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<br />200803335
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<br />Loan No: 132827-00100 '
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<br />ASSIGNMENT OF RENTS
<br />(Continued)
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<br />Page 4
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<br />Property Damage or loss. llhe Property is lost, stolen, substantially damaged, sold, or borrowed against. .
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<br />Events Affecting Guarant~r~ Any of the preceding events occurs with respect to any Guarantor of any 6f the Indebtedness or any
<br />Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
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<br />Adverse Change. A mat~ri~1 adverse change occurs in Grantor's' financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
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<br />Cure ProvisIons. If any defJUlt, other than a default In payment is curable and If Grantor has not been given a notice of a breach of the
<br />same provision of this Assignment within the preceding twelve (12) months, it may be cured If Grantor, after receiving written notice from
<br />Lender demanding cure Of subh default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days,
<br />immediately Initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br />completes all reasonable anp Inecessary steps sufficient to produce compliance as soon as reasonably practical. .
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<br />RtGHTS AND REMEDIES ON DE~AUlT. Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise anyone
<br />or more of the following rights and Ir~medies, in addlllon to any other rights or remedies provided by law: '
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<br />~ccel~rate Indebtedness. ~ender shall have the right at Its option to declare the entire Indebtedness im~ediatelY due and payable,
<br />including any prepayment peml alty that Grantor would be required to pay.
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<br />Collect Rents. Lender shiijll have the right, without notice to Grantor, to take possession of the Property and collect the Rents, including
<br />amounts past due and unpalr:!, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this
<br />right, Lender Shall have all. the rights provided for in the Lender's Right to Receive and Collect Rents Section, above. If the Rents are
<br />collected by Lender, then Gr~ntor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment
<br />thereof in the name of Granlor and to negotiate the same and collect the prOceeds. Payments by tenants or other users to Lender in
<br />response to lender's deman'd shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the
<br />demand existed. Lender ma~ exercise Its rights under this subparagraph either in person, by agent, or through a receIver.
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<br />Appoint Receiver. Lender ~hall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
<br />power to prptect and prese~e the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property
<br />and apply the proceeds, ov~r and above the cost of the receivership, against the Indebtedness. The receiver may serVe without bond if
<br />permitted by law. Lender's. right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the
<br />Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
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<br />other Remedies. Lender shkll have all other rights and remedies provided in this Assignment or the Note or by law.
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<br />Election of Remedies. Ele~tion by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
<br />expenditures or to take acti.on to perform an obligation of Grantor under this Assignment, after Grantor's failure to perform, shall not affect
<br />Lender's right to declare a default and exercise its remedies.
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<br />Attorneys' Fees; Expenses-J If Lender instttutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to
<br />recover such sum as the coJrt may adjudge reasonable as attorneys' fees atlrial and upon any appeal. Whether or not any court action is
<br />involved, and to the extent nbt prohibited by law, all reasonable expenses Lender Incurs that in lender's opinion are necessary at any time
<br />for the protection of Its lnte,~t or the enforcement of Its rights shall become a part of the Indebtedness payabie on demand and shall bear
<br />interest at the Note rate !rof the date of the expenditure until repaid. Expenses covered by this paragraph Include, without limitation,
<br />however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit,
<br />including attorneys' fees an,~ expenses for bankruptcy proceedings (including efforts to modity or vacate any automatic stay or injunction),
<br />appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title. reports (including foreclosure
<br />reports), surveyors' reports,! and appraisal fees, tille insurance, and fees for the Trustee, to the extent permltled by applicable law. Grantor
<br />also will pay any court cost~jin addition to all other sums provided by law.
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<br />MISCELLANEOUS PROVISIONS The following miscellaneous provisions are a part of this Assignment
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<br />Amendments. This Assign ,ent, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
<br />to the matlers set forth in t~is Assignment. No alteration of or amendment to this Assignment shall be effective unless given in writing and
<br />signed by the party or partie~ sought to be charged or bound by the alteration or amendment.
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<br />Caption Headings. captionl headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the
<br />provlsio~s of this ASSignmenr- _. . _
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<br />Govermng Law. With respect to procedural matters related 10 the perfection and enforcement of: lender's nghts agamst Ihe
<br />Property, this Asslgnmen~ /Mill be governed by federal law applicable to Lender and to the extenl not preempted by federal law, the
<br />laws of the State of Nebraska. In all other respects, this Assignment will be' governed by federal law applicable to Lender and, to the
<br />extent not preempted by tederallaw, the laws of the State of Kansas without regard to its conflicts of law provisions. However, If
<br />there ever Is a question about whether any provision of this Assignment Is valid or enforceable, the provision that is questioned will
<br />be governed by WhiChever state or federal law would find the provision to be valid and enforceable. The loan transaction that is
<br />evidenced by the Note and this Assignment has been applied for, considered, approved and made, and all necessary loan
<br />documents have been accepted by Lender In the State of Kansas.
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<br />Merger. There shall be no, ~erger of the interest or estate created by this assignment with any other interest or estate in the Property at any
<br />lime held by or for the benefit of Lender in any capacity, without the written consent of Lender. :
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<br />Interpretatlon. (1) In all'dases where there is more than one Borrower or Grantor, then all words used in :thls Assignment in the singular
<br />shall be deemed to have been used in the plural where the context and construction so require. (2) If more than one person signs this
<br />Assignment as "Grantor," th~ obligations of each Grantor are joint and several. This means that if Lender brings a lawsuit, Lender may sue
<br />anyone or more of the Grljptors. If Borrower and Grantor are not the same person, Lender need not sue Borrower first, and that Borrower
<br />need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for convenience purposes only.
<br />They are not to be used to i Iterpret or define the provisions of this Assignment. '
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