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MORTGAGE 9 9 110 6 9 9 page 5
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<br /> Payment Default. Grantor fails to make any payment when due under the Indebtedness.
<br /> Default on Other Payments. Failure of Grantor within the time required by this Mortgage 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 /> Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner
<br /> provided in this Mortgage or in any agreement related to this Mortgage.
<br /> False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage,the
<br /> Note,or the Related Documents is false or misleading in any material respect,either now or at the time made or furnished.
<br /> Defective Collateralization. This Mortgage 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 death of Grantor,the insolvency of Grantor,the appointment of a receiver for any part of Grantor's property,any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency laws by or against Grantor. However,the death of any Grantor will not be an Event of Default if as a result of the death of Grantor
<br /> the Indebtedness is fully covered by credit life insurance.
<br /> Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor's property in which
<br /> Lender has a lien. This includes taking of,garnishing of or levying on Grantor's accounts with Lender. However,if Grantor disputes in good
<br /> faith whether the claim on which the taking of the Property is based is valid or reasonable,and if Grantor gives Lender written notice of the
<br /> claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim,then this default provision will not apply.
<br /> Existing Indebtedness. The payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time
<br /> required by the promissory note evidencing such indebtedness, or a default occurs under the instrument securing such indebtedness and is
<br /> not cured during any applicable grace period in such instrument,or any suit or other action is commenced to foreclose any existing lien on
<br /> the Property.
<br /> Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not
<br /> remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other
<br /> obligation of Grantor to Lender,whether existing now or later.
<br /> Events Aftecting Guarantor. Any of the preceding events occurs with respect to any guarantor,endorser,surety, or accommodation party
<br /> of any of the Indebtedness or any guarantor,endorser,surety,or accommodation party dies or becomes incompetent,or revokes or disputes
<br /> the validity of,or liability under,any Guaranty of the Indebtedness.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter,Lender,at Lender's option, may
<br /> exercise any one 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 /> UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br /> under the Uniform Commercial Code.
<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 may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. 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 prgpir 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 sil or any part of the Property, with the
<br /> power to protect and preserve the Properiy,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 /> Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
<br /> Nonjudicial Sale. If permitted by applicable law,Lender may foreclose Grantor's interest in all or in any part of the Personal Property or the
<br /> Real Property by non—judicial sale.
<br /> Deficiency Judgment. If permitted by applicable law,Lender may obtain a judgment for any deficiency remaining in the Indebtedness due
<br /> to Lender after application of all amounts received from the exercise of the rights provided in this section.
<br /> Tenancy at Suiferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
<br /> becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
<br /> purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
<br /> Property immediately upon the demand of Lender.
<br /> Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
<br /> Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the property marshalled.
<br /> In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by
<br /> separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
<br /> Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
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