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<br />
<br />LOAN NUMBER: 9006
<br />
<br />ASSIGNMENT OF LEASES AND RENTS
<br />
<br />THIS ASSIGNMENT OF LEASES AND RENTS ("Assignment"), is given on February 7,2008 by Vanguard
<br />Properties, LLC, a Nebraska Limited Liability Company, whose address is 3811 29th Ave, Kearney, Nebraska
<br />68845 ("Owner") to Pathway Bank which is organized and existing under the laws of the state of Nebraska, and
<br />whose address is 306 S. High PO Box 428, Cairo, Nebraska 68824 ("Lender"). The Lender is, or is about to
<br />become, the holder of the following Deed of Trust dated February 7, 2008 in the amount of Two Hundred One
<br />Thousand Five Hundred Twenty-eight and 20/100 Dollars ($201,528.20) (" Deed of Trust") executed by Owner
<br />covering the following described property:
<br />
<br />Address: Lots 2 & 3 in Northview 3rd, Lot 4 in Northview 1st, BII, 1, Grand Island, Nebraska 68801
<br />Legal Description: Lots Two (2) and Three (3) in Northview Third Subdivision; and Four (4), Block
<br />One (I), Northview First Subdivision, in the city of Grand Island, Hall County, Nebraska.
<br />
<br />("Secured Property") which mortgage secures the following Note(s):
<br />
<br />. Loan number 9006 with a principal amount of$201,528.20
<br />
<br />and any other indebtedness of Owner to Lender, whether now or subsequently owing or to become due and no
<br />matter how created. The Secured Property has been demised by the Owner under a lease(s) which may be
<br />described as follows:
<br />
<br />Any leases or rents due from speculative property being built with funds from this loan agreement.
<br />
<br />Lender, as a condition of making the above loan(s), has required an assignment of the lease(s) and the rents,
<br />income and profits derived from the use of the Secured Property and every part thereof, as additional security for
<br />said loan(s).
<br />
<br />In consideration of the recitals above and as additional security for the indebtedness above, Owner assigns,
<br />transfers, sets over to, and grants Lender a security interest in the lease(s) described herein and any guaranties,
<br />renewals or extensions thereof, together with any other lease(s), whether written or unwritten, entered into before
<br />or after this Assignment and demising any part of the Mortgaged Property, and all rents, income and profits
<br />derived from the Secured Property and any portion thereof,
<br />
<br />OWNER'S DUTIES; DEFAULT. With respect to any lease(s) entered into before or after this Assignment
<br />demising any part of the Secured Property, Owner represents to and agrees with Lender that as long as any
<br />indebtedness of Owner to Lender shall remain unpaid, Owner shall not, without the written consent of Lender: (a)
<br />cancel any lease(s); (b) accept a surrender of any lease(s); (c) modify or alter any lease(s) in any way, either orally
<br />or in writing; (d) reduce the rental set forth in any lease(s); (e) consent to any assignment of the lessee's interest in
<br />any lease(s), or to any subletting thereunder; (f) collect or accept payment of rent, income or profit under any
<br />lease(s) for more than one (1) month in advance of the due date; (g) make any other assignment, pledge,
<br />encumbrance, or other disposition of any lease(s), or of the rents, income and profits derived from the use of the
<br />Secured Property; or, (h) fail to keep the Secured Property free and clear of all liens and encumbrances. Any of the
<br />above acts, if done without the written consent of Lender, shall be null and void and shall constitute a default under
<br />the aforesaid Note(s) and Deed of Trust and this Assignment.
<br />
<br />OWNER'S WARRANTIES. Owner further covenants with and warrants to Lender that: (a) the said lease(s) are
<br />valid, presently in full force and effect and that there are no defaults now existing thereunder; and (b) .Owner has
<br />not: (I) executed or granted any prior assignment, encumbrance, or security interest concerning any lease(s) or the
<br />rentals thereunder; (2) performed any acts or executed any other instruments or agreements which would limit and
<br />prevent Lender from obtaining the benefit of and exercising its rights conferred by this Assignment; (3) executed
<br />or granted any modification of any lease(s) either orally or in writing; and (c) the Secured Property and the rents,
<br />income and profit derived from the use of the Secured Property are free of I iens, encumbrances, claims and setoffs,
<br />
<br />REMEDIES. It is mutually agreed between Lender and Owner that until a default or breach shall occur in the
<br />performance of Owner's covenants hereunder, or any default shall occur under the Deed of Trust or any loan
<br />agreement between Owner and Lender pertaining to any indebtedness referred to herein, or any default shall occur
<br />in the making of any of the payments provided for in the above described Deed of Trust or Note, Owner may
<br />receive, collect and enjoy the rents, income and profits accruing from the Secured Property, but not more than one
<br />
<br />ip 2004-2006 Copy tight Cllmplillnce Systems, Inc. 01-"87.1798 - 2006. II I (J I
<br />rnmon, ofl_oam and Rents - DL4QOl
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<br />www.colllflJmnl;csy::;tcm!; COIll
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