|
�o�2oi���
<br />ASSIGNMENT OF RENTS
<br />Loan No: 524517 (Continued) Page 3
<br />Cure Provislons. If any defeult, other than a default in payment is curable and if Grantor has not been given a
<br />notice of a breach of the same provision of this Assignment within the preceding twelve (12) months, it may be
<br />cured if Grantor, after Lender sends written notice to Grantor demanding cure of such default: (1) cures the
<br />default within fifteen (15) days; or (2) if the cure requires more than fifteen (16) days, immediately initiates steps
<br />which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br />completes all reasonable and necessery steps sufficient to produce compiiance as soon as reasonably practical.
<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 end remedles, in addition to any other rights or remedies provided
<br />by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtednesa Immediately
<br />due and payeble, including any prepayment penalty that Grantor would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and
<br />collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's
<br />costs, egainst the Indebtedness. In furtherance of this right, Lender shell 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 Grantor
<br />irrevocably designates Lender as Grantor's attorney-ln-fact to endorse instruments received in payment thereof in
<br />the name of Grantor and to negotiate the same end collect the proceeds. Payments by tenants or other users to
<br />Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or
<br />not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
<br />person, by agent, or through e receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by
<br />law.
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and
<br />an election to make expenditures or to take action to perform an obllgation of Grantor under this Assignment, after
<br />Grantor's failure to perform, ahall not affect Lender's right to declare a default end exercise its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce eny of the terms of this Assignment,
<br />Lender shell be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and
<br />upon any appeal. Whether or not any court action is Involved, and to the extent not prohibited by law, all
<br />reasonable expenses Lender incurs thet in Lender's opinion are necessary at any time for the protection of its
<br />interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
<br />interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include,
<br />without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal
<br />expenses, whether or not there is a lewsuit, including attorneys' fees and expenses for bankruptcy proceedings
<br />(including efforts to modify or vacete any eutomatic stay or injunction), appeals, and any anticipated postyudgment
<br />collection services, the cost of searching records, obtaining title reports (Including foreclosure reports), surveyors'
<br />reports, end appraisal fees, title insurance, end fees for the Trustee, to the extent permitted by applicable law.
<br />Grantor also will pay any court costs, in addition to all other sums provided by law.
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Assignment:
<br />Amendmen�. This Assignment, together with any Related Documents, constitutes the entire understanding and
<br />agreement of the parties as to the matters set forth in this Assignment. No alteration of or amendment to this
<br />Assignment shall be effective unless given in writing and signed by the party or parties sought to be charged or
<br />bound by the elteretion or amendment.
<br />Caption Headings. Caption headings in this Assignment are for convenience purposes only and are not to be used
<br />to interpret or define the provislons of this Assignment.
<br />Governing Law. This Assignment will be governed by federal law applicable to Lender and, to the extent not
<br />preempted by federal law, the laws of the State of Nebraska without regard to tts conflicts of law provisions. This
<br />Assignment has baen accepted by Lender in the Stata of Nebraska.
<br />Choice of Venue. If there la a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the
<br />courts of Scotts Bluff County, State of Nebraska.
<br />Jotnt and Several Liability. All obligations of Grantor under this Assignment shall be joint and several, and all
<br />references to Grantor shall mean each and every Grantor. This means that each Grentor signing below is
<br />responsible for all obligations 1n this Asslgnment.
<br />Merger. There shall be no merger of the interest or estate created by this assignment with any other interest or
<br />estate in the Property at eny time held by or for the benefit of Lender in any capacity, without the written consent
<br />of Lender.
<br />Interpretatlon. (1) In all cases where there is more than one Borrower or Grantor, then all words used in this
<br />Assignment in the singular shall be deemed to heve been used in the plural where the context and construction so
<br />require. (2) If more than one person signs this Assignment as "Grantor," the obligations of each Grantor ere joint
<br />and several. This means that lt Lender brings e lewsuit, Lender mey sue any one or more of the Grantors. If
<br />Borrower and Grantor are not the same person, Lender need not sue Borrower first, and that Borrower need not be
<br />joined in any lawsuit. (3) The names given to paragraphs or sections in thia Assignment are for convenience
<br />purposes only. They are not to be used to interpret or define the provisions of this Assignment.
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Assignment unless such
<br />weiver is given in writing and signed by Lender. No delay ar omission on the part of Lender in exereising any right
<br />shall operete as a waiver of such right or any other right. A waiver by Lender of a provision of this Assignment
<br />shall not prejudice or constitute a waiver of Lender's right otherwise to demend strict compliance with that
<br />provision or any other provision of this Assignment. No prior waiver by Lender, nor any course of dealing between
<br />Lender and Grantor, shell constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any
<br />future transactions. Whenever the consent of Lender is required under this Assignment, the grenting of such
<br />consent by Lender in any instence shall not constitute continuing consent to subsequent instances where such
<br />consent is required end in all ceses such consent mey be granted or withheld In the sole discretion of Lender.
<br />Notices. Any notice requtred to be given under this Assignment shall be given in writing, and shall be effective
<br />when actually delivered, when actually received by telefacsimile (unless otherwise required by lew), when
<br />deposited with a nationally recognized overnight courier, or, if ineiled, when deposited in the United Stetes mail, as
<br />first ciass, certified or registered mail postage prepaid, directed to the eddresses shown near the beginning of this
<br />Asslgnment. Any party may chenge its address for notices under this Assignment by giving formal written notice
<br />to the other parties, specifying thet the purpose of the notice is to change the party's address. For notice
<br />purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
<br />provided or required by law, if there is more than one Grentor, any notice given by Lender to any Grantor is
<br />deemed to be notice given to all Grantora.
<br />Powers of Attorney. The various agencies and powers of attorney conveyed on Lender under this Assignment are
<br />granted for purposes of security and may not be revoked by Grantor untit such time as the same are renounced by
<br />r" .� � "
<br />� �^ 4 �
<br />
|