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<br /> ' �`s- �O1"�38
<br /> * ASSIGNMENT OF RENTS
<br /> KI30W ALL M8N BY THESE PRESENTS: That the undersigned, M & C Investments, a Partnership,
<br /> whose Post Office addresa is 2623 West Forrst Street, Grand Island, Nebraska, 68801,
<br /> for an in consideration of the sum of SIX THOUSAND AND NO/100 DOLLARS ($6,000.00), to i[
<br />? as a loan in hand paid by The First National Bank of Grand Island, Grand Island,
<br />� Nebraska, and other good and valuable coxEsideration, the receipt whereof is hereby
<br /> acknowledged, does hereby assign, transfer and set over to The First National Bank of
<br /> Grand Island, Grand Island, Nebraska, as collateral security for. such loan and so long
<br /> as such loan or aay part thereof or interest thereon or advances made remains unpaid,
<br /> all of its right, title and interest in and to all of the rents, income and proceeds
<br /> upon the following described real estate, to-wit: '
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<br /> Lot Five (5) in Block Ten (10), Windolph Addition to the
<br /> City of Grand Isl.and, Hall County, Nebraska. Also known as 1Z20 West Anna
<br /> Grand Island, Nebraska, 68801
<br /> The undersigned further hereby authorizes and empowers The First National Bank of
<br /> Grand Island, Grand Island, Nebraska, its authorized agents, servants, employees and
<br /> attorneys to act for it and to collect and receipt for such rent and in default of the
<br /> payment of such rent or any part thereof, to proceed in its own name, or at their
<br /> election, in our name, by a suit or suits at law for the recovery thereof in such manner
<br /> as it should deem fit.
<br /> The undersigned further authorizes and empowers The First National Sank o£ Grand Island, �
<br /> Grand Island, Nebraska, its authorized agents, servants, employees and attorneys, in the �
<br /> event that such property becomes vacant prior to the payment in full of the aforesaid �
<br /> sum to act for us and to rent the above-described prem3ses or any part thereo£.
<br /> It is further understoocl and agreed that if the Assignor or its successors or assigns
<br /> sha11 occupy said premises during the existence of such loan, the Assignee shall have
<br /> the same rights of forfeiture, ejection for forcible entry and detainer, as the
<br /> Assignee might have against any other tenant who has no interest or title in and to
<br /> said premises.
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<br /> It is £urther expressly stipulated and agreed that the temporary waiver o£ the
<br /> coilection of any such rents shall not be construed as constituting a relinquishment
<br /> of the rights granted hereunder, which rights may be exercised by the Assignee at any
<br /> time during the existence of the above loan or any extension thereof.
<br /> This Assignment of Rents is being made for the express purpose of having such reats
<br /> applied to the payments of principal and interest on the loan of $6,000.00, above
<br /> described, and as agreed by the Assignor in the Promissory Note and Rea1 Estate
<br /> Mortgage to be executed evidencing and securing such loan, with the balance of such
<br /> rents to be held by the Assignee in an escrow account for the purpose of paying the
<br /> taxes on such property as the same shall become due.
<br /> It is further agreed that The First National Bank of Grand Island, Grand Island,
<br /> Nebraska, may in its aole judgment and discretion, use the rents or any part thereof
<br /> so far as it may deem necessary for the purpoae of making such repairs upon the premises
<br /> as in its judgment may be proper and may use such rents so far as necessary for the
<br /> payment of insurance premiums upon such premises in the event that the Assignor fails
<br /> to make such repairs and procure such insurance.
<br /> The Assignee shall not be obligated to perform or discharge any obligation of any Lease
<br /> covering the premises, or under or by reason of this Assignment or any ott�er Assignment
<br /> which may be taken, and the Assignor hereby agrees to indemnify the Assignee against
<br /> and hold it harmless from any and all liability, loss or damage which it may or m3ght
<br /> incur under the Lease or under or by reason of this Assignment or any other Assignment,
<br /> and under and from any and all claims and demands whatsoever which may be asserted
<br /> aga3nat it by reason of any alleged obligation or undertaking on its part to perform
<br /> or discharge any of the terms of this Lease; should the Assignee incur any euch
<br /> liability, loss or damage under the Lease, or under or by reason of this Assignment,
<br /> or under any other Assignment, or in defense against any such claims or demands, the
<br /> amount thereof, including costs, expenses and reasonable attorney's fees, together s
<br /> witl� interest at Ten Per Ceat (10%) per annum, shall be secured hereby and by the
<br /> mortgage covering the premises and the Assignor shall reimburse the Assignee therefor -.:z.,--••-
<br /> immediately upon demand.
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