|
ASSIGNMENT OF RENTS c
<br />THIS ASSIGNMENT OF RENTS dated March 17, 2005, is made and executed between Dale M. Schwader,
<br />whose address is 42444 W. 124th Terrace, Leawood, KS 66206 and Peggy M. Schwader, whose address is
<br />42444 W. 124th Terrace, Leawood, KS 66206 (referred to below as "Grantor") and Commercial Federal Bank,
<br />a Federal Savings Bank, whose address is 9400 Antioch Road, Overland Park, KS 66212 (referred to below as
<br />"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 />LOT 1, BRENTWOOD SIXTH SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />The Property or its address is commonly known as 3285 Woodridge Boulevard, Grand Island, NE 68801. The
<br />Property tax identification number is 400448580
<br />FUTURE ADVANCES. In addition to the Note, this Assignment secures all future advances made by Lender to Grantor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to the amounts
<br />specified in the Note, all future amounts Lender in its discretion may loan to Grantor, together with all interest thereon.
<br />COLLATERAL DESCRIPTION. The word "Rents" as used in this Assignment means all of Grantor's present and future rights, title and
<br />interest in, to and under the following described specific Lease of all or a portion of the property described in the "Assignment" section
<br />herein.
<br />The following is a general description of the specific lease:
<br />LEASE TYPE: Term
<br />Lease Date: February 3, 2005
<br />Start Date: February 3, 2005
<br />End Date:
<br />Lessee(s): Eby Realty Group, L.L.C.; 13795 S. Mur -len Road, Ste. 301; Olathe, KS 66062
<br />Description of the Premises: 3285 Woodrige Boulevard, Grand Island, NE 68801
<br />Rental Amount: monthly rent payments of $26,250.00 (equal to $315,000.00 annually)
<br />Deposit Amount: $10,000.00 Earnest Deposit
<br />Lease Terms: Five year triple net lease agreement that will automatically renew for three (3)
<br />additional five -year renewal terms unless terminated by Tenant upon 180 days notice
<br />prior to the end of any term.
<br />Recording Data:
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) 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 />Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all
<br />Rents to be paid directly to Lender or Lender's agent.
<br />Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the
<br />Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any
<br />tenant or tenants or other persons from the Property.
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br />Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br />insurance effected by Lender on the Property.
<br />r^�1
<br />„
<br />n
<br />n
<br />_4
<br />C::,
<br />tTi
<br />C
<br />z
<br />M
<br />n
<br />N
<br />B
<br />�
<br />z
<br />��
<br />rn
<br />�
<br />n
<br />d
<br />r7,
<br />�
<br />co
<br />ry
<br />n
<br />_T1
<br />x
<br />cri
<br />]a
<br />W �� (d
<br />=
<br />Q
<br />;J
<br />r71
<br />�n
<br />_ti
<br />(,fl
<br />rrn
<br />m
<br />�
<br />CT)
<br />r
<br />C)
<br />—.
<br />F_ X3.
<br />ry
<br />C/3
<br />(3D
<br />C=)
<br />I�+
<br />co
<br />co
<br />WHEN RECORDED MAIL TO:
<br />Commercial Federal Bank, a Federal Savings Bank
<br />Lee's Summit Commercial Lending HO
<br />740 N.W. Blue Parkway
<br />Lee's Summit. MO 64086
<br />FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS c
<br />THIS ASSIGNMENT OF RENTS dated March 17, 2005, is made and executed between Dale M. Schwader,
<br />whose address is 42444 W. 124th Terrace, Leawood, KS 66206 and Peggy M. Schwader, whose address is
<br />42444 W. 124th Terrace, Leawood, KS 66206 (referred to below as "Grantor") and Commercial Federal Bank,
<br />a Federal Savings Bank, whose address is 9400 Antioch Road, Overland Park, KS 66212 (referred to below as
<br />"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 />LOT 1, BRENTWOOD SIXTH SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />The Property or its address is commonly known as 3285 Woodridge Boulevard, Grand Island, NE 68801. The
<br />Property tax identification number is 400448580
<br />FUTURE ADVANCES. In addition to the Note, this Assignment secures all future advances made by Lender to Grantor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to the amounts
<br />specified in the Note, all future amounts Lender in its discretion may loan to Grantor, together with all interest thereon.
<br />COLLATERAL DESCRIPTION. The word "Rents" as used in this Assignment means all of Grantor's present and future rights, title and
<br />interest in, to and under the following described specific Lease of all or a portion of the property described in the "Assignment" section
<br />herein.
<br />The following is a general description of the specific lease:
<br />LEASE TYPE: Term
<br />Lease Date: February 3, 2005
<br />Start Date: February 3, 2005
<br />End Date:
<br />Lessee(s): Eby Realty Group, L.L.C.; 13795 S. Mur -len Road, Ste. 301; Olathe, KS 66062
<br />Description of the Premises: 3285 Woodrige Boulevard, Grand Island, NE 68801
<br />Rental Amount: monthly rent payments of $26,250.00 (equal to $315,000.00 annually)
<br />Deposit Amount: $10,000.00 Earnest Deposit
<br />Lease Terms: Five year triple net lease agreement that will automatically renew for three (3)
<br />additional five -year renewal terms unless terminated by Tenant upon 180 days notice
<br />prior to the end of any term.
<br />Recording Data:
<br />THIS ASSIGNMENT IS GIVEN TO SECURE (1) 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 />Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all
<br />Rents to be paid directly to Lender or Lender's agent.
<br />Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the
<br />Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any
<br />tenant or tenants or other persons from the Property.
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br />Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br />insurance effected by Lender on the Property.
<br />
|