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<br />WHEN RECORDED MAIL TO:
<br />United Nebraska Bank
<br />Holdrege Office
<br />PO Box 346
<br />Holdreae NE 68949 FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS dated July 19, 2001, is made and executed between Kim D. Gillespie and
<br />Mark K. Gillespie, whose address is 1712 N. Hancock Ave., Grand Island, NE 68803 (referred to below as
<br />"Grantor ") and United Nebraska Bank, whose address is PO Box 346, Holdrege, NE 68949 (referred to
<br />below as "Lender ").
<br />Assignment. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in,
<br />and conveys to Lender all of Grantor's right, title, and interest its and to the Rents from the following
<br />described Property located in Hall County, State of Nebraska:
<br />Lot Nine (9), Block Two (2), Westerhoff's 2nd Subdivision in the City of Grand Island, Hall County,
<br />Nebraska.
<br />The Property or its address is commonly known as 1712 N. Hancock Ave., Grand Island, NE 68803.
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF BORROWER AND GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS
<br />ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti - deficiency" law, or any other law
<br />which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender Is otherwise entitled to a
<br />claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of
<br />sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, 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
<br />and 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
<br />remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the right to collect
<br />the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br />occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following rights,
<br />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
<br />to 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 proceedingp necessary for the protection of the Property,
<br />including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any tenant or tenants
<br />or other persons from the Property.
<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 />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
<br />it; 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
<br />under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this
<br />Assignment and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the
<br />Property. Any termination fee required by law shall be paid by Grantor, if permitted by applicable law.
<br />LENDER'S EXPENDITURES. if any action or proceeding is commenced that would materialty affect Lender's interest in the Property or If Grantor
<br />fails to comply with any provision of this Assignment or any Related Documents, including but not limited to Grantor's failure to discharge or pay
<br />when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents, Lender on Grantor's behalf may
<br />(but shall not be obligated to) take any action that Lender deems appropriate on the Rents or the Property and paying all costs for insuring,
<br />maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate
<br />charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of
<br />the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
<br />and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining
<br />term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity.
<br />DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Assignment:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Other Default. Grantor fails to comply with any other term, obligation, covenant or condition contained in this Assignment or in any of the
<br />Related Documents.
<br />RiGiiTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lander may exercise any one
<br />or 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 it option to declare the entire Indebtedness immediately due and payable,
<br />Including any prepayment penalty which Grantor would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the Property and collect the Rents,
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