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~..~ 7~-I-1 <br />~L~ ~ c <br /> <br />~ <br /> <br />~ <br />n <br />~ ca en <br />a-, <br />_ <br />fV ~ O 7C ~, ~ ~ ~ f'Y'1 <br /> <br />~ ~ ~V <br /> `''~~ ~ (~ C~ <br />...a <br />07 ~ r'ri <br />~ ~ <br />3 r,. n ! <br /> ~ r <br />y ~ ~ r,,~ ~ CT's <br /> !-+ <br /> _ <br />- ,.C CYO ~.7 <br /> <br />WHEN RECORDED MAIL TO: <br />Exchange Bank <br />P.O. Bax 760 ~a~ ~ , <br />#14 LaBarre <br />Gibbon, NE 68840 _. SE ONLY <br />^_....,... F R RECORDER _S,,U„_ <br />ASSIGNMENT OE RENTS <br />THIS ASSIGNMENT OF RENTS dated February '26, 2010, is made and executed between Mr. G's Car Care <br />Center, Inc, A Nebraska Gorporation, whose address is 623 S Locust St., Grand Island, NE 68801 (referred to <br />below as "Grantor") and Exchange Bank, whose address is P.O. Box 760, #1A~ LaBarre, Gibbon, NE 68840 <br />(referred to below as "Lender"") <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 Ren#s from the following described <br />Property located in Hall County, State of Nebraska: <br />Lot One (1), Commercial Industrial Park Third Subdivision, In the City of Grand Island, Hall County, <br />Nebraska <br />The Property or its address is commonly known as 3005 Frontage Road, Grand Island, NE 68803. <br />CROSS-COLLATERALIZATION. In addition to the Nnte, this Assignment secures all obligations, debts and liabilities, plus interest thereon, <br />of Grantor to Lender, or any one or mare of them, as well as all claims by Lender against Grantor nr any one or more of them, whether <br />now existing or hereafter arising, whether related or unrelated to the purpose of the Nate, whether voluntary or otherwise, whether due or <br />not due, direct or indirect, determined or undetermined, absolute or 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 amounts 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 />FUTURE ApVANCES. 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 />THIS ASSIGNMENT IS GIVEN TO SECURE 111 PAYMENT OF THE INDEBTEDNESS AND 121 PERFORMANCE O.F 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 />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 consti[ute 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 from the Property. <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. Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as <br />Lander 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 act <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 Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have <br />