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2� 17��8�� ASS�GNMENT DF RENTS Laan Nv: ��13D2��44 �Cvntinu�d} Page 3 this Assignment or any Reiated ❑ocuments, Lender ❑n Grantvr's behalf may �bu� shall not be obligated to} tak� any ac�ian �hat Lender deems appropria�e, in�lud2ng but na� limi�ed �o discharging ❑r paying all taxes, liens, securi�y interes�s, encumbrances and other claims, a�any time le�ied ❑r pla�ed an the Rents ❑r�he Proper�y and paying all costs far insuring, main�aining and preser�ing �he Property. All such exp�ndifiures in�urred or paid by Lender �or such purpases will then bear interest a�the rafie charged under�he Note from�he da�e incurred or paid by Lender to�he date �f repayment by Gran�or. All such exp�ns�s will become a par� of the Indsb�sdness and, at Lender's aption, will �A� he payab�e an demand; �B} I�e added t❑ �he balance ❑f the Note and be appor�ioned among and be payable wi�h any installmen� paymen�s �❑ become due during either {�� the ��rm of any appli�able insurance palF�y; or �2� the remaining term o� the Note; or �C� be �rea�ed as a baIlaon payment which will be due and payable afi �he Note's ma�urity. The Assignment alsa wi�� secure payment of these amaun�s. Such �ight sha�l be in addition�o all other righ�s and remedies�❑ whi�h Lender may be entitled upon Default. �EFAULT, Each of the following, af Lender's ❑ptian, shall �ans�itute an E�ent of�efaulfi under this Assignment: Paymenfi Defaulf. Grantar fiai�s tv make any paymen�when due under the lndehtedness. �ther Defaul�s. Grantor faiIs �❑ camply with ar to perfvrm any o�her term, obliga�ian, co�enan� or condifiion �an�ained in this Assignment ar in any vf the Related Documen�s or to cvmply with ❑r to perform any term, obliga�ivn, co�enant or candi�ion can�ained in any ather agreement between Lender and Grantar. Defaul�vn �fher Payments. Failure ❑f Gran�ar wi�hin the time required by this Assignmen�tv make any paym�nfi far taxes or insurance, or any❑ther paymen�ne�essary to pre�ent�i�ing of or�v ef�ect discha�-ge of any lien. False 5�a�emen�ts. Any warranty, representat�on or stafiemen� made or furnished to Lende�- by Gran�or or on Grantor's behalf under this Assignmen� ar the Relafied Dvcuments Fs false ❑r misleading in any material respect, either nvw or a��he�ime made ar furnish�d or becvmes false ❑r misfeading a�any t�me thereafter. Defec�ive Collateraliza#ian. This Assignment❑r any of the Related Do�umen�s ceases fia 1�e in full �orce and e�ffect {�nc�uding faifure a�any coila�eral dacumen��o create a walid and perfected securi�y interest�r lien} at any time and for any reason. lnsol►ren�y. The dissolution or�ermina�ivn of Grantvr's existenc� as a going husiness, the �nsal�ency �� Grantor, the appvin�men� of a recei�er for any part o� Grantar's proper�y, any assi�nment for�he bene�it of creditars, any type ❑f credi�ar warkout, ar the commencemen�k of any p�o�eeding under any bankruptcy or insol�ency laws by ❑r againsfi Gran�or. Creditvr or For�eiture Proceedings. Cvmmencemen� o� �o�eclosure or fvr�eiture pro�eedings, whe�her by judicial proceeding, seffi-help, repossession or any other me�had, by any credi�kor of Grantor�r hy any gvvernmental agency agains� the Rents or any prop�rty se�uring �he Indebtedness. This includes a garnishment of any of Grantor's accounts, including deposifi ac�ounts, wi�h Lender. However, this E�ent v� De�ault shail not apply if �here is a good �aith dispute by Gran�vr as ta the�alidity❑r reasvnableness of�he claim which is �he basis vf the creditor vr forfeiture proceeding and i�Grantor gi�es Lender wri��en natice af�he creditor or forfeiture proceeding and deposi�s wifih Lender monies ❑r a sure�y bvnd �or the creditor or forfeiture prv�eeding, in an amount determined by Lender, in its sale discretion, as �eing an adequate reserWe vr band for�he dispu�te. Property Damage vr Lvss. The Prope�ty is last, stolen, suhs�anfiially damaged, so�d, or barrowed against. E�en�s Affecting Guarantar. Any of�he preceding e�ents ❑c�urs with respect�o any guarantor, endorser, surety, or accommoda�ion pa��ty o-� any ❑f fihe lndeb�edness ❑r any guaran�or, endorser, sure�y, ❑r accommvdation par�y dies or becames incompetent, ❑r re�okes ❑r disputes the �alidifiy a�, �r �iability under, any Guaranty ❑f the lndebtedness. Adverse Change. A material ad�erse change occurs in Gran�vr's financiaf cvndi�ion, or Lender helie��s the praspec�o�paym�nfi or performance vfi�he lndebtedness �s �mpaired. Insecuri�y. Lend�r in govd faith belie�es itself insecure. Cure Prvrrisians. I� any default, vther than a de�Fault in payment, is curable and if Gran�or has nv� been giWen a nvtice �� a breach of �he same pro�ision ❑f this Assignmen� wi�hin the pre�eding twel�e 4�2} manths, it may be cured if Grantv�-, after Lender sends written n�tice to Grantor demanding cure a� such default: �'�} cures �he defau�t within fifteen �15} days; ❑r �2} i��he cure requires mvre�than�Efteen �15} days, immediately initfates steps which Lender deems in Lender's sole discretion t❑ be su#�icient fio cure the de�au�t and �hersafter continues and cvmpfetes all reasonable and necessary steps suffi�ien��o produce compliance as soon as reasonably pra�-�i�al. R[GHTS AND REMEDIES �N DEFAULT. �pon the❑ccurrence��any E�ent a�Defaul�and at any�ime�hereafter, Lender may exercise any ❑ne ❑r more o-�the follawing rights and rernedies, in addition tv any vther rights or r�medies pra�ided by law: A��Iera�e �ndebtedness. Lender shall have the right at i�s option to declare the ent��-e fndeb�edness immedia�e�y due and payable, �ncluding any prepaymen�penalty fihat�rant�r would be required t❑ pay. Cv��ec� Rents. Lender sha�i ha�e the right, wi�hvut notice �o Grantflr, to �ake pvssession vf the Property and caiE�ct the Rents, �ncluding amounts past due and unpaid, and apply the net prviceedsf over and abo�e Lender's casts, against the fndebtedness, (n fu�therance vf�h�s right, Lender shail ha�e a�i the rights pro�ided for in the Lender's Righ� �o Recei�e and Colfect Ren�s 5ectian, abo�e. lf the Ren�s are col�ected f�y Lender, then Grantor