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200400544
<br />ASSIGNMENT OF LEASES AND RENTS
<br />THIS ASSIGNMENT OF LEASES AND RENTS ( "Assignment ") is made as of _
<br />January 13, 2004, between the assignee, Equitable Federal Savings Bank of
<br />Grand Island ( "Lender), whose mailing address is PO Box 160, Grand Island Nebraska;
<br />and the assignor, Quinn Properties, Inc. (`Borrower ", whether one or more),
<br />whose mailing address is 15078 Stillfield Pl. Centerville, VA 20120 . In
<br />consideration of the advancing of credit by Lender to or for the benefit of Borrower, and
<br />for other good and valuable consideration, Assignor agrees as follows:
<br />1) With respect to the real property described as follows (the "Real Property "):
<br />LOT TEN (10), IN BLOCK SEVEN (7), BONNIE BRAE ADDITION IN THE CITY OF GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA. (1404 W 4T" ST., G.I., NE)
<br />THE EAST FORTY -FIVE (45) FEET OF LOTS ONE HUNDRED FIFTEEN (115) AND ONE HUNDRED SIXTEEN (116),
<br />HAWTHORNE PLACE, LOCATED ON PART OF THE NORTHWEST QUARTER (NW '/4) OF SECTION TWENTY -
<br />TWO, TOWNSHIP ELEVEN (11) NORTH, RANGE NINE (9), WEST OF THE 6T" P.M., HALL COUNTY, NEBRASKA.
<br />(405 E PHOENIX, G.I., NE)
<br />of which Borrower (or one or more of the persons and/or entities designated herein as
<br />Borrower) is the owner, Borrower does hereby absolutely and irrevocably transfer,
<br />assign, convey, set over and deliver to Lender, and grant Lender a security interest in, all
<br />present, future and after -rising leases and rents, pertaining to or arising from the Real
<br />Property, including:
<br />a) the right of immediate use and possession of the Real Property and all fixtures,
<br />equipment, appliances and other items of personal property available for the use
<br />of tenants of, or for the operation of, the Real Property, now or hereafter located
<br />on the Real Property (collectively, the "Personal Property "), to the exclusion of
<br />Borrower and its agents;
<br />b) all the rents, issues, profits and avails of all or any portion of the Real Property
<br />and the Personal Property, whether now due or hereafter to become due (without
<br />limitation, to include all security deposits or advance rent paid to, or held by or
<br />for, Borrower) (collectively, the "Rents ");
<br />c) all leases and occupancy agreements, now or hereafter executed, affecting all or
<br />part of the Real Property, together with any and all extensions, renewals and
<br />modifications thereof (collectively, the "Leases ");
<br />d) all guaranty agreements now or hereafter executed pertaining to Rents and/or
<br />Leases above; and
<br />e) all of Borrower's right, title and interest in and to all claims and rights to the
<br />payment of money at any time arising in connection with any rejection or breach
<br />of any of the Leases by any lessee thereunder or trustee of any such lessee under
<br />Section bn 365 of the Bankruptcy Code, 11 U.S.C. 365, including, without
<br />limitation, all rights to recover damages arising out of such breach or rejection, all
<br />rights to charges payable by such lessee or trustee in respect of the leased
<br />premises following the entry of an order for relief under the Bankruptcy Code in
<br />respect of such lessee, and all rentals and other charges outstanding under the
<br />lease as of the date of entry of such order for relief,
<br />to secure (i) payment of all sums owing Lender under a Loan Agreement between Lender
<br />and Borrower (the "Loan Agreement "), the Note (as defined in the Loan Agreement) and
<br />the other Loan Documents (as defined in the Note), if any; (ii) the performance of all
<br />warranties, representatives and covenants of Borrower set forth herein and in the Loan
<br />Agreement, Note and other Loan Documents; and (iii) the payment of all other present
<br />and future indebtedness and obligations (including without limitation obligations under
<br />any loan agreement, deed of trust, mortgage, security agreement or other instrument of
<br />security) of Borrower (or any of them if more than one) to Lender, whether direct,
<br />indirect, absolute or contingent and whether arising by note, guaranty, overdraft or
<br />Assignment of Leases and RentsQUINN.doc 1 of 5
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