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2� 17�2283
<br /> ASS��NMENT �F RENTS
<br /> Lvan Nv: '�D��D3��5 {�vntinued� Page 3
<br /> No Re�uirement tv Ac�. Lender shall na� be required ta do any o�the �oregoing acts �r�hings, and the fact that
<br /> Lender shall ha�e per�vrmed one or mare ❑�the fioregaing ac�s ❑r things shall no� require Lender to do any a�her
<br /> specific ac�vr thing.
<br /> APPLICAT[�N DF RENTS. All casts and expenses sncurred by Lender in cannecti�n with �he P�-opsr�y shall �e for
<br /> Grantor's accaunt and Lender may pay such cos�s and expenses fram fihe Rents. Lender, in i�s sale discre�ion, sha��
<br /> d���rmine �he applica�ion o� any and all R�nts recei�ed by it; however, any su�h Rents recei�ed hy Lender which are
<br /> no� applied �o su�h C05�5 and expenses shall be applied to �he Indebtedness. AI[ expenditures made by Lende� under
<br /> �his Assignment and not reimbursed from �he Ren�s shall beGome a part of �he lndel��edness secured by this
<br /> Ass�gnment, and shai� be payable an demand, with interest at the No�e rate from da�e of expenditure untif paid.
<br /> FULL PERF�RMANCE. If Granfior pays all of the Indebtedness when due and ❑therwise perfvrms all the obliga�ions
<br /> imposed upon Granfivr under this Assignment,the No�e, and the Refated l�ocumenfis, Lender shall execu�e and deli�er�o
<br /> Grantor a suitable satisfac�ion ❑f this Assignmen� and sui�able statements o#termination of any�inanc�ng statement❑n
<br /> file e�idencing Lender's securifiy inte�est in �he Rents and the Property. Any �ermina�ion fee required by law shall be
<br /> paid by Gran�or, if permitted by app�icab(e la�rv.
<br /> LENDER'S EXPENDITURES. I� any action ❑r proceeding is cammenced tha�wou[d ma�erially affec� Lender's inter�s�t in
<br /> �he Praper�y or i�Grantor fails tv comply wi�h any proWisian❑�this Assignment or any Rela�ed ❑acumen�s, in�luding 1�ut
<br /> nv� limi�ed ta Gran�ar's failure�v dis�harge or pay when due any amaunts Gran�or is required ta discharge ❑�pay under
<br /> this Ass�gnment ❑r any Related Do�umen�s, Lender ❑n Grant�r's behalf may tbut shal� na� be obliga�ed fio� �ake any
<br /> actian �hat Lender deems appropriafie, including hut nnt limited to discharging ❑r paying a�[ taxes, liens, security
<br /> interes�s, encumhrances and �ther claims, a�k any time le�ied or placed an the Ren�s vr the Property and paying all cosfis
<br /> #or insuring, maintaining and pr�ser�ing the Proper�y. All such expenditures incurred ar paid by Lender ��r such
<br /> purpases will�hen b�ar in�erest at�he ra�e charged under�he N�te from the date incurred nr paid by Lender t❑the date
<br /> o� repaymen�by Grantor. All such expenses will become a par� of the lndel�fiedness and, at Lender's ap�ivn, will �A}
<br /> 1ae payable on demand; �6} he added fia the balance of the Note and be apporti�ned among and be payable with any
<br /> instal[ment paymen�s �o hecome due during ei�her {�� fihe term ❑� any applicable insurance policy; �r t2} fihe
<br /> remainin� term of fihe Note; ❑r �C} be trea�ed as a bal�aan payment which will be due and payable at �he Note's
<br /> maturity. The Assignment als❑will secure payment af these amaunts. 5u�h right shall b� in addi�ion t❑ all o�her rights
<br /> and remedE�s to which L�nder may be en�i�led upon �]efault.
<br /> DEFAULT. Each af the follawing, a'�Lender's op�ion,shall cons�i�ute an E�ent vf aefaul�under�his Assignment:
<br /> Payment❑efaul�. Borrower fails�o make any paymen�when due under the Indehtedness.
