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08.06.2008 200807162 File No. 16-471 Promissory Note. Any rent collected by Lender may be applied by Lender in its discretion in satisfaction of any such liability, loss, damage, claim, demand, costs, expense or fees. 4. EVENT OF DEFAULT. The following shall constitute an Event of Default hereunder: (a) the occurrence of an Event of Default under the Promissory Note, Mortgage or any other "Loan Document," as defined in the Promissory Note; (b) if at any time any representation or warranty made by Borrower in this Assignment shall be or become materially incorrect; (c) the breach of any agreement by Borrower under this Assignment. 5. ADDITIONAL RIGHTS AND REMEDIES OF LENDER. If an Event of Default occurs, Lender shall have the following rights and remedies, all of which are cumulative, in addition to all other rights and remedies provided under the Loan Documents, or any other agreement between Borrower and Lender, or otherwise available at law or in equity or by statute: (a) Lender shall be deemed to be the creditor of each tenant in respect of any assignments for the benefit of creditors and any bankruptcy, arrangement, reorganization, insolvency, dissolution, receivership or other debtor-relief proceedings affecting the tenant (without obligation on the part of Lender, however, to file timely claims in such proceedings or otherwise pursue creditor's rights therein); and (b) Lender shall have the right to assign Lender's right, title and interest under this Assignment in any of the Leases to any subsequent holder of the Promissory Note or any participating interest therein or to any person acquiring title to the Mortgaged Property or any part thereof through foreclosure or otherwise. Any subsequent assignee shall have all the rights and powers herein provided to Lender. 6. ADDITIONAL SECURITY. Lender may take or release other security for the payment of the indebtedness secured hereby, may release any party primarily or secondarily liable therefor and may apply any other security held by it to the satisfaction of such indebtedness, without prejudice to any of its rights under this Assignment. 7. ABSOLUTE ASSIGNMENT; RELEASE. (a) The assignment made hereby is an absolute and unconditional assignment of rights only, and not a delegation of duties. The execution and delivery hereof shall not in any way impair or diminish the obligations of Borrower under the provisions of each and every Lease nor shall any of the obligations contained in the Leases be imposed upon Lender. The assignment contained herein and all rights herein assigned to Lender shall cease and terminate as to all Leases: (i) upon the payment and satisfaction of all Secured Obligations; or (ii) upon the release of the Mortgaged Property subject to such Lease from the lien of the Mortgage covering such Mortgaged Property pursuant to the provisions of such Mortgage. (b) It is expressly understood that no judgment or decree that may be entered on any debt secured or intended to be secured by this Assignment shall operate to abrogate or lessen the effect of this Assignment, but that the same shall continue in full force and effect as herein provided. The provisions of this Assignment shall also remain in full force and effect during the pendency of any proceedings for the foreclosure and/or sale of the Mortgaged Property, or any part thereof, both before and after sale, until the issuance of a deed pursuant to a decree of foreclosure and/or sale, unless all indebtedness and obligations evidenced and secured hereby are fully satisfied pursuant to paragraph (a) of this Section. (c) In the event that this Assignment shall so terminate as to any Lease, Lender shall, upon the written request of Borrower, deliver to Borrower an instrument in recordable form releasing such Lease from this Assignment, and reassigning to Borrower the rights as to such Lease assigned hereby. Assignment of Rents and Leases, Page 4 #553519-v1