|
ASSIGNMENT OF RENTS 2 012 018 8�
<br />Loan No: 524517 (Continued) Page 4
<br />Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Assignment to be illegal, i�valid, or
<br />unenforceable as to any person or circumstance, that finding shall not make the offending provision lllegel, invalid,
<br />or unenforceable as to any other person or circumstance. If feasible, the offending provision shall be considered
<br />modified so thet it becomes legal, valid and enforceable. If the offending provision cannot be so modified, (t shatl
<br />be considered deleted from this Assignment. Unless otherwise required by law, the illegality, invalidity, or
<br />unenforceability of any provision of this Assignment shall not affect the legality, validity or enforceability of any
<br />other p�ovision of this Assignment.
<br />Successors and Assigns. Subject to any limitatlons stated in this Assignment on transfer of Grantor's Interest, this
<br />Assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns. If
<br />ownership of the Property becomes vested in a person other than Grentor, Lender, without notice to Grantor, may
<br />deal with Grantor's succeasors with reference to this Assignment and the Indebtedness by way of forbearence or
<br />extension wlthout releasing Grantor from the obligations of this Aasignment or liability under the Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Assignment.
<br />Waive Jury. All parties to thls Assignment hereby walve the right to any jury trial in any action, proceeding, or
<br />counterclaim brought by any party against any other party.
<br />Waiver of Homestead Exemption. Grentor hereby releases and waives ell rights and benefits of the homestead
<br />exemption lawa of the State of Nebraska as to ell Indebtedness secured by this Assignment.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this
<br />Assignment. Unless specifically steted to the contrary, ell references to dollar amounts shall mean emounts in lawful
<br />money of the United States of America. Words and terms used in the singular shall include the plural, and the plural
<br />shall include the singular, as the context may require. Words and terms not otherwise defined in this Assignment shall
<br />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
<br />be amended or modified from time to time, together with all exhibits and schedules atteched to this ASSIGNMENT
<br />OF RENTS ftom time to time.
<br />Borrower. The word °Borrower" means Amy S. Westphal and Mark A. Westphal.
<br />Default. The word "Default" means the Default set forth in thls Assignment in the section tttled "Default".
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Assignment in
<br />the default section of this Assignment.
<br />Grantor. The word °Grantor° means Amy S. Westphal and Mark A. Westphel.
<br />Guaranty. The word "Gueranty° means the guaranty from guarantor, endorser, aurety, or accommodation party to
<br />Lender, including without limitatlon a guaranty of all or part of the Note.
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other emounts, costs and expenses
<br />payable under the Note or Releted Documents, together with all renewals of, extensions of, modifications of,
<br />consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by
<br />Lender to discharge Grantor's obligations ar expenses Incurred by Lender to enforce Grantor's obligetions under
<br />this Assignment, together with interest on such amounts as provided in this Assignment. Specifically, without
<br />limitation, Indebtedness includes the future edvences set forth in the Future Advances provision, together with all
<br />interest thereon and all amounts thet may be indirectly secured by the Cross-Collateralization provision of this
<br />Assignment.
<br />Lender. The word °Lender" means First State Bank, Its successors end assigns.
<br />Note. The word "Note° means the promissory note dated March 8, 2012 in the original principal amount
<br />of $ 7 38 ,900.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of,
<br />refinancings of, consolidetfons of, end substitutions for the promissory note or agreement.
<br />Property. The word "Property° means all of Grantor's right, title and Interest in end to all the Property as
<br />described in the °Assignment" section of this Assignment.
<br />Related Documer�ts. The words "Related Documents° mean ali promissory notes, credit agreements, loan
<br />agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security
<br />deeds, collateral mortgages, and all other instruments, egreements and documents, whether now or hereafter
<br />existing, executed in connection with the Indebtedness.
<br />Rents. The word °Rents" meana ell of Grantor's present and future rights, tltle and interest in, to and under any
<br />and all present and future leases, including, without Iimitation, all rents, revenue, income, iasues, royalties,
<br />bonuses, accounts receivable, cash or security deposits, advance rentals, profits and proceeda from the Property,
<br />end other payments end benefits derived or to be derived from such leases of every kind and nature, whether due
<br />now or later, including wlthout limitetion Grantor's right to enforce such leases and to receive end collect payment
<br />and proceedsthereunder.
<br />THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT. THIS
<br />DOCUMENT IS EXECUTED ON MARCH 8, 2012.
<br />r,aeNTna•
<br />i . � � #: o
<br />
|