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2� 1 7�2�97
<br /> ASSIGNMENT �F RENTS
<br /> Lvan No: 1��3�383� �Corltlrlued} Page 3
<br /> for insuring, maintaining and preser�ing the Praperty. Af! such expenditures incurred or paid k�y Lender for su�h
<br /> purposes will then bear interest at the rate charged under the Note frvm the date incurred or paid by Lender ta the date
<br /> of repayment by Grantvr. All such expenses will he�ome a part �f the Indebtedness and, at Lender's aption, wifl �A�
<br /> be payable ❑n demand; �B} be added to the balance ❑f the Note and be apportioned amang and be payable with any
<br /> installment payments ta became due during �ither �1} the term �f any applicable insurance pv�icy; or ��� the
<br /> remaining term vf the Note; or tG� be treated as a ba!lovn payment which v►rill be due and payabl� at the Nate's
<br /> maturity. The Asstgnment afso will secure payment of these amvunts. 5u�h right shall be in addition ta all ather rights
<br /> and remedies to which Lender may be entitled upan �efault.
<br /> DEFAULT. Each of the fall�wing, at Lender's vptian, shai� constitu�e an E�ent of Default under this Assignment:
<br /> Payment Default. Grantor fails to make any payment when due under the lndebtedness.
<br /> �]ther Qefaui�s. Grantor fails ta �amply with or to perform any other term, abligatian, cv�enant or conditian
<br /> contained in this Assignment vr in any of the Related Documents or tQ comply with or tv perfarm any term,
<br /> obligation, ca�enant or condition �vntained in any other agreement between Lender and Grantar.
<br /> Def�ult on ❑ther Payments. Failure of Grantar within the time required by this Assignment t❑ mak� any payment
<br /> for taxes or insurance, ❑r any ❑ther payment necessary to pre�ent filing of vr to effect discharge of any�ien.
<br /> False 5tatements. Any warranty, representatian ❑r statement made or furnished ta Lender by �rantar vr on
<br /> G rantvr's behalf under this Assignment or the Related Documents is false �r m�sleading in any material respect,
<br /> either nvw or at the time made ❑r furnished or becomes false ❑r misleading a� any time thereafter.
<br /> Defecti►►e �ollateralization. This Assignment or any af the Related Documents ceases to be in fu[I fv�ce and effe�t
<br /> �including failure of any coliateral d�cument to create a �a�id and perfected security interest or lienf at any time and
<br /> for any reasan.
<br /> Death or Insvl�ency. The d�ath of Grantar, the ins�l�ency of�rantvr, the appointment af a recei�er far any part of
<br /> Grantor's proper�y, any assignment for the benefit of creditors, any type of �reditar workvut, ar the
<br /> commen�ement of any praceeding under any bankruptcy o�insol�ency laws by�r against Grantor.
<br /> �redi#or o� Forfeiture Praceedings. Commen�ement ❑f fvreclosure or farfeiture praceedings, whethe� by judicial
<br /> proceeding, sel�-help, repossession or any other method, by any creditvr af Crantor vr by any go�ernmental agen�y
<br /> against the Rents a� any praperty s�curing the Indebtedn�ss. This includes a garn�shm�nt �f any of Grantvr's
<br /> accaunts, in�iuding depasit accounts, with Lender. H�we�er, this E�ent of Default shalf not apply if there is a
<br /> good faith dispute by Grantar as to the �ai�dity ❑r reasonahleness ❑f the claim which is the basis of the creditar vr
<br /> forfeiture proceeding and if Grantor gi�es Lender written nvtice vf the creditor or forfeiture prflceeding and depasits
<br /> with Lender monies ❑r a surety band far the creditor vr forfeiture proceeding, in an amount determined by Lender,
<br /> in its sole discreti�n, as b�ing an adequate reser�e or bond for the d�spute.
<br /> Proper#y Damage or Lvss. The Prvperty is Evst, stolen, substantially damaged, sald, or bvrrawed against.
<br /> E�ents AfFecting Guarantar. Any of the preceding e�ents ❑�curs with respe�t to any guaran�or, endars�r, surety,
<br /> ar accommadatian party of any af the fndebtedness ❑r any guaran#ar, endorser, surety, ❑r a�cflmmodation party
<br /> di�s or be�omes incompetent, vr re�vkes or disputes the �alidity ❑f, or liability under, any Guaranty of the
<br /> Indebtedness.
<br /> Adve�se Change. A materiaE ad�erse change occurs in �rantvr's #inan�ial conditinn, nr Lender belie�es the
<br /> prospect c�f payment ar perf�rmanc� of the lndebtedness is impaired,
<br /> InseGurity. Lender in gaod faith belie�es itself insecure.
<br /> �ure Pra�isions. If any defau(t, other than a de#ault in paymen�, is curab�e and if Grantor has nat been gi�en a
<br /> notice �f a br�ach of the same pro�isifln ❑f this Assignment within the preceding twel�e �12y manths, it may be
<br /> cured if Grantor, a�ter Lender sends written natice to Grantor demanding cure ❑f su�h default: t1} �ures the
<br /> default within fifteen �15� days; or �2� ifi the �ure requires more than fifteen {15� days, immediately initiates steps
<br /> which Lender deems in Lender's sale discretion to be suf#icient tv cure the default and th�reafter cvntinues and
<br /> completes a!� reasonable and necessary steps suffi�ient to produce �omplianc� as soon as reasonab�y practical.
<br /> Rl�HTS AND RENfEDIES UN ❑EFAULT. Upon the occurrence�f any Event❑f []efault and at any time thereafter, Lender
<br /> may exercis� any on� ar more o#the fallowing rights and rernedie�, in addition to any other r�ghts flr remedies pr��ided
<br /> by law:
<br /> Accelerate Indebtedness. Lender sha11 ha�e the right at its option t❑ declare the entire Indebtedness immediately
<br /> due and payable, including any prepayment penalty#hat Grantor would be required to pay.
<br /> Co11e�t Rents. Lender shall ha�e the right, withvut notice t❑ Grantor, ta take passessian of ths Property and
<br /> collect the Rents, in��uding amounts past due and unpaid, and apply the n�t praeeeds, o�er and abfl�e Lender's
<br /> costs, against �he indebtedness. �n furtherance of this right, Lender shall ha�e alf the rights pro�ided fvr in the
<br /> Lender's Right to Recei�e and Callect Rsnts Sectivn, abo�e. If the R�nts are collected �y Lender, then Grantor
<br /> irre�ocably designates Lender as Grantvr's attarney-in-fact t❑ endarse instruments recei�ed in payment thereaf in
<br /> the name of Grantor and to negvtiate the same and callect the proceeds. Payments by tenants or ❑ther users to
<br /> Lender in response tv Lender's demand shall satisfy the abligations for which the payments are made, whether or
<br /> n�t any proper grvunds for the demand existed, Lender may exercise its �ights under this subparagraph ei�her in
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