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200611410
<br />stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law
<br />governing securities.
<br />C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this
<br />Assignment.
<br />4. ASSIGNMENT OF LEASES AND RENTS. For good and valuable consideration, the receipt and sufficiency of
<br />which is acknowledged, and to secure the Secured Debts and Assignor's performance under this Assignment,
<br />Assignor assigns, grants and conveys to Lender as additional security all the right, title and interest in the
<br />following (Property).
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for
<br />the use and occupancy of the Property, including but not limited to any extensions, renewals, modifications
<br />or replacements (Leases).
<br />B. Rents, issues and profits, including but not limited to security deposits, minimum rents, percentage rents,
<br />additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable
<br />taxes, insurance premium contributions, liquidated damages following default, cancellation premiums, "loss
<br />of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights,
<br />general intangibles, and all rights and claims which Assignor may have regarding the Property (Rents).
<br />C. The term Property as used in this Assignment shall include the following described real property:
<br />Lot Ten (10), Meadowlark West Fourth Subdivision, in the City of Grand Island, Hall County, Nebraska
<br />The property is located in Hall County at 940 N Webb Rd, Grand Island, Nebraska 68803.
<br />In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also
<br />be regarded as a security agreement.
<br />5. PAYMENTS. Assignor agrees that all payments under the Secured Debts will be paid when due and in
<br />accordance with the terms of the Secured Debts and this Assignment.
<br />6. COLLECTION OF RENTS. Assignor may collect, receive, enjoy and use the Rents so long as Assignor is not
<br />in default. Assignor will not collect in advance any Rents due in future lease periods, unless Assignor first
<br />obtains Lender's written consent.
<br />Upon default, Assignor will receive any Rents in trust for Lender and Assignor will not commingle the Rents
<br />with any other funds. When Lender so directs, Assignor will endorse and deliver any payments of Rents from
<br />the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the
<br />costs of managing, protecting and preserving the Property, and other necessary expenses.
<br />Assignor agrees that this Assignment is immediately effective between Assignor and Lender and effective as to
<br />third parties on the recording of this Assignment.
<br />7. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law,
<br />Assignor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies
<br />under this Assignment or any other document relating to the Secured Debts. Assignor agrees to pay expenses
<br />for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this
<br />Assignment. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses.
<br />These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest
<br />from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of
<br />the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Assignor agrees
<br />to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection
<br />with any bankruptcy proceedings initiated by or against Assignor.
<br />8. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act
<br />(CERCLA, 42 U.S.C. 9601 et seq,►, all other federal, state and local laws, regulations, ordinances, court orders,
<br />attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a
<br />hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste,
<br />pollutant or contaminant which has characteristics which render the substance dangerous or potentially
<br />dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any
<br />substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or
<br />"regulated substance" under any Environmental Law.
<br />Assignor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been,
<br />is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or
<br />about the Property, except in the ordinary course of business and in strict compliance with all applicable
<br />Environmental Law.
<br />B. Except as previously disclosed and acknowledged in writing to Lender, Assignor has not and will not
<br />cause, contribute to, or permit the release of any Hazardous Substance on the Property.
<br />C. Assignor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance
<br />occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there
<br />is a violation of any Environmental Law concerning the Property. In such an event, Assignor will take all
<br />necessary remedial action in accordance with Environmental Law.
<br />D. Except as previously disclosed and acknowledged in writing to Lender, Assignor has no knowledge of or
<br />reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to
<br />(1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Assignor or any
<br />tenant of any Environmental Law. Assignor will immediately notify Lender in writing as soon as Assignor
<br />has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an
<br />JLF, LLC
<br />Nebraska Assignment of Leases and Rents Initials
<br />NE1 4XX28333000937100005187024120706Y 81996 Bankers Systems, Inc., St. Cloud, MN E e Page 2
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