|
01 -19 -1999 ASSIGNMENT OF RENTS 2 0 0 v U 2 0 4 4 Page 2
<br />Loan No (Continued)
<br />Event of Default. The words "Event of Default" mean and include without limitation any of the Events of Default set forth below in the section
<br />titled "Events of Default."
<br />Grantor. The word "Grantor" means any and all persons and entities executing this Assignment, including without limitation all Grantors named
<br />above. Any Grantor who signs this Assignment, but does not sign the Note, is signing this Assignment only to grant and convey that Grantor's
<br />interest in the Real Property and to grant a security interest in Grantor's interest in the Rents and Personal Property to Lender and is not
<br />personally liable under the Note except as otherwise provided by contract or law.
<br />Indebtedness. The word "Indebtedness" means all principal and interest payable under the Note and any amounts expended or advanced by
<br />Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Assignment, together
<br />with interest on such amounts as provided in this Assignment.
<br />Lender. The word "Lender" means U.S. Bank National Association, its successors and assigns.
<br />Note. The word "Note" means the promissory note or credit agreement dated January 19, 1999, in the original principal amount of
<br />$190,000.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
<br />substitutions for the promissory note or agreement.
<br />Property. The word "Property" means the real property, and all improvements thereon, described above in the "Assignment" section.
<br />Real Property. The words "Real Property" mean the property, interests and rights described above in the "Property Definition" section.
<br />Related Documents. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan
<br />agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and
<br />documents, whether now or hereafter existing, executed in connection with the Indebtedness.
<br />Rents. The word "Rents" means all rents, revenues, income, issues, profits and proceeds from the Property, whether due now or later,
<br />including without limitation all Rents from all leases described on any exhibit attached to this Assignment.
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF GRANTOR AND BORROWER UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS
<br />ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti— deficiency" law, or any other law which
<br />may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for
<br />deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale.
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Assignment is executed at Borrower's request and not at
<br />the request of Lender; (b) Grantor has the full power, right, and authority to enter into this Assignment and to hypothecate the Property; (c) the
<br />provisions of this Assignment do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not
<br />result in a violation of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining
<br />from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about
<br />Borrower (including without limitation the creditworthiness of Borrower).
<br />BORROWER'S WAIVERS AND RESPONSIBILITIES. Lender need not tell Borrower about any action or inaction Lender takes in connection with
<br />this Assignment. Borrower assumes the responsibility for being and keeping informed about the Property. Borrower waives any defenses that may
<br />arise because of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the Property, or any delay by
<br />Lender in realizing upon the Property. Borrower agrees to remain liable under the Note with Lender no matter what action Lender takes or fails to
<br />take under this Assignment.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Document, Grantor shall pay to Lender all
<br />amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless and
<br />until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may remain
<br />in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the right to collect the Rents
<br />shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RENTS. With respect to the Rents, Grantor represents and
<br />warrants to Lender that:
<br />Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to
<br />and accepted by Lender in writing.
<br />Right to Assign. Grantor has the full right, power, and authority to enter into this Assignment and to assign and convey the Rents to Lender.
<br />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br />No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as provided in
<br />this Agreement.
<br />LENDER'S RIGHT TO COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have occurred under this
<br />Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following rights, powers and authority:
<br />Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents to
<br />be paid directly to Lender or Lender's agent.
<br />Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from any
<br />other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the Property, including
<br />such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any tenant or tenants or other
<br />persons from the Property.
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs thereof and
<br />of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the Property in proper repair
<br />and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other insurance effected by Lender on
<br />the Property.
<br />Compliance with Laws. Lender may do any and all things to execute and comply with the laws of the State of Nebraska and also all other
<br />laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Property.
<br />Lease the Property. Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as Lender
<br />may deem appropriate.
<br />Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's name, to
<br />rent and manage the Property, including the collection and application of Rents.
<br />Other Acts. Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
<br />exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
<br />No Requirement to Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have performed
<br />one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
<br />APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grantor and Borrower's account
<br />and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents
<br />received by it; however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness.
<br />All expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this
<br />Assignment, and shall be payable on demand, with interest at the Note rate from date of expenditure until paid.
<br />FULL PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under
<br />this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment and
<br />suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Property. Any
<br />termination fee required by law shall be paid by Grantor, if permitted by applicable law.
<br />EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Assignment, or if any action or proceeding is commenced that
<br />would materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender
<br />deems appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid
<br />by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance
<br />
|