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<br />WHEN RECORDED MAIL TO:
<br />American National Bank
<br />Gretna Branch
<br />20635 Highway 370
<br />Gretna, NE 68028
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<br />FOR RECORDER'S USE ONLY
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<br />
<br />ASSIGNMENT OF RENTS
<br />
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<br />
<br />THIS ASSIGNMENT OF RENTS dated March 27, 2007, is made and executed between Pallet Advisors, Inc.,
<br />whose address is PO Box 3585, Omaha, NE 68103 (referred to below as "Grantor") and American National
<br />Bank, whose address is 20635 Highway 370, Gretna, NE 68028 (referred to 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 Two (2), Fairacres Dairy Eighth Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />
<br />The Property or its -address is commonly known as 427 Shady Bend Road, Grand Island, NE 68801.
<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 />PAYMENT 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 />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br />
<br />Ownership. Grantor is entitled to .receive the Rents free and clear of all rights, loans, lien:.>. encumbrances, and claims except as
<br />disclosed to and accepted by Lender in writing.
<br />
<br />Right to A:.>s:gn. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to
<br />lender.
<br />
<br />No Prior AS:.>lgnment. Grantor has not previously a:.>signed or conveyed the Rents to any other person by any instrument now in force.
<br />
<br />No Further Transfer. Grantor will not sell, assign, encumber. or otherwise dispose of any of Grantor's rights in the Rents except as
<br />provided in this Assignment.
<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 />Maintain the Property. lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, inciuding their equipment, and of all continuing costs and expenses of maintaining the
<br />Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br />insurance effected by lender on the Property.
<br />
<br />Compliance with laws. Lender may do any and all things to execute and comply with the laws of the State of Nebraska and also all
<br />other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Property.
<br />
<br />Lease the Property. Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
<br />lender may deem appropriate.
<br />
<br />Employ Agents. lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's
<br />name, to rent and manage the Property, including the collection and application of Rents.
<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 />No Requirement to Act. lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br />performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
<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 />undar 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
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