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88-104345 ARTICLE VI Uniform Commercial Code In addition to its being, but without in any way limiting or impairing its validity as, an assignment of leases and rents, this Assignment shall also constitute a Security Agreement under the Uniform Commercial Code as enacted in the State of Nebraska, creating in favor of Mortgagee, until the Obligations are fully paid, a first and prior security interest in the Leases and the Rents. Accordingly, Mortgagor hereby acknowledges to Mortgagee that Mortgagee shall have, in addition to all other rights and remedies afforded to it herein.or in the Note and Mortgage, all rights and remedies afforded to secured parties by the Uniform Commercial Code. Mortgagor shall execute and deliver to Mortgagee, in form satisfactory to Mortgagee, such financing statements and other assurances as Mortgagee may reasonably request to create, perfect and preserve the security interet herein created and shall cause such financing statements and assurances to be filed or recorded as Mortgagee may reasonably request. ARTICLE VII Miscellanous 7.1 This Assignment and each and every covenant, agreement and other provision hereof shall be binding upon Mortgagor, its successors and assigns, including without limitation each and every record owner of the Mortgaged Premises or any other person having an interest therein from time to time, and shall inure to the benefit of Mortgagee and its successors and ass ig ns . 7.2 This Assignment is made with reference to and shall be governed by the laws of the State of Nebraska. It is the intention of the parties hereto that this Assignment shall confer upon Mortgagee the fullest rights, remedies and benefits available pursuant to Nebraska law. 7.3 All subsequently executed Leases and oral rental agreements will ipso facto become subject to the provisions hereof without the necessity of any further action on the part of Mortgagor or Mortgagee. Mortgagor shall, promptly on request of Mortgagee, execute and deliver to Mortgagee such further evidence of similar assignments thereof as Mortgagee may request. 7.4 Mortgagee may take or release additional security, may release any party primarily or secondarily liable for the repayment of the Obligations, may grant extensions, renewals or indulgences with respect to such Obligations, and may apply any other security therefor held by it to the satisfaction of the Obligations without prejudice to any of its rights hereunder. -10- u