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<br />COLLATERAL ASSIGNMENT <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />88-100579 <br /> <br />For valuable consideration, the receipt and adequacy of which is <br />hereby acknowledged, TRIAD PROPERTIES LIMITED PARTNERSHIP, a Nebraska <br />Limited Partnership, (Assignor), does hereby sell, assign, transfer <br />and deliver unto NORWEST BANK NEBRASKA, N.A., GRAND ISLAND, NEBRASKA, <br />(Assigned), all of Assignor's right, title and interest in and to a <br />certain Lease Agreement dated January 1, 1988, by and between the <br />Assignor and Merrick Machine Co., a Nebraska corporation, which <br />lease covers the following-described real estate situated in Hall <br />County, Nebraska, to-wit: <br /> <br />Lot Three (3), Argo Subdivison, An Addition <br />To The Village of AIda, Hall County, Nebraska <br /> <br />Assignor warrants that as of the date hereof, said Lease Agreement <br />is in full force and effect, that the Lessee is not in default of any <br />of the terms and conditions of the Lease Agreement, and that Assignor <br />has the lawful right and authority to assign the said Lease Agreement as <br />provided herein. <br /> <br />This assignment is given to secure the payment of indebtedness <br />evidenced by a certain promissory note executed by Assignor in favor <br />of Assignee dated January 1, 1988, in the principal sum of Thirty <br />Thousand and No/IOO Dollars ($30,000.00), together with interest at the <br />rate or rates provided therein, or the principal and interest on any <br />future advance as evidenced by promissory notes stating they are secured <br />hereby, and any and all renewal, modifications and extensions of such <br />notes, both principal and interest on the notes being payable in accordance <br />with the terms set forth therein, which by this reference is hereby made <br />a part hereof. <br /> <br />Notwithstanding the other prOV1S10ns of this Collateral Assignment, <br />Lessee shall continue to make all rental or other payments to Lessor <br />required by the Lease Agreement, unless and until Lessee receives a signed <br />writing from Assignee notifying Lessee that the indebtedness which this <br />Collateral Assignment secures is in default and directing Lessee to make <br />all subsequent payments to Assignee, which Lessee shall then be bound to do. <br /> <br />Upon the payment in full of the aforedescribed promissory note, <br />Assignee shall thereupon release and reassign the afore described Lease <br />Agreement to Assignor, and this Collateral Assignment shall thereafter <br />be deemed to be null and void. <br /> <br />-1- <br /> <br />r~ <br /> <br />L <br /> <br />-1 <br /> <br />~ <br />[' <br />