|
2� 17� 145�
<br /> A�SI�NMENT �F RENTS
<br /> Loan No: 1�'I 3�2��3 ���ntltlued} Page 3
<br /> the Praperty or if Grantar fails to campiy with any pro�isian of this Assignment or any Related Documents, including but
<br /> not limited t❑ Grantar's failure to discharg� or pay when due any amounts Grantor is required to discharge or pay under
<br /> Chis Assignment or any Related ❑acuments, Lender an Grantor's behalf may �but shall not be vbligated toy take any
<br /> actian that Lender de�ms appropriate, including but not limited to discharg�ng or paying all tax�s, liens, security
<br /> interests, en�umbrances and other claims, at any time le�ied or placed �n the Rents nr the Property and pay�ng a11 costs
<br /> for insuring, maintain�ng and preser�ing the Prope�ty. A�� such expenditures incurred ❑r paid by Lender for such
<br /> purpvses will then bear interest at the rate charged under the Note fr�m the date incurred or paid by Lender ta the date
<br /> of repayment by Grantor. Aff such expens�s will became a part of the Indebtedness and, at Lender's optian, will {A}
<br /> be payable ❑n demand; �6� be added tv the balance af the N�te and be apportioned among and be payable with any
<br /> installment payments ta became due during sither t 1} the term of any applicable insurance policy; or �2} the
<br /> remaining term of the Note; or {C� be trea�ed as a ballflon payment which will h� due and payabEe at the N�te's
<br /> matu�ity. The Assignment also will secure payment of�hese amounxs. Such right shall be in additivn t� a!! other rights
<br /> and remedies to which Lender may be en�itled upon ❑efault.
<br /> DEFAULT. Each of the fo�lowing, at Lender's ❑ptian, shall constitute an E�ent of Default under�his Assignment:
<br /> Payment Default. Gran�or fails �� mak� any payment when due under the fndebtedness.
<br /> �ther ❑e�aults. Grantar fails to campfy with ❑r to perform any other term, �b�igation, co�enant �r candition
<br /> can�ained in this Assignment or in any of the Related Documents ❑r tc� camply with or t❑ perform any term,
<br /> �bligation, c��enan�or conditinn contained in any❑ther agreement �etween Lender and Grantor.
<br /> Default an �#her Payments. Failure of Grantor within the time requrred by this Assignment to make any payment
<br /> f�r taxes or insurance, or any other payment necessary to pre�ent filing of or t❑effect discharge of any lien,
<br /> Fa[se Statements. Any warranty, representation or st�tement made ar furnished ta Lender by Grantvr or on
<br /> Grantor's behalf under this Assignment ar the Related Documents is �alse t�r misleading in any material respect,
<br /> either now ar at the time made or furnished ❑r becames false ❑r misl�ading at any time the�eafter.
<br /> Defecti�e Cvllateralizatian. This Assignment or any af the Related ❑ocuments ceases to be in ful� #orce and effect
<br /> �including failur� af any cvl�ate�al dncum�nt t❑ create a �alid and perfected security interest or lisn� at any time and
<br /> far any reason.
<br /> Dea�h ❑r Insolvency. The death of �rantor, the insvlvency of�rantor, �he appointment vf a re�ei�er�ar any part of
<br /> Grantor's property, any assignment for the benefit of creditars, any type ❑f credit�r workout, or the
<br /> commen�ement of any proGeeding under any bankrupt�y or insol�ency laws by❑r against Grantor.
<br /> Creditor ar Forfeiture Prv�eedings. Commen�ement af foreclvsure ❑r farteiture pro�eedings, whether by judicial
<br /> proceeding, self-help, repossessian or any❑ther method, by any credttor ❑f Grantor ar by any ga�ernmenta� agency
<br /> against the Rents ❑r any property securing the Indebtedness. This includes a garnishment af any ofi Grantor's
<br /> a�counts, including deposit accounts, with Lender. Hvwe�er, this E�ent of Default shall not apply if there �s a
<br /> gaod faith dispute by Gran�or as tv the �alidity or reasonableness at the ��aim which is the basis ot the eredi�tar�r
<br /> forferture proceeding and if Grantar gi�es Lender written notiee of the credit�r ar forfeiture prace�ding and depvsits
<br /> with Lender monies vr a surety bond for the creditor �r fnrfeiture praceeding, in an amount determined by Lender,
<br /> in its sole dis�retifln, as heing an adequate reser�e or band for the dispute.
<br /> Property Damage or Loss. The Property �s last, stolen, substant�ally damaged, svld, �r borrowed against.
<br /> E�ents Affecting Guaran�or. Any of the pr�ceding e�ents o�curs with respect to any guarantor, endorser, surety,
<br /> or accommodation pa�ty of any of the Indebtedness ar any guarantor, endorse�, sur�ty, ar accommodation party
<br /> dies or becomes incompetent, ar re�akes or disputes the �alidity ❑f, ❑r liability under, any Guaranty ❑f the
<br /> Indehtedness,
<br /> Ad�erse Ghange. A material ad�erse change occurs in Grantor's financial �ondition, or Lender belie�es the
<br /> prospe�t�f payment or performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in gaod faith belie�es itself insecure.
<br /> Cure Pro�isivns. If any default, other than a default in payment, is curable and if Grantor has not been gi�en a
<br /> notfGe af a breaGh ❑f the same pra��si�n ❑f this Assignment wit�in the preceding twel�e (1�} months, it may be
<br /> cured if Grantar, after Lender sends writt�n notice tv Grantar demanding cure of such default: t1) cures the
<br /> default within fifteen �15} days; ❑r t�� if the cure requires mare than fifteen �15� days, immediately initiates steps
<br /> which Lender deems in Lender's sole discret�vn �❑ be suffi�ient to cure the default and thereafter cantinues and
<br /> completes all reasonabie and necessary steps suf#icient to pradu�e comp(ian�e as soon as �easvnably practi�al.
<br /> RIGHTS AND REMEDIES �N DEFAULT. Upfln the occurrence ❑f any E�ent of Default and at any time �hereafter, Lender
<br /> may exercise any one or more of the following rights and remedies, in additivn t❑ any ather rights ❑r remedies pra�ided
<br /> by law:
<br /> A�celerate Indebtedness. Lender shall ha�e the right at its aptian t❑ d�ciare the entire Indebtedness immediately
<br /> due and payable, including any prepayment penalty that Grantor would be required ta pay.
<br /> Collect Ren#s. Lender shall ha�� the right, without notic� t❑ Grantar, t❑ take pvssessian ❑f the Pr�perty and
<br /> �ollect �he Rents, including amaunts past due and unpaid, and apply the net proceeds, ❑�er and a�o�e Lender's
<br /> costs, against the �ndebtedn�ss, In furtherance of this right, Lender shall ha�e all the rights pro�ided far in th�
<br />
|