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<br />08.06.2008
<br />
<br />200807162
<br />
<br />File No. 16-471
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<br />8. EFFECT ON RIGHTS UNDER OTHER DOCUMENTS. Nothing contained in this
<br />Assignment and no act done or omitted by Lender pursuant to the powers and rights granted it
<br />hereunder shall be deemed to be a waiver by Lender of its rights and remedies under the Loan
<br />Documents, and this Assignment is made and accepted without prejudice to any of the rights
<br />and remedies possessed by Lender under the terms of the Loan Documents. The right of
<br />Lender to collect the indebtedness secured hereby and to enforce any other security therefor
<br />held by it may be exercised by Lender either prior to, simultaneously with, or subsequent to any
<br />action taken by it hereunder. This Assignment is intended to be supplementary to and not in
<br />substitution for or in derogation of any assignment of rents contained in the Mortgage or in any
<br />other document.
<br />
<br />9. FURTHER ASSURANCES. Borrower hereby agrees that it shall, whenever and
<br />as often as it shall be requested to do so by Lender, execute, acknowledge and deliver, or
<br />cause to be executed, acknowledged, and delivered, any and all such further conveyances,
<br />approvals, consents, memoranda of the subject matter hereof, duplicate originals hereof, and
<br />any and all other documents and to do any and all other acts as may be necessary or
<br />appropriate to carry out the terms of this Assignment. This Assignment or a memorandum
<br />hereof may be recorded by Lender at any time.
<br />
<br />10. NO WAIVER. A waiver by Lender of any of its rights hereunder or under the
<br />Leases or of a breach of any of the covenants and agreements contained herein to be
<br />performed by Borrower shall not be construed as a waiver of such rights in any succeeding
<br />instance or of any succeeding breach of the same or other covenants, agreements, restrictions
<br />or conditions.
<br />
<br />11. MARSHALLING. Notwithstanding the existence of any other security interest in
<br />the Mortgaged Property held by Lender or by any other party, except as otherwise limited by
<br />applicable law, Lender shall have the right to determine the order in which any of the Mortgaged
<br />Property or any part thereof shall be subjected to the remedies provided herein. Lender shall
<br />have the right to determine the order in which any or all portions of the indebtedness secured
<br />hereby are satisfied from the proceeds realized upon the exercise of the remedies provided
<br />herein. Borrower and any party who now or hereafter acquires an interest in any of the
<br />Mortgaged Property and who has actual or constructive notice hereof hereby waives, to the
<br />extent permitted by law, any and all right to require the marshalling of assets in connection with
<br />the exercise of any of the remedies permitted by applicable law or provided herein.
<br />
<br />12. NOTICES. All notices, demands, requests, consents, approvals or
<br />communications required under this Assignment shall be in writing and shall be deemed to have
<br />been properly given if sent by hand delivery, overnight courier, or certified mail, postage
<br />prepaid, delivered to the parties at the following addresses:
<br />
<br />If to Borrower:
<br />
<br />Village Development-Grand Island, LLC
<br />1045 Lincoln Mall, Suite 300
<br />Lincoln, Nebraska 68508
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<br />With a copy to:
<br />
<br />Jennifer J. Strand, Esq.
<br />Woods & Aitken, LLP
<br />301 South 13th Street, Suite 500
<br />Lincoln, Nebraska 68508-2578
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<br />If to Lender:
<br />
<br />First National Bank of Omaha
<br />Attention: Senior Officer, Mortgage Loan Department
<br />1620 Dodge Street, Stop 4300
<br />Omaha, Nebraska 68197-4300
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<br />With a copy to:
<br />
<br />Ronald L. Eggers, Esq.
<br />Gross & Welch, P.C., L.L.O.
<br />2120 South 72nd Street, Suite 1500
<br />Omaha, Nebraska 68124-2342
<br />
<br />or to such other addresses as are designated by notice pursuant to this Section.
<br />
<br />13. ENFORCEMENT; EXPENSE OF LITIGATION. When an Event of Default shall
<br />occur under the Secured Obligations, or any part thereof, whether by acceleration or otherwise,
<br />Lender shall have the right to enforce the lien hereof for such Secured Obligations, or part
<br />thereof. In any suit to enforce any remedy of Lender under this Assignment, there shall be
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<br />Assignment of Rents and Leases, Page 5
<br />#553519-v1
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