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<br />200705723
<br />
<br />COLLATERAL ASSIGNMENT OF NOTE AND TRUST DEED
<br />(WOODLAND PARK TOWNHOMES, LLC - AHP)
<br />
<br />THIS COLLATERAL ASSIGNMENT OF NOTE AND TRUST DEED ("Assignment"),
<br />dated June 28, 2007, is made by Midwest Housing Initiatives, Inc., a Nebraska Nonprofit
<br />Corporation ("Borrower"), whose address is 5101 Central Park Drive, Suite 100, Lincoln, Nebraska
<br />68504 in favor of Horizon Bank ("Lender"), whose address is 10841 North 142nd Street, P.O. Box
<br />447, Waverly, Nebraska 68462.
<br />
<br />Recitals
<br />
<br />I. Woodland Park Townhomes, LLC, a Limited Liability Company ("Owner") executed a
<br />Promissory Note dated June 28, 2007, in the principal sum of $182,000 payable to Borrower
<br />("Note").
<br />
<br />2. The Note is secured by the Trust Deed, dated the same date, from the Owner for the
<br />_"' benefit of Borrower and recorded on ,~<(l.e ~q, ~c.o 7 ,2007 as Document No.
<br />c:.:.,-.C):) 7nSLf '11 in the real property records of Hall County, Nebraska ("Trust Deed"), relating to
<br />the real property described in Exhibit A attached hereto.
<br />
<br />3. Borrower now desires to assign the Note and Trust Deed to Lender to secure repayment
<br />of a promissory note dated June 28, 2007, in the principal amount of $182,000 given by Borrower
<br />to Lender ("Borrower Loan").
<br />
<br />Assignment
<br />
<br />FOR GOOD AND VALUABLE CONSIDERA nON, the receipt and sufficiency of which
<br />are hereby acknowledged, Borrower, subject to the limitation set forth below, hereby grants,
<br />bargains, sells, conveys, assigns, transfers and sets over unto Lender all of Borrower's rights in the
<br />Note and the Trust Deed, together with all monies now owing or that may hereafter become due or
<br />owing with respect thereto and the full benefit of all the powers and all the covenants and
<br />provisions therein contained and all assignable rights of Borrower in and to any and all title
<br />insurance policies insuring the lien of the Trust Deed. Borrower, subject to the limitation set forth
<br />below, hereby sells and quitclaims to Lender all of the Borrower's right, title and interest, if any, in
<br />the property covered by the Trust Deed ("Property").
<br />
<br />TO HAVE AND TO HOLD the Note and the Trust Deed, together with the above described
<br />interest in the Property, subject to the terms contained in the Note and the Trust Deed, and the
<br />Borrower Loan, unto Lender forever.
<br />
<br />Borrower represents and warrants that there have been no amendments or modifications,
<br />either oral or written, to the Note or Trust Deed, and that none of the Property has been released
<br />from the lien of the Trust Deed. The Trust Deed is junior to Owner's construction loan trust deed,
<br />and term loan trust deed in favor of Lender. The Trust Deed shall be junior to the permanent loan
<br />and related trust deed to be obtained by Owner or payoff Owner's construction loan. Lender agrees
<br />to execute and deliver a subordination agreement and any other documents or instruments
<br />
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