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<br /> m File No. 16-471
<br /> 3.06.2008 -n I-~ ~
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<br />200807162
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<br />WHEN RECORDED, PLEASE RETURN TO:
<br />First National Bank of Omaha
<br />1620 Dodge Street, Stop 4300
<br />Omaha, Nebraska 68197-4300
<br />Attention: Mortgage Loan Department
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<br />ASSIGNMENT OF RENTS AND LEASES
<br />
<br />THIS ASSIGNMENT OF RENTS AND LEASES (this "Assignment") is dated as of
<br />August JQ2, 2008 by Village Development-Grand Island, LLC, a Nebraska limited liability
<br />company ("Borrower"), to First National Bank of Omaha, a national banking association, and its
<br />successors and assigns ("Lender").
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<br />PRELIMINARY STATEMENT
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<br />Borrower has, concurrently with the execution hereof, secured a loan from Lender in the
<br />amount of Three Million Three Hundred Thousand Dollars ($3,300,000.00), evidenced by that
<br />certain Promissory Note dated of even date herewith (the "Promissory Note") executed by
<br />Borrower in favor of Lender and bearing interest and being payable as provided therein. The
<br />payment and performance of Borrower's obligations under the Promissory Note will be secured,
<br />in part, by that certain Deed of Trust, Security Agreement and Assignment of Rents dated of
<br />even date herewith (the "Mortgage") between Borrower and Lender encumbering the Real
<br />Property described in Exhibit "A" attached hereto and by this reference incorporated herein (the
<br />"Real Property").
<br />
<br />AGREEMENT
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<br />NOW, THEREFORE, in consideration of the foregoing and other good and valuable
<br />consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower agrees
<br />as follows:
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<br />1. DEFINITIONS. Capitalized terms used herein shall have the respective
<br />meanings given them in the Mortgage, unless otherwise defined herein.
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<br />2. ASSIGNMENT; CERTAIN RIGHTS OF BORROWER. To further secure the
<br />prompt payment and performance of each obligation secured by the Mortgage (the "Secured
<br />Obligations"), Borrower hereby assigns, transfers, conveys and sets over to Lender all of
<br />Borrower's estate, right, title and interest in, to and under all leases, whether existing on the
<br />date hereof or hereafter entered into (including any extensions, modifications or amendments
<br />thereto) relating to the Real Property (the "Leases"), together with all rights, powers, privileges,
<br />options and other benefits of Borrower as the lessor under the Leases regarding the current
<br />tenants and any future tenants, and all the rents, revenues, profits and income from the
<br />Mortgaged Property (as defined in the Mortgage), including those now due, past due or to
<br />become due. Borrower irrevocably appoints Lender its true and lawful attorney-in-fact, at the
<br />option of Lender at any time and from time to time, to take possession and control of the
<br />Mortgaged Property, pursuant to Borrower's rights as lessor under the Leases, and to demand,
<br />receive and enforce payment, to give receipts, releases and satisfaction and to sue, in the name
<br />of Borrower or Lender, for all of the rents, revenues, profits and income thereof. It is intended
<br />by Borrower and Lender that this Assignment constitutes an absolute assignment and not
<br />merely an assignment for additional security. The consideration received by Borrower to
<br />execute and deliver this Assignment and the liens and security interests created herein is legally
<br />sufficient and will provide a direct economic benefit to Borrower.
<br />
<br />Assignment of Rents and Leh
<br />#553519-v1
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<br />PROFESSIONAL TITLE AND ESCROW CO
<br />8535 EXECUTIVE WOODS DRIVE #300'
<br />LINCOLN, NE 68512 '
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