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2� 17�2328 ASSIGNMENT �F RENTS Loan Nv: '1�'I 3�382'1 {C�ntinued� Rage 3 this Assignment and not reimbursed frflm the Rents shall become a part ❑f the lndebtedness secu�ed by this Assignm�nt, and shall be payabfe on demand, with interest at the N�te rate �rom date ❑f expend�ture until paid. FULL PERF�RMANCE. If Grantar pays all of the lndebtedness when due and otherwise perfvrms al! the obligations imposed upon �rantc�r under this Assignment, the Nvte, and ths Related Dacuments, Lender shall execute and deli��r to Grantor a suitable sat�sfacti�n of this Assignment and suitable statements of termination of any financing statement on file e�idencing Lender's security interest in the Rents and the Property. Any termination €ee required by law shall be paid by Grantar, if permitted by applicable law. LENDER'S E�PEN�ITURES. !f any action ar pro�eeding �s commenced that would materially affect Lender's interest in the Prope�ty ar if Grantnr fails to comply with any prv�ision af this Assignment❑r any Related ❑ocuments, in�luding but nat limited to Grantor's #ailure to discharge ❑r pay when due any amounts Grantvr is required ta discharge vr pay under this Assignment or any Related Documents, Lender on Grantar's behalf may {but sha31 not b� ohligated to� take any action that Lender deems apprapriate, including but nvt timited to discharging ❑r paying all �axes, li�ns, security interests, encumbrances and other c�aims, at any time le�ied or placed ❑n the Rents or the Property and paying all costs far insuring, maintaining and pres�r�ing the Praperty. All such expenditures �ncurred or paid by Lender far such purpases wilf then bear interest at the rate charg�d under the Nate from the date incurred or paid by Lender tv the date of repayment by Grantor. All such expenses wil! become a part of the Indebtedness and, a� Lender's aption, will �Ay b� payable on demand; �B� be added t❑ the balan�e ❑f the Note and be appvrtivned among and be payabie w#th any installment payments to becvme due during either �� he term of any applicable insuran�� policy; vr t27 the remaining term ❑f the Note; or �Cy be treated as a bailvon payment which will be due and payable at the Nate's maturity. The Assignmen� aiso will secure payment o�these amaunts. Such righ� shall be in addition tv all other rights and remedies t❑ whi�h Lender may be entitEed upvn De#ault. DEFAULT. Each ❑f the following, at Lend�r�5 ❑�3tIQC1, sha{l canst�tute an E�ent of Default under this Assignment: Paymen# Default. garrower tails t❑ make any payment when due under the Indebtedness. �ther Defaults. Borrower or Grantor fai�s ta comply with or to perform any ❑ther term, ❑bligativn, cv�enant vr condition �ontained in this Assignment ❑r in any at the Related ❑ocuments or to c�mply w�th ar to perfarm any term, abligation, ca�enant or condition contained in any other agreement between Lender and Borrower or Grantar. Default on �ther Payments. Failure ❑f Grantvr within the time required by th�s Assignment to make any payment for taxes or insurance, ❑r any vther payment n�cessary to pre�ent filing of c�r to effect discha�ge vf any lien. False 5tatements. Any warranty, representat�an or statement made ar furnished ta Lender by Barrawer❑r Grantar or on Borrower's ❑r Grantor`s behalf under this Assignment ar the Related Documents is fa�se or m�sleading in any material respect, either now or at the time made ❑r furnished ❑r becomes false ❑r misleading at any time thereafter. Defecti�e Cv�lateralization. This Assignment ar any ❑f the Rela�ed ❑acuments ceases to be in fu�� force and effect �including failure o�any �vllateral documen�to create a �alid and perfected security interest vr lieny at any time and for any reasan. Death vr Insol�ency. The dissolutian or termination of Borrower's or Grantflr's existence as a gaing business, the insol�ency c�# Borrowe� or Grantor, the appointment of a recei��r for any part ❑f Borrawer's or Grantor's property, any assignment for the benefit of creditors, any type of creditar warkout, ar the Gommencement❑f any proceeding under any bank�uptcy or insol�ency laws by ar against Borrower ar Grantar. Creditor or Forfeiture Prviceedings. Commencement of f�reclosure or for�eiture proce�dings, whether hy judicial proceeding, self-help, repassess�on or any other method, by any creditor ❑# garrower ❑r Grantor ❑r by any go�ernmental agency against the Rents ❑r any prop�rty secur�ng the �ndebtedness. This includes a garnishment of any af gorrvwer's or Grantar's accaunts, including deposit accounts, with Lender. Howe�er, this E�ent of Default shall nvt apply if there is a good fa�th dispu�e by Borrower or Grantar as t❑ the �alidi�y ❑r reasanableness of the claim which is the basis ❑f the creditor or farfeiture proceeding and if B�rrower or Grantor gi��s Lender written notice of the creditor or fvrfeiture proceeding and depasits with Lender manies or a surety band for the creditar❑r farfeiture prviceeding, in an amount determined by Lender, in its s�le dis�retion, as being an adequate reser�e ❑r bvnd fo�the dispute. Property Damage or Lass. The Property is lost, stolen, substantially damaged, sold, �r borrowed agains�. E�ents Af#e�ting Gua�antar. Any of the preceding e�ents occurs w�th respe�t to any guarantor, end�rser, surety, or accommodatian par#y ❑f any vf the Indebtedness ❑r any guarantvr, endorser, surety, or accommadatian party dies or becomes incampeten#, or re�akes ❑r disputes the �alidity ❑f, ❑r liability under, any Guaranty of the Indehtedness. Ad�erse Change. A material ad�erse change occurs in Grantor�5 finan�ial condition, or Lender belie�es the prospect of payment❑r perf�rmance ot the lndeb�edn�ss is impaired. Insecurity. Lender in good faith be�ie�es itself�nsecure. Cure Prv�isions. �f any default, other than a default in payment, is curable and if Grantv� has not been gi�en a not�ce �f a brea�h of the same pro�ision D� �h15 Assignment within the preceding twel�e ��2} manths, it may be cured if �rantvr, after Lender sends written nvtice t❑ go�rower demanding cure af such de�ault: ��y �ures the