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ASSIGNMENT OF RENTS 201304773
<br /> Loan No: 101265847 (Continued) Page 5
<br /> modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall
<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 provision of this Assignment.
<br /> Successors and Assigns. Subject to any limitations 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 Grantor, Lender, without notice to Grantor, may
<br /> deal with Grantor's successors with reference to this Assignment and the Indebtedness by way of forbearance or
<br /> extension without releasing Grantor from the obligations of this Assignment or liability under the Indebtedness.
<br /> Time is of the Essence. Time is of the essence in the performance of this Assignment.
<br /> Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead
<br /> exemption laws of the State of Nebraska as to all 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 stated to the contrary, all references to dollar amounts shall mean amounts 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 attached to this ASSIGNMENT
<br /> OF RENTS from time to time.
<br /> Borrower. The word "Borrower" means MITCHELL T NICKERSON and SUSAN E NICKERSON.
<br /> Default. The word "Default" means the Default set forth in this Assignment in the section titled "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 MITCHELL T NICKERSON and SUSAN E NICKERSON.
<br /> Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety,or accommodation party to
<br /> Lender, including without limitation a guaranty of all or part of the Note.
<br /> Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses
<br /> payable under the Note or Related 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 or expenses incurred by Lender to enforce Grantor's obligations under
<br /> this Assignment, together with interest on such amounts as provided in this Assignment. Specifically, without
<br /> limitation, Indebtedness includes the future advances set forth in the Future Advances provision of this
<br /> Assignment, together with all interest thereon.
<br /> Lender. The word "Lender" means Five Points Bank, its successors and assigns.
<br /> Note. The word "Note" means the promissory note dated June 14, 2013, in the original principal amount
<br /> of $42,500.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of,
<br /> refinancings of, consolidations of, and substitutions for the promissory note or agreement.
<br /> Property. The word "Property" means all of Grantor's right, title and interest in and to all the Property as
<br /> described in the "Assignment" section of this Assignment.
<br /> Related Documents. The words "Related Documents" mean all 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, agreements and documents, whether now or hereafter
<br /> existing, executed in connection with the Indebtedness.
<br /> Rents. The word "Rents" means all of Grantor's present and future rights, title and interest in, to and under any
<br /> and all present and future leases, including, without limitation, all rents, revenue, income, issues, royalties,
<br /> bonuses, accounts receivable, cash or security deposits, advance rentals, profits and proceeds from the Property,
<br /> and other payments and benefits derived or to be derived from such leases of every kind and nature, whether due
<br /> now or later, including without limitation Grantor's right to enforce such leases and to receive and collect payment
<br /> and proceeds thereunder.
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