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<br /> 200602671
<br /> FOR RECORDER'S USE ONLY
<br />
<br />
<br />WHEN RECORDED MAIL TO:
<br />FIRST NATIONAL BANK NORTH PlA HE
<br />NORTH PlA HE OFFICE
<br />201 N DEWEY
<br />PO BOX 10
<br />NORTH PLATTE, NE 69103-0010
<br />
<br />ASSIGNMENT OF RENTS
<br />
<br />~
<br />~
<br /><::~,
<br />
<br />THIS ASSIGNMENT OF RENTS dated March 10. 2006. is made and executed between TRI-CITY PROPERTIES.
<br />L.L.C.. a Nebraska limited Liability Company (referred to below as "Grantor") and FIRST NATIONAL BANK
<br />NORTH PLATTE. whose address is 201 N DEWEY. PO BOX 10. NORTH PLATTE. NE 69103-0010 (referred
<br />to below as "Lender").
<br />
<br />ASSIGNMENT. For valuable consideration. Grantor hereby assigns. grants a continuing security interest in. and
<br />
<br />conveys to Lender all of Grantor's right. title. and interest in and to the Rents from the following described
<br />
<br />Property located in HALL County. State of Nebraska:
<br />
<br />LOT 5. BLOCK 61 IN THE ORIGINAL TOWN. NOW CITY OF GRAND ISLAND. HALL COUNTY. NEBRASKA.
<br />
<br />The Property or its address is commonly known as 622 WEST 2ND ST. GRAND ISLAND. NE 68801.
<br />
<br />CROSS-COllATERALlZATION. In addition to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon,
<br />of Grantor to lender, or anyone or more of them, as well as all claims by lender against Grantor or anyone or more of them, whether
<br />now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or
<br />not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor may be liable
<br />individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon
<br />such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts
<br />may be or hereafter may become otherwise unenforceable.
<br />
<br />FUTURE ADVANCES. In addition to the Note, this Assignment secures all future advances made by lender to Grantor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to the amounts
<br />specified in the Note, all future amounts lender in its discretion may loan to Grantor, together with all interest thereon; however, in no
<br />event shall such future advances (excluding interest) exceed in the aggregate $260,000.00.
<br />
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND All
<br />OBLIGATIONS OF GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN
<br />AND ACCEPTED ON THE FOLLOWING TERMS:
<br />
<br />PA YMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to lender
<br />all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment.
<br />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,
<br />Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of
<br />the right to collect the Rents shall not constitute lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br />
<br />Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as
<br />disclosed to and accepted by lender in writing.
<br />
<br />Right to Assign. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to
<br />lender.
<br />
<br />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br />
<br />No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as
<br />provided in this Assignment.
<br />
<br />lENDER'S RIGHT TO RECEIVE AND COllECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br />occurred under this Assignment, to collect and receive the Rents. For this purpose, lender is hereby given and granted the following
<br />rights, powers and authority:
<br />
<br />Notice to Tenants. lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all
<br />Rents to be paid directly to Lender or Lender's agent.
<br />
<br />Enter the Property. lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable therefor, all of the Rents; institute and carryon all legal proceedings necessary for the protection of the
<br />Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any
<br />tenant or tenants or other persons from the Property.
<br />
<br />Maintain the Property. lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br />Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br />insurance effected by Lender on the Property.
<br />
<br />Compliance with laws. lender may do any and all things to execute and comply with the laws of the State of Nebraska and also all
<br />other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Property.
<br />
<br />lease the Property. lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
<br />lender may deem appropriate.
<br />
<br />Employ Agents. lender may engage such agent or agents as lender may deem appropriate, either in lender's name or in Grantor's
<br />name, to rent and manage the Property, including the collection and application of Rents.
<br />
<br />Other Acts. lender may do all such other things and acts with respect to the Property as lender may deem appropriate and may act
<br />exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes, stated above.
<br />
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