|
ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS dated December 5, 2002, is made and executed between Timothy C. Plate, a
<br />single person, whose address is 2608 Old Fair Road, Grand Island, NE 68803 (referred to below as "Grantor ")
<br />and Wells Fargo Bank Nebraska, National Association, whose address is 304 W 3rd St, Grand Island, NE
<br />68801 (referred to below as "Lender ").
<br />ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and
<br />conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br />Property located in Hall County, State of Nebraska:
<br />Lots Sixteen (16) and Seventeen (17), Block Three (3), in Southern Acres Addition to the City of Grand
<br />Island, Hall County, Nebraska.
<br />The Property or its address is commonly known as 2612 Chanticleer & 2616 Chanticleer, Grand Island, NE
<br />68801. The Property tax identification number is 400093413 & 400093405
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (11 PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN
<br />AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender
<br />all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment.
<br />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,
<br />Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of
<br />the right to collect the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br />Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as
<br />disclosed to and accepted by Lender in writing.
<br />Right to Assign. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to
<br />Lender.
<br />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br />No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as
<br />provided in this Assignment.
<br />LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br />occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following
<br />rights, powers and authority:
<br />r1 f,
<br />rtl
<br />r'y
<br />L
<br />Z H
<br />f4
<br />M
<br />o
<br />�
<br />0
<br />0
<br />�
<br />z
<br />N
<br />I7♦
<br />z`
<br />Lo
<br />r
<br />3
<br />ITi
<br />IT!
<br /><
<br />WHEN RECORDED MAIL
<br />N
<br />(�
<br />Minneapolis Loans Center
<br />2002137 8
<br />IT!
<br />Attn: Collateral Processing Rep III
<br />4
<br />n
<br />2nd Ave. South Suite 1 000
<br />Min neaoolia, MIN 55479
<br />FOR RECORDER'S
<br />USE ONLY
<br />IVNV
<br />I N I NVINNNVINVNNINNNNINNNVINVNVIN
<br />00000000000000090
<br />ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS dated December 5, 2002, is made and executed between Timothy C. Plate, a
<br />single person, whose address is 2608 Old Fair Road, Grand Island, NE 68803 (referred to below as "Grantor ")
<br />and Wells Fargo Bank Nebraska, National Association, whose address is 304 W 3rd St, Grand Island, NE
<br />68801 (referred to below as "Lender ").
<br />ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and
<br />conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br />Property located in Hall County, State of Nebraska:
<br />Lots Sixteen (16) and Seventeen (17), Block Three (3), in Southern Acres Addition to the City of Grand
<br />Island, Hall County, Nebraska.
<br />The Property or its address is commonly known as 2612 Chanticleer & 2616 Chanticleer, Grand Island, NE
<br />68801. The Property tax identification number is 400093413 & 400093405
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (11 PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN
<br />AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender
<br />all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment.
<br />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,
<br />Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of
<br />the right to collect the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br />Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as
<br />disclosed to and accepted by Lender in writing.
<br />Right to Assign. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to
<br />Lender.
<br />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br />No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as
<br />provided in this Assignment.
<br />LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br />occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following
<br />rights, powers and authority:
<br />
|