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2� 17� 1839
<br /> ASS�GNMENT �F RENTS
<br /> Loan No: 1��3D'i�73 tC�nt�nued} Page 3
<br /> activn tha� Lender deems appropr�ate, Enclud�ng but nat Iimit�d to discharging or paying al[ taxes, Iiens� security
<br /> interests, �ncumbrances and o�her claims, at any�ime le�ied ar placed vn the Rents vr the Pr�op�rty and paying all costs
<br /> for insuring, main�aining and pres�r�ing the Praperty. AI� such expenditures incurred or paid by Lender �or such
<br /> purpases wE�l�hen bear in��rest a�the �rate charged under the Nate fram the date incurred or paid by Lender to the date
<br /> of repayment by Grantar. A!I such expenses will become a part o�the �ndeb�edness and, at Lender`s aption, wii! �Ay
<br /> �e payabfe an demand; {B} be added tv�he bafance o�the Not� and he appor��oned among and he payable wi�th any
<br /> instaIiment payments to become due during ei�her ��� the term of any applicable insurance palicy; vr {�� the
<br /> remaining term af the Nvte; ar {�y be trea�ed as a balioon payment which wif� be due and payable at the Not�'s
<br /> maturity. The Assignment als❑wiIl secure paym�n�of these amounts. Such right shafi be in addition fio a�I o�her rights
<br /> and remedies ta whi�h Lender may be enti�led upon De�au��.
<br /> DEFAULT. Ea�h af�he�aliawing, at Lender's optian� sha�l�onstEtute an E�ent a�Defau�t und�r this Assignment:
<br /> Paymen#Default. �ran�or fails��make any paymen�when due und�r�he Indebtedn�ss.
<br /> flther Defau�ts. Grantor fails to comply wi�h or �o perfvrm any o�her term, obIigation, �o�enant or condi�ion
<br /> conta�ned in this Assignment or in any ❑f the Rela�ed Documents ar �o camply with ar to pe���rm any �erm,
<br /> ob��gation, cv�enan�or condition con�ained in any o�her agreement be�ween Lender and�rantvr.
<br /> Defau�t on �ther Payments. Fa�lure vf�ranto�r within #he �ime requ�red by th�s Assignment tv make any paymen�
<br /> f�r taxes ar insurance, or any❑�her paymen�necessary ta pre�ent filing of❑r tv effect dischargs o�F any lien.
<br /> False 5ta#ements. Any warranty, representa�ion or statement made or furnished �o Lender by G rantar or vn
<br /> Grantor`s behaff under this Assignm�nt ❑r�he Related Dacumen�s is �a�se ar misleading �n any materEal respect,
<br /> either now❑�at the time made or furnished❑r hecvmes ta�se❑r mis�eading at any fiime�hereafter.
<br /> Defec#ive Co!lateraliza�ion. Th�s AssEgnmen�❑r any of the Related I]acuments ceases to be �n fu�l fvrGe and e�fect
<br /> �including fa�lure af any�olla�era�document to create a�a�id and per�ected se�urity interest❑r��en� a�any�ime and
<br /> for any reasan.
<br /> Death or Insolvency. The death v�Grantvr�the insol�ency af Grantor,the appointmen�o�a recei�er far any par�of
<br /> Grantor's prflperty, any assignment for the bene�it vf creditors, any type ❑f creditvr workout, or the
<br /> commencemen�of any pra�eeding under any hankrup�cy or insalWency laws �y or against Grantor.
