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2� 17�27� 1
<br /> ASSIGNMENT �F RENTS
<br /> Laan N�: 'I�'13a4'I 45 �Cont�nued} Page 3
<br /> action that Lender deems app�apriate, in�luding but not limited ta discharging or paying al! taxes, liens, �ecurity
<br /> interests, encumbrances and other claims, at any tim� le�ied or placed ❑n the Rents or th� Pr�perty and paying all costs
<br /> for insuring, maintaining and preser�ing th� Property. A!I such expenditures incurred ar paid by Lender for such
<br /> purposes will th�n bear interest at the rate �harged unde�the Not� from the date incurred or pa�d by Lender t❑ the date
<br /> �t repayment by Grantor. All such expenses will became a part of the �ndebtedness and, at Lender's optiQn, will [Ay
<br /> he payable on demand; �g� be added ta the halance of the Note and be apportianed amang and be payable with any
<br /> insta�lm�nt payments tv became due during either �17 the term ❑f any appli�able insuranGe policy; ❑r ��� the
<br /> remainin� term af the Note; or �C� be treated as a balloon payment which will �e due and paya��e at the Note's
<br /> maturi�y, The Assignment afs❑ will secure payment af these amounts. Such right shafl be in additian to all other rights
<br /> and remedies to which Lender may be entitied upon Defauft.
<br /> DEFAULT. Each of the to�lawing, at Lender's apt+o�, sha�1 constitute an Ev�nt❑t De�aul� under�h�s Assignment:
<br /> Payrx�ent Default. Grantar fai�s t❑ make any payment when due under the Indebtedness.
<br /> Dther Defaults. Grantar faifs to comply with or to p�rform any ather term, obligation, co�enant or condition
<br /> �ontained in this Assignment or in any of the Related Dv�uments or tv �omply with or to perfarm any �erm,
<br /> obligatian, ca��nant or conditEon cvntained in any ather agreement between L�nder and Grantor.
<br /> Detault o� �ther Payments. Failu�e af Grantor within the t�me required �y this Assignmer�t t❑ make ar�y payment
<br /> for taxes or insurance, ar any other paym�nt necessary ta pre�ent filing ❑f��ta effect disGharge af any lien.
<br /> False Statements. Any warranty, repr�sentatian or statem�nt made or furn�shed t❑ Lender by Grantor or on
<br /> Grar�tor's b�half under �his Assignment vr the Related Dacuments �s false ❑r misleading in any material respect,
<br /> ei�her naw ar at the time made or furnished or becomes false or misleading at any time thereafter.
<br /> Defecti�e Coi�ateralization. This Assignment or any ❑f the Related Documents ceases to be in full for�e and effe�t
<br /> �inc�uding failure of any collateral dacumen� ta create a �alid and perf�cted security interest or lien� at any time and
<br /> far any reason.
<br /> Death or fnsol�ency. The death af Grantor, the insol�ency of Grantor, the app�intment of a recei�e�far any part of
<br /> Grar�tor's property, any ass�gnment for the �enefiit ❑f creditars, any type of credi�or warkout, or the
<br /> comrr�en�ement of any praceeding under any bankruptcy or insol�ency laws by or against Grantnr.
<br /> �redrtor or Forfe�ture ProGeedings. Gommencement af far�closure ar forfeiture proceedings, whether by judiciat
<br /> Rro�e�ding, self-help, repossession ❑r any❑ther method, by any creditar of G�antor❑� by any gavernmental agency
<br /> against the Rents or any property securing the Indehtedness, This includ�s a garnishment of any of Grantor's
<br /> a�counts, including deposit accounts, with Lender. However, this E�ent of Default shafl nat apply if there is a
<br /> gaod fai�h dispute by �rantar as �o the �al�dity or reasonabl�ness ❑f the claim which is �he basis of the creditar or
<br /> forfeiture proceeding and if Grantor gi�es Lend�r written notice of the creditor or forfeiture proceeding and depvsits
<br /> with Lender monies or a surety bond for the creditor ❑r forfeiture proceeding, in an amount determined by Lender,
<br /> in its sole dis�retian, as be�ng an adequate reser�e ❑r bond far the dispute.
<br /> Proper#y Damage or Loss. The Property is last, stoien, subs�antially damaged, sold, or borrawed against.
<br /> E►►ents Affecting Guarantvr. Any af the preGeding e�ents occurs with respect ta any guarantor, endarser, surety,
<br /> or a�commodation party vf any of the �ndebtedness or any guarantar, endorser, sur�ty, or a�commadation party
<br /> dies or becomes incompetent, vr re�okes or disputes the �alidity vf, ❑r liabifity under, any Guaranty of the
<br /> �ndebtedness.
<br /> Adverse Chang�. A material ad�erse change ❑ccurs in Gran�or's finan�ial condition, ❑r Lend�r �elie�es the
<br /> prospect o� payment or performance ❑f the Indebtedness is impaired.
<br /> Insecurity. Lende� in gaod faith belie�es �tself insecure.
<br /> Cure Provisions. If any default, ather than a defauit in payment, is curable and if �rantor has not been gi�en a
<br /> notice af a breach of the same pro�ision of this Assignment within t�e preceding twef�e �T 2� months, it may be
<br /> cur�d if Grantor, after Lender sends written notice to Gran�or demanding cure a� such default: �1 y Gures the
<br /> d�fault within fifteen ���� days; or �2y �f the cure requires mare than fifteen �1 57 days, immediately initiates steps
<br /> which Lender deems in Lender's sole dis�retion t❑ be sufficien� to cure the d�fault and thereafter continues and
<br /> com�letes aii reasonable and ne�essary steps �ufficient to produ�e compliance as saon as reasonabfy practical.
<br /> RIGHTS ►4ND REIVIEDIES ON DEFAULT. Upon the ❑c�urrence of any E�ent af Defaul� and at any time thereafter, Lender
<br /> may exercise any one or more ❑f the fallawing rights and remedies, in addition �❑ any other rights ar remedies pro�ided
<br /> by law:
<br /> Accelerate Indebtedness. Lend�r sha�! ha�� the right at its aption t❑ declare �he en�ire Indebtedness immediately
<br /> due and payab�e, including any prepayment penalty that Grantor would be required ta pay.
<br /> Gollect Rents. Lender shall ha�e the right, without notice to Grantor, to take p�ssession o� the Prope�ty and
<br /> ca�lec# t�e Renis, inc�uding amounts past due and unpaid, and apply the net proceeds, vver and above Lender's
<br /> cost�, against the Indebtedness. �n furtherance of this r�ght, Lender shall ha�e all the rights pro�ided far in the
<br /> Lender's Right to Receive and �oEiect Rents 5ection, abo��, lf the Rents are �olle�ted by Lender, then Grantor
<br /> irre�acabfy designat�s Lender as Grantor's attorney-in-fa�t to endorse instruments �ecei�ed in payment thereof in
<br /> the name of Crant�r and t❑ negotiate the same and Gollect the proceeds. Paymen�s by tenants o� other users ta
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