|
200409269
<br />taxes, insurance premium contributions, liquidated damages following default, cancellation premiums, "loss
<br />of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights,
<br />general intangibles, and all rights and claims which Assignor may have regarding the Property (Rents).
<br />C. The term Property as used in this Assignment shall include the following described real property:
<br />See Exhibit "A" attached hereto
<br />The property is located in Hall County at 939 S Locust St., Grand Island, Nebraska 68801.
<br />In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also
<br />be regarded as a security agreement.
<br />4. PAYMENTS. Assignor agrees that all payments under the Secured Debts will be paid when due and in
<br />accordance with the terms of the Secured Debts and this Assignment.
<br />5. COLLECTION OF RENTS. Assignor may collect, receive, enjoy and use the Rents so long as Assignor is not
<br />in default. Assignor will not collect in advance any Rents due in future lease periods, unless Assignor first
<br />obtains Lender's written consent.
<br />Upon default, Assignor will receive any Rents in trust for Lender and Assignor will not commingle the Rents
<br />with any other funds. When Lender so directs, Assignor will endorse and deliver any payments of Rents from
<br />the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the
<br />costs of managing, protecting and preserving the Property, and other necessary expenses.
<br />Assignor agrees that this Assignment is immediately effective between Assignor and Lender and effective as to
<br />third parties on the recording of this Assignment.
<br />6. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law,
<br />Assignor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies
<br />under this Assignment. Assignor agrees to pay expenses for Lender to inspect and preserve the Property and
<br />for any recordation costs of releasing the Property from this Assignment. Expenses include, but are not limited
<br />to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately. If
<br />not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest
<br />interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted by the United
<br />States Bankruptcy Code, Assignor agrees to pay the reasonable attorneys' fees Lender incurs to collect the
<br />Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code.
<br />7. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act
<br />(CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders,
<br />attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a
<br />hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste,
<br />pollutant or contaminant which has characteristics which render the substance dangerous or potentially
<br />dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any
<br />substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or
<br />"regulated substance" under any Environmental Law.
<br />Assignor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been,
<br />is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or
<br />about the Property, except in the ordinary course of business and in strict compliance with all applicable
<br />Environmental Law.
<br />B. Except as previously disclosed and acknowledged in writing to Lender, Assignor has not and will not
<br />cause, contribute to, or permit the release of any Hazardous Substance on the Property.
<br />C. Assignor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance
<br />occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there
<br />is a violation of any Environmental Law concerning the Property. In such an event, Assignor will take all
<br />necessary remedial action in accordance with Environmental Law.
<br />D. Except as previously disclosed and acknowledged in writing to Lender, Assignor has no knowledge of or
<br />reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to
<br />(1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Assignor or any
<br />tenant of any Environmental Law. Assignor will immediately notify Lender in writing as soon as Assignor
<br />has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an
<br />event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to
<br />receive copies of any documents relating to such proceedings.
<br />E. Except as previously disclosed and acknowledged in writing to Lender, Assignor and every tenant have
<br />been, are and will remain in full compliance with any applicable Environmental Law.
<br />F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage
<br />tanks, private dumps or open vyglls located on. or under the Property and no such tank, dump or well will be
<br />added unless Lender first consents in writing.
<br />G. Assignor will regularly inspect the Property, monitor the activities and operations on the Property, and
<br />confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and
<br />complied with.
<br />H. Assignor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the
<br />Property and review all records at any reasonable time to determine (1) the existence, location and nature of
<br />any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude
<br />of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not
<br />Assignor and any tenant are in compliance with applicable Environmental Law.
<br />Douglas M Westerby
<br />Nebraska Assignment of Leases and Rents Initials
<br />NE/ 4XX2 8 3 3 30007 2 5 2000043 6401 509 1 7 04Y °1996 Bankers Systems, Inc., St. Cloud, MN Ex Page 2
<br />
|