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<br />WHEN RECORbEb MAIL TO:
<br />Exchange Bank % ~ u ~ r9 (r E.~ a!L
<br />P.O. Box 760 6'~•4itll~ =5[,/S`~~
<br />#14 LaBarre ~/~ Fj r~`~d 3
<br />Gibbon NE 40 FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS ~~
<br />THIS ASSIGNMENT OF RENTS dated September 17, 2009, is made and executed between MIK, LLC, A ~
<br />Nebraska Limited Liability Company, whose address is 3027 S LOGUST ST, Grand Island , NE 68801 (referred
<br />to below as "Grantor'") and Exchange Bank, whose address is P.O. Box 760, #14 LaBarre, Gibbon, NE 68840
<br />(referred to below as "Lender"1.
<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 />Proper#y located in Hall County, State of Nebraska:
<br />See Exhibit A, which is attached to this Assignment and made a part of this Assignment as if fully set forth
<br />herein.
<br />The Property or its address is commonly known as 3029 South Locust St, Grand Island, NE 6880'1.
<br />CROSS-COLLATERALIZATION. In addition to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon,
<br />of Grantor to Lender, nr any one or mare of them, as well as all claims by Lender against Grantor or any one or more of them, whether
<br />now existing or hereafter arising, whether related ar unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or
<br />not due, direct or indirect, determined or undetermined, absolute yr contingent, liquidated or unliquidated, whether Grantor may be liable
<br />individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon
<br />such ameunts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts
<br />may be or hereafter may become otherwise unenforceable.
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (7) 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 15 GIVEN
<br />AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment nr 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 />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<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 />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 />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<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 />LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br />occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following
<br />rights, powers and authority:
<br />Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all
<br />Rents to be paid directly to Lender or Lender's agent.
<br />Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the
<br />Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any
<br />tenant or tenants or other persons firom the Prpperty.
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property., and keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br />Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br />insurance effected by Lender on the Property.
<br />Compliance with Laws. Lender may do any and all things to execute and comply with the laws of the State of Nebraska and also all
<br />other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Property.
<br />Lease the Property. Lander may rent or lease the whole or any part of the Property for such term or terms and an such conditions as
<br />Lender may deem appropriate.
<br />Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's
<br />name, to rent and manage the Property, including the collection and application of Rents.
<br />Other Acts. Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may aot
<br />exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
<br />No Requirement to pct. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br />performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
<br />APPLICATION OP RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and
<br />Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents
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