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200400767 12. HEIRS, SUCCESSORS AND ASSIGNS. Subject to the limitations elsewhere contained in this Assignment, the terms of this Assignment shall be binding upon and inure to the benefit of the heirs, successors and assigns of Borrower and Lender, including without limitation, any subsequent owner of the Property. There shall be no third parry beneficiaries of this Assignment. 13. TIME. Time is of the essence of each term of this Assignment. 14. HEADINGS. All headings appearing in this Assignment are for convenience only and shall be disregarded in construing the substantive provisions of this Assignment. 15. LAW. This Assignment shall be governed by and construed in accordance with the Laws of the State in which the Property is located, except to the extent that Federal laws or the rules and regulations of the Office of Thrift Supervision, or its successor, preempt the laws of the State in which the Property is located, in which case Lender shall be entitled to such Federal rights and remedies without regard to conflicting limitation imposed by State law. 16. SEVERABILITY. In the event any one of the provisions contained in this Assignment shall for any reason be held to be invalid, illegal or unenforceable in any respect under applicable law, such invalidity, illegality or unenforceability, at the option of Lender, shall not effect any other provision of this Assignment, but this Assignment shall be construed as if such invalid, illegal or unenforceable provision has never been contained herein. 17. WAIVER. Nothing contained in this Assignment, and no act done or omitted by Lender pursuant to the powers and rights granted Lender, shall be deemed to be a waiver by Lender of its rights and remedies under the other Loan Documents; and this Assignment is made and accepted without prejudice to any of the rights and remedies possessed by Lender under the terms of the other Loan Documents. The rights and remedies of Lender under this Assignment are cumulative, and no exercise of any right or remedy shall preclude the exercise of any other right or remedy or the later exercise of the same right or remedy. Waivers and approvals under this Assignment must be in writing to be effective; and, unless expressly stated, waivers and approvals shall apply only to the specific circumstances addressed. No waiver under this Assignment shall operate under any of the other Loan Documents. 18. SATISFACTION. Upon payment in full of all indebtedness secured by this Assignment, this Assignment shall terminate and be of no further effect; but the affidavit of any officer of Lender showing that any part of said indebtedness remains unpaid shall be conclusive evidence of the validity, effectiveness and continuing force of this Assignment; and any person may, and is hereby authorized to rely upon any such affidavit. 19. INTEREST. In the event Lender expends funds on behalf of Borrower in exercising any of Lender's rights or remedies under this Assignment, such sums, including attorneys' fees, shall be secured by this Assignment and the other Loan Documents, and any such sums shall bear interest at TWELVE percent (12.00 %) per annum until reimbursed by Borrower to Lender. 20. OTHER SECURITY. Lender may take or release other security for the payment of the indebtedness secured by this Assignment, and Lender may release any parry primarily or secondarily liable for the payment of any such indebtedness and may apply any other security held by Lender to the satisfaction of such indebtedness without prejudice to any of Lender's rights under this Assignment. 21. DEFINITION. The terms "lessor" and "lessors" as used in this Assignment shall include all landlords, licensors and other parties in a similar position with respect to the Leases. The term 7