|
201106771
<br />pay the costs thereof and of all services of all employees, including their equipment, and of all continuing costs and
<br />expenses of maintaining the Property in proper repair and condition, and also to pay all taxes, assessments and water
<br />utilities, and the premiums on fire and other 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
<br />and also all other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the
<br />Property.
<br />Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or
<br />in Grantor's 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
<br />based on a standard of commercial reasonableness and may act exclusively and solely in the place and stead of Grantor
<br />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
<br />shall have performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or
<br />thing.
<br />APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's
<br />account and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the
<br />application of any and all Rents received by it; however, any such Rents received by Lender which are not applied to such
<br />costs and expenses shall be applied to the Indebtedness. All expenditures made by Lender under this Assignment and not
<br />reimbursed from the Rents shall become a part of the Indebtedness secured by this Assignment, and shall be payable on
<br />demand, with interest at the Note rate from date of expenditure until paid.
<br />FULL PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed
<br />upon Grantor under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a
<br />suitable satisfaction of this Assignment and suitable statements of termination of any financing statement on file evidencing
<br />Lender's security interest in the Rents and the Property. Any termination fee required by law shall be paid by Grantor, if
<br />permitted by applicable law.
<br />LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the
<br />Property or if Grantor fails to comply with any provision of this Assignment or any Related Documents, including but not limited
<br />to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Assignment
<br />or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deems
<br />appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other
<br />claims, at any time levied or placed on the Rents or the Property and paying all costs for insuring, maintaining and preserving
<br />the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged
<br />under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become
<br />a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note
<br />and be apportioned among and be payable with any installment payments to become due during either (1) the term of any
<br />applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due
<br />and payable at the Note's maturity. The Assignment also will secure payment of these amounts. Such right shall be in
<br />addition to all other rights and remedies to which Lender may be entitled upon Default.
<br />DEFAULT. An Event of Default under the Credit Agreement shall, at Lender's option, constitute an Event of Default under this
<br />Assignment.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default Borrowers have failed to cure within
<br />any applicable cure period, if any, and at any time thereafter, Lender may exercise any one or more of the following rights and
<br />remedies, in addition to any other rights or remedies provided by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately due
<br />and payable, including any prepayment penalty that Grantor would be required to pay.
<br />Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the
<br />Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the
<br />Indebtedness. In furtherance of this right, Lender shall have all the rights provided for in the Lender's Right to Receive
<br />and Collect Rents Section, above. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as
<br />Grantor's attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the
<br />same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall
<br />satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed.
<br />Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an
<br />election to make expenditures or to take action to perform an obligation of Grantor under this Assignment, after Grantor's
<br />failure to perform, shall not affect Lender's right to declare a default and exercise its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment,
<br />Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any
<br />appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses
<br />Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its
<br />rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date
<br />of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any
<br />
|