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08 -31 -2000 200007261 ASSIGNMENT OF RENTS Page t
<br />Loan No (Continued)
<br />AND ACCEPTED ON THE FOLLOWING TERMS:
<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 />x. 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's account and Lender
<br />may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents received by it;
<br />however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness. All
<br />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, including any obligation to maintain Existing
<br />Indebtedness in good standing as required below, or if any action or proceeding is commenced that would materially affect Lender's interests in the
<br />Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender
<br />expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by Lender to the date of repayment by
<br />Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the Note and be apportioned
<br />among and be payable with any installment payments to become due during either (i) the term of any applicable insurance policy or (ii) the
<br />remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This Assignment also will
<br />secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender
<br />may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any
<br />remedy that it otherwise would have had.
<br />DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default ( "Event of Default ") under this Assignment:
<br />Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness.
<br />Compliance Default. Failure of Grantor to comply with any other term, obligation, covenant or condition contained in this Assignment, the Note
<br />or in any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor under this Assignment,
<br />the Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
<br />Defective Collateralization. This Assignment or any of the Related Documents ceases to be in full force and effect (including failure of any
<br />collateral documents to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Other Defaults. Failure of Grantor to comply with any term, obligation, covenant, or condition contained in any other agreement between
<br />Grantor and Lender.
<br />Death or Insolvency. The death of Grantor or the dissolution or termination of Grantor's existence as a going business, the insolvency of
<br />Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor
<br />workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor.
<br />Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help, repossession
<br />or any other method, by any creditor of Grantor or by any governmental agency against any of the Property. However, this subsection shall not
<br />apply in the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br />forefeiture proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br />satisfactory to Lender.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Lender, at its option,
<br />may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a
<br />manner satisfactory to Lender, and, in doing so, cure the Event of Default.
<br />Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith deems itself insecure.
<br />Existing Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br />Indebtedness, or commencement of any suit or other action to foreclose any existing lien on the Property.
<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
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