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RECORDATION REQUESTED BY:
<br />EXCHANGE BANK
<br />P.O. BOX 760
<br />14 LABARRE
<br />GIBBON, NE 68840 -0760
<br />WHEN RECORDED MAIL TO:
<br />EXCHANGE BANK
<br />P.O. BOX 760
<br />14 LABARRE
<br />GIBBON, NE 68840-0760
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<br />SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS IS DATED MAY 29, 1996, between THE MEADOWS APARTMENT HOLNES,
<br />L.L.C., A NEBRASKA LIMITED LIABILITY COMPANY, whose address is P 0 BOX 139/2808 OLD FAIR ROAD,
<br />SUITE D, GRAND ISLAND, NE 68802 (referred to below as "Grantor "); and EXCHANGE BANK, whose address
<br />is P.O. BOX 760,14 LABARRE, GIBBON, NE 68840-0760 (referred to below as "Lender ").
<br />ASSIGNMENT. For valuable consideration, Grantor assigns, 'grants a continuing security interest in, and
<br />conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br />Property located in HALL County, State bf Nebraska:
<br />LOT 19, BOSSELMAN SECOND SUBDIVISION, HALL COUNTY, NEBRASKA.
<br />The Real Property or its address is commonly known as 2642 N CARLETON AVENUE, GRAND ISLAND, NE
<br />68803.
<br />DEFINITIONS. The following words shall have the following meanings when used in. this Assignment. Terms not otherwise defined in this
<br />Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts
<br />in lawful money of the United States of America.
<br />Assignment. The word "Assignment" means this Assignment of Rents between Grantor and Lender, and includes without limitation all
<br />assignments and security interest provisions relating to the Rents.
<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 THE MEADOWS APARTMENT HOLNES, L.L.C..
<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. In addition to the Note, the word "Indebtedness" includes all obligations, debts
<br />and liabilities, plus interest thereon, of Grantor to Lender, or any one or more of them, as well as all claims by Lender against Grantor, or any
<br />one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or
<br />otherwise, whether due or not due, absolute or contingent, liquidated or unliquidated and whether Grantor may be liable individually or jointly
<br />with others, whether obligated as guarantor or otherwise, and whether recovery upon such Indebtedness may be or hereafter may become
<br />barred by any statute of limitations, and whether such Indebtedness may be or hereafter may become otherwise unenforceable.
<br />Lender. The word "Lender" means EXCHANGE BANK, its successors and assigns.
<br />Note. The word "Note" means the promissory note or credit agreement dated May 29, 1996, in the original principal amount of
<br />$540,000.00 from Grantor 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.
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