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Loan No: 2811091
<br />201904130
<br />ASSIGNMENT OF RENTS
<br />(Continued) Page 3
<br />believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will
<br />then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment
<br />by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on
<br />demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment
<br />payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of
<br />the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The
<br />Assignment also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to
<br />any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender
<br />shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had.
<br />DEFAULT. At Lender's option, Grantor will be in default under this Assignment if any of the following happen:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Default on Other Payments. Failure of Grantor within the time required by this Assignment to make any payment
<br />for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any representation or statement made or furnished to Lender by Borrower or Grantor or on
<br />Borrower's or Grantor's behalf under this Assignment or the Related Documents is false or misleading in any
<br />material respect, either now or at the time made or furnished.
<br />Defective Collateralization. This Assignment or any of the Related Documents ceases to be in full force and effect
<br />(including failure of any collateral document to create a valid and perfected security interest or lien) at any time and
<br />for any reason.
<br />Death or Insolvency. The death of Borrower or Grantor, the insolvency of Borrower or Grantor, the appointment of
<br />a receiver for any part of Borrower's or Grantor's property, any assignment for the benefit of creditors, any type of
<br />creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
<br />Borrower or Grantor.
<br />Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of
<br />Borrower's or Grantor's property in which Lender has a lien. This includes taking of, garnishing of or levying on
<br />Borrower's or Grantor's accounts with Lender. However, if Borrower or Grantor disputes in good faith whether the
<br />claim on which the taking of the Property is based is valid or reasonable, and if Borrower or Grantor gives Lender
<br />written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the
<br />claim, then this default provision will not apply.
<br />Property Damage or Loss. The Property is lost, stolen, substantially damaged, sold, or borrowed against.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br />Indebtedness.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Cure Provisions. If any default, other than a default in payment, is curable and if Grantor has not been given a
<br />notice of a breach of the same provision of this Assignment within the preceding twelve (12) months, it may be
<br />cured if Grantor, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the
<br />default within ten (10) days; or (2) if the cure requires more than ten (10) days, immediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br />completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender
<br />may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided
<br />by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately
<br />due and payable, including any prepayment penalty that Borrower would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the
<br />Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
<br />above Lender's costs, against the Indebtedness. In furtherance of this right, Lender shall have all the rights
<br />provided for in the Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by
<br />Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in
<br />payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants
<br />or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are
<br />made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this
<br />subparagraph either in person, by agent, or through a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by
<br />law.
<br />Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or
<br />together. An election by Lender to choose any one remedy will not bar Lender from using any other remedy. If
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