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200004352 iii Assignments Of Leases N1°""isa ""S X And Rents AFAFN/AF® (Nebraska) This Assignment is made this May 18, 2000 between Land 4 Sale, LLC (the "Assignor "), a(n) Limited Liability Company and Norwest Bank Nebraska, National Association (the "Assignee"), a national banking association. The Assignor has executed and delivered to the Assignee its promissory note dated May 18, 2000 in the original principal amount of $ 157, 500 . 00 and any extensions, renewals or modifications thereof (the "Note "). The Assignor has executed and delivered to the Assignee its guaranty dated in favor of the Assignee for the benefit of (the "Borrower ") in the amount of $ and any replacements or substitutions thereof (the "Guaranty"). To secure payment of the obligation described above (the "Obligation "), the Assignor has executed and delivered to the Assignee a deed of trust ( "Deed of Trust ") dated May 18 , 2 0 0 0 , covering certain property ( "Trust Property ") including, among other things, the real estate described in the attached Exhibit A and the buildings, improvements, fixtures and personal property now or in the future located thereon. *See Page Two The Assignee has required the execution of this Assignment as a condition to making or accepting the Obligation. ACCORDINGLY, in consideration of the premises and other good and valuable consideration, the Assignor does hereby grant, transfer and assign to the Assignee all of the Assignor's right, title and interest in and to (i) any and all present or future leases or tenancies, whether written or oral, covering or affecting any or all of the Trust Property, together with any and all extensions, modifications and renewals thereof (each, a "Lease" and collectively, the "Leases "), and (ii) all rents, profits and other income or payments of any kind due or payable or to become due or payable to the Assignor as the result of any use, possession or occupancy of all or any portion of the Trust Property or as the result of the use of or lease of any personal property constituting a part of the Trust Property, whether accruing before or after foreclosure of the Deed of Trust or during the period of redemption thereof ( "Rents "), all for the purpose of securing (a) payment of all indebtedness evidenced by the Obligation and all other sums secured by the Deed of Trust; and (b) performance and discharge of each and every obligation, covenant and agreement of the Assignor contained herein and in the Deed of Trust. The Assignor warrants and covenants that Assignor is and will remain the absolute owner of the Rents and Leases free and clear of all liens and encumbrances other than the lien granted herein, that Assignor has not previously assigned or otherwise encumbered the Assignor's interest in any of the Rents or Leases to any other person; that Assignor has the right under applicable law, under the Leases and otherwise to execute and deliver this Assignment and to keep and perform all obligations hereunder, • and that Assignor will warrant and defend the Leases and Rents against all adverse claims, whether now existing or later arising, The Assignor further covenants and agrees as follows: 1. PERFORMANCE OF LEASES. The Assignor will faithfully abide by, perform and discharge each and every obligation, covenant and agreement which it now is or hereafter becomes liable to observe or perform under any present or future Lease, and, at the Assignor's sole cost and expense, will enforce or secure the performance of each and every obligation, under each and every Lease. The Assignor will observe and comply with all provisions of law applicable to the operation and ownership of the Trust Property. The Assignor will give prompt written notice to the Assignee of any notice of default on the part of the Assignor with respect to the Lease received from the tenant thereunder, and will also at Assignor's sole cost and expense, appear in and defend any action or proceeding arising under, growing out of or in any manner connected with any Lease or the obligations, duties or liabilities of the Assignor or any tenant thereunder. The Assignor will not lease or otherwise permit the use of all or any portion of the Trust Property for rent that is below the fair market rent for such property. 2. COLLECTION OF RENTS IN ADVANCE. The Assignor will not collect or accept any Rents for the use or occupancy of the Trust Property for more than one month in advance. Security deposits shall not be deemed Rents for purposes of this paragraph. 3. PROTECTING THE SECURITY OF THIS ASSIGNMENT. Should the Assignor fail to perform or observe any covenant or agreement contained in this Assignment, then the Assignee may (but shall have no obligation to) make or do the same in such manner and to such extent as the Assignee may deem appropriate to protect the security hereof. The rights of the Assignee heret nder shall include but not be limited to N the right to appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of the Assignee, (ii) the right to perform and discharge each and every obligation, covenant and agreement of the Assignor contained in the Lease, and (iii) the right, in exercising any of the other rights granted hereunder, to pay necessary costs and exoenses, employ counsel and pay reasonable attorneys' fees. The Assignor shall pay on demand all sums expended by the Assignee pursuant to this paragraph, together with interest thereon at the rate stated by the Note or the rate stated in the most recent obligation covered by the Guaranty, and the same shall be added to the Obligation secured hereby and by the Deed of Trust. 