|
201307953
<br /> Property ID 847
<br /> Property Address 960 Allen Drive
<br /> Grand Island,NE 68803
<br /> 3. ASSIGNMENT OF RENTS.
<br /> 3.1 Assignment. Trustor hereby irrevocably, absolutely, presently and unconditionally
<br /> assigns to Beneficiary all rents, royalties, issues, profits, revenue, income and proceeds of the Property,
<br /> whether now due_ past due or to become due, including all prepaid rents and security deposits
<br /> (collectively, the "Rents"), and confers upon Beneficiary the right to collect such Rents with or without
<br /> taking possession of the Property. In the event that anyone establishes and exercises any right to develop,
<br /> bore for or mine for any water, gas, oil or mineral on or under the surface of the Property, any sums that
<br /> may become due and payable to Trustor as bonus or royalty payments, and any damages or other
<br /> compensation payable to Trustor in connection with the exercise of any such rights, shall also be
<br /> considered Rents assigned under this Paragraph. THIS .IS AN ABSOLUTE ASSIGNMENT, NOT AN
<br /> ASSIGNMENT FOR SECURITY ONLY.
<br /> 3.2 Grant of License. Notwithstanding the provisions of Paragraph 3.1, Beneficiary
<br /> hereby confers upon Trustor a limited license ("License")to collect and retain the Rents as they become
<br /> due and payable, so long as no Event of Default, as defined in Paragraph 6.2, has occurred. At any time
<br /> after the occurrence of an Event of Default, Beneficiary shall have the right, which it may choose to
<br /> exercise in its sole discretion, to terminate this License without notice to or demand upon Trustor, and
<br /> without regard to the adequacy of the security for the Secured Obligations, and thereafter collect all Rents
<br /> direct to Beneficiary, or Trustee on Beneficiary's behalf.
<br /> 4. GRANT OF SECURITY INTEREST.
<br /> 4.1 Grant of Security Interest. Trustor grants to Beneficiary a security interest in, and
<br /> pledges and assigns to Beneficiary, all of Trustor's right, title and interest now or hereafter acquired in
<br /> and to all of the following described personal property(collectively, the"Personalty"):
<br /> (a) All tangible personal property of every kind and description, whether stored
<br /> on the Land or elsewhere, including, without limitation, all goods, materials, supplies, tools,
<br /> books. records, chattels; furniture, fixtures, equipment, and machinery, and which in all cases is
<br /> (i) used or useful or acquired in connection with any construction undertaken on the Land or the
<br /> maintenance of the Land and the Improvements, or (ii) affixed or installed, or to be affixed or
<br /> installed, in any manner on the Land or the Improvements;
<br /> (b) All crops growing or to be grown on the Land (including all such crops
<br /> following severance from the Land); all standing timber upon the Land (including all such timber
<br /> following severance from the Land); all water and water rights (whether riparian, appropriative,
<br /> or otherwise, and whether or not appurtenant to the Land) and shares of stock pertaining to such
<br /> water or water rights, ownership of which affect the Land; and all architectural and engineering
<br /> plans, specifications and drawings, and as-built drawings which arise from or relate to the Land
<br /> or the Improvements;
<br /> (c) All general intangibles and rights relating to the Property, including, without
<br /> limitation, all permits, licenses and claims to or demands for the voluntary or involuntary
<br /> conversion of any of the Land, Improvements, or other Property into cash or liquidated claims,
<br /> proceeds of all present and future fire, hazard or casualty insurance policies, whether or not such
<br /> policies are required by Beneficiary, and all condemnation awards or payments now or later to be
<br /> made by any public body or decree by any court of competent jurisdiction for any taking or in
<br /> Deed of Trust.CFT Developments.NE#847 Page 4
<br /> 1
<br />
|