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201109427
<br /> ASStGNMENT OF RENTS
<br /> Loan No: 810291 (COntlllued) Page 2
<br /> Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's
<br /> name or in Grantor's name,to rent and manage the Property,including the collection and appfication of Rents. ,
<br /> Other Acts. Lender may do all such other things and acts with respect to the Property as Lender may deem
<br /> appropriate and may act exclusively and solety in the place and stead of Grantor and to have all of the powers of
<br /> Grantorforthe purposes stated above.
<br /> No Requirement to Act. Lender shall not be required to do any of the foregoing acts or things,and the fact that
<br /> Lender shall have performed one or more of the foregoing acts or things shall not require Lender to do any other
<br /> specific act or thing.
<br /> APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for
<br /> Grantor's account and Lender may pay such costs a:nd expenses from the Rents. Lender,in its sole discretion,shall
<br /> determine the application of any and all Rents received by it; however,any such Rents received by Lender�which are
<br /> not applied to such costs and expenses shall be applied to the Indebtedness. All expenditures made by Lender under
<br /> this Assignment and not reimbursed from ihe Rents shall become a part of the Indebtedness secured by this
<br /> Assignment,and shall be payable on demand,with interest at the Note rate from date of expenditure until paid.
<br /> FULL PERFORMANCE: If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations
<br /> imposed upon Grantor under this Assignment,the Note,and the Related Documents,Lender shall execute and deliver to
<br /> Grantor a suitahle satisfaction of this Assignment and suita6le statements of termination of any financing statement on
<br /> file evidencing Lender's security interest in the Rents and the Property. Any termination fee required by law shall be �
<br /> paid 6y Grantor,if permitted by applicable law.
<br /> LENDER'S EXPENDITURES. If any actio�or proceeding is commenced that would materially affect Lender's interest in
<br /> the Property or if GranYOr fails to co:mply with any provision of this Assignment or any Related Documents,including but
<br /> not limited to Grantor's failure to discharge or pay when due any amounts Granfor is required to discharge o�pay under
<br /> this Assignment or any Related Documents, Lender on Grantor's behalf may Ibut shall not be obligated to) take any .
<br /> action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security
<br /> interests,encumbrances and other claims,at any time levied or placed on the Rents or the Property and paying all costs
<br /> for insuring, maintaining antl preserving the Property. All such expenditures incurred or paid 6y Lender for such
<br /> purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date
<br /> of repayment by Grantor. All such expenses will become a part of the Indebtedness and,at Lender's option,will (A)
<br /> be payabie on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
<br /> installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the
<br /> remaining term of the Note; or (C) be treated as a balioon payment which will be due and payable at the NoYe's
<br /> maturiry. The Assignment also will secure payment of these amounts. Such right shall be in addition to all other rights
<br /> and remedies to which Lender may tre entitled upon Default. � �
<br /> DEFAULT. Each of the following,at Lender's option,shall constitute an Event of Defa�ult under this Assignment:
<br /> Payment Default. Grantor fiails to make any payment when due under the Indebtedness.
<br /> Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition
<br /> contained in this Assignment or in any of the Related Documents or to comply with or to perform any term,
<br /> obligation,covenant or condition contained in any other agreement between Lender and Grantor.
<br /> Default on Ofher Payments. Failure of Grantor within the time required by this Assignment to make any paymerrt
<br /> for taxes or insurance,or any other payme�t necessary to preveM filing of or to effect discharge of any lien.
<br /> Default in Favoi of Third Parties. Grantor defaults under any�loan, extension� of credit, security agreement,
<br /> purchase or sales agreement,or any other agreement,in favor of any other creditor or person that may materially
<br /> affect any of Grantor's property or ability to perform Grantor's obligations under this Assignment or any of the
<br /> Related Documents.
<br /> False Statements. Any warranty, representation or statement made or furnished to Lender by Grentor or on
<br /> Grantor's behalf under this Assignment or the Related Documents is false or misleading in any material respect,
<br /> either now or at the time made or fiumished or becomes false or misleading at any time thereafter.
<br /> Defective Collateralizatio�. This Assignment or any of the Related Documents ceases to be in full force and effect
<br /> (including failure of any collateral document to create a valid and perfected security interest or IieN at any time and
<br /> for any reason.
<br /> Insolvency. The dissolution or termination of Grantor's existence as a going business,the insolvency of Grantor,
<br /> the appointment of a receiver for any part of Grantor's property,any assignment for the benefit of creditors,any �
<br /> type of creditor workout,or the commencement of any proceeding under any bankruptcy or insolvency laws by or
<br /> against Grantor. -
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br /> � proceeding,self-help,repossession or any other method,by any creditor of Grantor or by any governmental agency
<br /> against the Rents or any property securing the Indebtedness. This includes a garnishment of any of Grantor's
<br /> accounts, including deposii accounts, with Lender. However,this Event of Default shall not apply if there is a
<br /> good faith dispute by Grantor as to the validity or teasonableness of the daim which is the basis of the creditor or
<br /> forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits
<br /> with Lender monies or a surety bond for the creditor or forfeiture proceeding,in an amount determined by Lender,
<br /> in its sole discretion;as being an adequate�eserve or bond fo�the dispute.
<br /> Property Damage or Loss. The Property is lost,stolen,substantially damaged,sold,or borrowed against.
<br /> Events Affecting Guarantor. Any of the preceding everits occurs with respect to any guarantor,endorser,surety,
<br /> or accommodation party of any of the Indebtedness or any guarantor, entlorser,surety, or accommodation party
<br /> dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty ofi the
<br /> Indebtedness.
<br /> Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lend-er helieves the
<br /> prospect of payment or performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter,Lender
<br /> may exercise any one or more of the following rights and�emedies,in addition to any other rights or remedi�es provided
<br /> by law:
<br /> Accelerate Indebtedness. Subject to any requirement under applicable law to provide notice of default and
<br /> opportunity to cure,Lender shall have the right at its option to declare the eotire Indebzedness immediaYely due and
<br /> payable,including any prepayment penalty that Grantor would be required to pay.
<br /> CoOect Rents. Lender stiell have the right, without notice to Grantor, to take possession of the Property and
<br /> collect the Rents,incloding amounts past due and unpaid, and apply the net proceeds,over and above LendePs
<br /> costs, against the Indebtedness. In furtherance of this right, Lender shall have all the rights provided for in the
<br /> Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by Lender,then Granmr
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