4. PRESENT ASSIGNMENT. This Assignment shall constitute a perfected, absolute and present assignment; provided that the Assignor shall have the right to collect all of the Rents (subject to the Section entitled "Collection of Rents in Advance") and to retain, use and enjoy the same until an Event of Default occurs under the Deed of Trust or the Assignor breaches any warranty or covenant contained in this Assignment. Any Rents accruing prior to an Event of Default under the Deed of Trust but paid thereafter shall be paid to the Assignee. 5. SURVIVAL OF OBLIGAT ION. This Assignment is given as security in addition to the Deed of Trust. All of the Assignor's obligations under the Deed of Trust and this Assignment shall survive foreclosure of the Deed of Trust. The Assignor shall observe and comply with all terms and conditions contained in the Deed of Trust and in this Assignment and shall preclude any Event of Default from occurring under the Deed of Trust during the period of redemption following foreclosure of the Deed of Trust. 6. DEFAULT,• REMEDIES. Upon the occurrence of any Event of Default specified in the Deed of Trust or upon the breach of any warranty or covenant contained in this Assignment, the Assignee may, at its option: (a) in the name, place and stead of the Assignor and as the Assignee in its sole discretion deems appropriate (i) enter upon, manage and operate the Trust Property or retain the services of one or more independent contractors to manage and operate all or any part of the Trust Property, • (ii) make, enforce, modify and accept surrender of the Leases; (iii) obtain or evict tenants, collect, receive, sue for, fix, modify, adjust or compromise the Rents, and enforce all rights of the Assignor under the Leases; and (iv) perform any and all other acts that may be necessary or proper to protect the security of this Assignment. b) with or without exercising the rights set forth in subparagraph (a) above, give or require the Assignor to give notice to any or all tenants under the Leases authorizing and directing them to pay all Rents under the Leases directly to the Assignee; and c) without regard to any waste, adequacy of the security or solvency of the Assignor, apply for the appointment of a receiver of the �- D a G. ca CA Vf CD 4 ^ cn o M n z � N n rn l'1 2 --4 m O n 7C m —C -< O = rn D � O fe tt, V 1 rn rn r ;:0 S r n D- c n O f!) N N 200004352 iii Assignments Of Leases N1°""isa ""S X And Rents AFAFN/AF® (Nebraska) This Assignment is made this May 18, 2000 between Land 4 Sale, LLC (the "Assignor "), a(n) Limited Liability Company and Norwest Bank Nebraska, National Association (the "Assignee"), a national banking association. The Assignor has executed and delivered to the Assignee its promissory note dated May 18, 2000 in the original principal amount of $ 157, 500 . 00 and any extensions, renewals or modifications thereof (the "Note "). The Assignor has executed and delivered to the Assignee its guaranty dated in favor of the Assignee for the benefit of (the "Borrower ") in the amount of $ and any replacements or substitutions thereof (the "Guaranty"). To secure payment of the obligation described above (the "Obligation "), the Assignor has executed and delivered to the Assignee a deed of trust ( "Deed of Trust ") dated May 18 , 2 0 0 0 , covering certain property ( "Trust Property ") including, among other things, the real estate described in the attached Exhibit A and the buildings, improvements, fixtures and personal property now or in the future located thereon. *See Page Two The Assignee has required the execution of this Assignment as a condition to making or accepting the Obligation. ACCORDINGLY, in consideration of the premises and other good and valuable consideration, the Assignor does hereby grant, transfer and assign to the Assignee all of the Assignor's right, title and interest in and to (i) any and all present or future leases or tenancies, whether written or oral, covering or affecting any or all of the Trust Property, together with any and all extensions, modifications and renewals thereof (each, a "Lease" and collectively, the "Leases "), and (ii) all rents, profits and other income or payments of any kind due or payable or to become due or payable to the Assignor as the result of any use, possession or occupancy of all or any portion of the Trust Property or as the result of the use of or lease of any personal property constituting a part of the Trust Property, whether accruing before or after foreclosure of the Deed of Trust or during the period of redemption thereof ( "Rents "), all for the purpose of securing (a) payment of all indebtedness evidenced by the Obligation and all other sums secured by the Deed of Trust; and (b) performance and discharge of each and every obligation, covenant and agreement of the Assignor contained herein and in the Deed of Trust. The Assignor warrants and covenants that Assignor is and will remain the absolute owner of the