|
>a
<br />M En
<br />= D Z O
<br />►-' o -i o f�'1
<br />7'C T C0 M 1711) Co
<br />m 0 < O CAD
<br />"v S " a © p LZ,
<br />(� co -r, a
<br />H
<br />O
<br />M � r— _7, y
<br />to r- sy ca'
<br />O -,3 co
<br />j 44 o .�-..
<br />Z
<br />0
<br />Space Above This Line For Recording Data
<br />0
<br />ASSIGNMENT OF LEASES AND RENTS
<br />DATE AND PARTIES. The date of this Assignment of Leases and Rents (Assignment) is September 4, 2001.
<br />The parties and their addresses are:
<br />ASSIGNOR:
<br />MICHAEL J. WESTERBY
<br />4258 Utah Avenue
<br />Grand Island, Nebraska 68803
<br />LENDER:
<br />FIRST NATIONAL BANK NORTH PLATTE
<br />Organized and existing under the laws of the United States of America
<br />P.O. Box 10
<br />201 North Dewey
<br />North Platte, Nebraska 69103
<br />TIN: 47- 0254665
<br />1. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Assignment at any one time will
<br />not exceed $275,000.00. This limitation of amount does not include interest and other fees and charges
<br />validly made pursuant to this Assignment. Also, this limitation does not apply to advances made under the
<br />terms cf this Assignment to protect Lender's security and to perform any of the covenants contained in this
<br />Assignment.
<br />2. SECURED DEBTS. This Assignment will secure the following Secured Debts:
<br />A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and
<br />replacements. A promissory note, No. 300, dated September 4, 2001, from M. Westerby, Inc. (Borrower)
<br />to Lender, with a maximum credit limit of $275,000.00 with an initial variable interest rate of 7.25 percent
<br />per year until September 5, 2001, after which time it may change as the promissory note prescribes and
<br />maturing on May 15, 2002. One or more of the debts secured by this Assignment contains a future
<br />advance provision.
<br />B. All Debts. All present and future debts from M. Westerby, Inc. to Lender, even if this Assignment is not
<br />specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than
<br />one person signs this Assignment, each agrees that it will secure debts incurred either individually or with
<br />others who may not sign this Assignment. Nothing in this Assignment constitutes a commitment to make
<br />additional or future loans or advances. Any such commitment must be in writing. In the event that Lender
<br />fails to provide notice of the right of rescission, Lender waives any subsequent security interest in the
<br />Assignor's principal dwelling that is created by this Assignment. This Assignment will not secure any debt
<br />for which a non - possessory, non - purchase money security interest is created in "household goods" in
<br />connection with a "consumer loan," as those terms are defined by federal law governing unfair and
<br />deceptive credit practices. This Assignment will not secure any debt for which a security interest is created
<br />in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal
<br />law governing securities.
<br />C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this
<br />Assignment.
<br />3. ASSIGNMENT OF LEASES AND RENTS. For good and valuable consideration, the receipt and sufficiency of
<br />which is acknowledged, and to secure the Secured Debts and Assignor's performance under this Assignment,
<br />Assignor assigns, grants and conveys to Lender as additional security all the right, title and interest in the
<br />following (all referred to as Property),
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for
<br />the use and occupancy of the Property, including any extensions, renewals, modifications or replacements
<br />(all referred to as Leases).
<br />B. Rents, issues and profits (all referred to as Rents), including but not limited to security deposits, minimum
<br />rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes,
<br />other applicable taxes, insurance premium contributions, liquidated damages following default, cancellation
<br />premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts,
<br />M. Westerby, Inc.
<br />Nebraska Assignment of Leases and Rents Initials
<br />NEI4XXX2059000505900003326055090401Y 01996 Bankers Systems, Inc., St. Cloud, MN EX�r -; Page 1
<br />
|