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. 88- 10124~ ASSIGNMENT OF CONTRACT FOR PURPOSES OF SECURITY In consideration of One Dollar ($1.00) and other valuable consideration, receipt of which is hereby acknowledged, the undersigned do hereby assign to Holdrege Federal Credit Union, Phelps County, a corporation of Holdrege, Nebraska, all of their right, title and interest in and to an Agreement dated 1 December, 1987, wherein HO-OTT-SCHU Land Co., a Nebraska Corporation, is the Seller and Kenneth L. Shriver is the Buyer of real estate legally described as: See Exhibit A attached hereto. This assignment is given for the purpose of securing any and all indebtedness that the Buyer owes the assignee. This is an assignment of the Buyer's rights but not an assignment of Buyer's obligations or liabilities under the above-referred to agreement. Buyer shall continue to be obligated to the Seller of the property to perform his obligations thereunder and this assignment shall not obligate assignee to perform any obligations or warranty which the Buyer has undertaken pursuant to the terms of the above-described contract. The undersigned warrants that they are holders as Buyer of said agreement and that attached hereto is a true and correct copy thereof. That there are no defenses to Buyer's rights under said contract. In the event that Buyer defaults on said Agreement, the assignee may elect at its sole option to cure said default and any monies advanced or expended to cure the same shall be deemed as additional monies owing to the Assignee and secured by this Assignment or any other collateral documents. In the event that the Buyer defaults on his obligations to the Assignee on the indebtedness secured hereby or under the terms of any collateral documents, the Assignee is hereby given the irrevocable power and authority to take over the Buyer's position on said contract, to receive a deed from Buyer and/or Seller to the property upon payment of the contract balance and to take any action or proceedings in respect thereof that it deems necessary to protect its interest in the property and to bring proceedings in the name of the Buyer. Any deed to the property to the Assignee or the nominee of Assignee is solely for the purpose of further accomplishing this limited Assignment and does not constitute an assumption of Buyer's obligations or liabilities under the above referred to Agreement. Upon default by Buyer of any of its obligations to assignee upon demand said deed shall be delivered to the Assignee. If a trust deed is received from Buyer in connection with this assignment, the same shall be considered as additional security for this loan so that assignee may exercise its rights r---- L ~ / ~.