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<br />COLLATERAL ASSIGNIENT OF LEASE 90- , Q V V d
<br />-FOP. Me IN CONSIDERATIOI3 of the sum of 'Thirty -four thousand and no/10G'
<br />--- -` Dollhrs= 0-34,000-.00 ) loaned to the undersigned, ,.
<br />e r an Sharon L. po �a>E , usband• and wife _ _ hereinafter
<br />- referred to as Assignor , does 'hereby sell, assign and transfer unto THE-
<br />_.
<br />OVERLAND. NATIONAL. BANK, OF: GRAND ISLAND, hereinafter referred to as "Assignee ",
<br />a right, title and interest in and, to a Real Estate Lease
<br />'
<br />_Y_al1Ad_AAsianor$
<br />fisted SIIG%9t_ , , wherein
<br />As the Tenant fa respect to that real estate legally. described -as:
<br />_LQt -Ov-P (1) Woodward Subdivision. irk ._Hall.. County,` Nebraska, _
<br />SAID ASSIGNMENT BY•THE UNDERSIGNED ASSIGNOR IS MADE SUBJECT TO THE
<br />FOLLOWING TERMS AND CONDITIONS:
<br />1: This Assignment is given to secure the payment of the indebtedness
<br />_.
<br />described above and as security for such- atheesums- as -may be hereafter
<br />.
<br />advanced by Assignee to, or for�.the benefit of, the Assignor; provided, however.*
<br />that in the event'all indebtedness owing from the Assignor to the Asdignee is
<br />well and truly, paid, then this, Assignment shall be void, otherwise to remain in
<br />full force and effect.
<br />d
<br />2. It is the intention and agreement of the Assignor that this Assignment'
<br />shall also secure any future advances made to Assignor by Assignee and any`and
<br />all indebtedness in addition to the amount stated above which said Assignor may
<br />owe to said Assignee, however evidenced, whether by note, book, account or
<br />'•
<br />otherwise. The undersigned also agrees that-this Assignment shall secure all
<br />costs, charges and expenses treasonably incurred or paid by Assignee, including
<br />reasonable attorney fees, because of the failure of the undersigned to comply
<br />with the terms of the Notes evidencing such indebtedness or this Assignment.
<br />3. So long as Assignor shall not be in default of the payments due t6
<br />;
<br />Assignee in respect-to indebtedness owing or in the performance of the require-
<br />ments of any instrument of security which may secure such indebtedness, Assignor
<br />:.
<br />shall be entitled to collect and retain for his benefit all rents, from time to
<br />time accruing and received in respect to the Real Estate Lease herein assigned
<br />as security.
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<br />4. Upon default•in the payment of any sum due in respect to the indebted-
<br />ness secured hereby or in the performance of the requirements of any instrument
<br />of security which may secure such indebtedness, the Assignee may give itmediate
<br />notice of this Assignment to the Tenant under such Lease and shall., from and
<br />after the date of such notice, be authorized `to receive and collect all such
<br />Tents as may thereafter accrue and be due and payable to Assignor under the
<br />-
<br />terms thereof.
<br />5. The Assignor represents and warrants to the Assignee that the assigned
<br />Real Estate Lease and rents therein provided has not been previously transferred
<br />or encumbered.
<br />6. The Assignor will not, without the prior written consent of the Assignee,
<br />agree to or consent to or permit any amendment, modification, termination,
<br />assignment of or subletting under the Real Estate Lease herein assigned as
<br />security.
<br />•7. All control and dominion over the rights and remedies of-the Assignor
<br />as Owner set forth in the Real Estate Lease hereby assigned ag security are
<br />transferred to the Assignee except that the Assignee may in wri.ting.specifically
<br />authorize the Assignor to act with respect thereto.
<br />8. The Assignor will keep and perform all the obligations to be performed
<br />on the part of the Owner under the terms of the Real Estate Lease herein assigned
<br />as security and will save the Assignee harmless from any failure to do so, it
<br />being specifically understood that notwithstanding this Assignment or any notice
<br />thereof, the Assignee shall »ot be obligated to perform any of the obligations
<br />'
<br />on the part of the Assignor arising under such Real Estate Lease.
<br />. IN WITNESS WHEREOF, the Assignor has executed this Collateral Assignment
<br />of Lease on this _25th day of August 19 90
<br />Deane` A. Woodward Sharon .Woodward
<br />0 0$ :2EBRASKA)
<br />Law.,
<br />)SS
<br />7
<br />.
<br />COUNTY OF HALL )
<br />The foregoing Collateral Assignment of Lease was acknowledged before me
<br />this 25th day of August _, 1q 0 },y Duane A. Woodward and
<br />ti
<br />Sharon L. Woadwar(r-
<br />i:�yt ttr`, Pohl f r.
<br />K NIA040 M �Orult
<br />1ERESA L PtG15.
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