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200400685 ASSIGNMENT OF RENTS
<br />(Continued) Page 2
<br />FULL PERFORMANCE. if Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor
<br />under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this
<br />Assignment and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the
<br />Property. Any termination fee required by law shall be paid by Grantor, if permitted by applicable law.
<br />LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
<br />fails to comply with any provision of this Assignment or any Related Documents, including but not limited to Grantor's failure to discharge or pay
<br />when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents, Lender on Grantor's behalf may
<br />(but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens,
<br />security interests, encumbrances and other claims, at any time levied or placed on the Rents or the Property and paying all costs for insuring,
<br />maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate
<br />charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of
<br />the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
<br />and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining
<br />term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Assignment also will secure
<br />payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default.
<br />DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment:
<br />Payment Default. Grantor fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Assignment or
<br />in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other
<br />agreement between Lender and Grantor.
<br />Default on Other Payments. Failure of Grantor within the time required by this Assignment to make any payment for taxes or insurance, or
<br />any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Default in Favor of Third Parties. Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or
<br />any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to
<br />perform Grantor's obligations under this Assignment or any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this
<br />Assignment or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
<br />false or misleading at any time thereafter.
<br />Defective Collateralization. This Assignment or any of the Related Documents ceases to be in full force and effect (including failure of any
<br />collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The dissolution of Grantor's (regardless of whether election to continue is made), any member withdraws from the
<br />limited liability company, or any other termination of Grantor's existence as a going business or the death of any member, the insolvency of
<br />Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor
<br />workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self —help,
<br />repossession or any other method, by any creditor of Grantor or by any governmental agency against the Rents or any property securing the
<br />Indebtedness. This includes a garnishment of any of Grantor's accounts, including deposit accounts, with Lender. However, this Event of
<br />Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the
<br />creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender
<br />monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an
<br />adequate reserve or bond for the dispute.
<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 of any of the Indebtedness or any
<br />Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the
<br />event of a death, Lender, at its option, may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the
<br />obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default.
<br />Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<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 notice of a breach of the
<br />same provision of this Assignment within the preceding twelve (12) months, it may be cured (and no event of default will have occurred) if
<br />Grantor, after receiving written notice from Lender demanding cure of such default: (1) cures the default within fourteen (14) days; or (2) if
<br />the cure requires more than fourteen (14) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to
<br />cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as
<br />reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise any one
<br />or more of the following rights and remedies, in addition to any other rights or remedies provided by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately due and payable,
<br />including any prepayment penalty which Grantor would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the Rents, including
<br />amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this
<br />right, Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section, above. If the Rents are
<br />collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney —in —fact to endorse instruments received in payment
<br />thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in
<br />response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the
<br />demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver.
<br />Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
<br />power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property
<br />and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if
<br />permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the
<br />Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
<br />expenditures or to take action to perform an obligation of Grantor under this Assignment, after Grantor's failure to perform, shall not affect
<br />Lender's right to declare a default and exercise its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to
<br />recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is
<br />involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time
<br />for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
<br />interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation,
<br />however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit,
<br />including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction),
<br />appeals, and any anticipated post — judgment collection services, the cost of searching records, obtaining title reports (including foreclosure
<br />reports), surveyors' reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. Grantor
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