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<br />Then recorded return to:
<br />ierOne Bank
<br />.-\.ttn: Credit Administration Department
<br />1235 "N" Street
<br />Lincoln, NE 68508
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<br />
<br />ASSIGNMENT OF LEASES AND RENTS
<br />(Construction Loan)
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<br />Loan No. 01-09251193
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<br />
<br />THIS ASSIGNMENT OF LEASES AND RENTS is made as of October 27, 2006, by THE
<br />MEADOWS APARTMENT HOMES I, L.L.C., a Nebraska limited liability company ("Borrower")
<br />to TierOne Bank ("Lender").
<br />
<br />1. ASSIGNMENT.
<br />In consideration of Lender's agreement to issue the Loan, as described below, and for
<br />other valuable consideration, receipt and adequacy of which is acknowledged by
<br />Borrower, Borrower grants and assigns to Lender:
<br />
<br />(a) all of Borrower's right, title and interest in, to and under and
<br />with respect to any and all existing leases, licenses and other
<br />agreements of any kind relating to the use or occupancy of any
<br />of the property described in Exhibit A (the "Property"), as such
<br />documents are described in Exhibit B (collectively "Existing
<br />Leases"); and
<br />
<br />(b) all of Borrower's right, title and interest in, to and under and
<br />with respect to any and all leases, licenses and other agreements
<br />of any kind relating to any use or occupancy of all or any portion
<br />of the Property entered into after the date of this Assignment
<br />(collectively "Future Leases"); and
<br />
<br />(c) all rents (or payments in lieu of rents), payments and liabilities
<br />at any time payable under any and all of the Existing Leases or
<br />Future Leases, any and all security deposits received or to be
<br />received by Borrower pursuant to any and all Existing Leases or
<br />Future Leases and all rights and benefits accrued or to accrue to
<br />Borrower under any and all of the Existing Leases or Future
<br />Leases (the "Collateral"). The Existing Leases, Future Leases
<br />and Collateral are collectively referred to as the "Leases", and a
<br />reference to Existing Leases, Future Leases, Collateral or Leases
<br />shall be a reference to the same as amended, extended, renewed
<br />or modified from time to time.
<br />
<br />2. OBLIGATION SECURED.
<br />Borrower makes the foregoing grant and assignment to Lender for the purpose of
<br />secunng:
<br />
<br />(a) payment to Lender of all indebtedness evidenced by and arising
<br />under the Note Secured by Construction Security Agreement
<br />(the "Note") executed by Borrower in the principal amount of
<br />THREE MILLION TWENTY THOUSAND EIGHT
<br />HUNDRED AND NO/100 DOLLARS ($3,020,800.00),
<br />payable to Lender or its order, and dated as of the date of this
<br />Assignment as the same may be amended, extended, renewed or
<br />modified from time to time; and
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