|
20010716 ASSIGNMENT OF RENTS
<br />Loan No: 1376037 (Continued)
<br />Page 2
<br />including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In
<br />furtherance of this right, Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section, above. If
<br />the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney -in -fact to endorse Instruments received
<br />in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to
<br />Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds
<br />for the demand existed. Lender may exercise its 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 of the Property, with the
<br />power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property
<br />and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if
<br />permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the
<br />Indebtedness by a 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 />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
<br />expenditures or to take action to perform an obligation of Grantor under this Assignment, after Grantor's failure to perform, shall not affect
<br />Lender's right to declare a default and exercise its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to
<br />recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is
<br />Involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time
<br />for the protection of Its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
<br />Interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation,
<br />however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit,
<br />including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction),
<br />appeals, and any anticipated post - judgment collection services, the cost of searching records, obtaining title reports (including foreclosure
<br />reports), surveyors' reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. Grantor
<br />also will pay any court costs, in addition to all other sums provided by law.
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Assignment:
<br />Governing Law. This Assignment will be governed by, construed and enforced in accordance with federal law and the laws of the
<br />State of Nebraska. This Assignment has been accepted by Lender in the State of Nebraska.
<br />Amendments and Interpretation. (1) What is written in this Assignment is my entire agreement with Lender concerning the Property. This
<br />Assignment may not be changed except by another written agreement between us. (2) If more than one person signs below, our
<br />obligations are joint and several. This means that the words "I," "me," and "my" mean each and every person or entity signing this
<br />Assignment, and that, if Lender brings a lawsuit, Lender may sue any one or more of us. 1 also understand Lender need not sue Borrower
<br />first, and that Borrower need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for
<br />convenience purposes only. They are not to be used to interpret or define the provisions of this Assignment. (4) 1 agree that this
<br />Assignment is the best evidence of my agreements with Lender.
<br />WAIVER OF HOMESTEAD EXEMPTION. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all Indebtedness secured by this Assignment.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Assignment. Unless specifically
<br />stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
<br />used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
<br />defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />Assignment. The word "Assignment" means this Assignment of Rents, as this Assignment of Rents may be amended or modified from time
<br />to time, together with all exhibits and schedules attached to this Assignment of Rents from time to time.
<br />Borrower. The word "Borrower" means Diamond Exterminating, Inc.; Kim D. Gillespie; and Mark K. Gillespie.
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Assignment in the default section of this
<br />Assignment.
<br />Grantor. The word "Grantor" means Kim D. Gillespie and Marie K. Gillespie.
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or
<br />Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related
<br />Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses Incurred by Lender to
<br />enforce Grantor's obligations under this Assignment, together with interest on such amounts as provided in this Assignment.
<br />Lender. The word "Lender" means United Nebraska Bank, its successors and assigns.
<br />Note. The word "Note" means the promissory note dated July 19, 2001, in the original principal amount of $48,500.00 from
<br />Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
<br />promissory note or agreement.
<br />Property. The word "Property" means all of Grantor's right, fitie and interest in and to all the Property as described in the Assignment"
<br />section of this Assignment.
<br />Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
<br />agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
<br />agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
<br />Rents. The word "Rents" means all of Grantor's present and future rights, title and interest in, to and under any and all present and future
<br />lease, including, without limitation, all rents, revenue, income, issues, royalties, bonuses, accounts receivable, cash or security deposits,
<br />advance rentals, profits and proceeds from the Property, and other payments and benefits derived or to be derived from such leases of
<br />every kind and nature, whether due now or later, including without limitation Grantor's right to enforce such leases and to receive and collect
<br />payment and proceeds thereunder.
<br />THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT. THIS DOCUMENT IS EXECUTED
<br />ON JULY 10, 2001.
<br />GRANTOR:
<br />
|