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<br />
<br />WHEN RECORDED MAIL TO:
<br />Citizens Equity First Credit Union
<br />Business Services Department
<br />7900 N. University
<br />Peorla.IL 61615 FOR RECORDER'S USE ONLY
<br />
<br />
<br />ASSIGNMENT OF RENTS ~'"
<br />
<br />THIS ASSIGNMENT OF RENTS dated Augustl~007, Is made and executed between Bradley W. Barrow, n~~ t
<br />
<br />personally but as Trustee on behalf of MHEC Land Trust VI, whose address is PO Box 50, Mossvllle, IL <'
<br />
<br />61552 (referred to below as "Grantor") and Citizens Equity First Credit Union, whose address is 7900 N.
<br />
<br />University, Peoria, IL 61615 (referred to below as "Lender").
<br />
<br />
<br />ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in,
<br />
<br />and conveys to Lender all of Grantor's right, title, and Interest in and to the Rents from the following
<br />
<br />described Property located in Hall County, State of Nebraska:
<br />
<br />Lot One (1), Westgate Seventh Subdivision, City of Grand Island, Hall County, Nebraska.
<br />
<br />The Property or its address is commonly known as 3715 West Old Potash Highway, Grand Island, NE
<br />
<br />68803. The Property tax Identification number is 400367815.
<br />
<br />CROSS-COLLATERALlZATlON. In addition to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon, of
<br />Grantor to Lender, or anyone or more of them, as well as all claims by Lender against Grantor or anyone or more of them, whether now existing
<br />or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, direct or
<br />indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor may be liable individually or jointly with
<br />others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter
<br />may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise
<br />unenforceable.
<br />
<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 />
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender all
<br />amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless
<br />and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may
<br />remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the right to collect
<br />the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br />
<br />Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to
<br />and accepted by Lender in writing.
<br />
<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 Lender.
<br />
<br />No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br />
<br />No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as provided
<br />in this Assignment.
<br />
<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 rights,
<br />powers and authority:
<br />
<br />Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents
<br />to be paid directly to Lender or Lender's agent.
<br />
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<br />
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