|
20180801p
<br />ASSIGNMENT OF RENTS
<br />(Continued) Page 3
<br />by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately
<br />due and payable, including any prepayment penalty that Grantor would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and
<br />collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's
<br />costs, against the Indebtedness. In furtherance of this right, Lender shall have all the rights provided for in the
<br />Lender's Right to Receive and Collect Rents Section, above. If the Rents are collected by Lender, then Grantor
<br />irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in
<br />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
<br />not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
<br />person, by agent, or through a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by
<br />law.
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and
<br />an election to make expenditures or to take action to perform an obligation of Grantor under this Assignment, after
<br />Grantor's failure to perform, shall not affect 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,
<br />Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and
<br />upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all
<br />reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its
<br />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,
<br />without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal
<br />expenses, whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings
<br />(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post -judgment
<br />collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors'
<br />reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law.
<br />Grantor 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 />Amendments. This Assignment, together with any Related Documents, constitutes the entire understanding and
<br />agreement of the parties as to the matters set forth in this Assignment. No alteration of or amendment to this
<br />Assignment shall be effective unless given in writing and signed by the party or parties sought to be charged or
<br />bound by the alteration or amendment.
<br />Caption Headings. Caption headings in this Assignment are for convenience purposes only and are not to be used
<br />to interpret or define the provisions of this Assignment.
<br />Governing Law. This Assignment will be governed by federal law applicable to Lender and, to the extent not
<br />preempted by federal law, the laws of the State of Nebraska without regard to its conflicts of law provisions. This
<br />Assignment has been accepted by Lender in the State of Nebraska.
<br />Merger. There shall be no merger of the interest or estate created by this Assignment with any other interest or
<br />estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent
<br />of Lender.
<br />Interpretation. (1) In all cases where there is more than one Borrower or Grantor, then all words used in this
<br />Assignment in the singular shall be deemed to have been used in the plural where the context and construction so
<br />require. (2) If more than one person signs this Assignment as "Grantor," the obligations of each Grantor are joint
<br />and several. This means that if Lender brings a lawsuit, Lender may sue any one or more of the Grantors. If
<br />Borrower and Grantor are not the same person, Lender need not sue Borrower first, and that Borrower need not be
<br />joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for convenience
<br />purposes only. They are not to be used to interpret or define the provisions of this Assignment.
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Assignment unless such
<br />waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right
<br />shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Assignment
<br />shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that
<br />provision or any other provision of this Assignment. No prior waiver by Lender, nor any course of dealing between
<br />Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any
<br />future transactions. Whenever the consent of Lender is required under this Assignment, the granting of such
<br />consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such
<br />consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
<br />Notices. Any notice required to be given under this Assignment shall be given in writing, and shall be effective
<br />when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when
<br />deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as
<br />first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this
<br />Assignment. Any party may change its address for notices under this Assignment by giving formal written notice
<br />to the other parties, specifying that the purpose of the notice is to change the party's address. For notice
<br />purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
<br />provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is
<br />deemed to be notice given to all Grantors.
<br />Powers of Attorney. The various agencies and powers of attorney conveyed on Lender under this Assignment are
<br />granted for purposes of security and may not be revoked by Grantor until such time as the same are renounced by
<br />Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Assignment to be illegal, invalid, or
<br />unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or
<br />unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so
<br />that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be
<br />considered deleted from this Assignment. Unless otherwise required by law, the illegality, invalidity, or
<br />unenforceability of any provision of this Assignment shall not affect the legality, validity or enforceability of any
<br />other provision of this Assignment.
<br />Successors and Assigns. Subject to any limitations stated in this Assignment on transfer of Grantor's interest, this
<br />Assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns. If
<br />ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may
<br />deal with Grantor's successors with reference to this Assignment and the Indebtedness by way of forbearance or
<br />extension without releasing Grantor from the obligations of this Assignment or liability under the Indebtedness.
<br />
|