|
��15�4��5
<br /> amount necessary for performance. Lend�r's right to perform fvr Grantvr will n�t create an
<br /> ob�igatian tv perform, and Lender's faiiure to perform will not precfude Lender frvm exercis�ng
<br /> any of Lender's other rights under the !aw or this S�curity Instrument. lf any eonstruction on
<br /> #he Prop�rty is discontinued or not carried on in a reasana��� manner, Lender may take all steps
<br /> nec�ssary to protect Lender's security interest in the Property, including comp�etion of #he
<br /> cvnstructivn.
<br /> '12. ASSIGNMENT �3F LEASES AND RENTS. �rantor irre�o�ahly assigns, grants, �on�eys to
<br /> Lender as additiona� security all the right, tit�e and Enterest in the fai�awing �Praperty�.
<br /> A. Existing ❑r future �eases, subleases, licenses, guaranties and any other written �r �erbaf
<br /> agreements tvr the us� and accupancy of the Property, including but not limited tv any
<br /> extensians, renewals, madificatians v� repfacements �Leasesy.
<br /> B. Rents, issues and profits, including but not iim�ted ta secu�ity deposits, minimum ren#s,
<br /> percentage rents, addit�onal rents, commvn area maintenance �harges, parking charges, real
<br /> estate taxes, oth�r applicabie #axes, insurance premFum c�ntribu�ions, �iquidated damages
<br /> fvliowing de#ault, cancellat�on Qremiums, "Ivss of rents" 'rnsurance, gu�st rece�pts, re�enues,
<br /> rayaEties, proceeds, bonuses, accounts, contract rights, general 'rntangibfes, and all rights
<br /> and claims wh�ch Grantor may ha�e that in any way perta�n to or are vn acc�unt a� the use
<br /> or vccupancy v# the whale vr any part of the Property �Rents}.
<br /> In the e�ent any item �isted as Leases ar Rents is determined to be personal �rnperty, this
<br /> Assignment wilf alsa be regarded as a security agreement. �rantvr will prflmptly p�v�ide Lender
<br /> with capies of the Leases and will certify these Leas�s are tru� and carr�ct copies. The
<br /> exist'rng Leases will be pro�ided vn execu�tion of the Assignment, and all #uture Leases and any
<br /> other information with respect to these Leases wiii be prv�ided immediately after they are
<br /> executed. �rantvr may collect, rec�i�e, enJvy and use th� Rents so long as Grantvr is nvt in
<br /> default. Granto� w��� not �ollect in ad�an�e any Rents due in future lease periods, unless
<br /> Grantor #irst obtains L�nder`s written �onsent. Upon defauit, Grant�r will recei�e any Rents in
<br /> trust for L�nder an�l Grantvr wiff not cvmmingle the Rents with any other funds. When Lender
<br /> so �ire�ts, Grantor will endorse and deli�er any payments of Rents fram the P�operty tv Lender.
<br /> Amaunts co�lected will be app�ied at Lender's discretian ta the Secured Deb#s, the costs ❑f
<br /> manag�ng, p�-otect�ng, �aluating, apprais'rng and pres�r�ing th� Proper�y, and ather necessary
<br /> expenses, Grantvr agt�ees that this Security Instrument is immediately effecti�e between
<br /> �rantar and Lende� and effe�ti�e as to third parties on the reco�-ding of this Assignment. As
<br /> �ong as this Assignment is in ef#ect, Grantor warrants and represents that nv defau�t exists
<br /> under the Leases, and the parties subjeGt tv the Leases ha�e not �iolated any applicab�e !aw on
<br /> leases, li�enses and lan�lords and tenants, Grantor, at �ts svfe cos� and expsns�, will keep,
<br /> abser�e and perform, and �equEre a�l nther par#ies to the Leases to comply with th� Leases and
<br /> any applica�le law, If Grantar or any party tv the L�ase defau�ts or fails tv �bser�e any
<br /> applicabie law, Grantar will promptly not�fy Lender. !# Grantar neglects vr �efuses to en#orce
<br /> comp�iance with the terms �f the Leases, then Lender may, at Lender's optivn, enforce
<br /> cvmpiian�e. Crantor will na# subl�t, modify, extend, cancel, ar �therwise alter the Leas�s, or
<br /> accept th� surrender af the Property cv�ered by the Leases �unless the Leases so require�
<br /> withou# Lender's cvnsent. �rantor wil� not assign, compr�mise, subordinate or encum�er #he
<br /> Leases and Rents without Lender's privr written �ons�nt. Lender does nvt assum� or become
<br /> liable fvr the Property's maintenan�e, de�reciation, or other losses ar damages ►nrhen Lender
<br /> acts t� manage� p�vtect vr preser�e the Property, except for lasses and damages due to
<br /> Lender's g�oss negiigenc� or intentiona� torts. �therwise, Grantar will ind�mnify Lender and
<br /> hold Lender harmless for all 1ia����ty, fass �r damage tha� Lender may incur when Lender opts to
<br /> exercise any of its remedies against any party vbiigated under the Leases,
<br /> '13. DEFAULT. Grantor will be in default if any a�f ths #ollowing e�ents �known sepa�ately and
<br /> cv�lect��ely as an E�ent of Defaulty occur:
<br /> A. Payments. �rantor fails to make a payment in fu�l when due.
<br /> B. Insvl�ency ar Bankruptcy. The death, dissoluti�n or insvl�ency of, appointment of a
<br /> recei�er by or on behalf of, application of any debtor r��ie� law, #h� assignment for the
<br /> benef�t of creditnrs by vr on behalf vf, the �vluntary or in�oluntary term�nation vf existence
<br /> by, or the commencement a� any proceeding under any present or future f�dera� or s�ate
<br /> insol�ency, bankruptcy, reo�gani2ation, compasition vr deh�vr relief law by or against
<br /> Grantar, Borrow�r, vr any co-signer, endvrser, surety o� guarantvr of this 5ecurity
<br /> [nstrumen� or any other �b�igations Barrower has with Lender,
<br /> C. Death or Incampetency. �rantnr dies ar is declar�d fegally incompetent,
<br /> D. Fai�ure to Perform. Grantor fails tv perform any Gonditi�n or tv keep any prom�se or
<br /> co�enant �f this Se�urity �nstrument.
<br /> E. Dther Dacuments. A default �ccurs under the terms af any other document �elat`rng to
<br /> the Secured Debts,
<br /> F. �ther A�reements. Grantor �s in defauft vn any vther debt or agreement Grantor has with
<br /> Lender.
<br /> RAYM�ND J�CQNNQR
<br /> Nebraska Deed�f Trust
<br /> NE14cross�a FSQQQO�DQQnQ9462p 7 fiN Wniters Kluwer Financial 5er�i�es�199fi,ZD�5 Bankers Page 3
<br /> 5ystemsT"'
<br />
|