200408871
<br />execution of this Instrument there has been no anticipation or prepayment of any of the rents or revenues of the
<br />Property for more than one (1) month prior to the due dates of the same. Borrower covenants that Borrower will not
<br />hereafter collect or accept payment of any rents or revenues of the Property more than one (1) month prior to the due
<br />date of the same. Borrower further covenants that Borrower will execute and deliver to Lender such further
<br />assignments of rents and revenues of the Property as Lender may from time to time request.
<br />Upon Borrower's breach of any covenant or agreement of Borrower in this Instrument, which is not cured
<br />within any applicable cure period, Lender may, in person, by agent or by a court appointed receiver, regardless of
<br />the adequacy of Lender's security, enter upon and take possession and maintain full control of the Property in order
<br />to perform all acts necessary and appropriate for the operation and maintenance thereof and the conducting thereon
<br />of any business or businesses then being conducted by Borrower including, but not limited to, the execution or
<br />modification of leases, the collection of all rents and revenues of the Property, the making of repairs to the Property
<br />and the execution or termination of contracts providing for the management or maintenance of the Property or the
<br />conducting of such businesses thereon, all on such terms as are deemed best to protect the security of this
<br />Instrument. In the event Lender elects to seek the appointment of a receiver for the Property upon Borrower's
<br />breach of any covenant or agreement of Borrower in this Instrument, which is not cured within any applicable cure
<br />period, such shall be appointed as provided in Paragraph 20 below. Lender or the receiver shall be entitled to
<br />receive a reasonable fee for so managing the Property.
<br />All rents and revenues collected subsequent to delivery of written notice by Lender to Borrower of the
<br />breach by Borrower of any covenant or agreement of Borrower in this Instrument shall be applied first to the cost, if
<br />any, of taking control of and managing the Property and collecting the rents and revenues, including, but not limited
<br />to, attorneys' fees, receiver's fees, premiums on receiver's bonds, costs of repairs to the Property, premiums on
<br />insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation
<br />or liability of Borrower as lessor or landlord of the Property, and then to the sums secured by this Instrument.
<br />Lender or the receiver shall have access to the books and records used in the operation and maintenance of the
<br />Property and shall be liable to account only for those rents and revenues actually received.
<br />If the rents and revenues of the Property are not sufficient to meet the costs, if any, of taking control of and
<br />managing the Property and collecting the same, any funds expended by Lender for such purposes shall become
<br />indebtedness of Borrower to Lender secured by this Instrument pursuant to the terms hereof. Unless Lender and
<br />Borrower agree in writing to other terms of payment, such amounts shall be immediately due and payable by
<br />Borrower and shall bear interest from the date of disbursement at the default rate stated under the terms of the Note.
<br />Any entering upon and taking and maintaining of control of the Property by Lender or the receiver and any
<br />application of rents and revenues as provided herein shall not cure or waive any default hereunder or invalidate any
<br />other right or remedy of Lender under applicable law or provided herein. This assignment of rents and revenues of
<br />the Property shall terminate at such time as this Instrument ceases to secure indebtedness held by Lender.
<br />18. ACCELERATION IN CASE OF BORROWER'S INSOLVENCY. If Borrower shall
<br />voluntarily file a petition under the United States Bankruptcy Code, as such Code may from time to time be
<br />amended, or under any similar successor federal statute relating to bankruptcy, insolvency, arrangements or
<br />reorganizations, or under any state bankruptcy or insolvency act, or file an answer in an involuntary proceeding
<br />admitting insolvency or inability to pay debts, or if Borrower shall fail to obtain a vacation or stay of involuntary
<br />proceedings brought for the reorganization, dissolution or liquidation of Borrower within sixty (60) days from the
<br />commencement of such proceedings, or if Borrower shall be adjudged a bankrupt, or if a trustee or receiver shall be
<br />appointed for Borrower or Borrower's property, or if the Property shall become subject to the jurisdiction of a
<br />federal bankruptcy court or similar state court, or if Borrower shall make an assignment for the benefit of Borrower's
<br />creditors, or if there is an attachment, execution or other judicial seizure of any portion of Borrower's assets and
<br />such seizure is not discharged within ten (10) days, then Lender may, at Lender's option, declare all of the sums
<br />secured by this Instrument to be immediately due and payable without prior notice to Borrower, and Lender may
<br />invoke any remedies permitted by this Instrument. Furthermore, Lender shall be entitled to relief from any
<br />automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, on or against the exercise of the
<br />rights and remedies otherwise available to Lender, and Borrower hereby waives the benefits of such automatic stay
<br />and consents and agrees to raise no objection to such relief. Any attorneys' fees and other expenses incurred by
<br />156698 -1 - 9 -
<br />
|