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2� 17�2�99
<br /> ASSIGNMENT �F RENTS
<br /> Loan No: '1�'13�4'I�� �C�rltlrlued� Page 3
<br /> activn that Lender deems apprapriate, inc�uding but nat IimEted tv discharging ar paying all taxes, fiens, security
<br /> interests, en�umbrances and other c�aims, at any time �e�ied or plaeed ❑n th� Rents ❑r the Property and paying all costs
<br /> for insuring, maintaining and preser�ing the Property. All such expenditures incurred or paid by L�nder fvr such
<br /> purpvs�s will then bear interest at the rate charged under the Note from the date incurred vr paid by Lender tv the date
<br /> of repayment by Grantor. All such expenses will be�ame a part of the Indebtedness and, at Lender's option, will �A)
<br /> be payable an demand; tB} be added to the balance af the Nvte and be apportianed among and be payable with any
<br /> insta�lment paym�nts to become due during ei�her ��} the term vf any applicable insurance policy; qr ��� the
<br /> remaining term of the Nate; ar �C� be treated as a ballvon payment which will be due and payable at the Note's
<br /> maturity. The Assignment als� wil� secur� payment o#these amaunts. Such right shall be in addition to all flther rights
<br /> and remedies to which Lender may be entitled upan Default.
<br /> DEFAULT. Each ❑f th� follawing, at Lender's aption, shall �onstitute an E�ent of Default under this Assignment:
<br /> Payment Defauit. Grantor fails to make any payment when due under the Indebt�dness.
<br /> �ther Defaults. Grantor fails tv c�mply with vr ta p�rform any other term, obligativn, ca�enant or cvndition
<br /> cantained in this Assignment ❑r in any o� the Related ❑oeumen#s or to camply with or to perform any term,
<br /> vb�igati�n, �o�enant or�andition cantained ':n any other agreement between Lender and Grantor.
<br /> De�ault Qn Dther Payments. Fai�ure of Grant�r within the t�me required by this Assignment t❑ make any payment
<br /> for taxes ❑r insurance, ar any other payment necessary to pre�ent filing vf or tv �ffect discharge ❑f any lien.
<br /> Fal�e Statements. Any warranty, representation or statement made ❑r furnish�d to Lencler by G�antar or on
<br /> Grantor's behalf under this Assignment or the Related ❑acumen�s is fa�se or misleading in any material respe�t,
<br /> either now or at the time made or furnished or becames false ❑r misleading at any time thereafter.
<br /> Defe�ti�e Co�late�alization. This Assignment vr any of the Related Dv�uments ceases t❑ be in full force and effect
<br /> �including failure af any callateral dacument to create a �alid and perfected security interest or lieny at any time and
<br /> far any reason.
<br /> Death vr lnsol�ency. The death vf Grantar, the insvl�ency of Gran�or, the appaintmen�of a recei�er f�r any part vf
<br /> Grantor's pr�perty, any assignm�nt for the benefit of �redi�ors, any type af creditor wvrkaut, or the
<br /> commen�ement vf any proceeding under any bankruptcy ar insol�ency taws by or against Grantar.
<br /> Creditor or Forfeiture Rroceedings. Cammencement of foreclosure or #vrfeiture proceedings, whether by judicial
<br /> proceeding, self-help, repvssessian ❑r any❑ther method, by any creditar�f Grantar or by any ga�ernmental agency
<br /> against the F�ents or any praperty secur�ng the Indebtedness. This includes a garnishment vf any of Grantvr's
<br /> acc�unts, including deposit accaunts, with Lender. Howe�er, this E�ent ❑f ❑efault shall not apply if there is a
<br /> goad faith dispute by Grantor as ta the �alidi#y ar reasvnableness ❑f the �laim which is the basis of the creditar or
<br /> forfeiture praceeding and if Grantar gi�es Lender written no�i�e flf the creditor❑r#orfeiture proceeding and deposits
<br /> with Lender mon+es ar a surety band fvr the creditor ar f�rfeiture proceeding, in an amount determined by Lender,
<br /> in its s�le discretion, as being an adequate reserve ar bond for the dispute.
<br /> Property �amage or Loss. The Praperty is lost, stol�n, substantially damaged, sold, or borrawed against.
<br /> E�en#s Affe�ting Guarantor. Any of the preG�ding e�ents occurs with respect ta any guarantor, endorser, surety,
<br /> ar a�commvdatian party of any af th� In�leb�edness ar any guarantor, endarser, surety, vr accomm�dation party
<br /> dies or becomes incvmpetent, or re�akes vr disputes the �alidity of, or liabtiity under, any Guaranty of the
<br /> Indebtedness.
<br /> Adverse �hange. A material adverse change vccurs in Grantor's financial conditivn, or Lender belie�es the
<br /> prosRect of payment vr perfvrmance of the Indebtedness is impaired.
<br /> Insecurity. Lender in govd faith belie�es itself insecure.
<br /> Cure Pro�isi�ns. If any default, vther than a default in payment, is curable and if Grantvr has n�t be�n gi�en a
<br /> notice ❑f a brea�h ❑f the same pra�ision v� this Assignment within the preceding twel�e �1�} months, it may be
<br /> cu�ed if Gran�vr, after Lender sends writ�en notice tv Granto� d�manding cure vf su�h default: �1} cures the
<br /> default within fifteen {15} days; or {2} if the cure r�equires more than fifteen �15) days, immediately initiates steps
<br /> which Lender deems in Lender's safe discretivn ta be sufficient tfl cure tha detault and thereaft�r continues and
<br /> �ompletes all reasonabi� and necessary steps sufficient ta produce cvmplianc� as svan as reasanably pra�t�cal.
<br /> RIGHTS AN❑ REMEOIES �N DEFAULT, Upon the�ccurrence vf any E�ent a� Defau�t and at any time thereafter, Lender
<br /> may exercise any one ar more vf the failvwing rights and remedies, in additivn to any ather rights �r remedies pro�ided
<br /> by law:
<br /> A�celerate Indebtedness. Lender shall ha�e the right at its option co declare the entire Ind�btedness immediately
<br /> due and payable, includ�ng any prepayment penalty that Grantor would be r�quired to pay,
<br /> Colle�t Rents. Lender shall ha�e the right, withaut nflti�e to Grantar, t❑ take possession of the Praperty and
<br /> collect the Ren�s, including amounts past due and unpaid, and apply the net prviceeds, v�er and abo�e Lender's
<br /> �vsts, against th� Indebtedness. In furtherance ❑f this right, Lender shall ha�e all the rights pro�ided for in the
<br /> Lender's Right ta Recei�e and �vllect Rents Secti�n, aho�e. If the Rents are callected by Lender, then Grantor
<br /> irre�v�ably designates Lender as Grantor's attorney-in-fact to endorse instruments recei�ed in payment therevf in
<br /> the name �f Grantar and t� negotiate the same and cvllect the prviceeds. Payments by �enants flr other users to
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