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<br />ASSIGNMENT OF LEASES AND RENTS
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<br />This Assignment is executed this 15th day of July , 2004 by Business Properties of Nebraska
<br />LLC, a Nebraska Limited Liability Company, (hereinafter referred to as "Assignor ") to Pinnacle Bank
<br />(hereinafter referred to as "Trustee ") for the benefit of Pinnacle Bank (hereinafter referred to as
<br />"Lender ").
<br />1. ASSIGNMENT. For good and valuable consideration, the receipt and sufficiency of which is
<br />acknowledged, and to secure the Secured Debts and Assignor's performance under this Assignment,
<br />Assignor irrevocably assigns, grants and conveys to Trustee, in trust for the benefit of Lender as
<br />additional security all the right, title and interest in the following:
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal
<br />agreements for the use and occupancy of the Property, including any extensions,
<br />renewals, modifications or replacements (all referred to as Leases).
<br />B. Rents, issues and profits (all referred to as Rents), including but not limited to security
<br />deposits, minimum rent, percentage rent, additional rent, common area maintenance
<br />charges, parking charges, real estate taxes, other applicable taxes, insurance premium
<br />contributions, liquidated damages following default, cancellation premiums, "loss of rents"
<br />insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract
<br />rights, general intangibles, and all rights and claims which Assignor may have that in any
<br />way pertain to or are on account of the use or occupancy of the whole or any part of the
<br />Property.
<br />C. The term "Property" as used in this Assignment shall include the following described real
<br />property: Lot Four (4), in Livengood Second Subdivision, in Hall County, Nebraska.
<br />2. SECURED DEBTS. This Assignment will secure the following debts and all extensions,
<br />renewals, refinancings, modifications and replacements thereof: Promissory Note issued to Business
<br />Properties of Nebraska, LLC dated July 15, 2004 in the amount of $245,776.50, (hereinafter referred to
<br />as the "Secured Debts ").
<br />3. COLLECTION OF RENTS. Assignor may collect, receive, enjoy and use the Rents so long as
<br />Assignor is not in default.
<br />4. DEFAULT. Assignor will be in default if any of the following occur:
<br />A. Payments. Assignor fails to pay any Secured Debts when due or fails to perform any
<br />condition or to keep any promise or covenant of this Assignment.
<br />B. Default - Other Obligations. Assignor defaults under the terms of (i) any other
<br />obligation to Lender (ii) any document or agreement securing the Secured Debts or any
<br />other obligation to Lender, including but not limited to any mortgage, deed of trust or
<br />security agreement, or (iii) any other agreement Assignor has with Lender.
<br />5. REMEDIES. After Assignor defaults, and after Lender gives any legally required notice and
<br />opportunity to cure the default, in addition to any other remedies Lender may have, Lender may at
<br />Lender's option do any one or more of the following:
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