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<br />WHEN RECORDED MAil TO:
<br />Bank of the West
<br />4321 20th Ave SW
<br />Farao, ND 58103
<br />
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<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />
<br />*105047162800000000180115*
<br />
<br />ASSIGNMENT OF RENTS
<br />
<br />THIS ASSIGNMENT OF RENTS dated May 30, 2008, is made and executed between lEE'S FAMilY
<br />RESTAURANT, INC., A NEBRASKA CORPORATION, whose address is 2920 W OLD FAIR RD, GRAND
<br />ISLAND, NE 68803 (referred to below as "Grantor") and BANK OF THE WEST, whose address is 3301 W
<br />State St, Grand Island, NE 68803 (referred to below as "lender").
<br />
<br />ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and
<br />conveys to lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br />Property located in Hall County, State of Nebraska:
<br />
<br />lot 1 in Hermes Subdivision in the City of Grand Island, Nebraska, as surveyed, platted and recorded;
<br />subject to an easement over the Westerly 20 feet for ingress and egress of motor vehicles to and from lots
<br />2 and 3 in Hermes Subdivision in the City of Grand Island, Nebraska, as surveyed, platted, and recorded.
<br />
<br />The Property or its address is commonly known as 2920 W OLD FAIR RD, GRAND ISLAND, NE 68803.
<br />
<br />FUTURE ADVANCES. In addition to the Note, this Assignment secures all future advances made by lender to Grantor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to the amounts
<br />specified in the Note, all future amounts lender in its discretion may loan to Grantor, together with all interest thereon.
<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, liens, encumbrances, and claims except as
<br />disclosed to and accepted by lender in writing.
<br />
<br />Right to Assign. 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 Assignment. Grantor has not previously assigned 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 />
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