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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Diers Avenue Branch
<br />PO Box 160
<br />Grand Island, NE 68802-0160
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<br />
<br />ASSIGNMENT OF RENTS
<br />
<br />FOR RECORDER'S USE ONLY
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<br />
<br />THIS ASSIGNMENT OF RENTS dated September 1. 2006. is made and executed between Grand Island
<br />Nebraska Associates. L.L.C. (referred to below as "Grantor") and Equitable Bank. whose address is PO Box
<br />160, Grand Island. NE 68802-0160 (referred to below as "Lender").
<br />
<br />ASSIGNMENT. For valuable consideration. Grantor hereby assigns. grants a continuing security interest in. and
<br />conveys to lender all of Grantor's right. title. and interest in and to the Rents from the following described
<br />Property located in Hall County. State of Nebraska:
<br />
<br />Lot Four (4). Block One (1). Wal-Mart South Subdivision to the City of Grand Island, Hall County. Nebraska.
<br />
<br />The Property or its address is commonly known as 3509 S. Locust Street. Grand Island. NE 68801. The
<br />Property tax identification number is 400423944.
<br />
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF BORROWER AND GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS
<br />ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS:
<br />
<br />GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reflson of flny "one flction" or "flnti deficiency" law, or any other
<br />law which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise
<br />entitled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale.
<br />
<br />BORROWER'S WAIVERS AND RESPONSIBILITIES. Lender need not tell Borrower about any flction or inaction Lender takes in connection
<br />with this Assignment. Borrower assumes the responsibility for being and keflping informed about thfl Property. Borrower waives any
<br />defenses that may arise because of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the
<br />Property, or any delay by Lender in realizing upon the Property. Borrower agrees to remain liable under the Note with Lender no matter
<br />what action Lender takes or fails to take under this Assignment.
<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 ^ssignment.
<br />Unless and until lender exercises its right to collect the Rents as provided below and so long flS there is no defflult under this Assignrmmt,
<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, encumbar, or otherwise dispose of any of Grantor's rights in the Rents except flS
<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 hl1ve
<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 Lander or Lender's agent.
<br />
<br />Enter the Property. Lender mflY enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable themfor, all of the Rents; institute and carryon all legal proceedings necessary for the protection of tho
<br />Property, including such proceedings as may bo necessary to recover possession of the Property; collect the Rents flnd rP.move any
<br />tenant or tonants or other persons from the Property.
<br />
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the SAllle 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 Propp.rty.
<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, ordinancp.s and requirements of all other govarnmental 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 appliCfltion 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 mflY act
<br />exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for ttle purposes stated above.
<br />
<br />No Requirement to Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br />performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
<br />
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