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200207820
<br />ASSIGNMENT OF LEASES RENTS AND INCOME
<br />KNOW ALL MEN BY THESE PRESENTS that Robert M. Allen Family Limited
<br />Partnership, A Ne
<br />hereinafter called the Borrower, for and in consideration of a loan of 1,500,000.00
<br />by City National Bank and Trust Com an
<br />hereinafter called the Lender, secured by a fi stsmortgageEDeed of Trust held by
<br />Citv National Bank and Trus Comn y , and other good and valuable consider-
<br />ation, the receipt whereof is hereby acknowledged, does, hereby assign, transfer and
<br />set over to the Lender, its successors or assigns, as additional security for the
<br />payment of aforesaid mortgage /Deed of Trust and any delinquencies thereon, for so
<br />long as aforesaid loan or delinquencies thereon, or any part thereof remains unpaid,
<br />the rents and income accruing upon the following described properties, located in
<br />the City of Grand Island Hall Count
<br />to -wit: ' y, Nebraska
<br />Lots 10 - 23, Meadowlark West Third Subdivision; and Lots 1, 2, 4, 6 & 9,
<br />Meadowlark West Fourth Subdivision, City of Grand Island, Hall County,
<br />Nebraska
<br />And the said Borrower hereby authorizes and empowers the said Lender, its or
<br />their successors and assigns, by its or their authorized agents and attorneys, to let
<br />for said Borrower and rent the above described premises or any part thereof, and
<br />collect and receipt for said rent, either monthly, quarterly, or yearly, as it or they
<br />may see fit, and in default of the payment of said rent or any part thereof to proceed
<br />in its or their name by suit or suits at law or equity for the recovery thereof in
<br />such manner as it or they shall deem fit.
<br />This assignment of leases, rents and income is being made for the express
<br />purpose of having the rent collected hereunder applied to payments on the loan,
<br />and delinquencies thereon above described as agreed by Borrower to be paid on the
<br />note executed by Borrower to Lender and the real estate mortgage /Deed of Trust on
<br />the above described real estate securing said note.
<br />Lender, its successors or assigns, may, in its or their discretion use the rents
<br />so far as necessary for the purpose of making such repairs upon the premises as
<br />in its or their judgment may be proper and may use said rents so far as necessary
<br />for the payment of insurance premiums and taxes on said premises, or any other
<br />payment to be made by Borrower under the terms of the note, mortgage or Deed of
<br />Trust above mentioned, the balance to be applied upon the payment of principal
<br />and interest on said loan.
<br />This assignment of rents is intended to apply only in case of the default of the
<br />undersigned in the payments specified in the above note, mortgage /Deed of Trust
<br />or any delinquencies thereon. In such case Lender, its or their successors or assigns,
<br />may waive collection thereof for spaces of time, at its or their option, but such
<br />waiver or failure to collect hereunder shall not be construed to be a waiver of the
<br />right to collect any subsequent installment of rent.
<br />The delivery of a copy of this instrument to any tenant or tenants occupying
<br />said premises or any part thereof shall be sufficient to require said tenants to pay
<br />said rent to Lender, its or their successors or assigns, until further notice of the
<br />amounts delinquent on aforesaid loan have been paid. When said loan is paid in full,
<br />a release of the aforesaid mortgage or reconveyance of the Deed of Trust shall be
<br />deemed to be a release of this assignment without further evidence thereof.
<br />Dated this 25th day of July
<br />492002
<br />Robert M. Allen Family Limited Partnership
<br />By - _ Nil
<br />J
<br />Robert M. Allen, Managing Partner
<br />
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