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10.doc 1
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<br />1, re
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<br />A. Cancel, terminate or accept any surrender of the Leases;
<br />ASSIGNMENT OF LEASES AND RENTS
<br />After recording return to: NEDCO, 4445 South 86 Street, Suite 200, Lincoln, NE 68526
<br />THIS ASSIGNMENT OF LEASES AND RENTS (as the same may be amended, modified or supplemented from time
<br />to time, the "Assignment "), dated as of the 19th day of March, 2013, from Trausch Properties, L.L.C., a Nebraska Limited
<br />Liability Company and Trausch Dynamics, Inc. a Nebraska Corporation (whether one or more in number hereinafter the
<br />"Assignor "), in favor of Nebraska Economic Development Corporation, a Nebraska nonprofit corporation (the
<br />"Assignee "), for further assignment by Assignee to the UNITED STATES SMALL BUSINESS ADMINISTRATION, an
<br />agency of the United States (the "SBA "), recites and provides:
<br />Assignee has agreed to make a loan to Assignor in the principal amount of Four Hundred Eighty -eight Thousand and
<br />00 /100 Dollars ($488,000.00) (the "Loan") to provide financing for acquisition of the land described as
<br />Lot Twenty Two (22), Westgate Subdivision, in the City of Grand Island, Hall County, Nebraska
<br />hereto and the improvements thereon situated in the County of Hall, Nebraska (collectively, the "Premises "). The Loan is
<br />evidenced by a promissory note of even date herewith (as the same may be amended, modified or supplemented from time
<br />to time (the "Note ") made by Assignor and payable to the order of Assignee in the principal amount of $488,000.00. The
<br />Note is secured, in part, by a deed of trust of even date herewith (as the same may be amended, modified or supplemented
<br />from time to time, (the "Deed of Trust ") from Assignor to Gregg Stratman, as trustee. Terms defined in the note and the
<br />Deed of Trust shall have the same defined meaning when used in this Assignment. As a condition to making the Loan, the
<br />Assignee has required an assignment to the Assignee and any subsequent holder of the Note of all leases (individually, a
<br />"Lease," and collectively, the "Leases ") of or relating to Assignor's interest in the Premises or any part thereof, now or
<br />hereafter existing, and all rents, issues and profits (the "Rents ") now or hereafter arising from Assignor's interest in the
<br />Premises or any part thereof, all in accordance with the terms and conditions set forth herein.
<br />NOW, THEREFORE, for and in consideration of the agreement of Assignee to make the Loan and as ADDITIONAL
<br />SECURITY for the payment of the Note, Assignor agrees as follows:
<br />1. Assignment of Leases. Assignor hereby assigns, transfers and set over to Assignee, and any subsequent holder
<br />of the Note, all Assignor's right, title and interest in and to all Leases and all renewals or extensions thereof,
<br />together with all the Rents, now existing or hereafter arising. Prior to the election of Assignee to collect the
<br />Rents upon the occurrence of an Event of Default under the Deed of Trust, Assignor shall have the right to
<br />collect and dispose of the Rents without restriction. Further, Assignor, as Landlord under any Lease which
<br />prohibits assignment, hereby grants such consent, as may be required by any Lease, to the assignment, transfer,
<br />and encumbrance of the Lease to the Assignee.
<br />2. Delivery of the Leases. All Leases currently in effect with respect to the Premises have been delivered to
<br />Assignee, are in full force and effect as of the date of this Assignment and neither Assignor nor any tenant is in
<br />default thereunder. Assignor shall not make any subsequent agreement for the lease of the Premises or any part
<br />thereof except in the ordinary course of business in accordance with the provisions of the Deed of Trust. All
<br />such subsequent Leases shall be subject to the prior written approval of Assignee, which approval shall not be
<br />unreasonably withheld, in accordance with the provisions of the Deed of Trust.
<br />3. No Modification of the Leases. Without the prior written consent of Assignee, which consent shall not be
<br />unreasonably withheld, Assignor shall not:
<br />B. Accept any prepayments for more than (30) days of installments of rent under any of the Leases;
<br />C. Modify or abridge any of the terms, covenants and conditions of any of the Leases so as to reduce the terms
<br />thereof or the rental payments thereunder; or
<br />D. Change any renewal privileges contained in any of the Leases.
<br />4. Representations and Warranties. Assignor represents and warrants that:
<br />A. Assignor has not previously sold, assigned, transferred, mortgaged or pledged the Leases or the Rents,
<br />whether now due or hereafter to become due;
<br />B. The Rents now due or to become due for any periods subsequent to the date hereof have not been collected
<br />and payment thereof has not been anticipated for a period of more than one (1) month in advance, waived or
<br />released, discounted, set off or otherwise discharged or compromised except as set forth in the Leases;
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