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2� 17�2354
<br /> ASSl�NMENT �F RENTS
<br /> Loan No: 1��3D4D31 �Co�l�inued} Page 4
<br /> under any bankrup-�cy❑r insa��ency laws by❑r against Borrower or Gran�or.
<br /> Credi�or or Forfeiture Pro�eedings. �ommen�ement ❑� far�clasure or fiorfei�ure proceedings, whe�her by judicia�
<br /> praceeding, sslf-h�lp, repossession ❑r any other mefhad, by any credi�vr o� Borrower or Grantor or by any
<br /> ga�ernmenta� agency agains��he Rents �r any praperty securing the Indebtedness. This in�ludes a garnishment❑�
<br /> any of Barrower's or Grantor's accounts, inc�uding deposit accounts, with Lender. Howe�er, this E�ent of Defau�t
<br /> shall nat app�y i��here is a g��d faith d�spute by Borrvwer or Grantor as t� the Walidi�y or reasanableness ❑-� the
<br /> claim which �s -kh� basis ❑f �he credi�or �r f�rfeifiure proceeding and ifi Borrower or Grantor gives Lender written
<br /> notice of the creditor or forfei�ure pr�c�eding and deposi�s wi-th Lender moni�s or a sure�y bond �or�he creditor or
<br /> forfeiture prviceeding, in an amvunt de�ermined by Lender, �n i�s sole discre�ivn, as being an adequa�e reser�e ❑r
<br /> bond for the dispute.
<br /> Prop�r�y Damage or Loss. The Property is last, stalen, substantially damaged, s�Id, ❑r barrowed agains�.
<br /> E�ents Aff�cting Guarantor. Any o�the preceding events �ccurs with respect to any guarantor, endorser, su�-e�y,
<br /> ar accammoda�ion party of any of the lndebtedness �r any guarantor, endorser, surety, �r ac�ommvdation party
<br /> dies or becomes incompetenfi, or re�akes �r dispufies the validity of, or liability under, any Guaranfy of the
<br /> Indeb�edness.
<br /> Adverse �hange. A material ad�erse chan�e occurs in Grantor's financial condi�ion, or Lender beE�e�es the
<br /> prospect ofi payment or performance of th� �ndeb�edr�ess is impaired.
<br /> lnsecurity. Lender in gaod faith IaelieWes i�s�lf insecure.
<br /> Cure Prc��isions. I�F any defaul-�, ❑ther than a defau[t in paymen�, is curab�e and if Grantvr has nofi been giWen a
<br /> notice ❑f a breach �fi the same pra�is�on of fihis Assignmen� wi�hin -�he precedin� twel�e {12} man�hs, i� may be
<br /> cured if Grantor, after Lender sends written na�ice �� Borrvwer demanding cure ❑f such defiault: {1} cures the
<br /> de�auit within fift��n ��5} days; or {2� if�he cure requires mare than fifteen ��5} days, immediately ini�ia�es s�eps
<br /> which Lender deems in Lender's sole discre�ian to be suffici�nt to cure �h� defaul� and thereatter cantinues and
<br /> comp[etes a�I reasonable and necessary steps suf#i�ient to produce campliance as saon as r�asonab�y prac�ical.
<br /> RIGHTS AND REMEDIES UN DEFAULT. Upon�he occurrence af any E�ent of�efault and a�any time ther�a�ter, Lender
<br /> may �x�rcise any one or more o�the -�ollowing rights and remedies, in addit�on to any ❑ther righ�s ❑r rem�dies pro�ided
<br /> by law:
<br /> A�celerate Indehfiedness. 5ub�e�t �o any requiremen� under appEicabEe �aw to prv�ide no�ice ❑f default and
<br /> ❑pportunity�❑ cure, Lender shaii ha�e the right at i�s op�ion t❑ declare�he ent+�e Indeb�edness immedia�ke�y due and
<br /> payable, including any prepaym�nt p�nalty that Borrawer wou�d be requ�red to pay.
