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200409269
<br />I. Upon Lender's request and at any time, Assignor agrees, at Assignor's expense, to engage a qualified
<br />environmental engineer to prepare an environmental audit of the Property and to submit the results of such
<br />audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's
<br />approval.
<br />J. Lender has the right, but not the obligation, to perform any of Assignor's obligations under this section at
<br />Assignor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this section, (1)
<br />Assignor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all
<br />losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and
<br />expenses, including without limitation all costs of litigation and attorneys' fees, which Lender and Lender's
<br />successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Assignment and in
<br />return Assignor will provide Lender with collateral of at least equal value to the Property secured by this
<br />Assignment without 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 terms of this
<br />section will survive any foreclosure or satisfaction of this Assignment regardless of any passage of title to
<br />Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary
<br />are hereby waived.
<br />S. CONDEMNATION. Assignor will give Lender prompt notice of any pending or threatened action by private or
<br />public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any
<br />other means. Assignor authorizes Lender to intervene in Assignor's name in any of the above described actions
<br />or claims. Assignor assigns to Lender the proceeds of any award or claim for damages connected with a
<br />condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and
<br />will be applied as provided in this Assignment. This assignment of proceeds is subject to the terms of any prior
<br />mortgage, deed of trust, security agreement or other lien document.
<br />9. APPOINTMENT OF A RECEIVER. On or after an Assignor's default, Assignor agrees to Lender making an
<br />application to the court for an appointment of a receiver for the benefit of Lender to take possession of the
<br />Property and the Leases, with the power to receive, collect and apply the Rents. Any Rents collected will be
<br />applied as the court authorizes to pay taxes, to provide insurance, to make repairs and to pay costs or any other
<br />expenses relating to the Property, the Leases and Rents, and any remaining sums shall be applied to the
<br />Secured Debts. 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 any person liable
<br />for any of the Secured Debts.
<br />10. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be
<br />immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or any
<br />part of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of
<br />state due -on -sale laws, as applicable.
<br />11. WARRANTIES AND REPRESENTATIONS. Assignor has the right and authority to enter into this
<br />Assignment. The execution and delivery of this Assignment will not violate any agreement governing Assignor
<br />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, grant and convey
<br />to Lender as additional security the Leases and Rents, and no other person has any right in the Leases and
<br />Rents.
<br />B. Recordation. Assignor has recorded the Leases as required by law or as otherwise prudent for the type
<br />and use of the Property.
<br />C. Default. No default exists under the Leases, and the parties subject to the Leases have not violated any
<br />applicable law on leases, licenses and landlords and tenants. Assignor, at its sole cost and expense, will
<br />keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any
<br />applicable law. If Assignor or any party to the Lease defaults or fails to observe any applicable law, Assignor
<br />will promptly notify Lender.
<br />D. Lease Modification. Assignor has not sublet, modified, extended, canceled, or otherwise altered the
<br />Leases, or accepted the surrender of the Property covered by the Leases (unless the Leases so require).
<br />E. Encumbrance. Assignor has not assigned, compromised, subordinated or encumbered the Leases and
<br />Rents.
<br />12. COVENANTS. Assignor agrees to the following covenants:
<br />A. Rent Abatement and Insurance. When any Lease provides for an abatement of Rents due to fire, flood or
<br />other casualty, Assignor will insure against this risk of loss with a policy satisfactory to Lender. Assignor
<br />may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld.
<br />B. Copies of Leases. Assignor will promptly provide Lender with copies of the Leases and will certify these
<br />Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment,
<br />and all future Leases and any other information with respect to these Leases will be provided immediately
<br />after they are executed.
<br />C. Right To Rents. Immediately after the execution of this Assignment, Assignor will notify all current and
<br />future tenants and others obligated under the Leases of Lender's rights to the Leases and Rents, and will
<br />request that they immediately pay all future Rents directly to Lender when Assignor or Lender asks them to
<br />do so.
<br />D. Accounting. When Lender requests, Assignor will provide to Lender an accounting of Rents, prepared in a
<br />form acceptable to Lender, subject to generally accepted accounting principles and certified by Assignor or
<br />Assignor's accountant to be current, accurate and complete as of the date requested by Lender.
<br />Douglas M Westerby
<br />Nebraska Assignment of Leases and Rents Initials
<br />NE/ 4XX283330007 2 5 2 0000436401 509 1 704Y °1996 Bankers Systems, Inc., St. Cloud, MN E050r ." Page 3
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