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202100226
<br />necessary to protect Lender's security interest in the Property, including completion of the
<br />construction.
<br />16. 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
<br />existing Leases will be provided on execution of the Assignment, and all future Leases and any
<br />other information with respect to these Leases will be provided immediately after they are
<br />executed. Grantor may collect, receive, enjoy and use the Rents so long as Grantor is not in
<br />default. Grantor will not collect in advance any Rents due in future lease periods, unless
<br />Grantor first obtains Lender's written consent. Upon default, Grantor will receive any Rents in
<br />trust for Lender and Grantor will not commingle the Rents with any other funds. When Lender
<br />so 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 />17. 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 or Borrower fail 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. Business Termination. Grantor merges, dissolves, reorganizes, ends its business or
<br />existence, or a partner or majority owner 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 />FRANKLIN R HOCHSTETLER
<br />Nebraska Deed Of Trust
<br />initials
<br />NE/4michas @o0000o00002375o37N Wolters Kluwer Anemia! Services °199e, 2020 Bankers 4
<br />Systems'.
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