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n M :n S ••� br _ m C) (n ? Z m n M S x ^� U m U, = CD m o d - ' __j -`� o _- -- W r• " -D :u O Q1 r _ CrI =3 Q3 C/) e-t C/) z WHEN RECORDED MAIL TO: 200306657 O Minneapolis Loan Ops Center Attn: Collateral Processing - Rep III 730 2nd Ave. South Suite 1000 Minneapolis, MN 55479 FOR RECORDER'S USE ONLY lllllllllllllllllll ASSIGNMENT OF RENTS THIS ASSIGNMENT OF RENTS dated May 20, 2003, is made and executed between Ernesto Rosales and Guadalupe Rosales- Garcia, husband and wife, whose address is 922 North Pine Street, Grand Island, NE 68801 -3946; (referred to below as "Grantor ") and Wells Fargo Bank Nebraska, National Association, whose address is 304 W 3rd St, Grand Island, NE 68801 (referred to below as "Lender "). ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described Property located in Hall County, State of Nebraska: See Exhibit "A ", which is attached to this Assignment and made a part of this Assignment as if fully set forth herein. The Property or its address is commonly known as 707 North St. Paul Road, Grand Island, NE 68801. The Property tax identification number is 400104512 THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS OF GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the right to collect the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to and accepted by Lender in writing. Right to Assign. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to Lender. No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force. No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as provided in this Assignment. LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following rights, powers and authority: t