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,.03 -101 -2000 ASSIGNMENT OF RENTS 200001694 Page 3
<br />Loan No (Continued)
<br />Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith deems itself insecure.
<br />Right to Cure. if such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Assignment
<br />within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Grantor, after Lender sends written
<br />notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days,
<br />immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to
<br />produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise any one or
<br />more of the following rights and remedies, in addition to any other rights or remedies provided by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately due and payable, including
<br />any prepayment penalty which 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 collect the Rents, including
<br />amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this
<br />right, Lender shall have all the rights provided for in the Lender's Right to Collect Section, above. If the Rents are collected by Lender, then
<br />Grantor irrevocably designates Lender as Grantor's attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor
<br />and to negotiate the same and collect the proceeds. Payments by tenants or other yAom -to Lender in response to Lender's demand shall
<br />satisfy the obligations for which the payments are made, whether or not any proper grpumds4or the demand existed. Lender may exercise its
<br />rights under this subparagraph either in person, by agent, or through a receiver. ;
<br />Appoint Receiver. Lender shall have the right to have a receiver appointed to take po1isession•,of all or any part of the Property, with the power
<br />to protect and preserve the Property, to operate the Property preceding foreclosure or s�f 'and to collect the Rents from the Property and apply
<br />the proceeds, over and above the cost of the receivership, against the Indebtedness:' er may servewithout bond if permitted by law.
<br />Lender's right to the appointment of a receiver shall exist whether or not the apparel of the Properly exqeeds the Indebtedness by a
<br />substantial amount. Employment by Lender shall not disqualify a person from servir4d610rAA&er.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignm r. the Nqii or by law.
<br />Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Assignment shall not constitute a waiver of or prejudice
<br />the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any remedy
<br />shall not exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of Grantor under
<br />this Assignment after failure of Grantor to perform shall not affect Lender's right to declare a default and exercise its remedies under this
<br />Assignment.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to
<br />recover such sum as the court may adjudge reasonable as attorneys' fees at trial and on any appeal. Whether or not any court action is
<br />involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection of its interest or the
<br />enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until
<br />repaid at the rate provided for in the Note. Expenses covered by this paragraph include, without limitation, however subject to any limits under
<br />applicable law, Lender's attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including attorneys' fees for bankruptcy
<br />proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals and any anticipated post - judgment collection
<br />services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees, and title
<br />insurance, to the extent permitted by applicable law. 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 agreement of the parties as to
<br />the matters set forth in this Assignment. No alteration of or amendment to this Assignment shall be effective unless given in writing and signed
<br />by the party or parties sought to be charged or bound by the alteration or amendment.
<br />Applicable Law. This Assignment has been delivered to Lender and accepted by Lender in the State of Nebraska. This Assignment
<br />shall be governed by and construed in accordance with the laws of the State of Nebraska.
<br />Multiple Parties. All obligations of Grantor under this Assignment shall be joint and several, and all references to Grantor shall mean each and
<br />every Grantor. This means that each of the persons signing below is responsible for all obligations in this Assignment.
<br />No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement which
<br />has priority over this Assignment by which that agreement is modified, amended, extended, or renewed without the prior written consent of
<br />Lender. Grantor shall neither request nor accept any future advances under any such security agreement without the prior written consent of
<br />Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Assignment to be invalid or unenforceable as to any person or
<br />circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any
<br />such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision
<br />cannot be so modified, it shall be stricken and all other provisions of this Assignment in all other respects shall remain valid and enforceable.
<br />Successors and Assigns. Subject to the limitations stated in this Assignment on transfer of Grantor's interest, this Assignment shall be binding
<br />upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than
<br />Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Assignment and the Indebtedness by way
<br />of forbearance or 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 exemption laws of the State of
<br />Nebraska as to all Indebtedness secured by this Assignment.
<br />Waivers and Consents. Lender shall not be deemed to have waived any rights under this Assignment (or under the Related Documents)
<br />unless such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a
<br />waiver of such right or any other right. A waiver by any party of a provision of this Assignment shall not constitute a waiver of or prejudice the
<br />party's right otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of
<br />dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future
<br />transactions. Whenever consent by Lender is required in this Assignment, the granting of such consent by Lender in any instance shall not
<br />constitute continuing consent to subsequent instances where such consent is required.
<br />EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT OF RENTS, AND EACH GRANTOR
<br />AGREES TO ITS TERMS.
<br />GRANTOR:
<br />X
<br />Raymond 31 O'Connor fifer S. 6 Connor
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