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201701719
<br /> necessary to protect Lender's security interest in the Property, including completion of the
<br /> construction.
<br /> 12. ASSIGNMENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants, conveys to
<br /> Lender as additional security all the right, title and interest in the following (Property).
<br /> A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal
<br /> agreements for the use and occupancy of the Property, including but not limited to any
<br /> extensions, renewals, modifications or replacements (Leases).
<br /> B. Rents, issues and profits, including but not limited to security deposits, minimum rents,
<br /> percentage rents, additional rents, common area maintenance charges, parking charges, real
<br /> estate taxes, other applicable taxes, insurance premium contributions, liquidated damages
<br /> following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues,
<br /> royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights
<br /> and claims which Grantor may have that in any way pertain to or are on account of the use
<br /> or occupancy of the whole or any part of the Property (Rents).
<br /> In the event any item listed as Leases or Rents is determined to be personal property, this
<br /> Assignment will also be regarded as a security agreement. Grantor will promptly provide Lender
<br /> with copies of the Leases and will certify these Leases are true and correct copies. The existing
<br /> Leases will be provided on execution of the Assignment, and all future Leases and any other
<br /> information with respect to these Leases will be provided immediately after they are executed.
<br /> Grantor may collect, receive, enjoy and use the Rents so long as Grantor is not in default.
<br /> Grantor will not collect in advance any Rents due in future lease periods, unless Grantor first
<br /> obtains Lender's written consent. Upon default, Grantor will receive any Rents in trust for
<br /> Lender and Grantor will not commingle the Rents with any other funds. When Lender so
<br /> directs, Grantor will endorse and deliver any payments of Rents from the Property to Lender.
<br /> Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of
<br /> managing, protecting, valuating, appraising and preserving the Property, and other necessary
<br /> expenses. Grantor agrees that this Security Instrument is immediately effective between
<br /> Grantor and Lender and effective as to third parties on the recording of this Assignment. As
<br /> long as this Assignment is in effect, Grantor warrants and represents that no default exists
<br /> under the Leases, and the parties subject to the Leases have not violated any applicable law on
<br /> leases, licenses and landlords and tenants. Grantor, at its sole cost and expense, will keep,
<br /> observe and perform, and require all other parties to the Leases to comply with the Leases and
<br /> any applicable law. If Grantor or any party to the Lease defaults or fails to observe any
<br /> applicable law, Grantor will promptly notify Lender. If Grantor neglects or refuses to enforce
<br /> compliance with the terms of the Leases, then Lender may, at Lender's option, enforce
<br /> compliance. Grantor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or
<br /> accept the surrender of the Property covered by the Leases (unless the Leases so require)
<br /> without Lender's consent. Grantor will not assign, compromise, subordinate or encumber the
<br /> Leases and Rents without Lender's prior written consent. Lender does not assume or become
<br /> liable for the Property's maintenance, depreciation, or other losses or damages when Lender
<br /> acts to manage, protect or preserve the Property, except for losses and damages due to
<br /> Lender's gross negligence or intentional torts. Otherwise, Grantor will indemnify Lender and
<br /> hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to
<br /> exercise any of its remedies against any party obligated under the Leases.
<br /> 13. DEFAULT. Grantor will be in default if any of the following events (known separately and
<br /> collectively as an Event of Default) occur:
<br /> A. Payments. Grantor fails to make a payment in full when due.
<br /> B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a
<br /> receiver by or on behalf of, application of any debtor relief law, the assignment for the
<br /> benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence
<br /> by, or the commencement of any proceeding under any present or future federal or state
<br /> insolvency, bankruptcy, reorganization, composition or debtor relief law by or against
<br /> Grantor, Borrower, or any co-signer, endorser, surety or guarantor of this Security
<br /> Instrument or any other obligations Borrower has with Lender.
<br /> C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br /> D. Failure to Perform. Grantor fails to perform any condition or to keep any promise or
<br /> covenant of this Security Instrument.
<br /> E. Other Documents. A default occurs under the terms of any other document relating to
<br /> the Secured Debts.
<br /> F. Other Agreements. Grantor is in default on any other debt or agreement Grantor has with
<br /> Lender.
<br /> G. Misrepresentation. Grantor makes any verbal or written statement or provides any
<br /> financial information that is untrue, inaccurate, or conceals a material fact at the time it is
<br /> made or provided.
<br /> Ronald D.Brockmann
<br /> Nebraska Deed Of Trust
<br /> NE/4XRATHMAN00000000001180014N Wolters Kluwer Financial Services©1996,2017 Bankers Page 3
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