|
ASSIGNMENT OF RENTS
<br />Loan No: 87215896 (Continued)
<br />202204599
<br />Page 2
<br />necessary for the protection of the Property, including such proceedings as may be necessary to recover
<br />possession of the Property; collect the Rents and remove any tenant or tenants or other persons from the Property.
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair;
<br />to pay the costs thereof and of all services of all employees, including their equipment, and of all continuing costs
<br />and expenses of maintaining the Property in proper repair and condition, and also to pay all taxes, assessments and
<br />water utilities, and the premiums on fire and other insurance effected by Lender on the Property.
<br />Compliance with Laws. Lender may do any and all things to execute and comply with the laws of the State of
<br />Nebraska and also all other laws, rules, orders, ordinances and requirements of all other governmental agencies
<br />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
<br />such conditions as Lender may deem appropriate.
<br />Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's
<br />name or in Grantor's name, to 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
<br />appropriate and may act exclusively and solely in the place and stead of Grantor and to have all of the powers of
<br />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
<br />Lender shall have performed one or more of the foregoing acts or things shall not require Lender to do any other
<br />specific act or thing.
<br />APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for
<br />Grantor's account and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall
<br />determine the application of any and all Rents received by it; however, any such Rents received by Lender which are
<br />not applied to such costs and expenses shall be applied to the Indebtedness. All expenditures made by Lender under
<br />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
<br />imposed upon Grantor under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to
<br />Grantor a suitable satisfaction of this Assignment and suitable statements of termination of any financing statement on
<br />file evidencing Lender's security interest in the Rents and the Property. Any termination fee required by law shall be
<br />paid by Grantor, if permitted by applicable law.
<br />LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in
<br />the Property or if Grantor fails to comply with any provision of this Assignment or any Related Documents, including but
<br />not limited to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge or pay under
<br />this Assignment or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any
<br />action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security
<br />interests, encumbrances and other claims, at any time levied or placed on the Rents or the Property and paying all costs
<br />for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such
<br />purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date
<br />of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A)
<br />be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
<br />installment payments to become due during either (1) the term of any applicable insurance policy; or (2) 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
<br />maturity. The Assignment also will secure payment of these amounts. Such right shall be in addition to all other rights
<br />and remedies to which Lender may be entitled upon the occurrence of any Event of Default.
<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 Defaults. Borrower or Grantor fails to comply with or to perform any other term, obligation, covenant or
<br />condition contained in this Assignment or in any of the Related Documents or to comply with or to perform any
<br />term, obligation, covenant or condition contained in any other agreement between Lender and Borrower or Grantor.
<br />Default on Other Payments. Failure of Grantor within the time required by this Assignment to make any payment
<br />for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Default In Favor of Third Parties. Borrower, any guarantor or Grantor defaults under any loan, extension of credit,
<br />security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person
<br />that may materially affect any of Borrower's, any guarantor's or Grantor's property or ability to perform their
<br />respective obligations under this Assignment or any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Grantor
<br />or on Borrower's or Grantor's behalf under this Assignment or the Related Documents is false or misleading in any
<br />material respect, either now or at the time made or furnished or becomes false or misleading at any time
<br />thereafter.
<br />Defective Collateralization. This Assignment or any of the Related Documents ceases to be in full force and effect
<br />(including failure of any collateral document to create a valid and perfected security interest or lien) at any time and
<br />for any reason.
<br />Death or Insolvency. The dissolution of Grantor's (regardless of whether election to continue is made), any
<br />member withdraws from the limited liability company, or any other termination of Borrower's or Grantor's
<br />existence as a going business or the death of any member, the insolvency of Borrower or Grantor, the appointment
<br />of a receiver for any part of Borrower's or Grantor's property, any assignment for the benefit of creditors, any type
<br />of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or
<br />against Borrower or Grantor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other method, by any creditor of Borrower or Grantor or by any
<br />governmental agency against the Rents or any property securing the Indebtedness. This includes a gamishment of
<br />any of Borrower's or Grantor's accounts, including deposit accounts, with Lender. However, this Event of Default
<br />shall not apply if there is a good faith dispute by Borrower or Grantor as to the validity or reasonableness of the
<br />claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives Lender written
<br />notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or
<br />forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or
<br />bond for the dispute.
<br />Property Damage or Loss. The Property is lost, stolen, substantially damaged, sold, or borrowed against.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the
<br />Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability
<br />under, any Guaranty of the Indebtedness.
<br />
|