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<br />200605847
<br />
<br />SPACE ABOVE RESERVED FOR RECORDER'S USE
<br />
<br />ASSIGNMENT OF LEASES AND RENTS
<br />
<br />FOR VALUE RECEIVED, BNS PROPERTY III, LLC, a Nebraska limited liability
<br />company, whose address is 4347 South 96th Street, Omaha, Nebraska 68127 ("Assignor"),
<br />hereby grants, transfers and assigns to FIRST NATIONAL BANK OF OMAHA, whose address is
<br />One First National Center, 1620 Dodge Street, Omaha, Nebraska 68197 ("Assignee"), the entire
<br />interest of Assignor as lessor in and to all leases, subleases, licenses, concessions or other
<br />agreements now existing and hereafter entered into (collectively, the "Leases") for all or any part
<br />of the real property located in Hall County, Nebraska, as more particularly described on Exhibit
<br />A attached hereto ("Property"), together with all rents, income, issues and profits arising
<br />therefrom, and any renewals and modifications thereof, and together with all rents, income,
<br />issues and profits arising from the use and occupation of the Property and from any property
<br />covered by the Leases, whether real, personal, mixed or intangible.
<br />
<br />This Assignment is intended to be, and shall be construed as, creating an absolute
<br />assignment unto Assignee, and not as an assignment as security, and to such extent shall be
<br />unconditional and irrevocable except as hereinafter provided to the contrary. In connection with
<br />and as a part of this Assignment, Assignor hereby warrants, represents and agrees to and with
<br />Assignee as follows:
<br />
<br />1. Assianee Riahts. Assignor has contemporaneously herewith executed and
<br />delivered to Assignee a certain Revolving Loan Agreement dated June 28, 2006 pursuant to
<br />which Assignee has agreed to extend up to a $22,000,000 revolving credit facility to Assignor
<br />(as amended, restated, supplemented or otherwise modified from time to time, the "Revolving
<br />Loan Agreement"). In order to secure payment under the Revolving Loan Agreement, Assignor,
<br />as trustor, has contemporaneously herewith executed a certain Leasehold Deed of Trust,
<br />Assignment of Rents and Security Agreement to First National Bank of Omaha, as trustee, in
<br />favor of Assignee, as beneficiary (the "Deed of Trust"). Unless and until there shall have
<br />occurred an Event of Default (as such term is defined in the Revolving Loan Agreement),
<br />Assignor is hereby granted a revocable license and may collect at the time of, but in no event
<br />more than one (1) month before, the date provided for payment, all rents, income, issues and
<br />profits arising under the Leases and retain the use of and enjoy the same subject to the
<br />provisions contained in the Deed of Trust. Upon or at any time after the occurrence of an Event
<br />of Default (as such term is defined in the Revolving Loan Agreement), Assignee may, at its
<br />option, by giving written notice thereof to Assignor and without regard to the adequacy of any
<br />security for the payment or performance of any duties and obligations arising under the
<br />Revolving Loan Agreement and the Deed of Trust, either in person or by agent, with or without
<br />bringing any action or proceeding, or by receiver appointed by a court, revoke the foregoing
<br />license, take possession of the rents, income, issues and profits and/or the Property and hold,
<br />
<br />After recording mail to:
<br />McGrath North Mullin & Kratz, PC LLO
<br />Suite 3700 First National Tower
<br />Omaha, Nebraska 68102
<br />Attn: Jason Benson 1 ~~
<br />
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