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2� 17�27�3
<br /> AS�I�NMENT �F RENTS
<br /> Loan Na: 1�'13�4'!1� ��orltlnu�d� Page 3
<br /> act�vn that Lender deems apprvpriate, including hut not limited to discharging or paying al! tax�s, liens, security
<br /> interests� en�umbrances and ❑ther claims, at any time 1e�ied ❑r plac�d on the R�nts t�r the Prvperty and paying all casts
<br /> far insuring, maintaining and preser�ing the Property. AEI such �xpenditu�es incurred or paEd by Lend�r ��r such
<br /> purpvses will then bear �nterest at the rate charged under the Nate from the date incurred or paid by Lender to the date
<br /> of repayment by Grantar. All such exp�nses wtll be�vme a part ❑f th� lndebtedness and, at Lender's option, will �A}
<br /> be payable nn demand; �8y I�e added tv the balance of the No�e and be appor�ioned am�ng and be payahle with any
<br /> installment payments to became due during either ��} the term of any app�icable insurance policy; vr ��} the
<br /> remaining term of the Note; or �Cy be treated as a balloon payment which wil! be due and payabl� at the Note's
<br /> maturity. The Assignment alsa will secure payment vf these amaunts. Such right shalt be in addition ta all other rights
<br /> and remedies to which Lender may be entitled upan ❑efault.
<br /> DEFAtJLT. Ea�h ❑fi the following, at Lender's option, shall �onstitute an E��nt of❑efau�t under this Assignment:
<br /> Payment Default. Grantar faifs ta make any payment when due under the Indeb�edness.
<br /> �ther Defaul#s. Grantvr fails to camply with or to �erform any other term, ahligati�n, co��nant or �ondition
<br /> c�ntained in this Assignment ar in any of the Related Dacuments o� to cvmply with or to perform any term,
<br /> obligation, co�enant or condition �ontained in any ather agreem�nt between Lender and Grantor.
<br /> Default on �ther Payments. Failure o� Grantor within the time required by this Assignment to make any payment
<br /> fvr taxes or insuran�e, ar any other payment necessary to pre�ent tiling of❑r to effect discharge❑f any I�en.
<br /> Faise Sta#ements. Any warranty, representation or statement made or furnished tv Lender by Grantor or on
<br /> Grantor's behalf under this Assignmsnt or the Reiated Dacuments is false ❑r misfeading in any material respect,
<br /> either naw or at the tim� made ar furnished or becomes false or misleading at any time therea�ter.
<br /> Defecti�e Collateraliza#ivn. ThEs Ass�gnment ar any ❑f the Related ao�uments ceases to be in full force and effect
<br /> �including failure of any cal�at�ra� dacument ta create a �aiid and perfe�ted security interest ar lien� at any time and
<br /> for any reason.
<br /> Death or Insal�ency. The death of Grantvr, th� insal�ency of Grantor, the appvintment o#a recei�er for any part of
<br /> Grantor's property, any assignment fvr the benefit ❑f credit�rs, any type �f creditor workout, or the
<br /> commencement of any praceeding under any bankruptcy or insal�ency laws by or against Grantor.
<br /> �reditvr or Forfeiture Proceedings. Commencement of far�cEosur� or forfeitur� pr�ceedings, wh�th�r by judi�ial
<br /> proceeding, self-help, repvssessian ar any❑ther methQd, by any creditar❑f Grantor or by any gv�ernmentat agency
<br /> against the Rents or any property se�uring th� Indebtedness. This inciudes a garnishment flf any of Grantor's
<br /> ac�ounts, including deposit accoun#s, with Lender. Howe�er, this E�ent of Defau�t shai� nat apply if there is a
<br /> �ovd faith dispute by Grantar as to the �alidity or reasonablen�ss o�the claim which is the basis of the creditor or
<br /> forfe�ture praceeding and if Grantar gi�es Lender written nvtice ❑f the creditor or f�rfeiture praceeding and deposits
<br /> with Lender mvnies or a surety bond far the creditor ❑r forfeiture proceeding, in an amount determined by Lender,
<br /> in its sole discretivn, as being an adequate reser�e ar bond for the dispute.
<br /> Property Damage or Lass. The Property is lost, stolen, substantially damag�d, sold, or barrowed against.
<br /> E�ents Affecting Guarantor. Any of the preceding e��nts ❑ccurs with respect tv any guarantar, endarser, surety,
<br /> vr ac�ommadatian party of any �f th� �ndebtedness or any guarantor, endvrse�, surety, or accammodation party
<br /> dies nr becames incvmpetent, or re�okes or disputes the �alidity af, or lia�ility under, any Guaranty vf the
<br /> Indeb�e�iness.
<br /> Ad�erse Change. A material ad�erse change occurs in Grantar's financial �Qnditian, ❑r Lender belie�es the
<br /> prospect of payment❑r perfarmance of the lndebtedness is impaired.
<br /> �nse�urity. Lender in gvod faith belie�es itself insecure.
<br /> �ure Prv�isions. If any default, ather than a defauit in payment, is curabie and if Grantor has nat heen gi�en a
<br /> noti�� ❑f a brea�h of the same pro�ision ❑f this Assignment within the preceding twel�e �1�} months, it may be
<br /> cured if Grantvr, after Lender sends written notice tv Grantor demanding cure of such default: t1 y cures the
<br /> default within fifteen �15} days; or ��} if the cure requires more than fifteen ��5f days, immediately initiates steps
<br /> which Lender deems in Lender's sole discretion to be suffi�ient to �ure the default and thereafter cvntinues and
<br /> complet�s a!1 reasanable and necessary steps sufficient to praduce compliance as svon as reasonably practical.
<br /> RIGHTS AND REIVIEDIES �N DEFAULT. lJpon the o��ur�ence at any E�ent of Defauft and at any time thereafter, L�nder
<br /> may exercis� any ane or more of the following rights and remedies, in addition to any ather rights vr remedies pro�ided
<br /> hy law;
<br /> Accelerate Indebtedness. Lender shafl ha�e the right at its ❑ption to declare the �ntire tndebtedness immediately
<br /> due and payable, including any prepayment penalty that G�antor wvuld be required ta pay.
<br /> Gollect Rents. Lender shall ha�e the right, withaut nvtice ta Grantvr, �o take pvssession af the Prvper�y and
<br /> cvllect the Rents, including amoun�s past due and unpaid, and apply the net prflceeds, ❑�er and aba�e Lender`s
<br /> cvsts, against the lndebtedness. In furtheran�� af this rEght, Lender shall ha�e all the rights pro�ided for in the
<br /> Lender`s Right t❑ Recei�e and �allect Rents Se�tian, abo�e. �f the Rents are cvllected by Lender, then Grantar
<br /> irre�acabty designates Lender as Grantor's attorney-in-fact ta endorse instruments recei�ed in payment thereof in
<br /> the name of Grantor and to negotiate the same and col�ec� the pro�eeds� Payments by tenants ❑r other users to
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