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<br />COLLATERAL ASSIGNMENT OF LEASE
<br />FOR AND IN CONSIDERATION of the sum of ONE HUNDRED EIGHTY THOUSAND AND
<br />NO /100 Dollars ($180,000.00) loaned or to be loaned to the undersigned, KEA INVESTMENTS -
<br />LCC, hereinafter referred to as "Assignor ", do hereby sell, assign and transfer unto HOME
<br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to
<br />as "Assignee ", all of Assignor's right, title and interest in and to a Lease for Real Property dated
<br />MARCH 27, 2001 wherein, KEVIN LOCKHART DB /A LOCKHART HOMES is identified as the
<br />Tenant in respect to a portion of that real estate legally described as:
<br />A tract of land comprising a part of the East Half of the Northeast Quarter (E1 /2NE1 /4) of Section
<br />Twelve (12), Township Eleven (11) North, Range Ten (10) West of the a P.M., Hall County,
<br />Nebraska, more particularly described as follows: Commencing at a point Seventy Five (75) feet east of
<br />the Northwest corner of said E1 /2NE1/4 on the North line of said E1 /2NE1/4; thence continuing
<br />easterly along the north line of said E1 /2NE1 /4 a distance of Two Hundred (200) feet; thence southerly
<br />and parallel to the Westerly line of said E1 /2NE1/4 a distance of Two Hundred Seventeen and Eight
<br />Tenths (217.8) feet; thence Westerly and parallel to the North line of said El /2NE1/4 a distance of Two
<br />Hundred (200) feet to a point on the Easterly right of way of U.S. Highway No. 281; thence Northerly
<br />along and upon the East right of way line of U.S. Highway No. 281 a distance of Two Hundred
<br />Seventeen and Eight Tenths (217.8) feet to the point of beginning.
<br />SAID ASSIGNMENT BY THE UNDERSIGNED ASSIGNOR IS MADE SUBJECT
<br />TO THE FOLLOWING TERMS AND CONDITIONS:
<br />1. This Assignment is given to secure the payment of the indebtedness described
<br />above and as security of such other sums as may be hereafter advanced by Assignee to, or for
<br />the benefit of, Assignor; provided, however, that in the event all indebtedness owing from
<br />Assignor to Assignee is well and truly paid, then this Assignment shall be void, otherwise to
<br />remain in full force and effect.
<br />2. It is the intention and agreement of Assignor that this Assignment shall also
<br />secure any future advances made to Assignor by Assignee and any and all indebtedness in
<br />addition to the amount stated above which said Assignor may owe to said Assignee, however
<br />evidenced, whether by note, book, account or otherwise. The undersigned also agrees that
<br />this assignment shall secure all costs, charges and expenses reasonably incurred or paid by
<br />Assignee, including reasonable attorney fees, because of the failure of the undersigned to
<br />comply with the terms of the Notes evidencing such indebtedness or this Assignment.
<br />3. So long as Assignor shall note be in default of the payments due to Assignee
<br />in respect to indebtedness owing or in the performance of the requirements of any instrument
<br />of security which may secure such indebtedness, Assignor shall be entitled to collect and
<br />retain for his benefit all rents, from time to time accruing and received in respect to the Real
<br />Estate Lease herein assigned as security.
<br />4. Upon default in the payment of any sum due in respect to the indebtedness
<br />secured hereby or in the performance of the requirements of any instrument of security which
<br />may secure such indebtedness, Assignee may give immediate notice of this Assignment to the
<br />Tenant under such Lease and shall, from and after the date of such notice, be authorized to
<br />receive and collect all such rents as may thereafter accrue and be due and payable to Assignor
<br />under the terms thereof.
<br />5. Assignor represents and warrants to Assignee that the assigned Real Estate
<br />Lease and rents therein provided has not been previously transferred or encumbered.
