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200600863 Space above this line/or Recorder's use only THIS ASSIGNMENT OF LEASES AND RENTS ("Assignment") made as of January 25, 2006, by Todd W. Friesen, having an address at 4134 West Faidley Avenue, Grand Island, NE 68803, as assignor ("Borrower") to InterBay Funding, LLC, a Delaware Limited Liability Company, having an address at 460 I Sheridan Street, 6th Floor, Hollywood, Florida 33021, as assignee ("Lender"). R Eel TAL S: Borrower by its promissory note of even date herewith given to Lender is indebted to Lender in the principal sum of Four Hundred Nine Thousand Five Hundred and NollOO Dollars ($409,500.00) in lawful money of the United States of America (together with all extensions, renewals, modifications, substitutions and amendments thereof, the "Note"), with interest from the date thereof at the rates set forth in the Note, principal and interest to be payable in accordance with the terms and conditions provided in the Note. Borrower desires to secure the payment of the Debt (defined below) and the performance of all of its obligations under the Note and the Other Obligations as defined in Article 2 of the Security Instrument (defined below). In consideration of the credit represented by the Note, and other good and valuable consideration, and intending to be legally bound, the parties agree as follows: CONSIDERA TION CONSIDERATION. This Assignment is made in consideration of that certain loan made by Lender to Borrower evidenced by the Note and secured by that certain mortgage and security agreement, deed of trust and security agreement, deed to secure debt and security agreement or similar real estate security instrument given by Borrower for the benefit of Lender, dated the date hereof, in the principal sum of Four Hundred Nine Thousand Five Hundred and No/IOO Dollars ($409,500.00), covering the Property, (the "Property"), described therein and legally described on Exhibit A attached hereto and intended to be duly recorded (the "Security Instrument"). The principal sum, interest and all other sums due and payable under the Note, the Security Instrument, this Assignment and the Other Security Documents (defined below) are collectively referred to as the "Debt." The documents other than this Assignment, the Note or the Security Instrument now or hereafter executed by Borrower and/or others and by or in favor of Lender which wholly or partially secure or guarantee payment of the Debt are referred to herein as the "Other Security Documents." ARTICLE 1. - ASSIGNMENT Section 1.1. PROPERTY ASSIGNED. Borrower hereby irrevocably, absolutely and unconditionally assigns and grants to Lender the right, title and interest of Borrower, in and to all of the following property, rights, interests and estates, whether now owned, or hereafter acquired (the