-antar or by any go�ernmen�a� agen�y
<br /> against the Rents or any property securing �he Indeb��dness. This includes a garnishment af any of Grantor's
<br /> accvun�s, including deposit accaunts, with Lender. HoweWer, th�s E�en� ❑f De�auft shall not apply if �here is a
<br /> go�d fa�th dispute by Granfior as fiv the validity or reasanableness af�he claim which is the basis of�he �reditor or
<br /> �vrfiei�ure prviceeding and i�Grantor gi�es Lender written nvti�e of�he creditar❑r farfeifiure prviceeding and dep�sits
<br /> wi�h Lender manies or a surefiy hand fivr the c�-editor nr forfeiture praceeding, in an amount determined by Lender,
<br /> in i�s sole discre�ion, as being an adequa�e reserWe a�band for the dispute.
<br /> Property Damage vr Loss. The Pr�perfiy is Ivsfi, stoien, subs�an�ially damaged, sold, ar laorrowed against.
<br /> Events Affec#ing Guaran�ar. Any o�the prec�ding eW�n�s accurs with respect�❑ any guarantor, endorser, surety,
<br /> ar accommada�ion party of any ❑t the Indebtedness ar any guarantar, endorser, surefiy, ❑r acc�mmodativn party
<br /> dies ar bec�mes incompetent, or re�akes or disputes the �alidifiy of, or liability under, any Guaranty of �he
<br /> lndel�tedness.
<br /> Adverse Change. A material ad�erse �hange DCCUI'S in Granfivr's fiinanGial �ondition, ❑r Lender belie�es the
<br /> prospect of payment�r performance a�the Indebtedness is impaired.
<br /> lnsecurity. Lender in good faith be�ie�es itse[f insecure.
<br /> Cure Provisions. �fi any de�aul�, vfiher than a de�ault in paymen�, is �ura�fe and if Gran�or has nat been giWen a
<br /> notEce ❑f a breach of the same pro�ision of�his Assignment wi�hin fihe preceding twe1W� ��2} months, it may be
<br /> cu�-ed if Grantvr, after Lender sends written notice t� Gran�kor demanding cure vf such de�au[fi: ��� �ures �he
<br /> de�ault wi�hin fi-f�een �15� days; or ��� if�he �ure requires more than�ifteen {15} days, immediate�y ini�iates st�ps
<br /> which Lender deems in Lender's sole discretion �❑ be suf�icien� to cure the de�ault and thereafker con�inues and
<br /> comple�es all reasonal�le and necessary s�eps suf�icient tv produce compl�ance as soon as r�asvnably practical.
<br /> R�GHTS AND REMEDIES ON DEFAULT. Upon the vc�urrence o�any E�ent af�3efault and at any�ime therea�ter, Lender
<br /> may exercise any one ar more af the �fv�lowing righ�s and remedies, in addstian ta any oth�r righ�s or remedi�s p�o�ided
<br /> by�aw:
<br /> A��elera#e lndehtedness. Lender shall ha�e the right a� its ❑ption ta declare the entire lndebtedness immediately
<br /> due and payab[e, including any prepayment pena�ty fiha�Granfivr waufd be required tv pay.
<br /> Collec� Rents. Lender sha�l ha�e the righ�, withou� notic� fio Grantv�-, to tal�e possession ❑f the Proper�y and
<br /> cvlle�t the Rents, inciuding amounts pasfi due and unpaid, and apply the net proceeds, o��r and ahove Lender's
<br /> C�5�f5, against �he Indeb�edness. ln fur�herance o��his right, Lender shall ha�e afl the righ�s pro�ided far in the
<br /> Lender's Right �v Receive and Collect Rents Section, a1�v�e. 1� the Rents are cal�ec�ed f�y Lender, �hen Gran�vr
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