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ASSIGNMENT OF RENTS 201305827
<br /> (Continued) Page 2
<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 shall not be obligated to) take any
<br /> action that Lender deems appropriate on the Rents or the Property and paying all costs for insuring, maintaining and
<br /> preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at
<br /> the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such
<br /> expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be
<br /> added to the balance of the Note and be apportioned among and be payable with any installment payments to become
<br /> due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be
<br /> treated as a balloon payment which will be due and payable at the Note's maturity.
<br /> DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment:
<br /> Payment Default. Grantor fails to make any payment when due under the Indebtedness.
<br /> Other Default. Grantor fails to comply with any other term, obligation, covenant or condition contained in this
<br /> Assignment or in any of the Related Documents.
<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 Grantor would be required to pay.
<br /> Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and
<br /> collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's
<br /> costs, against the Indebtedness. In furtherance of this right, Lender shall have all the rights provided for in the
<br /> Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by Lender, then Grantor
<br /> irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in
<br /> the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to
<br /> Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or
<br /> not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
<br /> 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 /> 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 /> 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 a 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 /> 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 ASAP REAL ESTATE L.L.C..
<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 ASAP REAL ESTATE L.L.C..
<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 all amounts that may be indirectly secured by the Cross-Collateralization provision
<br /> of this Assignment.
<br /> Lender. The word "Lender" means PINNACLE BANK, its successors and assigns.
<br /> Note. The word "Note" means the promissory note dated July 17, 2013, in the original principal amount of
<br /> $999,190.60 from ASAP Real Estate L.L.C. to Lender, together with all renewals of, extensions of, modifications
<br /> of, refinancings of, consolidations of, and substitutions for the promissory note or agreement; and the promissory
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