<br />6. Assignor will not, without the prior written consent of Assignee, agree to or
<br />Page 1 of 2
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<br />COLLATERAL ASSIGNMENT OF LEASE
<br />FOR AND IN CONSIDERATION of the sum of ONE HUNDRED EIGHTY THOUSAND AND
<br />NO /100 Dollars ($180,000.00) loaned or to be loaned to the undersigned, KEA INVESTMENTS -
<br />LCC, hereinafter referred to as "Assignor ", do hereby sell, assign and transfer unto HOME
<br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to
<br />as "Assignee ", all of Assignor's right, title and interest in and to a Lease for Real Property dated
<br />MARCH 27, 2001 wherein, KEVIN LOCKHART DB /A LOCKHART HOMES is identified as the
<br />Tenant in respect to a portion of that real estate legally described as:
<br />A tract of land comprising a part of the East Half of the Northeast Quarter (E1 /2NE1 /4) of Section
<br />Twelve (12), Township Eleven (11) North, Range Ten (10) West of the a P.M., Hall County,
<br />Nebraska, more particularly described as follows: Commencing at a point Seventy Five (75) feet east of
<br />the Northwest corner of said E1 /2NE1/4 on the North line of said E1 /2NE1/4; thence continuing
<br />easterly along the north line of said E1 /2NE1 /4 a distance of Two Hundred (200) feet; thence southerly
<br />and parallel to the Westerly line of said E1 /2NE1/4 a distance of Two Hundred Seventeen and Eight
<br />Tenths (217.8) feet; thence Westerly and parallel to the North line of said El /2NE1/4 a distance of Two
<br />Hundred (200) feet to a point on the Easterly right of way of U.S. Highway No. 281; thence Northerly
<br />along and upon the East right of way line of U.S. Highway No. 281 a distance of Two Hundred
<br />Seventeen and Eight Tenths (217.8) feet to the point of beginning.
<br />SAID ASSIGNMENT BY THE UNDERSIGNED ASSIGNOR IS MADE SUBJECT
<br />TO THE FOLLOWING TERMS AND CONDITIONS:
<br />1. This Assignment is given to secure the payment of the indebtedness described
<br />above and as security of such other sums as may be hereafter advanced by Assignee to, or for
<br />the benefit of, Assignor; provided, however, that in the event all indebtedness owing from
<br />Assignor to Assignee is well and truly paid, then this Assignment shall be void, otherwise to
<br />remain in full force and effect.
<br />2. It is the intention and agreement of Assignor that this Assignment shall also
<br />secure any future advances made to Assignor by Assignee and any and all indebtedness in
<br />addition to the amount stated above which said Assignor may owe to said Assignee, however
<br />evidenced, whether by note, book, account or otherwise. The undersigned also agrees that
<br />this assignment shall secure all costs, charges and expenses reasonably incurred or paid by
<br />Assignee, including reasonable attorney fees, because of the failure of the undersigned to
<br />comply with the terms of the Notes evidencing such indebtedness or this Assignment.
<br />3. So long as Assignor shall note be in default of the payments due to Assignee
<br />in respect to indebtedness owing or in the performance of the requirements of any instrument
<br />of security which may secure such indebtedness, Assignor shall be entitled to collect and
<br />retain for his benefit all rents, from time to time accruing and received in respect to the Real
<br />Estate Lease herein assigned as security.
<br />4. Upon default in the payment of any sum due in respect to the indebtedness
<br />secured hereby or in the performance of the requirements of any instrument of security which
<br />may secure such indebtedness, Assignee may give immediate notice of this Assignment to the
<br />Tenant under such Lease and shall, from and after the date of such notice, be authorized to
<br />receive and collect all such rents as may thereafter accrue and be due and payable to Assignor
<br />under the terms thereof.
<br />5. Assignor represents and warrants to Assignee that the assigned Real Estate
<br />Lease and rents therein provided has not been previously transferred or encumbered.
<br />6. Assignor will not, without the prior written consent of Assignee, agree to or
<br />Page 1 of 2
<br />MR.
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