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<br />WHEN RECORDED MAIL TO:
<br />HASTINGS STATE BANK
<br />MAIN BRANCH
<br />530 N BURLINGTON
<br />PO BOX 2178
<br />HASTINGS, NE 68902
<br />
<br />/5, S~)
<br />FOR RECORDER'S USE ONLY
<br />
<br />ASSIGNMENT OF RENTS
<br />
<br />THIS ASSIGNMENT OF RENTS dated November 7, 2006, is made and executed between SHAFER
<br />COMMERCIAL PROPERTIES LLC; A Limited Liability Company (referred to below as "Grantor") and HASTINGS
<br />STATE BANK, whose address is 530 N BURLINGTON, PO BOX 2178, HASTINGS, NE 68902 (referred to
<br />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 ONE (1). BLOCK EIGHT (8), REPlAT, CONTINENTAL GARDENS, AN ADDITION TO THE CITY OF
<br />
<br />GRANDISLAND,HAllCOUNTY, NEBRASKA
<br />
<br />The Property or its address is commonly known as 3033 WEST CAPITAL AVENUE, GRAND ISLAND, NE
<br />
<br />68803. The Property tax identification number is 400038935.
<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 />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 />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 />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 />
<br />APPLICATION OF RENTS. All costs and expenses incurred by lender in connection with the Property shall be for Grantor's account and
<br />lender may pay such costs and expenses from the Rents. lender, in its sole discretion, shall determine the application of any and all Rents
<br />received by it; however, any such Rents received by lender which are not applied to such costs and expenses shall be applied to the
<br />Indebtedness. All expenditures made by lender under this Assignment and not reimbursed from the Rents shall become a part of the
<br />Indebtedness secured by this Assignment, and shall be payable on demand, with interest at the Note rate from date of expenditure until
<br />paid.
<br />
<br />FUll PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor
<br />under this Assignment, the Note, and the Related Documents, lender shall execute and deliver to Grantor a suitable satisfaction of this
<br />Assignment and suitable statements of termination of any financing statement on file evidencing lender's security interest in the Rents and
<br />the Property. Any termination fee required by law shall be paid by Grantor, if permitted by applicable law.
<br />
<br />lENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect lender's interest in the Property or if
<br />Grantor fails to comply with any provision of this Assignment or any Related Documents, including but not limited to Grantor's failure to
<br />discharge or pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents, lender
<br />on Grantor's behalf may (but shall not be obligated to) take any action that lender deems appropriate on the Rents or the Property and
<br />paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by lender for such purposes
<br />will then bear interest at the rate charged under the Note from the date incurred or paid by lender to the date of repayment by Grantor. All
<br />such expenses will become a part of the Indebtedness and, at lender's option, will (A) be payable on demand; (B) be added to the
<br />balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of
<br />any applicable insurance policy; or (2) the remaining term of the Note; or (e) be treated as a balloon payment which will be due and
<br />payable at the Note's maturity.
<br />
<br />DEFAULT. Each of the following, at lender's option, shall constitute an Event of Default under this Assignment:
<br />
<br />Payment Default. Grantor fails to make any payment when due under the Indebtedness.
<br />
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