|
2� 17� 1924
<br /> ASSI�NMENT �F RENTS
<br /> Laan No: '!�7 3�335� 4 Cvntinued} Page 3
<br /> imposed upan G rantor under this Ass+gnment, the Note, and the R�lated Dacuments, Lender sha�! execute and deli�er t❑
<br /> Grantar a suitable satisfaction of this Assignment and suitable statements af t�rminati�n af any financing statement on
<br /> file e�iden�ing Lende�'`s security interest in the Rents and the Property. Any terminatfon fee requi�ed by law shall be
<br /> paid by Grantor, ff permitted by applicable law.
<br /> LENQER'S EXPENDITURES. It any a�tion ar proeeeding is cornmenced that vvo�ld mat�rially attect Lender'S int�re5t rn
<br /> the Praperty or if Grantor fails to camply with any pra�is�on ❑f this Assignment�r any Reiated f�ocuments, including bu�
<br /> not limited to �rantor's failure to discharge or pay when due any amaunts Grantar is r�quired to discha�ge ar pay under
<br /> this Assignment or any Related Dacuments, Lender on Grantor's behalf may �but shalf not be ❑bEigated ta} take any
<br /> a�tion that Lender deems appropriate, including but nat limited to discharging ❑r paying all taxes, liens, security
<br /> interests, encumbrances and other ciaims, at any time le�ied ar pla�ed an the Rents or the Property and paying a1! costs
<br /> for insuring, maintaining and preser�ing the Praperty, All such expenditures incurred or paid by Lender far such
<br /> purpases will then bear interest at the rate cha�ged under the Note from the date incurred ar paid by Lender to the date
<br /> vf repayment by Grantor. Al! such expenses will become a part of the lndebtedness and, at Lender's opt�on, will �A�
<br /> be payabEe ❑n demand; {By be added to the balance of the Nate and be apportian�d amvng and be payable with any
<br /> installment payments ta become due during either ��y the term of any appli�able insurance policy; or {2} the
<br /> remaining term of the Note; ❑r �Cy be treated as a balivon payment which will be due and payable at the Note's
<br /> maturity. The Assignment also will secure payment of th�se amvunts. 5uch right shall be in addi�ion t❑ all other r€ghts
<br /> and remedies to which Lender may be entitled upon Default.
<br /> DEFAULT. Each ❑f the foIlowing, at Lender's optian, sha�l constitute an E�ent❑f Defau�t under this Assignment:
<br /> Payment Default. Bflrr�wer fails to make any payment when due under the Ind�btedness.
<br /> �ther Defaults. Barrower ❑r Gr�ntar fails to comply with ar to perfvrm any other term, obligation, c��enant or
<br /> candition contained �n this Assignment or in any of the Related D�cuments or to comply with or ta perform any
<br /> term, obligatian, covenant or candition cantained in any ather agreement between Lender and garrower❑r Grantflr.
<br /> Default vn �#her Payments. Failure of Grantor within the time required by this Assignment to make any payment
<br /> for taxes ❑r insurance, ❑r any other payment necessary to pre�ent filing of�r to effect discharge of any lien.
<br /> False Statements. Any warranty, representation �r statement made �r furnished to Lender by Borrower or Grantor
<br /> or on 8orrower's or Grantar's be�alf under this Assignment or the Related D�cuments is ta�se or r�is�eading in arry
<br /> material respect, eifiher now or at the time made ar furnished or �ecame� false ❑r misl�ading at any time
<br /> thereafter.
<br /> D�fecti�e Callateraliza�ion. This Assignment or any of the Related Dacuments �eas�s to be in fuff farce and �fifect
<br /> �including failure of any Gollateral document to create a �a�id and perfected security interest or lien� at any time and
<br /> for any reason.
<br /> Death or Insvl�ency. The dissalution ❑f Grantar's �regard�ess of whether election ta continue is made�, any
<br /> member withdraws from the limited liability company, or any other terminatior� of Borrvvver's or Grantor's
<br /> ex�stence as a gaing business or the death ❑f any member, the insal�ency o� Borrower ar Grantor, the appointment
<br /> of a recei�er for any part af gorrower's ar �rantar's property, any assignment for the ben�fit of�reditors, any type
<br /> of creditar workaut, or the commencement of any pro�eeding under any bankruptcy ❑r �nsol�ency laws by ar
<br /> against Borrower or Grantar.
<br /> Creditor or Forfeiture Proceedings. Cammen�emen� of fo�eclosure or forfeiture prviceedings, wh�ther by judicial
<br /> proc�eding, seff-help, repossession o� any ❑ther method, by any �reditor o� Bvrrower vr Grantor or by any
<br /> go�ernmental agen�y against the Rents or any praperty securing the �ndebtedness. This includes a garnishment c�f
<br /> any of Borrawer's or Grantor's accounts, including depasit accaunts, with Lender. Hawe�er, this E�ent of Default
<br /> shall not apply if there is a good faith dispute by Borrawer ar Grantvr as t❑ the �alidity or reas�nableness vf the
<br /> claim which is the basis of the creditar �r farfeiture prace�ding and if Borrvwer ar �rant�r gi��s Lender written
<br /> notice af the �reditor or fo�feiture p�oceeding and deposits with L�nder monies or a surety bnnd for the creditar ❑r
<br /> #arfeiture pr�c�eding, in an amount determined by Lender, in its sale discretion, as being an adequa�e reser�e or
<br /> bond for the dispute.
<br /> Praperty Damage or Loss. The Praperty is �ost, stvlen, substantiafiy damaged, sv�d, or bvrrowed agaEnst.
<br /> F�ents A#fecting Guarantor. Any �t the preced+ng event� occurs with resp�ct t❑ any guarantor, endorser, surety,
<br /> �r accammodation party of any ❑fi the lndebtedness or any guarantor, endorser, surety, ar acc�mmodation party
<br /> dies or �ecames incflmpetent, ❑r re�okes ar disputes the �alidity of, or liability under, any Guaranty ❑f the
<br /> Indebtedness.
<br /> Ad�erse Change. A materiai ad�erse �hange occurs in Grantor's financial condition, or Lender belie�es the
<br /> p�ospect vf payment or performance o�the indebt�dness is impaired.
<br /> Insecurity. Lender in good faith belie�es t�self inse�ure.
<br /> Cure Pra�isions. !f any default, other than a default in payment, is cu�able and if Grantor has not been gi�en a
<br /> notice ❑f a breach af the same pro�isian af this Assignment within the preceding twel�e �127 man�hs, it may be
<br /> cured if Grantor, afte� Lender sends written natice tn Borrawer demanding cure of such default: {1� cures the
<br /> default within fifteen �1 5� days; ❑r ��y if the Gure requires mare than fifteen t 1 5� days, immediately initiates steps
<br /> which Lender deems in Lender's sole discretian to be sufficient t❑ �ure the default and thereafter continues and
<br />
|