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<br /> COLLATERAL ASSIGNIvIENT OF LEASE
<br /> ��
<br /> FOR AND IN CONSIDERATION of the sum of SIXTY THREE THOUSAND AND NO/l00 �'
<br /> Dollars ($63,000.00) loaned or to be loaned to the undersigned, O'CONNOR ENTERPRISES INC, ( �
<br /> hereinafter referred to as "Assignor", do hereby sell, assign and transfer unto HOME FEDERAL ��
<br /> SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as
<br /> "Assignee", all of Assignor's right, title and interest in and to a Lease for Real Property dated
<br /> DECEMBER 22, 1999 wherein, C & S ELECTRIC INC. is identified as the Tenant in respect to a
<br /> portion of that real estate legally described as:
<br /> FRACTIONAL LOT 5, 1N FRACTIONAL BLOCK (46) IN PACKER AND BARR'S SECOND
<br /> ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY,NEBRASKA AND THE
<br /> SOUTH '/z (Sl/2) OF VACATED CLARENCE STREET
<br /> SAID ASSIGNMENT BY THE UNDERSIGNED ASSIGNOR IS MADE SUBJECT
<br /> TO THE FOLLOWING TERMS AND CONDITIONS:
<br /> 1. This Assignment is given to secure the payment of the indebtedness described
<br /> above and as security of such other sums as may be hereafter advanced by Assignee to, or for
<br /> the benefit of,Assignor; provided, however, that in the event all indebtedness owing from
<br /> Assignor to 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 Assignor that this Assignment shall also
<br /> secure any future advances made to Assignor by Assignee and any and all indebtedness in
<br /> addition to the amount stated above which said Assignor may owe to said Assignee, however
<br /> evidenced, whether by note,book, account or otherwise. The undersigned also agrees that
<br /> this assignment shall secure all costs, charges and expenses reasonably incurred or paid by
<br /> Assignee, including reasonable attorney fees, because of the failure of the undersigned to
<br /> comply with the terms of the Notes evidencing such indebtedness or this Assignment.
<br /> 3. So long as Assignor shall note be in default of the payments due to Assignee
<br /> in respect to indebtedness owing or in the performance of the requirements of any instrument
<br /> of security which may secure such indebtedness, Assignor shall be entitled to collect and
<br /> retain for his benefit all rents, from time to time accruing and received in respect to the Real
<br /> Estate Lease herein assigned as security.
<br /> 4. Upon default in the payment of any sum due in respect to the indebtedness
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