|
2� 17�2�94
<br /> ASSI�NMENT �F RENTS
<br /> Loan N�: '1��3�3$3� �Corltinu�d� Page 3
<br /> act�vn th�t L�nder deems appropriate, including but na� limited t� discharging or paying all taxes, liens, security
<br /> �n�erests, en�umbrances and ather claims, at any time I���ed ❑r placed ❑n the Rent�❑r the Praperty and paying alf costs
<br /> for insuring, maintaining and preser��ng the Property. All such expenditures in�urred or paid by Lender for such
<br /> purposes wi�l then bear interest at the rate charged under the Note #rom the date incurred or paid by Lender t❑ the date
<br /> ofi repayment by Grantar. All su�h expenses will become a part of the Indebtedness and, at L�nder's option, wilf �A�
<br /> be payable on demand; �B} be added to the balance of the Note and be apportioned amvng and be payable with any
<br /> instal�ment paym�nts to become due during either �1 y th� term v# any applicable insuranc� policy; or ��} the
<br /> remaining term ❑f the Nnte; ar �C� be treated as a ba��von payment which will be due and payab�e at the Note's
<br /> maturity. The Assignment a��a will secure payment of these amvunts. 5uch right shall be in additian to al� other rights
<br /> and remedies ta which Lender may be entitled upan Defaul�.
<br /> DEFA�LT. Each af the following, at Lender's option, shall cvnstitute an E�ent af Default under this Assignment:
<br /> Payment Default. Grantor fails ta make any payment when due under the Indebtedness.
<br /> �#her Defaults. Grantar �ails tv c�mply with or to perfvrm any other term, obligativn, ca�enant or cvndition
<br /> c�n�ained in �his Assignment ar in any of the Related Documents ar ta �amply with ❑r to perform any term,
<br /> obligatian, co�enant or conditian contain�d in any other agreement between Lender and Grantvr.
<br /> Default vn Qther Payments. Faflure af Grantar wfthin the time required by this Assignment to mak� any payment
<br /> fo�taxes or insurance, ❑r any�ther payment necessary ta pre�ent fiiing of nr to effect discharge vf any lien.
<br /> False 5tatements. Any warranty, representation or statement made or furnished to Lender by Grantor or on
<br /> Grantor's behaif under this Assignment ❑r the Related ❑ocuments is false or misleading in any maYerial respect,
<br /> either noerv or at the time made or furnished or be�ames false❑r misleading at any time thereafter.
<br /> Defecti�e Gollateralization. This Assignment o� any v#the Related ❑ocuments ceases to b� in full force and �ff�ct
<br /> �incfuding failure of any �allateral dvcument t❑ create a �alid and per#ected se�urity interest or iien� at any time and
<br /> �vr any reasan.
<br /> ❑eath or lnsol�ency. The death of Grantor, the insalvency vf Grantar, the appointment of a recei�er for any part af
<br /> Grantar's praperty, any assignment fvr the benef�t vf creditvrs, any type of creditor workout, or the
<br /> cammencement af any prviceeding under any bankruptcy or insol�ency laws by or against Grantor.
<br /> Cred�tor ❑r Forfeiture Rroceedings. Commencement of foreclasure ar forfeiture proceedings, whether by judEcial
<br /> proceeding, self-help, repossess�on or any ather method, by any creditor of Grantor ar by any gavernmental agency
<br /> against the Rents or any prvperty se�ur�ng the Indebtedness. This in��udes a garn�shment vf any vfi Grantor's
<br /> accnunts, inGlud�ng deposit accounts, with L�nd�r. Hawe�er, this E�ent of ❑efauft shall not apply if there is a
<br /> gaod faith dispute by Grantor as ta the �alidity ar reasonahleness of�he claim which is the basis vf the creditor ar
<br /> forfeiture proceeding and if Grantor gi�es Lender written nvtice �f the cred�tor or forfeiture proceeding and depvsits
<br /> with Lende� mvnies ar a surety bvnd far the credit�r or forfeiture proceeding, in an amount determined by Lender,
<br /> in its sale discret�on, as being an adequate reserve or b�nd tor the dispute.
<br /> Praperty iJamage vr Lass. The Property is las�, stalen, substantia��y damaged, s�ld, ❑r borrawed against.
<br /> E�en#s Affe�#ing Guarant�r. Any of the preceding e�ents occurs with respe�t to any guaran#or, endorser, surety,
<br /> �r accammodation party of any o� th� �ndel�tedness or any guarantor, endorser, surety, ar aG�ammodation party
<br /> dies flr be�omes incompet�nt, or re�akes ❑r disputes the �alidity ❑#, ar liability under, any Guaranty of the
<br /> �ndebtedness.
<br /> Ad�erse Change. A material adverse change ❑ccurs in Grantor's financial �ondition, ❑r Lender belie�es the
<br /> prospect of payment�r per#ormance vf the Indebtedness is impaired.
<br /> Insecurity. Lender in gaad faith belie�es itself insecure.
<br /> Cure Pro�'rsions. �f any default, other than a default in payment, is curable and if Grantvr has nvt been gi�en a
<br /> n�tice of a breach ❑f the same pra��sivn of this Assignment with�n the preceding twel�e �1�} months, it may be
<br /> �ured if Grantor, after L�nder sends wr�tten nvtice ta Grantor demand�ng cure of su�h default: �1� cures the
<br /> default within fifteen �1 5y days; or ��} if the cure requires more than fifteen �1 5} days, immediately initiates steps
<br /> whiGh Lender deems in Lender's sole discretion to be sufficient to cure the d�fault and thereafter cantinues and
<br /> completes all reasonab�� and necessary steps suffi�ient to pr�duce compliance as soan as reasanably practical.
<br /> RIGHTS AND REMEDIES ❑N DEFAULT. Upvn the oc�urrence af any E�en#vf ❑efault and at any time thereafter, Lender
<br /> may exercise any one ❑r mvre of the foC#vwing rights and rernedies, in additivn to any oth�r rights or remedies pra�ided
<br /> hy �aw:
<br /> A�celerate Indebtedness. Lender shall ha�e the right at its optivn ta declare the entire Indebtedness immediate�y
<br /> due and payable, includ�ng any prepayment penalty that Grantvr wauld be required to pay.
<br /> �vlle�t Rents. Lender shall ha�e the right, withaut notiee to Grantar, to take possessian ❑f the Property and
<br /> caliect the Rents, including amaunts past due and unpaid, and apply the net proceeds, o�er and aba�e Lender's
<br /> costs, against the Indebtedness. In furtheran�e of this right, Lender shall have afl the rights provided for in the
<br /> Lender's Right to Receive and Cflllect Rents Sectian, abo�e. If the Rents are co#lected by Lender, then Grantor
<br /> irre�ocably �esignates Lender as Grantor's attvrney-in-fact t❑ endorse instruments recei�ed �n payment th�reof in
<br /> the name vf �rantor and to negotiate the same and �ollect the praceeds. Payments by tenants ar other users to
<br />
|