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RA 005507 Owner is not, at such time, delinquent in the payment of any sum due under this Agreement or in the performance of any terms herein ( "Default "'' To further protect the Agent's interest in the Assignment of Rents, Owner hereby irrevocably appoints Agent as -.O,. ser's and ,leu+d6l attorney -in -fact, coupled with an interest, effective upon a Default' by Owner and the C:..,r.nrt_c foil.— .. —I, li_f ...If '.A.Ut ts;ti (if any) in the Owner's name and stead to (1)+ take possession of the UMI and in its own name or the name of the Owner to sue, collect and receive Rents, including those past due and unpaid, (2) lease: the Unit for' such:' rental terms and upon such conditions as Agent's good faith judgment :Wray dictate, and (3) perform such acts of repairs or protection as may he necessary or proper in order to rent the Unit. In addition to the Assignment of Rents, the Agent shall have the follow- ing non - exclusive rights and remedies in the event of Default, the right to. terminate this Agreement (Paragraph 3J; the right to place any ° statutory or common law lien against the Unit or property of the Unit for work, materials or services made to the Unit or property of the Unit, and the right to exer cise any other remedies at law or in equity including specific performance No delay or omission of the Agent in exercising its rights or powers '. shall impair any right or power or be construed as a waiver or acquiescence therein. 14. Accounting and Records. The Agent shall cause appropriat `looks and records to be maintained for the rental pool, which shall be subject to examination by any Owner whose Unit is available for Rental Use or its agent at any and all reasonable times. The Agent shall issue to any Owner whose Unit is participating in the rental pool a quarterly report showing occupancy status of The Yancey units, the Receipts and Owner's allocation of Receipts, Rental Pool Management Fee, Disbursements, Leasing Fees, Capital Expenditures, Custodial Account balances, and Association Assessment. If Owner's allocation of Receipts exceeds the Owner's Liabilities and the Custodial Account balance is deemed sufficient by Agent, the Owner is entitled to receive the available cash on a monthly basis. If ny er_'s allo ia_-n et' _ - basis. _ .0 - Rc%caFsia 15 less t.ia!! file vWZler'D Liabilities, the Owner will be billed +the balance due as described in Paragraph 12. Within 45 days after the end of each calendar veer, the Agent shalt submit to the Owners whose Units were available for Rental Use in the prior year, the prior year's summary of all allocated Receipts, Rental Pool Management Fees, Disbursements, Leasing Fees, and Owner's Capital Expenditures and Association Assessment relating to the rental pool for the preceding year, including available cash distributed to the Owner. In addition, the Agent shall file an Internal Revenue Service Form 1099 with the State of Nebraska and federal authorities and shall submit a copy to the Owner for use in preparing the Owner's tax returns. -8- a 9 I