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202303366
<br />I. Upon Lender's request and at any time, Assignor agrees, at Assignor's expense, to engage
<br />a qualified environmental engineer to prepare an environmental audit of the Property and to
<br />submit the results of such audit to Lender. The choice of the environmental engineer who
<br />will perform such audit is subject to Lender's approval.
<br />J. Lender has the right, but not the obligation, to perform any of Assignor's obligations
<br />under this section at Assignor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this
<br />section, (1) Assignor will indemnify and hold Lender and Lender's successors or assigns
<br />harmless from and against all losses, claims, demands, liabilities, damages, cleanup,
<br />response and remediation costs, penalties and expenses, including without limitation all
<br />costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may
<br />sustain; and (2) at Lender's discretion, Lender may release this Assignment and in return
<br />Assignor will provide Lender with collateral of at least equal value to the Property without
<br />prejudice to any of Lender's rights under this Assignment.
<br />L. Notwithstanding any of the language contained in this Assignment to the contrary, the
<br />terms of this section will survive any foreclosure or satisfaction of this Assignment
<br />regardless of any passage of title to Lender or any disposition by Lender of any or all of the
<br />Property. Any claims and defenses to the contrary are hereby waived.
<br />10. CONDEMNATION. Assignor will give Lender prompt notice of any pending or threatened
<br />action by private or public entities to purchase or take any or all of the Property through
<br />condemnation, eminent domain, or any other means. Assignor authorizes Lender to intervene in
<br />Assignor's name in any of the above described actions or claims. Assignor assigns to Lender
<br />the proceeds of any award or claim for damages connected with a condemnation or other
<br />taking of all or any part of the Property. Such proceeds will be considered payments and will
<br />be applied as provided in this Assignment. This assignment of proceeds is subject to the terms
<br />of any prior mortgage, deed of trust, security agreement or other lien document.
<br />11. APPOINTMENT OF A RECEIVER. On or after an Assignor's default, Assignor agrees to
<br />Lender making an application to the court for an appointment of a receiver for the benefit of
<br />Lender to take possession of the Property and the Leases, with the power to receive, collect
<br />and apply the Rents. Any Rents collected will be applied as the court authorizes to pay taxes,
<br />to provide insurance, to make repairs and to pay costs or any other expenses relating to the
<br />Property, the Leases and Rents, and any remaining sums shall be applied to the Secured Debts.
<br />Assignor agrees that this appointment of a receiver may be without giving bond, without
<br />reference to the then -existing value of the Property, and without regard to the insolvency of
<br />any person liable for any of the Secured Debts.
<br />12. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of
<br />the Secured Debt to be immediately due and payable upon the creation of, or contract for the
<br />creation of, any lien, encumbrance, transfer or sale of all or any part of the Property. This right
<br />is subject to the restrictions imposed by federal law, as applicable.
<br />13. WARRANTIES AND REPRESENTATIONS. Assignor has the right and authority to enter into
<br />this Assignment. The execution and delivery of this Assignment will not violate any agreement
<br />governing Assignor or to which Assignor is a party.
<br />A. Title. Assignor has good title to the Leases, Rents and Property and the right to assign,
<br />grant and convey to Lender as additional security the Leases and Rents, and no other person
<br />has any right in the Leases and Rents.
<br />B. Recordation. Assignor has recorded the Leases as required by law or as otherwise
<br />prudent for the type and use of the Property.
<br />C. Default. No default exists under the Leases, and the parties subject to the Leases have
<br />not violated any applicable law on leases, licenses and landlords and tenants. Assignor, at
<br />its sole cost and expense, will keep, observe and perform, and require all other parties to the
<br />Leases to comply with the Leases and any applicable law. If Assignor or any party to the
<br />Lease defaults or fails to observe any applicable law, Assignor will promptly notify Lender.
<br />D. Lease Modification. Assignor has not sublet, modified, extended, canceled, or otherwise
<br />altered the Leases, or accepted the surrender of the Property covered by the Leases (unless
<br />the Leases so require).
<br />E. Encumbrance. Assignor has not assigned, compromised, subordinated or encumbered the
<br />Leases and Rents.
<br />14. COVENANTS. Assignor agrees to the following covenants:
<br />A. Rent Abatement and Insurance. When any Lease provides for an abatement of Rents due
<br />to fire, flood or other casualty, Assignor will insure against this risk of loss with a policy
<br />satisfactory to Lender. Assignor may choose the insurance company, subject to Lender's
<br />approval, which will not be unreasonably withheld.
<br />Island Sprinkler Supply Company
<br />Nebraska Assignment of Leases and Rents
<br />NE/4Nicole.S00000000003066032N
<br />Wolters Kluwer Financial Services, Inc.©1996, 2023 Page 4
<br />Bankers SystemsTm
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