<br /> ❑�her De�auifs. Bvrrvwer ❑r Gran�or fails to comp�y �rvith ❑r to perform any other t�rm, ❑bligation, co�enant ❑r
<br /> condi�ian cvnta�ned in this Assignmen� ar in any v� �he Rela�ed Documen�s or to comply with o�to perform any
<br /> term, �bfiga�ion, co�enant❑r condi�ion can�ained in any v�her agre�men�hetween Lender and 6orrow�r or Gr-ant�r.
<br /> De�fault on Dther Paymen#s. Failure of Granfivr wi�hin the�ime required f�y this Assignment�o make any paymen�
<br /> fvr taxes❑r insurance, or any other paymen�necessary�❑ prevent�il�ng of ar t❑effect discharge af any lien.
<br /> Fa1se Statemen�s. Any warran�y, representa�ion or statement mad� or furnEshed to Lender by Barrower ar Grantor
<br /> o�-an Bv�r�wer's or Grantar's hehal�under fihis Assignmen�❑r the Refa�ed ❑acumen�s �s�alse ❑r misleading in any
<br /> mate�ia� respec�, �i�her nvw ❑r afi �he t�me made or furnished �r becomes false ❑r misleading a� any time
<br /> thereafter.
<br /> Defecti►re Collatera�iza#ion. This Assignmen�or any of�he Related Dvcumen�s �eases to b� in�Full force and effect
<br /> �in�Iuding failure o�any coi�ateral do�umen�to create a valid and perfected securifiy interest❑r fien� at any time and
<br /> for any reason.
<br /> Dea�h or [nsolven�y. The dissvlution vr�ermina�ion o� Barrower's or Grantor's existence as a going business, the
<br /> inso��ency ❑f Bvrrower or Gran�or, �he appointment vf a receiver for any part of Borrower's ❑r Grantvr's prvperty�
<br /> any assignment�vr�he benefifi ofi creditors, any type of credifivr v+rarkou�, or�khe commencemen�of any proceeding
<br /> under any bankrup�cy or insolv�ncy laws iay ar against gorrower or G rantvr.
<br /> Credi�vr or Forfeiture Prviceedings. Cammencemen� af fvrec��sure ❑r forfeiture pr-viceedings, whether by judicial
<br /> proceeding, self-he�p, reposs�ssian vr any vfiher method, by any creditvr of Barrawer ❑r Grantor ❑r by any
<br /> gaWernmen�al agency agains�the Ren�s �r any prvper�y securin�the Indeb�edness. This includes a garnishmen�❑�
<br /> any a� Borrvwer's ❑r Gran�or's accounts, including deposit accounts, wifih Lender. Hvwe�er, this E�ent❑�I�efiault
<br /> shall no� apply if fihere is a gvod fai�h dispute by Borrower or Grantar as �❑ �he �alidi�y vr reasonableness o�f the
<br /> claim which is �he �asis ❑-� �he credi�or or fvrfei�ure proceeding and i� Borrawer or Grantor gi�es Lender written
<br /> no�ice o��he �redifiar vr forfei�ure proceed�ng and deposi�s with Lender manies or a surety b�nd for the creditor or
<br /> forfei�ure praceeding, in an amoun� determined by Lender, rn i�s soIe discre�ion, as being an adequate �eser�e �r
<br /> bond for�he dispute.
<br /> Praper�y Dama�e vr Loss. The Praperty is lost, stojen, substantially damaged, soid, or barrowed against.
<br /> EWen�s Affec�ing Guaran�vr. Any of-�he pre�eding e�en�s occurs with respect�k❑ any guarantvr, end�rser, surety,
<br /> ❑r accvmmodativn party ❑f any ❑f�he Indebtedness ❑�- any guarantor, endorser, surety, or accommodafiion party
<br /> dies or �e�omes incompe�ent, or re�okes ❑r dispu�es the �alidity ❑f, �r Iiability under, any Guaran�y of the
<br /> Indeb�edness.
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