|
<br />ASSIGNMENT OF RENTS
<br />Loan No: OggqOqqq1 S (Continued) ~ o ~ ~ ~ ~ r~ O s~ Page 5
<br />Waiver of Right of Redemption. NOTWITHSTANDING ANY OF THE PROVISIONS TO THE. CONTRARY CONTAINED IN TH15
<br />ASSIGNMENT, GRANTOR HEREBY WAIVES ANY AND ALL RIGHTS OF REDEMPTION FROM SALE UNDER ANY ORDER OR
<br />JUDGMENT OF FORECLOSURE ON GRANTOR'S BEHALF AND ON BEHALF OF EACH AND EVERY PERSON, EXCEPT JUDGMENT
<br />CREDITORS OF GRANTOR, ACQUIRING ANY INTEREST IN OR TITLE TQ THE PROPERTY SUBSEQUENT 70 THE DATE OF THIS
<br />ASSIGNMENT.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Assignment. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms not otherwise defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />Assignment. The word "Assignment" means this ASSIGNMENT OF RENTS, as this AS51GNMtwNT OF REN7S may be amended or
<br />modified from time to time, together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from time to time.
<br />borrower. The word "Borrower" means HILLENDALE III, LLG; PEGGY M. SCHWADER TRUST; DALE M. SCHWADER TRU57; DALE
<br />M. SCHWADER; and PEGGY M. SCHWADER.
<br />Default. The word "Default" means the Default sat forth in this Assignment in the section titled "Default".
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Assignment in the default section
<br />of th(s Assignment.
<br />Grantor. The word "Grantor" means HILLENDALE III, LLC.
<br />Guaranty. The word "Guaranty"" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
<br />without limitation a guaranty of all or part of the Note.
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related Documents, together with all renewals of, extensions of, modifications pf, consolidations of and substitutions for the Note
<br />or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by
<br />Lender to enforce Grantor's obligations under this Assignment, together with interest on such amounts as provided in this
<br />Assignment. Specifically, without limitation, Indebtedness includes the future advances set forth in the Future Advances provision of
<br />this Assignment, together with all interest thereon.
<br />Lender. The word "Lender" means BANK OF THE WEST, its successors and assigns.
<br />Note. The word "Note" means the promissory note dated June 9, 2010, In the original principal amount of
<br />$2,522,448.66 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of,
<br />consolidations af, and substitutions far the promissory note or agreement.
<br />Property. The word "Property" means all of Grantor's right, title and interest in and to all the Property as described in the
<br />"Assignment" section of this Assignment.
<br />Related Documents. The wards "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
<br />agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other
<br />instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
<br />Rents. The word "Rents" means all of Grantor's present and future rights, title and interest in, to and under any and all present and
<br />future leases, including, without limitation, all rents, revenue, income, issues, royalties, bonuses, accounts receivable, cash or security
<br />deposits, advance rentals, profits and proceeds from the Property, and other payments and benefits derived or to be derived from such
<br />leases of every kind and nature, whether due now or later, including without limitation Grantor's right to enforce such leases and to
<br />receive and collect payment and proceeds thereunder.
<br />THE UNDERSIGNED ACKNOWLEDGE5 HAVING READ ALL THE PROVISIONS OF TWIS ASSIGNMENT, AND NOT PERSONALLY bU7 AS
<br />AN AUTHORIZED SIGNER, HAS CAUSEb THIS ASSIGNMENT TO liE 51GNEb ANp EXECUTED ON BEHALF OF GRANTOR ON JUNE 9,
<br />2010.
<br />GRANTOR:
<br />HI II, LLC ~
<br />b .~~~
<br />DALE M. SCHWADER, M aging ember of HILLENDALE III, LLC
<br />
|