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�0110647�
<br />ASS[GNMENT �F RENTS
<br />Loan Na: 9009 (Continuedj Page 3
<br />shall be in addition to all other rights and remedies to whioh Lender may be entitled upon Defauit.
<br />QEFAULT, Each of the lollowing, at Lender's opYson, shall constitute en EvBnt of Default under this Assignment:
<br />payment Defiault. Gra�tor fails to make any payment when due under;he lndebtedness.
<br />Qther Dmfaults. Granior fails to comply with or to pe�form any other term, obligation, covsnant or condition
<br />conteined in this Assignment or in any of ihe Releted Oocuments or to comply with or to perform any te�m,
<br />obligation, covenant or condition contained 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
<br />for taxes or insuranoe, or any oiher p8yment necessary to prevent filing oi or io 8ffect disCharge of any lien.
<br />Defauit fn Favar of 7hird Aarties. Any guarantor or Gtantor defaults under any loan, extension of credit, security
<br />agreament, purchase or sales agreement, or any other agreement, ln tavor of any other creditor or person that may
<br />materiaily aifect any of 8ny guarantor's or Grantor's property or ability to perform their respective obligations under
<br />this Assignment or any of the Related Rocuments.
<br />False $tatements. Any warraniy, representation or steisment made or furnished io Lender by Csrantor or on
<br />Grantor's behalf undet this Assignment or the Relaied Qocuments is false or misleading in any material respsct,
<br />either now or at the time made or furnished or becomes false o� misleading ai any time thereafter.
<br />Defective Collateralizatian. This Assignment or eny of the Related Documents aeases to ba in full force and effect
<br />(including faiiure of any collateral dacument to create a valid and perfected seaurity interest or lien) at any time and
<br />for any reason.
<br />Insolvency. The d'sssolution or termtnation of Grantor's existence as a going business, tha insolvency of Grantor,
<br />the appointment of a reoeiver for any part of Grantor's property, any assignment for the bene{it of creditors, any
<br />type of creditar workout, or the commencement o# any proceeding under any bankrupicy or inso�vency laws by or
<br />against Grantor.
<br />Cre�tor or Farfeiture Proceedings. Commencement of torecEosure ar forfeiture proceedings, whether by judicial
<br />proceeding, salf-help, repossession or any other method, by any creditor oi �rentor or by any governmenial egency
<br />against the Rents or any property securing the Indebtedness, This includes a garnishment of any oi Gtantor's
<br />eccounts, inoluding deposit eccounts, with Lender. Howevar, this Event af Default shall npt apply it there is a
<br />good faith dispuLe by Grentor as ta the validity or reasonableness of the olaim which is the basis of the Creditor or
<br />forfeitura proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposit9
<br />with Lender monies or a surety bond for the creditor or torfeiture ptoceeding, in an amount determined by Lender,
<br />in its sols discretion, as being an adequate reserve or bond for the dispute.
<br />Property Damaga or Loss. 7he Property is lost, stolen, substantially damaged, spid, or borrowed against.
<br />Events Affecting C3uarantor. Any of the preceding events occurs with respact to any Guarantor o( any oi the
<br />indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the va►idity ot, or iiability
<br />under, any GuaraMy of the fndebtedness.
<br />Adverse Change. A material sdverse change occurs in Grantor's financial condition, or E.ender belfeves ihe
<br />prospect of payment or pertormance of the Indebtedness is impaired.
<br />Insecurity. Lender in goad faith believes itself insecure.
<br />RICiFITS AND AEMBDIES ON DEFAULT. Upon the occurrenCe oi any Event of Defauli and at any time thereafter, Lender
<br />may exercise any one or more of the fotlowing rights and remedias. in sddition to any other rights or remedies provided
<br />by law:
<br />Acaelerate Indabtedness. Lender shall have the right at its option to declara the entire Indebtedness immediately
<br />due and payable, including any prepayment penalty that Grantor would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Grantar, to take possession of the Property and
<br />collect the Rents, including amounts past due and unpaid, end apply the net proceeds, over and above Lender's
<br />costs, agsinst the Indebtedness. In furtherance of this right, LBnder shalt have a!I the rights provided for in the
<br />C.ender's Aight to Recaiva and Cotlect Rents Section, above. If the Rents are collected by l.ender, #hen Grantor
<br />irrevocably designates l.endsr as Grantor's attorneyin•fact to endo�se instruments received in payment thereoi in
<br />the name of Grantor anci to negotiate the s�me and collect tha prooeeds. Payments by tenants or other users to
<br />Lender in response to Lender's demand shall satisfy the obtigations for which the payments are made, whether or
<br />not any proper grounds for the demend existed. Lender may exeroise its rights under this subparagreph either in
<br />person, By aget�i, or tt�rough a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by
<br />law.
<br />Eleciion of Remedies, Elecfion by lender io pursue any remedy shal! not exclude pursuit of any othe� remedy, and
<br />an elaction to make expenditures or to take action to perform an obligation of Grantor under_this Assignment, aftor
<br />Grantor's laiiure to perform, shall not affect Lender's ric�ht to declare a default and exercise its remedies.
<br />Attorneys' Fees; Expenses. Ii Lender institutes any suit or action to enforce any of the terms of this Assignment.
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