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ASSIGNMENT OF RENTS
<br />Loan No: 8530848342 (Continued) 2 0 0 2 0 4 5 3 Page 5
<br />first, and that Borrower need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for
<br />convenience purposes only. They are not to be used to interpret or define the provisions of this Assignment.
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in
<br />writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
<br />right or any other right. A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's
<br />right otherwise to demand strict compliance with that provision or any other provision of this Assignment. No prior waiver by Lender,
<br />nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's
<br />obligations as to any future transactions. Whenever the consent of Lender is required under this Assignment, the granting of such
<br />consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and
<br />in all cases such consent may be granted or withheld in the sole discretion of Lender.
<br />Notices. Any notice required to be given under this Assignment shall be given in writing, and shall be effective when actually
<br />delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized
<br />overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid,
<br />directed to the addresses shown near the beginning of this Assignment. Any party may change its address for notices under this
<br />Assignment by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's
<br />address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
<br />provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given
<br />to all Grantors.
<br />Powers of Attorney. The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for
<br />purposes of security and may not be revoked by Grantor until such time as the same are renounced by Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Assignment to be illegal, invalid, or unenforceable as to
<br />any person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person
<br />or circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If
<br />the offending provision cannot be so modified, it shall be considered deleted from this Assignment. Unless otherwise required by law,
<br />the illegality, invalidity, or unenforceability of any provision of this Assignment shall not affect the legality, validity or enforceability of
<br />any other provision of this Assignment.
<br />Successors and Assigns. Subject to any limitations stated in this Assignment on transfer of Grantor's interest, this Assignment shall
<br />be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in
<br />a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Assignment
<br />and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability
<br />under the Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Assignment.
<br />WAIVER OF HOMESTEAD EXEMPTION. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of
<br />the State of Nebraska as to all Indebtedness secured by this Assignment.
<br />WAIVER OF RIGHT OF REDEMPTION. NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS
<br />ASSIGNMENT, GRANTOR HEREBY WAIVES ANY AND ALL RIGHTS OF REDEMPTION FROM SALE UNDER ANY ORDER OR JUDGMENT
<br />OF FORECLOSURE ON GRANTOR'S BEHALF AND ON BEHALF OF EACH AND EVERY PERSON, EXCEPT JUDGMENT CREDITORS OF
<br />GRANTOR, ACQUIRING ANY INTEREST IN OR TITLE TO THE PROPERTY SUBSEQUENT TO THE DATE OF THIS ASSIGNMENT.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Assignment. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms not otherwise defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />Assignment. The word "Assignment" means this Assignment of Rents, as this Assignment of Rents may be amended or modified
<br />from time to time, together with all exhibits and schedules attached to this Assignment of Rents from time to time.
<br />Borrower. The word "Borrower" means Kenneth W. Staab and Rose Mary Staab.
<br />Default. The word "Default" means the Default set forth in this Assignment in the section titled "Default ".
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Assignment in the default section
<br />of this Assignment.
<br />Grantor. The word "Grantor" means Kenneth W. Staab and Rose Mary Staab.
<br />Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
<br />without limitation a guaranty of all or part of the Note.
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note
<br />or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by
<br />Lender to enforce Grantor's obligations under this Assignment, together with interest on such amounts as provided in this
<br />Assignment.
<br />Lender. The word "Lender" means Wells Fargo Bank Nebraska, National Association, its successors and assigns.
<br />Note. The word "Note" means the promissory note dated April 22, 2002, in the original principal amount of $250,000.00
<br />from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
<br />substitutions for the promissory note or agreement.
<br />Property. The word "Property" means all of Grantor's right, title and interest in and to all the Property as described in the
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