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Loan No: 810084
<br />ASSIGNMENT OF RENTS 2 O 1 O O 8 O r� O page 2
<br />(Continued)
<br />No Requiremen# ta Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br />perfvrmed one or more of the foregoing acts or things shall not require Lender to do any othar specific act or thing.
<br />APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and
<br />Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents
<br />received by it; however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the
<br />Indebtedness. All expenditures made by Lender under this Assignment and not reimbursad frnm the Rents shall become a part of the
<br />Indebtedness secured by this Assignment, and shall be payable on demand, with interest at the Note rate from date of expenditure until
<br />paid.
<br />FULL P�FiFQRMANCE. If Grantvr pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor
<br />under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver tn Grantor a suitable satisfaction of this
<br />Assignment and suitabla statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and
<br />the Property. Any termination fee required 6y law shall be paid by Grantor, if permitted by applicabla law.
<br />LEND�R'S EXPENDITUFiES. If any action or proceeding is commsnced that would materially affect Lender's interest in the Property or if
<br />Grantor fails tq comply with any provision of this Assignment or any Related Documents, including but not limited to Grantor's failure to
<br />discharge or pay when due any amounts Grantor is required to discharge or psy under this Assignment or any Related Documents, Lender
<br />on Grantor's behalf may (but shall not be o6ligated to) take any action that Lender deems appropriate, including but not limited to
<br />discharging or paying all taxes, liens, security interests, encumbrances and other cl�ims, at any time levied or placed on the Rents or the
<br />Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lander for
<br />such purposes will then bear interest at the rate charged under the Note from the date incurred ar paid by Lender to the date of repayment
<br />by Grantor. All such expenses will become a par# of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be
<br />added to the balance of the Note and be apportioned among and 6e payable with any installment payments to become due during either
<br />(1► the term af any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will
<br />be due and paya6le at the Note's maturity. The Assignment also will secure payment of these amounts. Such right shall be in addition to
<br />all other rights and remedies to which Lender may be entitled upon Default.
<br />DEFAUI.T. Eaqh of the following, at Lender's option, shall constitute an Event of Default under this Assignment:
<br />Payment Default. Grantor fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Grantor fails to comply with or ta perform any other term, obligation, covenant ar condition contained in this
<br />Assignment or in any of the Related �ocuments or to comply with or to perform any term, obligation, covenant or condition contained
<br />in any other agreement between Lender and Grantor.
<br />Default on Other Payments. Failure of Grantor within the time required by this Assignment to make any payment for taxes or
<br />insurance, or any other payment nec�ssary to prevent filing of or to effect discharge of any lien.
<br />Default in Favor pf Third Parties. Grantor defaults under any loan, extension of credit, security agreement, purchase or sales
<br />agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or
<br />ability to perform Grantor's obligations under this Assignment or any of the Related Documents.
<br />False Statements. Any warranty, representatinn or statemant made or furnished to Lender by Grantor or on Grantor's behalf under
<br />this Assignment or the Ralated Documents is false or misleading in any material respect, aither now or a# the time made or furnished
<br />or becomes false or misleading at any time thereafter.
<br />Defective Collateralization. This Assignment or any of the Related Documents ceases to be in full force and effect (including fsilure of
<br />any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The death of Grantor, the insolvency of Grantnr, the appointment of a receiver for any part of Grantor's
<br />property, any assignment for the benefit of creditars, any type of creditor workout, or the commencement vf any proceeding under
<br />any bankruptcy or insolvency laws by or against Grantor.
<br />Creditor or Forfeiture Pracaedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
<br />repossassion or any other method, by any creditor of Grantor or by any governmental agency against tha Rents or any property
<br />securing the Indebtadness. This includes a garnishment �f any of Grantor's accounts, including deposit accounts, with Lender.
<br />However, this Event of Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the
<br />claim which is the basis of the creditor or fvrfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfaiture
<br />proceeding and deposits with Lender monies or a surety 6ond for the creditar or forfeiture proceeding, in an amount determined by
<br />Lender, in its sole discretion, as 6eing an adequate reserve or bond for the dispute.
<br />Property Damaga or Loss. The Property is lost, stolen, substantially damaged, sold, or borrowed against.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation
<br />party of any of tha Indebtedness or any guarantor, endorser, surety, or accommndation party dies or becomes incvmpetent, or
<br />revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<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 />Insecurity. Lender in goad feith believas itself insecure.
<br />RIGWTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise any
<br />one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:
<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 that Grantor would be required to pay.
<br />Collect Rqnts. Lender shall have the right, without notice to Grantor, to take possessivn of the Property and collect the Rents,
<br />including amounts past due and unpaid, and apply the net proceeds, over and a6ove Lender's costs, against the Indebtadness. In
<br />furtherance of this right, Lender shall have all the rights provided fnr in tha Lender's Right to Receive and Collect Rents Section,
<br />above. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse
<br />instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Paymants by
<br />tenants or other users to Lender in response to Lender's demand shell satisfy the obligations fvr which the payments are made,
<br />whether nr not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person,
<br />by agent, or through a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
<br />Election of Remedies. Election by Lender to pursue any remedy shall nvt exclude pursuit of any other remedy, and an election to make
<br />expenditures or to take action to perform an obligation of Grantor under this Assignment, after Grantor's failure to perform, shall nat
<br />affect L.ender's right to declare a default and exercise its r�medies,
<br />Attorneys' Fees; Expenses. IF Lender institutes any suit ar action to enforce any of the terms of this Assignment, Lsnder shall be
<br />antitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whather or not any
<br />court action is invalved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are
<br />necessery at any time for tha protection of its interest ar the enforcement af its rights shall becnme a pert of the Indebtedness payable
<br />on demend and shall bear interest at the Note rate from the date af the expenditure until repaid. Expenses coverad by this paragraph
<br />include, without limitation, howevar subject to any limits under applicable law, Lender's attorneys' fees and Lsnder's legal expenses,
<br />whethsr or not there is a lawsuit, including sttarneys' fees and expenses for bankruptcy prnceedings (including efforts to modify or
<br />vacate any automatic stay or injunction►, appeals, and any anticipated post-judgment collection servicas, the cost of searching
<br />records, obtaining title reports (including foreclosure reportsl, surveyors' reports, and appraisal fees, title insurance, and fees for the
<br />Trustee, to the extant permitted by applicable law. Grantor also will pay any court costs, in addition ta ell other sums provided by
<br />law.
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