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<br /> 99 110880 ' `� `� ° �
<br /> COLLATERAL ASSIGNMENT OF LEASE r"
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<br /> FOR AND IN CONSIDERATION of the sum of Five Hundred Fifty Thousand and _
<br /> No/100 Dollars ($550,000.00) loaned to the undersigned, DALE L. SKOW and SHIRLEY M. �S'
<br /> SKOW, Husband and Wife, hereinafter referred to as "Assignor", does hereby sell, assign and °
<br /> transfer unto HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND
<br /> ISLAND, hereinafter referred to as "Assignee", all of Assignor's right, title and interest in and to :
<br /> a Lease Agreement dated October 12, 1999, wherein Ronne Enterprises, Inc., a Nebraska :
<br /> corparation, is identified as the Tenant in respect to that real estate legally described as: :
<br /> Lots One (1) and Two (2), Kirkpatrick Subdivision, to the City of Grand Island, :
<br /> Hall County,Nebraska. :
<br /> and
<br /> a Lease Agreement dated October 12, 1999, October 12, 1999, wherein Ronne Enterprises, Inc.,
<br /> a Nebraska corporation, is identified as the Tenant in respect to that real estate legally described :
<br /> as:
<br /> Lot Twelve (12), Bosselman Second Subdivision, an Addition to the City of
<br /> Grand Island, Hall County,Nebraska. :
<br /> SAID ASSIGNMENT BY THE UNDERSIGNED ASSIGNOR IS MADE SUBJECT TO
<br /> THE FOLLOWING TERMS AND CONDITIONS:
<br /> 1. This Assignment is given to secure the payment of the indebtedness described above :
<br /> and as security for such other sums as may be hereafter advanced by Assignee to, or for the :
<br /> benefit of, the Assignor; provided, however, that in the event all indebtedness owing from the :
<br /> Assignor to the Assignee is well and truly paid, then this Assignment shall be void, otherwise to
<br /> remain in full force and effect.
<br /> 2. It is the intention and agreement of the Assignor that this Assignment shall also secure :
<br /> any future advances made to Assignor by Assignee and any and all indebtedness in addition to :
<br /> the amount stated above which said Assignor may owe to said Assignee, however evidenced, :
<br /> whether by note, book, account or otherwise. The undersigned also agrees that this Assignment :
<br /> shall secure all costs, charges and expenses reasonably incurred or paid by Assignee, including :
<br /> reasonable attorney fees, because of the failure of the undersigned to comply with the terms of :
<br /> the Notes evidencing such indebtedness or this Assignment. :
<br /> 3. So long as Assignor shall not be in default of the payments due to Assignee in respect
<br /> to indebtedness owing or in the performance of the requirements of any instrument of security
<br /> which may secure such indebtedness, Assignor shall be entitled to collect and retain for his :
<br /> benefit all rents, from time to time accruing and received in respect to the Real Estate Lease :
<br /> herein assigned as security.
<br /> 4. Upon default in the payment of any sum due in respect to the indebtedness secured :
<br /> hereby or in the performance of the requirements of any instrument of security which may secure
<br /> such indebtedness, the Assignee may give immediate notice of this Assignment to the Tenant :
<br /> under such Lease and shall, from and after the date of such notice, be autharized to receive and
<br /> collect all such rents as may thereafter accrue and be due and payable to Assignor under the
<br /> terms thereof.
<br /> 5. The Assignor represents and warrants to the Assignee that the assigned Real Estate
<br /> Lease and rents therein provided has not been previously transferred or encumbered. :
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