Laserfiche WebLink
<br />Loan No: 600/2951 <br /> <br />ASSIGNMENT OF RENTS <br />(Continued) <br /> <br />200706815 <br /> <br />4 <br /> <br />Page 3 <br /> <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. <br /> <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 /> <br />Insecurity. Lender in good faith believes itself insecure. <br /> <br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise anyone <br />or more of the following rights and remedies, in addition to any other rights or remedies provided by law; <br /> <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 /> <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 /> <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 /> <br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by law. <br /> <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 pertorm an obligation of Grantor under this Assignment, after Grantor's failure to pertorm, shall not affect <br />Lender's right to declare a default and exercise its remedies. <br /> <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 <br />also will pay any court costs, in addition to all other sums provided by law. <br /> <br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Assignment <br /> <br />Amendments. This Assignment, together with any Related Documents, constitutes the entire understanding and agreement of the parties as <br />to the matters set forth in this Assignment. No alteration of or amendment to this Assignment shall be effective unless given in writing and <br />signed by the party or parties sought to be charged or bound by the alteration or amendment. <br /> <br />Caption Headings. Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the <br />provisions of this Assignment. <br /> <br />Governing Law. WIth respect to procedural matters related to the perfection and enforcement of Lender's rights against the <br />Property, this Assignment will be governed by federal law applicable to Lender and to the extent not preempted by federal law, the <br />laws of the State of Nebraska. In all other respects, this Assignment will be governed by federal law applicable to Lender and, to the <br />extent not preempted by federal law, the laws of the State of illinois without regard to Its conflicts of law provisions. However, If <br />there ever is a question about whether any provision of this Assignment Is valid or enforceable, the provision that Is questioned will <br />be governed by whichever state or federal law would find the provision to be valid and enforceable. The loan transaction that Is <br />evidenced by the Note and this Assignment has been applied for, considered, approved and made, and all necessary loan <br />documents have been accepted by Lender In the State of Illinois. <br /> <br />Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Peoria County, <br />State of Illinois. <br /> <br />Merger. There shall be no merger of the interest or estate created by this assignment with any other interest or estate in the Property at any <br />time held by or for the benefit of Lender in any capacity, without the written consent of Lender. <br /> <br />Interpretation. (1) In all cases where there is more than one Borrower or Grantor, then all words used in this Assignment in the singular <br />shall be deemed to have been used in the plural where the context and construction so require. (2) If more than one person signs this <br />Assignment as "Grantor," the obligations of each Grantor are joint and several. This means that if Lender brings a lawsuit, Lender may sue <br />anyone or more of the Grantors. If Borrower and Grantor are not the same person, Lender need not sue Borrower first, and that Borrower <br />need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for convenience purposes only. <br />They are not to be used to interpret or define the provisions of this Assignment. <br /> <br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing <br />and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other <br />right. A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's right otherwise to demand <br /> <br />'"' ~ <br /> <br />. , <br />