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201100260
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1/13/2011 2:15:19 PM
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1/13/2011 2:15:16 PM
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DEEDS
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201100260
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201 � oaz6o <br />4, ASSIGNMENT OF LEASES; LEASES AFFECTiNG THE MORTGAGED <br />PkUPERTY. <br />(a) As part of th� consideration for the Indebtedness, Bonawer absolutely and <br />unconditionally assigns and transfers to Lender all af Borrower's right, title and interest in, to and <br />und�r the Leases, including Borrnwer's right, power and authority ta madify the terms of any such <br />Lease, or extend or terminate any such Lease. Tt is the intention of Barrower ta establish a present, <br />absolut� and irrevocable transfer and assignment to L�nder of �11 of Borrpwer's right, title and <br />interest in, to and under the Leases. Borrower and Lender intend this assignment of the Leases to <br />be immediately effective �nd to constitute an absolute present assignnaent and nat an assigunent for <br />additional security only. For purposes of giving effect to this absolute assignment af the Leases, <br />and far no other purpose, the Leases shall not be deemed to be a part of the "Mortgaged Property," <br />as that term is defined in Section 1(s). However, if this prea�nt, absolute and unconditional <br />assignment of the Leases is not enforceable by its terms under the laws of the Property Jurisdiction, <br />then the Leases shall be included as a part of the Mort�aged Property and it is the intention af the <br />Borrower that in this circumstance this Instrument create and perfect a lien on the Leases in favor of <br />Lender, which lien shall be effective as Uf the date of this Instrument. <br />(b) Until Lender �ives notice to Borrower of Lender's exercise of its rights under this <br />Section 4, Borrower shall have all rights, power and authority granted to Borrower under any Lease <br />(except as otherwise limited by this Section or any other provision of this Instrument), including the <br />ri�ht, power and autharity to modify the terms of aciy Lease or extend ar terminate any Lease. <br />Upon the occurrence af an Event of Default, the permission given ta $arrower pursuant to ths <br />preceding sentence to exercise all rights, power and authority under Leases shall automatically <br />terminate. Sorrar�ver shall comply with and obs�rvc Borrower's obligations under all Leas�s, <br />including F3arrower's abligations pertaining to the maintenance and disposition of tenant security <br />deposits. <br />(c) �orrawer �cknowledges and agrees that the exercise by Lender, either directly ar by <br />a receiver, af' any af the rights conferred under this Section 4 shall not be construed to make Lender <br />a mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered inta <br />actual passession af the Land and the Improvements. The acceptance by Lender of the assignrnent <br />of the Leases pursuant to Seetion 4(a) shall not at any time ar in any event abligate I,ender to take <br />any action under this Instrument or to expend any money or to incur any expenses. Lender shall not <br />be liable in any way for any injury or damage to person or properiy sustained by any person or <br />persons, firm or corporation in or about the Mortgaged Property. Prior to Lender's actual entry into <br />and taking possession of the Martgaged Property, Lender shall not (i) be obligat�d to perform any <br />of the terms, covenants and conditions contained in any Lease (or otherwise have any obli�atian <br />with respect to any Lcase); (ii) be obligated to appeaz in nr defend any action or proceeding retating <br />to the Lease ar the M�rtgaged Prnperty; ar (iii) be responsible for the operation, control, care, <br />managernent or repair of the Martgaged Praperty or any partion of the Mortgaged Property, The <br />execution of this Instrument by Borrower shall constiiuie canclusive evidence that all responsibility <br />for the operation, control, care, management and repair of the Martgaged Property is and shall be <br />that of Borrower, prior to such actual entry and taking of passession. <br />FANNIE MAE MULTI�'AMYLY S�CU1tYT'Y 1NSTRUM�IYT - Form 4Q28 06/09 Page IQ <br />NEBRASKA <br />� 1997-2009 f'�nnie Mac <br />
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