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200804907 ASSIGNMENT OF RENTS (Continued) Page 2 the Property. Any termlnBtlon fee requited by law ahall be paid by Grantor, If permitted by applicable law. LENDER'S EXPENDITURES. If 8IlY action or proceedlng la commancad that would mlllllrlany affact lender'a int1lt88t In the Property or if Grantor fails to comply with any provision of tIIia Aaslgnment or _ Rel&t$d Doc"""'nta. Includlng but not limited to Grantor'e failure to dlachaJya or pay when due any amounta Grantor is required to d1acharga or pay under thI8 Aaslgnment or any Related DocUlTlllnta, lender on Grantor'a behalf may lbut ahan not be obllgatad tol take any action that lender de8ma appropriate, Including but not limited to dlacherginu or paying an taxas, 1Ien8, aacurity 1_, enoumbrance8 and other clalma, at any time levied or placed on the Renta or the Property and peying all c08l8 for lnauring, maintaining and preaervlng the Proparty. All auch expendlturaa Incurrad or paid by lender for auch _ wiD then beer inter88t at the rate charged under the Note from the date lncurrad or paid by Lander to the date of repayment by Grantor. All auch expenaea will become a part of the Indebted..... end, at Lender'a option, will IA) be payable on demand; (B) be added 10 the balanca of the Note and be eppor1loned among and be payabla with any installment payments 10 become due during either (1) the lIIrm of any applicebla Insurance polley; or 121 the remaining lIIrm of the Nota; or ICl be treated lIlI a belloon paymant which will be due and payable at the Note's metlWlty. The Aaslgnment alac will aacure payment of these amounts. Such right sheA be In eddltlon to ell other rlghtlland remediea to which lender may be entlded upon Default. DEFAULT. Each of the following, at Lender'a option, shall conatltuta an Event of D9fault under thla Aaslgnment: Payment Debult. Grantor falle 10 make any payment when due under the Indebtedneea. 0.-. Defaulte. Grantor falle to comply with or to perform any other term, obligation, covanant or condition contained in this Aaslgnment or in any of the Related Document8 or to cornply with or to parform any term, obligation, oovenant or C(lIIdllion contained In any other ag""""..nt between lender and Grantor. o.tauIt on 0.-. PeymenIa. Fellure of Gr~r within the time required by 'this Aaslgnmant to maka any payment for taxaa or Insurance. or any other payment necessary to prevent flflng of or to effect dlacharge of any li..n. Default In Favor of ThInI.......... Any guarantor or Grantor defaults under any loan, extaneion of credit, eecurity agreement, purchase or 881es agreement, or any other agr..emant, In favor of any other creditor 0, parson that may materi..lly affect eny of 8IlY guarentor'a Or Grantor's proparty or ability to parform. their reepactlve obllgatlona under this Asalgnment or any of the Rel81lld Documants. FaI8e htamenta. Any warranty, rapr888ntatlon or atatement made or furnished to Lender by Grantor or on Grantor's behalf under this Asalgnment or the Related Documente is false or misleading In eny m81llrlal respect, either nOw or at the time made or furnished or becom"" faille or ml8laadlng at any time thereefter. DefecIlve Collataralz8llon. Thill Asalgnment or any of the Related Documente ceaaea to be In full forca and 9ffect (lnoluding failure of 8IlY collateral document to create .. valid and jJarfeclltd aacurlty Int1Itaat or lian) at any time and for any reaSOn. DelIlh or 1naoIvancy. The diellolution of Grantor's (regerdle88 of whether electlon to contlnue ill medel, any member wlthdrawa from the limited liability company, or any other tatmlnation of Grantor'a existance aa a going busln8ll8 or the death of any member, the Insolvency of Grantor, the appointment of a receiver for any part of Grantor'a property, any aaslgnment for the baneflt of cradltora, any type of creditor workout, or the commencement of any prooeeding under any bankruptcy or Insolvency lawa by or egalnst Grantor. I CredItor or Forfalllml ....,.,....... Commencement of foracl08ure or forfehllre proceedings, whether by Judicial prOOflfldlng, self-help, repoasasaion Or any other method, by any creditor of Grantor or by any governmental agency against the Rent8 or _ prOparty aacuring thelndebtadness. This Includes If garnishment of any of Grantor'a accounts, Including depOeit accounts. with lender. However, this Event of Default shall not apply If there Is a good faith disputa by Grantor ..a 10 the validity or raasonabl.......... of the olaim which is. the basls of the creditor or forfehllre proceeding and if Grantor givelJ Lender wrlttan notice of the creditor or forfeiture proceed1ng and depOalta with lender monies. or a eursty bond for the creditor or forfeiture proceeding, In an amount determined by Lender, In Its sole dlacratlon, aa being an edequate reserve or