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204411176
<br />received by such lessees who are expressly relieved of any and all duty, liability or obligation to
<br />Borrower in respect of all payments so made.
<br />If an Event of Default shall occur, Lender is hereby vested with full power from and after
<br />service of a Notice to use all measures, legal and equitable, deemed by it necessary or proper to
<br />enforce the assignment granted hereunder and to collect the Rents assigned hereunder, including
<br />the right of Lender or its designee, to enter upon the Property, or any part thereof, and take
<br />possession of all or any part of the Property together with all personal property, fixtures,
<br />documents, books, records, papers and accounts of Borrower relating thereto, and may exclude
<br />the Borrower, its agents and servants, wholly therefrom. Borrower hereby grants full power and
<br />authority to Lender to exercise all rights, privileges and powers herein granted at any and all
<br />times after service of a Notice, with full power to use and apply all of the Rents and other income
<br />herein assigned to the payment of the costs of managing and operating the Property and of any
<br />indebtedness or liability of Borrower to Lender, including but not limited to the payment of
<br />taxes, special assessments, insurance premiums, damage claims, the costs of maintaining,
<br />repairing, rebuilding and restoring the Improvements on the Premises or of making the same
<br />rentable, reasonable attorneys' fees incurred in connection with the enforcement of the
<br />assignment granted hereunder, and of principal and interest payments due from Borrower to
<br />Lender on the Note and this Instrument, all in such order as Lender may determine. Lender shall
<br />be under no obligation to exercise or prosecute any of the rights or claims assigned to it
<br />hereunder or to perform or carry out any of the obligations of the lessor under any of the Leases
<br />and does not assume any of the liabilities in connection with or arising or growing out of the
<br />covenants and agreements of Borrower in the leases. It is further understood that the assignment
<br />granted hereunder shall not operate to place responsibility for the control, care, management or
<br />repair of the Property, or parts thereof, upon Lender, nor shall it operate to make Lender liable
<br />for the performance of any of the terms and conditions of any of the Leases, or for any waste of
<br />the Property by any lessee under any of the Leases or any other person, or for any dangerous or
<br />defective condition of the Property or for any negligence in the management, upkeep, repair or
<br />control of the Property resulting in loss or injury or death to any lessee, licensee, employee or
<br />stranger, unless the same shall have been found by a court of competent jurisdiction to have been
<br />due to the gross negligence or willful misconduct of Lender.
<br />25. DEFAULT. The following shall each constitute an event of default
<br />( "Event of Default "):
<br />(a) The occurrence of an "Event of Default" under the Note.
<br />(b) Failure of Borrower within the time required by this Instrument to make
<br />any payment for taxes, insurance or for reserves for such payments, or any other payment
<br />necessary to prevent filing of or discharge of any lien, and such failure shall continue for a period
<br />of ten (10) days after written notice is given to Borrower by Lender specifying such failure.
<br />(c) Failure by Borrower to observe or perform any obligations of Borrower to
<br />Lender on or with respect to any transactions, debts, undertakings or agreements other than the
<br />transaction evidenced by the Note, following the giving of any notice required thereunder and /or
<br />the expiration of any applicable period of grace provided thereby.
<br />19
<br />01- 288814.04
<br />Grand Island, NE
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