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<br />LOAN NUMBER: 0109251753
<br />
<br />ASSIGNMENT OF LEASES AND RENTS
<br />
<br />TillS ASSIGNMENT OF LEASES AND RENTS ("Assignment"), is given on March 14, 2008 by THE
<br />MEADOWS APARTMENT HOMES, L.L.c., a Nebraska Limited Liability Company, whose address is PO
<br />BOX 139, Grand Island, Nebraska 68802-0139 ("Owner") to TierOne Bank which is organized and existing
<br />under the laws of the state of United States of America, and whose address is 1235 'N' St / PO Box 83009,
<br />Lincoln, Nebraska 68501 ("Lender"). The Lender is, or is about to become, the holder of the following Deed of
<br />Trust dated March 14, 2008 in the amount of Four Million One Hundred Thirty-eight Thousand and 00/100
<br />Dollars ($4,138,000.00) (" Deed of Trust") executed by Owner covering the following described property:
<br />Address: 2612 CARLETON AVE, Grand Island, Nebraska 68802
<br />Legal Description: Parcell: Lots One (1), Two (2) and Three (3) of Neubert Subdivision, formerly
<br />known as Lot Twenty (20), Bosselman's Second Subdivision, in the City of Grand Island, Hall County,
<br />Nebraska.
<br />
<br />Parcel 2: Lots One (1) and Two (2), Oakwood Second Subdivision, in the City of Grand Island, Hall
<br />County,Nebraska.
<br />
<br />Parcel 3: Lots Sixteen (16), Seventeen (17) and Eighteen (18), Bosselman Second Subdivision, in the
<br />City of Grand Island, Hall County, Nebraska.
<br />
<br />Parcel 4: Suite One (1), Suite Two (2), Suite Three (3) and Suite Four (4), Oakwood Subdivision
<br />Condominium Property Regime 1, in the City of Grand Island, Hall County, Nebraska.
<br />
<br />Parcel 5: Suite One (1) and Suite Two (2), Oakwood Subdivision Condominium Property Regime III,
<br />in the City of Grand Island, Hall County, Nebraska.
<br />
<br />Parcel 6: Suite No. One (1) and Suite No. Two (2), Oakwood Subdivision Condominium Property
<br />Regime II, in the City of Grand Island, Hall County, Nebraska.
<br />
<br />("Secured Property") which mortgage secures the following Note(s):
<br />
<br />. Loan number 0109251753 with a principal amount of $4,138,000.00
<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 />ALL EXISTING TENANT LEASES
<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 Propertyand 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 tile rental set forth in any lease(s); ( e) consent to any assignment ofthe 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 />
<br />@2004-2006 Copyright Compliancc SyatcJ[~. Inc, OFB7.5138 . 2006,11.101
<br />Assignment nfLe"",s and Rents - DL4001
<br />
<br />rage 1 of3
<br />
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