Rents and Leases free and clear of all liens and encumbrances other than the lien granted herein, that Assignor has not previously assigned or otherwise encumbered the Assignor's interest in any of the Rents or Leases to any other person; that Assignor has the right under applicable law, under the Leases and otherwise to execute and deliver this Assignment and to keep and perform all obligations hereunder, • and that Assignor will warrant and defend the Leases and Rents against all adverse claims, whether now existing or later arising, The Assignor further covenants and agrees as follows: 1. PERFORMANCE OF LEASES. The Assignor will faithfully abide by, perform and discharge each and every obligation, covenant and agreement which it now is or hereafter becomes liable to observe or perform under any present or future Lease, and, at the Assignor's sole cost and expense, will enforce or secure the performance of each and every obligation, under each and every Lease. The Assignor will observe and comply with all provisions of law applicable to the operation and ownership of the Trust Property. The Assignor will give prompt written notice to the Assignee of any notice of default on the part of the Assignor with respect to the Lease received from the tenant thereunder, and will also at Assignor's sole cost and expense, appear in and defend any action or proceeding arising under, growing out of or in any manner connected with any Lease or the obligations, duties or liabilities of the Assignor or any tenant thereunder. The Assignor will not lease or otherwise permit the use of all or any portion of the Trust Property for rent that is below the fair market rent for such property. 2. COLLECTION OF RENTS IN ADVANCE. The Assignor will not collect or accept any Rents for the use or occupancy of the Trust Property for more than one month in advance. Security deposits shall not be deemed Rents for purposes of this paragraph. 3. PROTECTING THE SECURITY OF THIS ASSIGNMENT. Should the Assignor fail to perform or observe any covenant or agreement contained in this Assignment, then the Assignee may (but shall have no obligation to) make or do the same in such manner and to such extent as the Assignee may deem appropriate to protect the security hereof. The rights of the Assignee heret nder shall include but not be limited to N the right to appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of the Assignee, (ii) the right to perform and discharge each and every obligation, covenant and agreement of the Assignor contained in the Lease, and (iii) the right, in exercising any of the other rights granted hereunder, to pay necessary costs and exoenses, employ counsel and pay reasonable attorneys' fees. The Assignor shall pay on demand all sums expended by the Assignee pursuant to this paragraph, together with interest thereon at the rate stated by the Note or the rate stated in the most recent obligation covered by the Guaranty, and the same shall be added to the Obligation secured hereby and by the Deed of Trust. 4. PRESENT ASSIGNMENT. This Assignment shall constitute a perfected, absolute and present assignment; provided that the Assignor shall have the right to collect all of the Rents (subject to the Section entitled "Collection of Rents in Advance") and to retain, use and enjoy the same until an Event of Default occurs under the Deed of Trust or the Assignor breaches any warranty or covenant contained in this Assignment. Any Rents accruing prior to an Event of Default under the Deed of Trust but paid thereafter shall be paid to the Assignee. 5. SURVIVAL OF OBLIGAT ION. This Assignment is given as security in addition to the Deed of Trust. All of the Assignor's obligations under the Deed of Trust and this Assignment shall survive foreclosure of the Deed of Trust. The Assignor shall observe and comply with all terms and conditions contained in the Deed of Trust and in this Assignment and shall preclude any Event of Default from occurring under the Deed of Trust during the period of redemption following foreclosure of the Deed of Trust. 6. DEFAULT,• REMEDIES. Upon the occurrence of any Event of Default specified in the Deed of Trust or upon the breach of any warranty or covenant contained in this Assignment, the Assignee may, at its option: (a) in the name, place and stead of the Assignor and as the Assignee in its sole discretion deems appropriate (i) enter upon, manage and operate the Trust Property or retain the services of one or more independent contractors to manage and operate all or any part of the Trust Property, • (ii) make, enforce, modify and accept surrender of the Leases; (iii) obtain or evict tenants, collect, receive, sue for, fix, modify, adjust or compromise the Rents, and enforce all rights of the Assignor under the Leases; and (iv) perform any and all other acts that may be necessary or proper to protect the security of this Assignment. b) with or without exercising the rights set forth in subparagraph (a) above, give or require the Assignor to give notice to any or all tenants under the Leases authorizing and directing them to pay all Rents under the Leases directly to the Assignee; and c) without regard to any waste, adequacy of the security or solvency of the Assignor, apply for the appointment of a receiver of the �- D a G. ca CA Vf CD 4