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R.O. VII, 3L (3 -72)
<br />(Unconditional reassignment)
<br />87-101275
<br />ASSIGNMENT 00 REAL ESTATE LEASE AND AGREEMENT
<br />This assignment of lease and agreement made and entered into by and between Richard J. Russell and
<br />Barbara Russell dba Runza Drive Inns of America, Inc.
<br />(Lessee - hereinafter called "Borrower" );
<br />anfFred F. and Helen M. Mehring, husband and wife, Donald D. and Rebecca "L. Mehring, husband
<br />and wife, and Nancy A. and Lauren A. Erwin, wife and husband
<br />(hereinafter called "Lessor "); and Commercial National Bank & Trust Company, Grand Island, Nebraska
<br />(hereinafter called "Assignee "); Witnesseth:
<br />W"as, Borrower has heretofore leased from Lessor certain real property by lease dated June 19, 1979
<br />, recorded in Book , page , of the reds of the County of Hail
<br />State of Nebraska ar 10 (ten)
<br />for a term a: years, and described as follows:
<br />Lot Two (2), Conestoga Subdivision, Hall County, City of Grand Island, Nebraska.
<br />The Lessee covenants and agrees to pay as rent for the premises for the term stated
<br />above a monthly rental payment of Six Hundred Seventy -Five and N01100 Dollars ($675.00)
<br />per month. Said monthly rental payment shall be payable on the first day of each month,
<br />except, the first rental payment which shall be paid on the first day that the restaurant
<br />facility to be constructed on the premises by Lessee is open to the public for business,
<br />or within one hundred twenty (120) days whichever is first. The rental payment for the
<br />first partial month that said restaurant is open shall be determined on a prorata basis
<br />for the remaining number of days that month beginning with the first day the facility is
<br />open foK business. The monthly rental payment shall be paid to the Lessor, 2316 West.
<br />Phoenix, Grand Island, Nebraska 68801.
<br />And, Whereas. Assignee has authorized the making of a loan to Borrower in the amount of Ninety -five
<br />thousand and no/100 dollars --------------------------- ------------- $95,000.00-
<br />, due and payable on or before--,Lune, 1989.
<br />And, whereas, such loan is for the benefit of both Borrower and Lessor, in that the funds are to be used for the
<br />benefit of the business conducted on the leased premises;
<br />Now. T6erefere, for and in consideration of the premises and of disbursement of said loan or any part thereof,
<br />Borrower, with the consent of Lessor, hereby A sigm. Transfers and Coaveys snto Assignee the lease above described
<br />To Have and To Hold the sane for and during the remainder of the term mentioned
<br />extensions of said term. arid in the lease, all renewals and
<br />A. 8010wer and Lessor further Covemaat and Agree:
<br />I. Borrower is not now in default in the performance of lease; and Borrower and Lessor will each perform the
<br />covenants and conditions required of him by said lease for the term of said loan and any extensions or
<br />renewal of it.
<br />2. Except as otherwise herein permitted, Borrower and Lessor will not alone or by agreement between
<br />them, modify or terminate said lease without consent of Assignee.
<br />r event of default by Borrower under 'he terms of said lease, Lessor shall have the right to terminate
<br />said lease in accordance with its terms, provided, However, Lessor shall first give Assignee 6f) days
<br />written notice of such default and the right, at the option of Assignee, during such period, to cure such
<br />default; and during such period, Lessor will take no action to enforce its claim arising from such default
<br />without Assignee's consent.
<br />4 In the event of any default by Borrower in the W1 --once of any of the obligations of his note to Assignee
<br />evidencing the aforesaid Ioan, any renewal or extension thereci, or May other agreement made in connection
<br />therewith including his ogreements herein, then, Assignee, at its option, may, without notice, using such
<br />force as may be necessary, enter said leased premises and do , my one ur more o: the following:
<br />G- Remove all property of Borrower ther,.froi, ihat is hypothecated as collateral for its aforementioned
<br />loan.
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