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ASSIGNMENT OF RENTS
<br />(Continued) Page 4
<br />Powers of Attorney. The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of
<br />security and may not be revoked by Grantor until such time as the same are renounced by Lender.
<br />Severability. If a court of competent jurisdiction finds any prevision of this Assignment to be illegal, invalid, or unenforceable as to any
<br />circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
<br />the offending provision shall be considered modified so that it becomes legal, valid and enforceable. if the offending provision cannot be so
<br />modified, it shall be considered deleted from this Assignment. Unless otherwise required by law, the illegality, invalidity, or unenforceability of
<br />any provision of this Assignment shall not affect the legality, validity or enforceability of any other provision of this Assignment.
<br />Successors and Assigns. Subject to any limitations staled in this Assignment on transfer of Grantor's interest, this Assignment shall be
<br />binding upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person
<br />other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Assignment and the
<br />Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the
<br />Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Assignment.
<br />Waive Jury. To the extent permitted by applicable law, all parties to this Assignment hereby waive the right to any jury trial in any
<br />action, proceeding, or counterclaim brought by any party against any other party.
<br />Waiver of Right of Redemption. NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS
<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 TO THE PROPERTY SUBSEQUENT TO THE DATE OF THIS
<br />ASSIGNMENT.
<br />DEFINITIONS. The following capitalized words and terns shall have the following meanings when used in this Assignment. Unless specifically
<br />stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
<br />used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
<br />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 ASSIGNMENT OF RENTS 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 HIP Housing Development Corporation, a California Non-profit public benefit corporation.
<br />Default The word "Default" means the Default set forth in this Assignment in the section filled 'Defauft.
<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 of this
<br />Assignment.
<br />Grantor. The word "Grantor" means HIP Housing Development Corporation, a California Non-profit public benefit corporation.
<br />Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
<br />Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the
<br />Note.
<br />Indebtedness. The word "Indebtedness" means all principal, interest and other amounts, costs and expenses payable under the Note or
<br />Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related
<br />Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce
<br />Grantor's obligations under this Assignment, together with interest on such amounts as provided in this Assignment.
<br />Lender. The word "Lender" means Boston Private Bank & Trust Company, its successors and assigns.
<br />Note. The word "Note" means the promissory note dated June 27, 2017, in the original principal amount of $1,000,000.00
<br />from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for
<br />the promissory note or agreement.
<br />Property. The word "Property" means all of Grantors right, Vile and interest in and to all the Property as described in the "Assignment"
<br />section of this Assignment.
<br />Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, security
<br />agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other Instruments, agreements and documents, whether
<br />now or hereafter existing, executed in connection with the Indebtedness; except that the words do not mean any guaranty or environmental
<br />agreement, whether now or hereefter existing, executed in connection with the Indebtedness.
<br />Rents. The word "Rents" means all of Grantors present and future rights, title and interest in, to and under any and all present and future
<br />leases, including, without limitation, all rents, revenue, income, issues, royalties, bonuses, accounts receivable, cash or security deposits,
<br />advance rentals, profits and proceeds from the Property, and other payments and benefits derived or to be derived from such leases of every
<br />kind and nature, whether due now or later, including without limitation Grantors right to enforce such leases and to receive and collect
<br />payment and proceeds thereunder.
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