|
. � •
<br /> � 99- s�s9�o
<br /> ASSIGNMENT OF RENTS AND LEASES
<br /> This Assignment of Rents and Leases (this "Assignment") is dated as of the day of,
<br /> June, 1999 by CONTINENTAL VILLAS, LTD, ("Borrower"), to THE SECURITY
<br /> MUTUAL LIFE INSURANCE COMPANY OF LINCOLN, NEBRASKA, and its
<br /> successors and assigns ("Lender").
<br /> PRELIMINARY STATEMENT
<br /> Lender intends to loan One Million Nine Hundred Fifty Thousand and 00/100 Dollars
<br /> ($1,950,000.00) to Borrower, which will be evidenced by that certain Note dated the
<br /> day of June, 1999 (the "Note"), executed by Borrower in favor of Lender in the
<br /> aggregate principal amount set forth above and bearing interest and being payable as
<br /> provided therein. The payment and performance of Borrower's obligations under the Note
<br /> will be secured, in part, by that certain Deed of Trust and Security Agreement dated the
<br /> same date as the Note (the "Mortgage") among Borrower, Lender and the Trustee named
<br /> therein encumbering the real property described on Exhibit "A" hereto (the "Property").
<br /> AGREEMENT
<br /> NOW, THEREFORE, in consideration of the foregoing and other good and valuable
<br /> consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower
<br /> agrees as follows:
<br /> 1. Definitions. Capitalized terms used herein shall have the respective
<br /> meanings given them in the Mortgage, unless otherwise defined herein.
<br /> 2. Assignment; Certain Rights of Borrower. To further secure the prompt
<br /> payment and performance of each obligation secured by the Mortgage, Borrower hereby
<br /> assigns, transfers, conveys and sets over to Lender all of Borrower's estate, right, title and
<br /> interest in, to and under all leases, whether existing on the date hereof or hereafter entered
<br /> into (including any extensions, modifications or amendments thereto) relating to the
<br /> Property, including, without limitation, the leases, together with all rights, powers,
<br /> privileges, options and other benefits of Borrower as the lessor under the Leases
<br /> regarding the current tenants and any future tenants, and all the rents, revenues, profits
<br /> and income from the Mortgaged Estate, including those now due, past due or to become
<br /> due. Borrower irrevocably appoints Lender its true and lawful attorney-in-fact, at the
<br /> option of Lender at any time and from time to time, to take possession and control of the
<br /> Mortgaged Estate, pursuant to Borrower's rights as lessor under the Leases, and to
<br /> demand, receive and enforce payment, to give receipts, releases and satisfaction and to
<br /> sue, in the name of Borrower or Lender, for all of the rents, revenues, profits and income
<br /> thereof. It is intended by Borrower and Lender that this Assignment constitutes an
<br /> absolute assignment and not merely an assignment for additional security. The
<br /> consideration received by Borrower to execute and deliver this Assignment and the liens
<br />
|