<br /> Colle�t Ren�s. L�nder shal[ haWe the right, wi�hau� no�i�e to Borrower or �rantor, to �ake possessifln af the
<br /> Property and ca[Eec� the Rents, including amounts pas� due and unpaid, and apply the net proceeds, o�er and
<br /> abo�e Lender's cvs�s, agains� �he Indeb�edness. In �urtherance of �his right, Lender shal� ha�e al[ the rights
<br /> pro�ided �or in the Lender's Righ� to Re�ei�e and Callect Rents Sec�ion, aho�e. 1� the Ren�s are callected by
<br /> Lender, then Grantor irre��cab�y designa�es Lender as Grantor's attorney-�n��a�t to endorse instruments recei�ed in
<br /> payment thereof in�he name o�Grantor and�o negotiate�the same and callec�the proceeds. Paym�nts by tenants
<br /> or o�her users to Lender in response t❑ L�nder's demand sha�� satisfy the obliga�ions fvr which �he payments are
<br /> made, whether or not any proper grounds for the demand existed. Lender may exer�ise i#s rights under this
<br /> subparagraph ei�her in persan, by agent, ar through a receF�er.
<br /> �#her Remedies. Lender shall ha�e a[( other rights and remedies pro�ided in this Assignment ar th� Note or by
<br /> �aw.
<br /> E�ection o�Remedies. Elecfiion by Lender�o pursu� any remedy shal! not exclude pursuit❑fi any o�her remedy, and
<br /> an election to make expenditures ❑r t❑take ac�ion�❑ p�r�orm an �bligation of Gran�ar under�his Assignm�nt, after
<br /> Grantor's�a�lure�o }��rfarm, shall not af�ect Lender's r�gh�ta dec�at�e a de�ault and exercise i�s rem�dies.
<br /> Attorneys' Fees; Expenses. It Lender ins�i�u�es any suit or ac'tion to enforce any o#the terms o��his Assignmen�,
<br /> Lender shall be enti#led to reca�er su�h sum as �he �ourt may adjudge reasonable as attorneys' fees at trial and
<br /> upon any appeal. 1Nhether �r no� any court activn is in�al�ed, and �o the extent not prahibi�ted by law, all
<br /> reasonabl� �xpenses Lender incurs tha� in Lender's opininn are necessary at any time fvr the pro#�ctian of its
<br /> inter�s-��r the enfvrcement af its rights shal� becvme a part❑f th� Ind�btedness payable ❑n demand and shall b�ar
<br /> interes-�at the Note ra�e fr�m the date a�the expenditure until repaid. Expenses co�ered by this paragraph include,
<br /> wi�hau-� limi�atinn, hvwe�er subje�t t❑ any �imits under applicabl� law, Lender's attorneys' fees and Lender's legai
<br /> expenses, whe�her ar no� there is a lawsuit, including attorneys' �ees and expenses �or bankruptcy praceedings
<br /> �including effor�s�o m�di�y vr WaCa�e any automatic s�ay❑r injunctiony, appeals, and any an�icipated pos�--judgmen�
<br /> �v�le��ion ser�ices, �he cost af search�ng records, ob'�aining �i�le repor�s �inCluding foreclosure repar�s�, surWeyors'
<br /> reports, and appraisal fees, title insurance, and fees for �he Trustee, to fh� ex��nt permitted by appli�abl� law.
<br /> Gran�or a[so w�ii pay any�vurt costs, in add�tion to ail other sums proWided by law.
<br /> MiSCELLANEUUS PROVISI�NS. The foll�wing misce�ianeous prv�isions are a part of this Assignment:
<br /> Amendmen#s. This Assignmen�, �ogether with any Rela-ted ❑�cumenfis, consti�u�es �he �n�ire understanding and
<br /> agreem�nt o� the parties as to the ma��ers se� for�h in this Assignment. N❑ altera�ion of or amendmen-t ta this
<br /> Assignment shall be ef�ec�i�� un�ess gi�en in writing and sfgned by the party or parties saugh-� to be charged ❑r
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