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<br /> , 97- i0�,9�lS
<br /> prepared By: Sue Lowder T00 1 st Ave NE,Cedar Rapids, IA 52401 319-369-5641 _
<br /> ASSIGNMENT OF LEASES AND RENTS
<br /> THIS ASSIGNMENT OF LEASES AND RENTS,made 1lJNE 16,1997 bY
<br /> ELM REAL 8S'i'ATE,L.C.
<br /> (hercinnfter refe�red to ns"Assignor"),in favor of Perpetual S�ving�Bank FSB, of 700 1 st Av�NE, Cedar Re�pids, lowa,
<br /> 52401�(hereinnRa referred to ea"Assignea"),
<br /> WITNESSFTH:
<br /> FOR VALtJ£REC�'�IV�D,Assignor dces hereby nssign,transfer,set over and convey unto Assignce a11 of Assignor's iigtat,
<br /> dtle and intaest in and ta the immediate end wntinuing right to caU�ct and receive all of the rents, income,receipts,
<br /> revrnues,issuea,proceeds and profits(herein�Rer refecreci tu as the"Rents"),from ttw premises descrtbed tts followe: --
<br /> LOT SIX(6)AI��D THE W�STERLY ONE•HALF(Wl/2)OF LOT SEVSN(7),AI.L IN BLOCK ELEVEN '
<br /> (11),BAKER'S ADDITION TO'T!�CITY OF GRAND ISLAND,HALL COUNTY,NEARASKA AND TNAT
<br /> PART UF VACATED ALLEY AS SHOWN IN ORDMANCE NO.2382 RECORDED IN BOOK V,PAGE 60 L,
<br /> EXCEPTiNG THEREFROM A TRACT OF LANI)MORE PARTICIJLARLY DESCRIBED IN RETLJRN OF
<br /> APPRAISERS RECORDED AS DOCUMENT NO.84-006601
<br /> ("Premi�es"),now dut or which rtury become due or to which Aasignor miy now or may hereaRer bxome auitl�d or whi�i� .
<br /> it mty dcm�nd or c1am.includin$thox Rents eoming due during any redcmptirnu period,ari�in8 or iasuin6 f�a ait of �
<br /> t1x Premisea or�ny ptrt theroo�ud nU escrow�ccounts or xcurity deposit acco�unts,tog�ther with any and all righu�nd
<br /> cldms of any kind th�t Assignor may tuve ageinst any tmwm unda �ny Lease or any subtan�nts or ocaipmta d'tl�e
<br /> Pranisea;for the purpo�e of eavring the psymerd of the ind�btedness incurred bY Asaignor.which indebtadnea�s evida�od
<br /> by that cxrhin Note of even date herewith mede by As�ignor snd paydble ro the ader of A9signee in the principal+u�w+r�c of
<br /> TI��tTY TWO THOUSAND AOLLARS AND 00/100�a���s•••�•s•a��s�•s�a�••�����•.as•���• (S32,OOO.OU)
<br /> (tiaanaRer refetred to as"Ncxe").including nny exta�sions,modifications,and senew�Is tt�ereof�nd ury sWpple�tal oo2e
<br /> ar notd incna�ing �ch indebtedness, and sxured Ey tlut catain Multi•Family Matg�ge(haanaRer refa�d to d tbe
<br /> "Morig�ge") of even d�te t�aewith made by Assig�wr to Assignee with respoct to the Pr�emixa as wd1 a fa the
<br /> performoce ud fWfillmeot of ell other terms, cove�unis,conditions and warnntia contained in t6e Note md Multifun�ily
<br /> Mortgage.
<br /> In orda to protect the security of the Assignment,It ie covcaaatal sad agrcai as follaws:
<br /> 1. ASSIGNOR'� COVENANT�;The Assignor is entided to receive sud rents, issues and profits of and from tt►e
<br /> praniaes,and to enjoy AU the otf�sr rights and benefits mentior►ed herein;the same ius not boen heretuforo sold�ssigmed
<br /> mnsfe�rod or set over by any ir,strumenta now in forcc and will not at ury time during the life of this AasigmrxM be K►1Q
<br /> aa�lgnod,tru�sferced or set over by the Assignor,ard the Assignor has good right to xll,assign,transfer tnd �et ova the
<br /> same and to gram to and confer upnn the Auigna tFie rights,interest,powers enNor authority heran gr�ntal and confared.
<br /> 2. ADJ[�tTIONAL DOC[l11�NTS: The Assignor will exavte upon request of the Assignee and el� inurume�ts
<br /> requested by the As�ignee to carry tltis instn►ment into effoct or to accomplish ary other purposes doen►ed by th�Assignee to
<br /> bo necess�uy to�ppropri�►te in conncction with this instnxment of the rig6ts,irnerests,powers u�d/or wthority herein gnnted
<br /> and conferred.
<br /> 3. p�FASiLT AEEMEp DFFAULT t1NDER NOTE AND M T A�; In the event ar►y represent�tion or
<br /> _ •_:_�_L_tl a�G..l. w�1.�....i:.......u.�nr f.d�'illn�rMn�
<br /> � VYiilEfi[y OI AE31�IlC1f Qlitl16I1CiClIt 3[13II tlC[W[KI ll/I1C Uttltllc.�n tvat�ttv�e��o.�v�..�....:.......�..........�.���. '_"__ �
<br /> any obligation,tertn,covenam,condition or warrenty hmin,and such det�ult shsll continue for ten(10)dsys or more�Rer
<br />- written notice thereoFis given by Assignee to Assignor,the Assignee m�y,at its option,declare each such instance to be4
<br /> defiult w�der t�e Note and Mortgage,thereby entitling Assigneo to doclare a��sums secu�rd harbY imnxdiately due and
<br /> payable and ro exercise any and ell of the rights end remedi�s providal thereundcr and herein,es wdl as by Itw.
<br /> 4. �ICE,___�E TQ CQLLECT REN'CS: As long as thore slu11 exist no defiult by Assignor in the psyma�t of eny
<br /> indebtedness secured hereby or in the perfortnance or fulfillment of any other obligarion,terms,covenant,candition or -
<br /> werranty contained herein or in the Nnte,Mortgage or other Lof�n Documer►ts,or in the Leases,Assignor sh�ll have ttx right
<br /> under a license granted hereby to wtlect all of the Rcros arising}bm or out of said Premises or any part theroof.
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