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65-29 -1996 /'\ ASSIGNMENT OF RENTS Page 3
<br />Loan No 21638 (Continued) n n 1 Il A 1 ti
<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 twenty (20) days; or (b) if the cure requires more than twenty (20) 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 users to Lender in response to Lender's demand shall
<br />satisfy the obligations for which the payments are made, whether or not any proper grounds for 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 possession of all or any part the Property, with the power
<br />to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply
<br />the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
<br />Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
<br />substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note 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 />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 />Severablllty. 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 tQ_f,?A y ,IthFn the limits of enforonability or validity,' howeyer, if the offending provision..; ,_
<br />cannot be so modified, it shall tie sMoken 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 -end 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 />GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT OF RENTS, AND GRANTOR AGREES TO ITS
<br />TERMS.
<br />GRANTOR:
<br />THE MEADOWS APARTMENT HOLNES, L.L.C.
<br />Of
<br />BY:
<br />ATRIC ANCIS, Member
<br />ByK . ::::.:.
<br />FOOD SYSTEMS, INC., A NEBRASKA CORPORATION, RAYMOND J. O'CONNOR PRESIDENT, Member
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