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<br />ASSIGNMENT OF LEASES AND RENTS
<br />(Construction Loan)
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<br />Jhen recorded return to:
<br />'ierOne Bank
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<br />,ttn: Credit Administration Department
<br />235 "N" Street
<br />.incoln, NE 68508
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<br />ASSIGNMENT OF LEASES AND RENTS
<br />(Construction Loan)
<br />Loan No. 01- 09232297
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<br />THIS ASSIGNMENT OF LEASES AND RENTS is made as of April 18, 2005, by THE MEADOWS
<br />APARTMENT HOMES, L.L.C., a Nebraska limited liability company ( "Borrower ") to TierOne -'
<br />Bank ( "Lender ").
<br />1. ASSIGNMENT.
<br />In consideration of Lender's agreement to issue the Loan, as described below, and for
<br />other valuable consideration, receipt and adequacy of which is acknowledged by
<br />Borrower, Borrower grants and assigns to Lender:
<br />(a) all of Borrower's right, title and interest in, to and under and
<br />with respect to any and all existing leases, licenses and other
<br />agreements of any kind relating to the use or occupancy of any
<br />of the property described in Exhibit A (the "Property "), as such
<br />documents are described in Exhibit B (collectively "Existing
<br />Leases "); and
<br />(b) all of Borrower's right, title and interest in, to and under and
<br />with respect to any and all leases, licenses and other agreements
<br />of any kind relating to any use or occupancy of all or any portion
<br />of the Property entered into after the date of this Assignment
<br />(collectively "Future Leases "); and
<br />(c) all rents (or payments in lieu of rents), payments and liabilities
<br />at any time payable under any and all of the Existing Leases or
<br />Future Leases, any and all security deposits received or to be
<br />received by Borrower pursuant to any and all Existing Leases or
<br />Future Leases and all rights and benefits accrued or to accrue to
<br />Borrower under any and all of the Existing Leases or Future
<br />Leases (the "Collateral "). The Existing Leases, Future Leases
<br />and Collateral are collectively referred to as the "Leases ", and a
<br />reference to Existing Leases, Future Leases, Collateral or Leases
<br />shall be a reference to the same as amended, extended, renewed
<br />or modified from time to time.
<br />2. OBLIGATION SECURED.
<br />Borrower makes the foregoing grant and assignment to Lender for the purpose of
<br />securing:
<br />(a) payment to Lender of all indebtedness evidenced by and arising
<br />under the Note Secured by Construction Security Agreement
<br />(the "Note ") executed by Borrower in the principal amount of
<br />TWO MILLION ONE HUNDRED THOUSAND AND
<br />NO /100 DOLLARS ($2,100,000.00), payable to Lender or its
<br />order, and dated as of the date of this Assignment as the same
<br />may be amended, extended, renewed or modified from time to
<br />time; and
<br />(b) the payment of all indebtedness and the performance of all
<br />obligations of Borrower to Lender now existing or arising after
<br />the date of this Assignment in connection with the loan
<br />evidenced by the Note (the "Loan "), including without
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<br />Loan No. 01- 09232297
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<br />THIS ASSIGNMENT OF LEASES AND RENTS is made as of April 18, 2005, by THE MEADOWS
<br />APARTMENT HOMES, L.L.C., a Nebraska limited liability company ( "Borrower ") to TierOne -'
<br />Bank ( "Lender ").
<br />1. ASSIGNMENT.
<br />In consideration of Lender's agreement to issue the Loan, as described below, and for
<br />other valuable consideration, receipt and adequacy of which is acknowledged by
<br />Borrower, Borrower grants and assigns to Lender:
<br />(a) all of Borrower's right, title and interest in, to and under and
<br />with respect to any and all existing leases, licenses and other
<br />agreements of any kind relating to the use or occupancy of any
<br />of the property described in Exhibit A (the "Property "), as such
<br />documents are described in Exhibit B (collectively "Existing
<br />Leases "); and
<br />(b) all of Borrower's right, title and interest in, to and under and
<br />with respect to any and all leases, licenses and other agreements
<br />of any kind relating to any use or occupancy of all or any portion
<br />of the Property entered into after the date of this Assignment
<br />(collectively "Future Leases "); and
<br />(c) all rents (or payments in lieu of rents), payments and liabilities
<br />at any time payable under any and all of the Existing Leases or
<br />Future Leases, any and all security deposits received or to be
<br />received by Borrower pursuant to any and all Existing Leases or
<br />Future Leases and all rights and benefits accrued or to accrue to
<br />Borrower under any and all of the Existing Leases or Future
<br />Leases (the "Collateral "). The Existing Leases, Future Leases
<br />and Collateral are collectively referred to as the "Leases ", and a
<br />reference to Existing Leases, Future Leases, Collateral or Leases
<br />shall be a reference to the same as amended, extended, renewed
<br />or modified from time to time.
<br />2. OBLIGATION SECURED.
<br />Borrower makes the foregoing grant and assignment to Lender for the purpose of
<br />securing:
<br />(a) payment to Lender of all indebtedness evidenced by and arising
<br />under the Note Secured by Construction Security Agreement
<br />(the "Note ") executed by Borrower in the principal amount of
<br />TWO MILLION ONE HUNDRED THOUSAND AND
<br />NO /100 DOLLARS ($2,100,000.00), payable to Lender or its
<br />order, and dated as of the date of this Assignment as the same
<br />may be amended, extended, renewed or modified from time to
<br />time; and
<br />(b) the payment of all indebtedness and the performance of all
<br />obligations of Borrower to Lender now existing or arising after
<br />the date of this Assignment in connection with the loan
<br />evidenced by the Note (the "Loan "), including without
<br />
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