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<br /> ~ ' 99- sG3�8�
<br /> ASSIGNMENT OF LEASE
<br /> ' I�--
<br /> WHEREAS, under date of ��Y September, 1998 September,
<br /> 1998, Reliable Tire L.L.C. , an Arizona limited liabi—lity company as
<br /> Lessee (hereinafter called "Assignor") entered into an Indenture of
<br /> Lease with Big O Development, Inc. , a Colorado corporation, as
<br /> Lessor, (hereinafter called "Lessor") under which Indenture of
<br /> Lease the Lessor demised to Assignor premises situated Diers
<br /> Avenue and State Street, Grand Island, in the County of // ,
<br /> State of Nebraska, which said premises are more particularly
<br /> described in said Indenture of Lease, subject to the e ervations
<br /> and Irights set forth therein, for the term from to
<br /> � /I ��aC?� ; and
<br /> WHEREAS, Assignor has heretofore made application to Business
<br /> Lenders, LLC (hereinafter called "Assignee" or "Payee") for a loan
<br /> in the amount of $508,200. 00, which loan has been conditionally
<br /> authorized; and
<br /> ��ER S said loan is evidenced by a Note dated
<br /> 'J�� , 1998, executed and delivered by Assignor,
<br /> payable to the order of Assignee, in the principal amount of
<br /> $508,200.00, bearing interest at the initial rate of 11.25� per
<br /> annum, said principal and interest being payable as in said Note
<br /> provided (said Note and any note or notes given in extension or
<br /> renewal thereof being hereinafter referred to as the "Note") ; and
<br /> WHEREAS, one of the conditions for the making of said loan or
<br /> any part thereof is the assignment by said Assignor to the Payee
<br /> named in the above described Note of Assignor's interest in said
<br /> lease as collateral security for the indebtedness evidence by the
<br /> said Note;
<br /> NOW, THEREFORE, in consideration of the premises and other
<br /> good and valuable consideration, receipt of which is hereby
<br /> acknowledged, and as an inducement to Assignee to make disbursement
<br /> of said loan, or any part thereof, the Assignor does hereby convey,
<br /> assign, with the right of reassignment, transfer and set over unto
<br /> Assignee all its right, title and interest in, to and under said
<br /> lease.
<br /> Notwithstanding anything herein contained to the contrary,
<br /> this assignment is made upon the express understanding and
<br /> agreement that so long as Assignee, or the holder of the Note, has
<br /> not entered into possession of the property covered by said lease,
<br /> Assignee, or the holder of the Note, shall not be liable for the
<br /> performance of any of the obligations, agreements, and covenants,
<br /> including but not limited to the obligation to pay rent, made or
<br /> assumed by Assignor as Lessee in connection with said lease and
<br /> that said Assignor shall, notwithstanding this Assignment, remain
<br /> liable for the performance of all such obligations, agreements and
<br /> covenants, including but not limited to the obligation to pay the
<br /> balance of the rent provided for under said lease as it accrues.
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