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201300606
<br /> ASSIGNMENT OF RENTS
<br /> Loan No: 122 (Continued) Page 3
<br /> any assignment for the benefit of creditors,any type of creditor workout,or the commencement of any proceeding
<br /> under any bankruptcy or insolvency laws by or against Borrower or 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 Borrower or Grantor or by any
<br /> governmental agency against the Rents or any property securing the Indebtedness. This includes a garnishment of
<br /> any of Borrower's or Grantor's accounts,including deposit accounts,with Lender. However,this Event of Default
<br /> shall not apply if there is a good faith dispute by Borrower or Grantor as to the validity or reasonableness of the
<br /> claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives Lender written
<br /> notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or
<br /> forfeiture proceeding,in an amount determined by Lender,in its sole discretion, as being an adequate reserve or
<br /> bond for 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 events occurs with respect to any guarantor,endorser,surety,
<br /> or accommodation party of any of the Indebtedness or any guarantor, endorser,surety,or accommodation party
<br /> dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br /> Indebtedness.
<br /> Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes 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 remedies,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 Indebtedness immediately
<br /> due and payable,including any prepayment penalty that Borrower would be required to pay.
<br /> Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the
<br /> Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
<br /> above Lender's costs, against the Indebtedness. In furtherance of this right, Lender shall have all the rights
<br /> provided for in the Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by
<br /> Lender,then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in
<br /> payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants
<br /> or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are
<br /> made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this
<br /> subparagraph either in person,by agent,or through a 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 obligation of Grantor under this Assignment,after
<br /> Grantor's failure to perform,shall not affect Lender's right to declare a default and exercise its remedies.
<br /> Attorneys'Fees;Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment,
<br /> Lender shall 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 that 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 lawsuit, including attorneys' fees and expenses for bankruptcy proceedings
<br /> (including efforts to modify or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment
<br /> collection services,the cost of searching records,obtaining title reports(including foreclosure reports),surveyors'
<br /> reports,and appraisal fees, title insurance, and 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 /> Amendments. 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 alteration or amendment.
<br /> Caption Headings. Caption headings in this Assignment are for convenience purposes only and are riot to be used
<br /> to interpret or define the provisions 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 its conflicts of law provisions. This
<br /> Assignment has been accepted by Lender in the State of Nebraska.
<br /> Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the
<br /> courts of Hall County,State of Nebraska.
<br /> Joint and Several Liability. All obligations of Borrower and Grantor under this Assignment shall be joint and
<br /> several,and all references to Grantor shall mean each and every Grantor,and all references to Borrower shall mean
<br /> each and every Borrower. This means that each Grantor signing below is responsible for all obligations in this
<br /> Assignment. Where any one or more of the parties is a corporation,partnership,limited liability company or similar
<br /> entity,it is not necessary for Lender to inquire into the powers of any of the officers,directors,partners,members,
<br /> or other agents acting or purporting to act on the entity's behalf,and any obligations made or created in reliance
<br /> upon the professed exercise of such powers shall be guaranteed under this Assignment.
<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 any time held by or for the benefit of Lender in any capacity,without the written consent
<br /> of Lender.
<br /> Interpretation. (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 have 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 are joint
<br /> and several. This means that if Lender brings e lawsuit, Lender may 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 this 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 /> waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right
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