<br /> Creditvr vr Forfeiture Prace�d�ngs. Commencement o� �vreGlosure a�r �o�-feiture prviceed�ngs, whether by �udi�ia�
<br /> proceeding, sel�-heIp, repossession or any other me�hod, by any creditor of Grantar or by any gov�rnmental agency
<br /> agains� the Rents ar any p�roperty secu��ng the Indebtedness. Th�s inc�udes a garnEshment a� any ❑# Grantor's
<br /> accaunts, including deposit ac��un�s, w�th Lender. Hawe�er, #�'li5 E�en� ❑f De�auit sha!! nat appiy if there is a
<br /> gaad #aith dispu�e by Grantar as to the vaiidity ar reasanableness v�th� ciaim which is the basis of the cr�di�or or
<br /> forfeiture p�oceeding and if Gran�or gives Lender wrEtten no�ice o�the creditvr❑r#orfeiture praceeding and deposits
<br /> wi�h Lender monies ar a surety bvnd for�he c�editar vr forfe�ture proGeeding, in an amount determined by Lender,
<br /> in i�s sole discre�ion, as being an adequate reser���r bond fior the dispute.
<br /> Property Damage ar Loss. The Property is �as�, sto�en� subs�antialEy damaged, sold, or borrawed against.
<br /> E�en#s Af�e�ting Guaran#ar. Any o�the preceding events occurs with respect�o any guaranto�, endarser, sure�y,
<br /> v� accommoda�tion party of any of the �ndebtedness ❑r any guarantor, endarse�, sure�yr or accvmmoda#ion party
<br /> dies vr �ecvmes incompetent. ar re�okes vr disputes the �alidifiy vf. ❑r liability under. any Guaranty of �he
<br /> Indebtedness.
<br /> Adverse Change. A materiaf ad�e�se change vccurs in Grantvr's finan�ia� conditian, or Lender bel�e�es the
<br /> pr�vspec�of payment or perfvrmance of the jndebtedness is �mpaired.
<br /> Insecurity. Lender in goad faith belie�es itseIf insecure.
<br /> Cure Pro�isions. If any defaul�, ❑ther than a de�aujt in paymen�, is curabie and i� Grantar has not been gi�en a
<br /> nv�ice of a breach of the same p�a�isian ❑f�h�s Assignm�n� v►rithin the preceding twel�e {��� mvnths, it may be
<br /> cured i� Grantor, aftsr Lender sends written notEce ta Grantor demanding cure of such de�auft: �1} �ures the
<br /> defaul�within fifteen {�5� days; ❑r ��y i�the cure requ�res more than fifteen ��5} days, immediateiy initiates steps
<br /> wh�ch Lender deems in Lender's sv�e discretion tv be sufficient�❑ cure �he defau�t an�i �hereaftsr con�inues and
<br /> cvmpletes ali reasanabfe and ne�essa�y steps suffi�ient to praduce compiiance as sovn as reasonabIy practical.
<br /> R�GHTS AND REMEDiES �N DEFAULT. Upon the❑ccurr�nce❑f any Event af❑efault and at any t�me thereaf�er, Lender
<br /> may exerc�se any❑ne or mare v�the foIiowing r�gh�s and remedies, in addi�Ean to any other righ�s ar remedies prfl�ided
<br /> by law:
<br /> Ac�e�erate Indebtedness. Lender shall ha�e the right at its ❑ptivn tv deciare the en�Ere lndebtedness immediately
<br /> due and payable� including any prepayment penaifiy�hat Grantvr w�uid be required�o pay.
<br /> Gvllect Rents. Lender shali haW� the r�ght, wEthout no�ice tv G�rantar, to take possession o� the Prope�ty and
<br /> col�ect the Rents, including amounts past due and unpaid, and apply the ne� proceeds, ❑�er and abo�e Lender`s
<br /> costs. against the lndebtedness. in furtherance of this right, Lender shal! ha�e aif the rights pro��ded fvr in �he
<br /> Lender's R�ght ta Receive and Callec� Rents Sectivn, above. f�the Rents are cvllected by Lender. �hen �ranto�
<br /> irre�ocabEy des�gnates Lender as Grantor's a#�vrney��n-#act xo endarse instrum�nts recei�ed in paymen�ther�flf in
<br /> the name o� Grantor and to nego�iate �he same and collec�the proceeds. Payments by tenants ar other use�s ta
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