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<br />COLI.A'I'ERAL ASSIGNMENT OF LEASE 90--1051)58
<br />FOR AND IN CONSIDERATION of the mum of
<br />and No /10(1--- - --- -- Dollars ($ N0.U0Q,OU ) loaned to the uns erwlRned,
<br />M. A NUbrtu&& Partnurrihip , hereinafter
<br />referred to a"Assignor". does hereby sell, asmign and transfer unto THE
<br />OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinaftor %frs•od to as "Assignee ",
<br />all of Assignor's right, title and interest in and to s Real Estate Leases
<br />in respect to that real estate legally described ass
<br />Lots One (1) through Eight (8) Bels Subdivision, an addition to the
<br />City of Grand Island, (except street Right-of-Way), Hal County, NE
<br />SAID ASSIGNMENT BY TIIE UNDERSIGNED ASSIGNOR IS MADE SUBJECT To THE
<br />FOLLOVING TERMS AND CONDITIONS;
<br />1. This Assignment is given to secure the payment of the indebtedness
<br />described above and as security for Ruch other sums as may be hereafter
<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 Assignee is
<br />well and truly paid, then this Assignment shall be void, otherwise to remain In
<br />full force and effect.
<br />2. It is the intention and agreement of the Assignor that this Assignment
<br />shall also secure any future advanced made to Assignor by Assignee and any and
<br />All indebtedness in addition to the amount stated above which sald Assignor may
<br />case to said Assignee, however evidenced, whether by note, book, accomaat or
<br />otherwise. The undersigned also agrees that this Assignment shall secure all
<br />costa, charges and expense: rensonnbiy Incurred or paid by Assignee, Including,
<br />reasonable attorney fees, h•ecnuse of the failure of the undersigned to comply
<br />with the terms of the Notes evidencing such indehtedate%R or this Assignment.
<br />3. So long as Assignor shalt not be in default of the payments due to
<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 />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 I.easesherein assigned
<br />as security.
<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 mny give immediate
<br />notice of this Assignment to the Tenant under such Leasesand shall , f tom 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 />terms thereof.
<br />5. The Assignor represents and warrane s to the Assignee that the assigned
<br />Real Estate Leasesand 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 nmendmeat, modification, termination,
<br />1 assignment of or subletting under the Real Estate Lvasesherein assigned as
<br />security.
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<br />7. All control and dominion over the rights and remedies of the Assignor
<br />as Owner set forth in the Real Estate Leasa4eshereby assigned its security are
<br />transferred to the Assignee except that the Assignee may in writing specifically
<br />authorize the Assignor to act with respect thereto.
<br />8. The Assignor will keep and p4erfutm all the obtiRntions to lie performed
<br />on the part of the (honer under the terms of the Real Estate I.enne;hercin assigned
<br />as security and will save tlae Assignee harmless, from stay railure to do no, it
<br />being specifically understood that notwithstanding this Assignment or any notice
<br />thereof, the Analumpe shall am ha nhlloAt•ad to n.rfnrs nno .+f rha nhltna►fnne
<br />on the part of the Assignor arising under such Real Estate Leasem.
<br />IN WITNESS WHEREOF, the Assignor has executed this Collateral Assignment
<br />of Lease on this 15th day of October_. 19 go
<br />BE j A Nabrasklt Der ip
<br />l ♦ A Partner Byt . � c r.' 'i 4' A Partner
<br />rr3.. • j_
<br />on .a L. Larf3en
<br />SATE OF NEBRASKA)
<br />)SS
<br />COUNTY OF HALL )
<br />The foregoing Collateral Anni gnmont of
<br />tbie 15th day of October , 19 90
<br />as partners of B;EiS Partnurship, A Nu hrtt_ska
<br />amm
<br />Lease wan acknowledged before we
<br />by Marion D. I,ar.,orl and l,iirt tf,t I.. Iztrtit -n
<br />litu•triershih on hvh;_tlf iif said Patrint,rshiD.
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<br />Notary Public
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