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200400545
<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, B & B Rental Properties, Inc.. .(`Borrower ", whether one or
<br />more), whose mailing address is 239 Lakeside Dr. , Grand Island, NE 68801 . 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 />LOTS ONE (1), AND TWO (2), IN BLOCK NINETEEN (19), ORIGINAL TOWN OF ST. PAUL, HOWARD COUNTY, NE.
<br />(503 HOWARD ST., ST. PAUL, NE)
<br />LOT THREE (3) IN BLOCK SEVENTEEN (17), IN BONNIE BRAE ADDITION TO GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA. (1407 W. NORTH FRON T ST., G. I., NE)
<br />THE NORTH HALF (NI /2) OF LOT SEVEN (7) AND THE NORTH HALF (NI /2) OF LOT EIGHT (8), IN BLOCK FOUR
<br />(4), IN VINE HILL ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA. (714 CURTIS ST.,
<br />G.I., NE)
<br />ALL THAT PART OF LOTS THREE (3) AND FOUR (4), BLOCK THREE (3), IN LAKEVIEW, AN ADDITION TO THE
<br />CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA MORE PARTICULARLY DESCRIBED AS FOLLOWS:
<br />COMMENING AT A POINT FIFTY SIX (56) FEET SOUTH OF THE NORTHWEST CORNER OF LOT FOUR (4) IN
<br />SAID BLOCK; RUNNING THENCE EAST PARALLEL WITH THE NORTH BOUNDARY LINE OF SAID LOTS, A
<br />DISTANCE OF SEVENTY (70) FEET; THENCE SOUTH, PARALLEL WITH THE WEST BOUNDARY LINE OF SAID
<br />LOT FOUR (4), A DISTANCE OF FORTY TWO (42) FEET; THENCE WEST, A DISTANCE OF SEVENTY (70) FEET;
<br />AND THENCE NORTH A DISTANCE OF FORTY TWO (42) FEET TO THE PLACE OF BEGINNING. (507 S LOCUST
<br />ST., G.I., NE)
<br />LOT TWO (2), IN BLOCK TWENTY SIX (26) IN RUSSEL WHEELER'S ADDITION TO THE CITY OF GRAND
<br />ISLAND, HALL COUNTY, NEBRASKA. (207 W I IT" ST., G.I.,NE)
<br />THE WESTERLY FIFTY -EIGHT (58) OF LOTS TWO (2), THREE (3), AND FOUR (4), IN BLOCK SEVEN (7), IN
<br />PLEASANT HILL ADDITION TO THE CITY OF GRAND ISLAND., HALL COUNTY, NEBRASKA AND THAT PART
<br />OF VACCATED NINTH STREET AS SHOWN IN ORDIANCE NO. 6112, FILED JULY 14, 1977 IN THE REGISTER OF
<br />DEEDS OFFICE AS DOCUMENT NO. 77-003926.(917 BEAL ST., 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 b? 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 />Assignment of Leases and Rents central park.doc 1 of 5
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