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201207759
<br /> ASSIGIOiMEIVT OF REIOITS
<br /> Loan No: 51001065 (Contielued) page 2
<br /> not constitu'[e Lender's consent to the use of casn collateral in a bankruptcy proceeding.
<br /> GRANTOR`S REPRESENYATIONS AND WARRANTIES. Grantor wartants that_
<br /> Ownership: Grantor is entitled to receive the Rents free and ciear of all rights, loans, liens., encumbrances, and
<br /> claims except as disciosed to and accepted by Lender in writing.
<br /> Right to Assign. C,rantor has the fulf right, power and authority to enter into this Assignme:nt antl to assign and
<br /> convey the Rents to Lender.
<br /> No Prior Assignment. Grantor has not previously assigned or co�nveyed the Rents to any other person 6y any
<br /> insYrument now in fiorce.
<br /> No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose ofi any of Grantor's rights in the
<br /> Rents except as provided in this Assignment.
<br /> LEi�9DER'S RIGHT TO RECENE AND COLLECT RENTS. Lender shal:l have the right at any time, and even though no
<br /> default shall have occurred under this Assignment, to collect and receive the Rents. For this pu.rpose, Lender is hereby
<br /> given and granted the following rights, powers and authority:
<br /> 11lotice Yo Tenants. Lender may send notices to any and ali tenant5 of the Property advising tnem of this
<br /> Assignment and directing all Rents to be paid directiy Yo Lender or Lender's agent.
<br /> Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from .
<br /> the tenants or from any other persons liable therefor, all of the Rents; institute and carry on all legal proceed�ings
<br /> necessary for the protection of the Property, including such proceedings as may be necessary to recover
<br /> possession of the Property; collect the Rents and remove any tenant or tenants or other persons from the Property..
<br /> Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair,
<br /> to pay the costs thereof and of all services ofi all employees, induding their equipment, and of all continuing costs
<br /> and expenses of maintaining the Property in proper repair and condiTion�, and also to pay all taxes, assessments and
<br /> water utilities, and the premi�ums on fire and other insurance efifected by Lender on the Property.
<br /> Compliance with Laws_ Lender may do any and all things to execute and comply with the laws of the State of
<br /> Nebraska and also aii other laws, rules, orde�s, ordinances and requSrements of all other governmental agencies
<br /> affecting the Property. �
<br /> Lease the Property. Lender may rent or lease the whole or any part of the Property for such term or terms and on
<br /> such conditions as Lender may deem appropriate�.
<br /> Employ Agents. Lender m:ay engage such agent or agents as Lender may deem appropriate, either i�n Lender's
<br /> name or in Grantor's name,to rent and manage the Prooerty, including the coliection and application of Rer�ts.
<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 exclus�ively and solely in the piace and stead of Grantor and to have all of tne powers ofi
<br /> Granto�rforthe purposes stated above.
<br /> IVo Requirement to Act. Lender snail not be required to do any of the foregoing acts or things, and the fact thai
<br /> Lender shall have performed one or more of the foregoing acts or Yhings 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 and expenses from the Rents. Lender, in its sole discretion, shali
<br /> determine the application of any and all RenYs 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 the Rents shali become a part of the Indebtedness secured by this
<br /> ASsign�ment, and shall be payable on demand, with interest at the Note rate from date of expenditure untii paid.
<br /> FU�LL PERFORMANCE�. ff Grantor pays all of the Indebted�ness when d-ue and otherwise performs all the oblig:ati�ons
<br /> imposed upon Grantor under this Assignment,the IVote, and the Related Documents, Lender shail execute and deliver to
<br /> Grantor a suitable satisfiaction of this Assignment and suitable statements of termination of any fiinancing 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 by Grantor,if perm:itted by applicable law.
<br /> LEIVDER'S EXPENDITURES. If any action or proceeding is commenced that would material'ly affect Lender's i�nterest in
<br /> the Property or if Grantor fails to comply with any provision of this Assignm��ent or any Related Documents, including but
<br /> not limited to Grantor's failure to discharge or pay when due any amounts Grantor is�required to discharge or pay under
<br /> this Assignment or any Related Documents, Lender on Grantor's behalf may (but shali not be obligated to) take any
<br /> action that Lender deems apprapriate, induding but not limited to discharging or paying all taxes, liens, security
<br /> interests, encumbrances and other claims, at any ti.me levied or piaced on the Rents or the Property and paying ail costs
<br /> for i�nsuring, maintaining and preserving the Property. All such expenditures incurred or paid by Leader for such
<br /> purposes wil!then bear interest at the rate charged under ihe Note frorn 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 (Aj
<br /> be payable on dem�and; (B) be added to the balance of the Note and be apportioned among and be payabYe wiYh any
<br /> installrraent payments to become due during either (1) the term ofi any applicable insurance policy; ar (2) the
<br /> remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's
<br /> maturity. The Assignment also will secure payment of these amounts. Such right shali be in addition to afl other rights
<br /> and remedies [o which Lender may be entitled upon Default.
<br /> DEFAULT. Each ofi the following, at Lender's option,shall constitute an Event of Default under this Assignment:
<br /> Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br /> Other Defaults. Eorrower or Grantor fails to comply with or to perform any other Term, obligation, covenant or
<br /> condition contained in this Assignment or in any of the Related Documents or to comply with or to perform any
<br /> term, obligation, covenant or condition contained in a�y other agreement between Lender and Borrower or Grantor.
<br /> Default on Other Payments. Failure of Grantor within the time required by this Assignment to mai<e any payment
<br /> fior taxes or insurance, or any other payment necessary to prevent fifing of or to effect discharge of any lien.
<br /> DefaulY in Favor of Third Parties. Borrower or Grantor defaults under any loan, e�ension of credit, security
<br /> agreement, purchase or sales agreement, or any other agreement, in fiavor of any other creditor or person that may
<br /> materially affect any of Borrower's or Grantor's property or ability to perform their respective obiigations under this
<br /> Assignment or any of the Related Documents�.
<br /> False Statements. Any warranty, representation or s*atement made or furnished to Lender by Borrower or Grantor
<br /> or on Borrower's or Grantor's behalf under this Assignment or the Related Documents is fialse or misleading in any
<br /> material respect, either now or at the time made or furnished or becomes false or misleading at any time
<br /> thereafter.
<br /> Defective Collateralization. This Assignment o:r any of the Related Documents ceases to be in fufl fiorce and effect
<br /> (including failure of any collateral docurnent to create a valid and perfected security interest or lien) at any time and
<br /> � for any reas6n.
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