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<br />ASSIGNMENT OF LEASES AND RENTS
<br />
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<br />60
<br />
<br />THIS ASSIGNMENT OF LEASES AND RENTS (as the same may be amended m dified or
<br />supplemented from time to time, the "Assignment"), dated as of the ~ day of , 2006,
<br />from Kershner Properties, LLC, a Nebraska Limited Liability Company, and Central ebraska
<br />Management, Inc, a Nebraska Ccorporation (the "Assignor", whether one or more in number), in favor of
<br />Nebraska Economic Development Corporation, a Nebraska nonprofit corporation (the "Assignee"), for
<br />further assignment by Assignee to the UNITED STATES SMALL BUSINESS ADMINISTRATION, an
<br />agency ofthe United States (the "SBA"), recites and provides:
<br />
<br />o
<br />
<br />Assignee has agreed to make a loan to Assignor in the principal amount of One Hundred Six Thousand
<br />and noll 00 Dollars ($106,000.00) (the "Loan") to provide financing for acquisition of the land described
<br />in Exhibit A hereto and the improvements thereon situated in the County of Hall, State of Nebraska
<br />(collectively, the "Premises"). The Loan is evidenced by a promissory note of even date herewith (as the
<br />same may be amended, modified or supplemented from time to time (the "Note") made by Assignor and
<br />payable to the order of Assignee in the principal amount of$106,000.00. The Note is secured, in part, by
<br />a deed of trust of even date herewith (as the same may be amended, modified or supplemented from time
<br />to time, (the "Deed of Trust") from Assignor to Gregg Stratman, as trustee. Terms defined in the note and
<br />the Deed of Trust shall have the same defined meaning when used in this Assignment. As a condition to
<br />making the Loan, the Assignee has required an assignment to the Assignee and any subsequent holder of
<br />the Note of all leases (individually, a "Lease," and collectively, the "Leases") of or relating to Assignor's
<br />interest in the Premises or any part thereof, now or hereafter existing, and all rents, issues and profits (the
<br />"Rents") now or hereafter arising from Assignor's interest in the Premises or any part thereof, all in
<br />accordance with the terms and conditions set forth herein.
<br />
<br />NOW, THEREFORE, for and in consideration of the agreement of Assignee to make the Loan and as
<br />ADDITIONAL SECURITY for the payment of the Note, Assignor agrees as follows:
<br />
<br />1. Assignment of Leases. Assignor hereby assigns, transfers and set over to Assignee, and any
<br />subsequent holder ofthe Note, all Assignor's right, title and interest in and to all Leases and all
<br />renewals or extensions thereof, together with all the Rents, now existing or hereafter arising.
<br />Prior to the election of Assignee to collect the Rents upon the occurrence of an Event of Default
<br />under the Deed of Trust, Assignor shall have the right to collect and dispose ofthe Rents without
<br />restriction.
<br />
<br />2. Delivery ofthe Leases. All Leases currently in effect with respect to the Premises have been
<br />deli vered to Assignee, are in full force and effect as of the date of this Assignment and neither
<br />Assignor nor any tenant is in default thereunder. Assignor shall not make any subsequent
<br />agreement for the lease of the Premises or any part thereof except in the ordinary course of
<br />business in accordance with the provisions of the Deed of Trust. All such subsequent Leases
<br />
<br />IO.doc
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