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A' n n s cm n O \ z N rn y N m -� K o o ci o 3 r a s C When recorded return to: w �' TierOne Bank w on Attn: Credit Administration Department rn N w i?. 1235 "N" Street - Lincoln, NE 68508 0 ASSIGNMENT OF LEASES AND RENTS (Construction Loan) Loan No. 01- 09194269 c-� THIS ASSIGNMENT OF LEASES AND RENTS is made as of October 30, 2003, by THE MEADOWS APARTMENT HOMES, L.L.C., a Nebraska limited liability company ( "Borrower) to TierOne Bank ( "Lender "). 1. ASSIGNMENT. In consideration of Lender's agreement to issue the Loan, as described below, and for other valuable consideration, receipt and adequacy of which is acknowledged by Borrower, Borrower grants and assigns to Lender: (a) all of Borrower's right, title and interest in, to and under and with respect to any and all existing leases, licenses and other agreements of any kind relating to the use or occupancy of any of the property described in Exhibit A (the "Property "), as such documents are described in Exhibit B (collectively "Existing Leases"); and (b) all of Borrower's right, title and interest in, to and under and with respect to any and all leases, licenses and other agreements of any kind relating to any use or occupancy of all or any portion of the Property entered into after the date of this Assignment (collectively "Future Leases "); and (c) all rents (or payments in lieu of rents), payments and liabilities at any time payable under any and all of the Existing leases or Future Leases, any and all security deposits received or to be received by Borrower pursuant to any and all Existing Leases or Future Leases and all rights and benefits seemed or to accrue to Borrower under any and all of the Existing Leases or Future Leases (the "Collateral "). The Existing Leases, Future Leases and Collateral are collectively referred to as the "Leases ", and a reference to Existing Leases, Future Leases, Collateral or Leases shall be a reference to the same as amended, extended, renewed or modified from time to time. 2. OBLIGATION SECURED. Borrower makes the foregoing grant and assignment to Lender for the purpose of securing: (a) payment to Lender of all indebtedness evidenced by and arising under the Noe Secured by Construction Security Agreement (the "Note ") executed by Borrower in the principal amount of ONE MILLION NINE, HUNDRED SEVENTY THOUSAND AND NO 1100 DOLLARS ($1,970,000.00), payable to Lender or its order, and dated as of the date of this Assignment as the same may be amended, extended, renewed or modified from time to time; and (b) the payment of all indebtedness and the performance of all obligations of Borrower to Lender now existing or arising after the date of this Assignment in connection with the loan