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m m n X WHEN RECORDED MAIL TO m C Z N n s C-3 Cn mm 7C N O --4 O N A --v M N co m O C3i O 47 p C) O O f!J c'7 i m N r.i O [A Cn n r Q n r N W N .....�.. �1 OD N 1 Z cn a Minneapolis Loan oc s Center 200205271 Attn: Collateral Processing -Rep III 730 2nd Ave. South Suite 1000 Minneapolis, MN 55479 FOR RECORDER'S USE ONLY C ASSIGNMENT OF RENTS THIS ASSIGNMENT OF RENTS dated May 15, 2002, is made and executed between James Scott Zana, Trustee, whose address is 209 Lakeside Drive, Grand Island, NE 68801 (referred to below as "Grantor ") and Wells Fargo Bank Nebraska, National Association, whose address is 304 W 3rd St, Grand Island, NE 68801 (referred to below as "Lender "). ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described Property located in Hall County, State of Nebraska: Second Amended Lot One (1), Block Nine (9), Continental Gardens Subdivision, City of Grand Island, Hall County, Nebraska. The Property or its address is commonly known as 2333 N Webb Road, Grand Island, NE 68803 FUTURE ADVANCES. Specifically, without limitation, this Assignment secures, in addition to the amounts specified in the Note, all future amounts Lender in its discretion may loan to Borrower, together with all interest thereon. THIS ASSIGNMENT IS GIVEN TO SECURE (1) A GUARANTY FROM GRANTOR TO LENDER, AND DOES NOT DIRECTLY SECURE THE OBLIGATIONS DUE LENDER UNDER THE NOTE AND 12) PERFORMANCE OF ANY AND ALL OBLIGATIONS OF BORROWER AND GRANTOR UNDER THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S WAIVERS. This Assignment secures a guaranty and does not directly secure the Indebtedness due Lender under the Note. Grantor waives any and all rights and defenses arising by reason of (a) any "one- action" or " anti - deficiency" law, or any other law that may prevent Lender from bringing any action or claim for deficiency against Borrower, (b) any election of remedies by Lender which may limit Grantor's rights to proceed against any party indebted under the Note, or (c) any disability or defense of any party indebted under the Note, any other guarantor or any other person by reason of cessation of the Indebtedness due under the Note for any reason other than full payment of the Note. BORROWER'S WAIVERS AND RESPONSIBILITIES. Lender need not tell Borrower about any action or inaction Lender takes in connection with this Assignment. Borrower assumes the responsibility for being and keeping informed about the Property. Borrower waives any defenses that 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 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 to take under this Assignment. PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless 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 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 the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to and accepted by Lender in writing. 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. No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force