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<br />WHEN RECORDED MAIL TO: Cn
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION
<br />OF NEBRASKA
<br />201 West 7th Street
<br />P O Box 960
<br />Lexington, NE 68850 -0960 FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS
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<br />THIS ASSIGNMENT OF RENTS dated March 31, 2004, is made and executed between Todd A. Holen and
<br />Shelly M. Holen; Husband and Wife (referred to below as "Grantor ") and HOME FEDERAL SAVINGS AND
<br />LOAN ASSOCIATION OF NEBRASKA, whose address is 201 West 7th Street, P 0 Box 960, Lexington, NE
<br />68850 -0960 (referred to below as "Lender ").
<br />ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in,
<br />and conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following
<br />described Property located in Hall County, State of Nebraska:
<br />Lots One (1) and Two (2), Riffel Subdivision, in the City of Grand Island, Hall County, Nebraska,
<br />EXCEPTING a tract of land more particularly described in Warranty Deed recorded as Document No.
<br />200308989.
<br />The Property or its address is commonly known as 2505 E. Hwy 30, Grand Island, NE 68801.
<br />FUTURE ADVANCES. Specifically, without limitation, this Assignment secures, in addition to the amounts specified in the Note, all future amounts
<br />Lender in its discretion may loan to Borrower, together with all interest thereon; however, in no event shall such future advances (excluding
<br />interest) exceed in the aggregate $350,000.00.
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF BORROWER AND GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS
<br />ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti- deficiency" law, or any other law
<br />which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled to a
<br />claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of
<br />sale.
<br />BORROWER'S WAIVERS AND RESPONSIBILITIES. Lender need not tell Borrower about any action or inaction Lender takes in connection with
<br />this Assignment. Borrower assumes the responsibility for being and keeping informed about the Property. Borrower waives any defenses that
<br />may arise because of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the Property, or any delay
<br />by Lender in realizing upon the Property. Borrower agrees to remain liable under the Note with Lender no matter what action Lender takes or fails
<br />to take under this Assignment.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender all
<br />amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless
<br />and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may
<br />remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the right to collect
<br />the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br />Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to
<br />and accepted by Lender in writing.
<br />Right to Assign. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to Lender.
<br />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br />No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as provided
<br />in this Assignment.
<br />LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br />occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following rights,
<br />powers and authority:
<br />Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents
<br />to be paid directly to Lender or Lender's agent.
<br />Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from any
<br />other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the Property,
<br />including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any tenant or tenants
<br />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; to pay the costs thereof
<br />and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the Property in proper
<br />repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other insurance effected by
<br />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 Nebraska and also all other
<br />laws, rules, orders, ordinances and requirements of all other governmental agencies 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 such conditions as
<br />Lender may deem appropriate.
<br />Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's name,
<br />to rent and manage the Property, including the collection and application of Rents.
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