bond for the dlapu1ll. Property Dernage or Leas. The Property Ie (oat, lItolan, aubatantlally damaged, sold, or borrowed against. Eventa Aff8ctlng G_. Any of the preceding _ occura with reapact to any Guarantor of any of the Indebtednesa or any Guarantor dies or becomllll incompetent, or revokaa or dis~ the validity of, or liability under, eny Guaranty of tha Indebtednellll. ~ Change. A rnaI8IIal adverse change occurs in Grantor'a financial oondllion, or lender believes the prospect of payment or performance of the Indebtad"""" Ie Impaired. ~. lender In good faith ballevaa iteelflneecure. RIGHTS AND REMEDIES ON DEFAULT. UpOn the occurrence of any Event of Default and at any time there_r, Lender may exerclH any one or more of the following rightll and remedies, In addition to any other rights Or remedies provided by law: ~~. Lender ahall have the right at Ita option to declere the entire lndeblltdnaae Immediately due and payable, including any prapaymenl penalty that Grantor would be required to pay. Collect Renta. Lender ehall have the right, without notice 10 Grantor. to take pC8888alon of the Property and collect the Rents, including amounts P88t due end unpaid, and'epply the net procaada, over and above Lender'a Costa, agalnat the Indebtednea... In furtheranoe of this right, lender ahaD have all tha rights provided for In the lender's Right to Receive and Collect Rents Section, above. If the Rents are coll8C1ltd by lender. than GranlDr Irrevocably deelgnatee lender 88 Grantor'a attorney-In-feet to endorse inatruments received In payment thereof In the name of Grantor and to negOtiate the 88me and collect the proceeda. Paymenta by tenants or other users to Lender In .....po""" to Lender'a demand ahall aatisfy the obHgatlons for which the payments ere mede, whether or not any proper grounda for the demand axl81lld. Lendar may axerclsa Its rights under this subparagraph either In paraen, by agent, or through e _. Appoint _. lender ahall have the right to heve .. receiver appointed to take poasaaalon of ell or any part of the Property, with the pOwer 10 protact and pI"......rve the Property, to oparallt the Property preceding foreclosure or eele. end to collect the Rents from the Property end apply the proceeds, over and above the coat of tha recslvershlp, egainat the Indebtedneee. The receiver may ...rve without bond If permlttad by law. Lender'a rillht to the appointmant of a recelver &h..1I exl8t whather or not the apparent value of the Property exceeds tha Indebted..... by a subatentlal aJnOunt. Employment. by lender shall not dlaqualify aparaon from ...rving lIlI a receiver. au- RemedIH. Lender ahaH have all other rights and remadles provided In _ Asalgnment or the Nota or by law. BecIIon of RamadIaa. Election by Lender to pureue any remedy ahall not exclude pursuit of any other remedy. and an electlon 10 make axpandhllr88 Or to take aotion to perform an bbllgatlon of Grantor under this Aaaignmant, _r Grantor's failure 10 parform, shsll not affect Lender's right to declera a d9f..ult and exercise ita remedlaa. Atanaye' Feaa; ~_ If lender 1nat/tUlllB any suit or action 10 enforce any of the terms of this Asalgnmem, Lender ahall be entitled to recover such awn 88 the court may, adjudge reaaonable 88 attomeyS' fees at trial and upOn any appaal. Whether or not any court aotlon Is Involved, and 10 the extant nqt prohlbllltd by law, ail reasonable axpansea lendar Incura that In Lander'a Opinion ere necessary at any time for the pr01IICtIon of Its ,Intaraat Or the enforcamem of Ita rights ahall become a part of the Indablednaaa P8ySble on demand and ahall beer lmarast at the Note rate from the data of the expenditure umll repaid. Expanaes covered by this paragraph include, without limitation, how_ subject to any limits under applicable law, lender's attorneYII' f888 end lender'e legal expanses, whether or not there la alawauft, Including attomaye' fees and expanses for bankruptcy proceedlnga (Including efforts to modify or vacate any automatlc atey or injunotlon), "ppeeis, and eny anticipated po8t..Judgment colleotlon eervioee, the coat of eearchlng recorda, obtaining title reportlIllncludlng forecloaura reportel. aurveyors' reports, and appraieal fees, tItIa Insurance, and fees for the Trustee, 10 the extant permitted by applicable law. Grantor ....0 will pay any court 00818, In addition to ell other ..urns provided by law. MISCB..LANEOUS PROVl8lONS. The foUowlng mlscailaneous provisions era .. part of thla Aaslgnment: AnIeo,*,-. This Aasignrnem, together with any Related Documents, conetltutae the entire underalltndlng and agreement of the parties as to th.. maners aat forth in this Aaslgnmant. No altaratlon of or amendment to thla Aaalgnment ahall be. effectlve un....s given in writing and signed by the party or partlaa sought 10 be charged or bound by the altaratlon or amendment.