|
�o �
<br />n
<br />2
<br />rn
<br />n
<br />rn
<br />n l
<br />n n
<br />2 D
<br />frn1 2
<br />7C
<br />�l C/)
<br />r 7 Q p "
<br />Op © rai Y irs
<br />Q Q to 3 f- b
<br />N 200105709
<br />AGREEMENT FOR ASSIGNMENT OF LEASE FOR COLLATL�'AL
<br />C"
<br />The undersigned, L. JAMES DRAHOTA and JUDITHM. DRAHOTA,
<br />(whethgr one or both, "DRAHOTA ") hereby assign all of their
<br />right, title and- interest in- -and to that certain Lease Agreement
<br />dated March 23, 2000, between L. JAMES DRAHOTA and JUDITH M.
<br />DRAHOTA, as Lessors and L.U.D. INVESTMENTS, L.L.C., a Nebraska
<br />limited liability company of Grand Island, Nebraska, ( "L.U.D. ")
<br />as Lessee, on the following described premises:
<br />Lot Two (2), Block Two (2), Crane Valley Subdivision,
<br />in the city of Grand Island, Hall County, Nebraska,
<br />to THE EQUITABLE BUILDING AND LOAN ASSOCIATION OF GRAND ISLAND,
<br />NEBRASKA, FSB, P.O. Box 160, Grand Island, Nebraska 68802
<br />( "EQUITABLE ").
<br />The undersigned hereby acknowledge that this Assignment is
<br />given as additional collateral for a loan which The Equitable
<br />Building and Loan Association of Grand Island, Nebraska, FSB, is
<br />making to L.U.D. INVESTMENTS, L.L.C., a Nebraska limited liabil-
<br />ity company of Grand Island, Nebraska, as evidenced by a Financ-
<br />ing Statement filed at the Secretary of State's Office, of the
<br />State of Nebraska as UCC Document No. 9901141142, which Financing
<br />Statement was filed on May 14, 2001.
<br />In- -order to induce DRAHOTA to enter into this Assignment and
<br />in consideration of this Assignment, EQUITABLE does agree as
<br />follows:
<br />(1) That in the event L.U.D. or PERCY L. UPTON
<br />shall be in default under the terms of that certain
<br />Building Lease Agreement dated March 23, 2000, and upon
<br />not les than twenty (20) days notice to EQUITABLE of
<br />said default, and upon the failure of L.U.D. or PERCY
<br />L. UPTON to cure the default, then in that event
<br />EQUITABLE may cure the then default by paying DRAHOTA
<br />all amounts in default and failing the payment of the
<br />amounts in default, DRAHOTA may take such action as may
<br />be permitted at law or equity to terminate the Building
<br />Lease Agreement and the tenancy of L.U.D.;
<br />(2) That in the event L.U.D. or PERCY L. UPTON
<br />shall be in default under the terms of that certain
<br />Promissory Note with Five Points Bank, Grand Island,
<br />Nebraska dated the 16th day of January, 2001, and upon
<br />not less than twenty (20) days notice to EQUITABLE of
<br />said default, and upon the failure of L.U.D. or PERCY
<br />L. UPTON to cure the default, then in that event
<br />EQUITABLE may cure the then default by paying DRAHOTA
<br />or Five Points Bank, Grand Island, Nebraska, all
<br />amounts in default at Five Points Bank, Grand Island,
<br />Nebraska and failing the payment of the amount in
<br />default, DRAHOTA may take such action as may be
<br />permitted at law or equity to terminate the Building
<br />Lease Agreement and the tenancy of L.U.D.; and
<br />(3) In the event EQUITABLE shall for whatever
<br />reason exercise its rights under this Assignment of
<br />Lease, and in the event EQUITABLE shall choose to
<br />exercise the right of L.U.D. based on this Assignment
<br />of Lease to purchase the real property which is the
<br />subject of the Building Lease Agreement, that EQUITABLE
<br />i'T't
<br />ca
<br />o z
<br />N...�
<br />O col
<br />O
<br />C
<br />O =
<br />C_q�
<br />-.� o
<br />
|