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<br />securities. This Assignment will not secure any other debt if Lender, with respect to that
<br />other debt, fails to fulfill any necessary requirements or fails to conform to any limitations of
<br />the Truth in Lending Act (Regulation Z) or the Real Estate Settlement Procedures Act
<br />(Regulation X) that are required for loans secured by the Property.
<br />C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of
<br />this Assignment.
<br />3. LIMITATIONS ON CROSS -COLLATERALIZATION. The cross -collateralization clause on any
<br />existing or future loan, but not including this Loan, is void and ineffective as to this Loan,
<br />including any extension or refinancing.
<br />The Loan is not secured by a previously executed security instrument if a non -possessory,
<br />non -purchase money security interest is created in "household goods" in connection with a
<br />"consumer loan," as those terms are defined by federal law governing unfair and deceptive
<br />credit practices. The Loan is not secured by a previously executed security instrument if Lender
<br />fails to fulfill any necessary requirements or fails to conform to any limitations of the Real
<br />Estate Settlement Procedures Act, (Regulation X), that are required for loans secured by the
<br />Property or if, as a result, the other debt would become subject to Section 670 of the John
<br />Warner National Defense Authorization Act for Fiscal Year 2007.
<br />The Loan is not secured by a previously executed security instrument if Lender fails to fulfill any
<br />necessary requirements or fails to conform to any limitations of the Truth in Lending Act,
<br />(Regulation Z), that are required for loans secured by the Property.
<br />4. ASSIGNMENT OF LEASES AND RENTS. For good and valuable consideration, the receipt
<br />and sufficiency of which is acknowledged, and to secure the Secured Debts and Assignor's
<br />performance under this Assignment, Assignor does hereby assign, grant and convey to Lender
<br />as additional security all the right, title and interest in the following (Property).
<br />A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal
<br />agreements for the use and occupancy of the Property, including but not limited to any
<br />extensions, renewals, modifications or replacements (Leases).
<br />B. Rents, issues and profits, including but not limited to security deposits, minimum rents,
<br />percentage rents, additional rents, common area maintenance charges, parking charges, real
<br />estate taxes, other applicable taxes, insurance premium contributions, liquidated damages
<br />following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues,
<br />royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights
<br />and claims which Assignor may have regarding the Property (Rents).
<br />C. The term Property as used in this Assignment shall include the following described real
<br />property:
<br />See Exhibit A
<br />The property is located in Hall County at 224 Kaufman Avenue, Grand Island, Nebraska
<br />68803.
<br />In the event any item listed as Leases or Rents is determined to be personal property, this
<br />Assignment will also be regarded as a security agreement.
<br />5. PAYMENTS. Assignor agrees that all payments under the Secured Debts will be paid when
<br />due and in accordance with the terms of the Secured Debts and this Assignment.
<br />6. NON -OBLIGATED ASSIGNOR. Any Assignor, who is not also identified as a Borrower in the
<br />Secured Debts section of this Assignment and who signs this Assignment, is referred to herein
<br />as a Non -Obligated Assignor for purposes of subsection 7(d)(4) of 12 C.F.R. 1002 (Regulation
<br />B) which implements the Equal Credit Opportunity Act (ECOA). By signing this Assignment, the
<br />Non -Obligated Assignor does assign their rights and interests in the Property to secure payment
<br />of the Secured Debts, to create a valid lien, to pass clear title, to waive inchoate rights and to
<br />assign earnings or rights to payment under any lease or rent of the Property. However, the
<br />Non -Obligated Assignor is not personally liable for the Secured Debts by virtue of signing this
<br />Security Instrument. Nothing in this section shall be construed to modify or otherwise affect
<br />the Non -Obligated Assignor's obligations, if any, that were separately made with Lender in a
<br />separate agreement and duly signed by the Non -Obligated Assignor in the context of that
<br />separate agreement.
<br />7. COLLECTION OF RENTS. Assignor may collect, receive, enjoy and use the Rents so long as
<br />Assignor is not in default. Assignor will not collect in advance any Rents due in future lease
<br />periods, unless Assignor first obtains Lender's written consent.
<br />Upon default, Assignor will receive any Rents in trust for Lender and Assignor will not
<br />commingle the Rents with any other funds. When Lender so directs, Assignor will endorse and
<br />deliver any payments of Rents from the Property to Lender. Amounts collected will be applied
<br />Island Sprinkler Supply Company
<br />Nebraska Assignment of Leases and Rents
<br />N E/4Nicol e. S00000000003066032 N
<br />Wolters Kluwer Financial Services, Inc.m1996, 2023 Page 2
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