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87-101785
<br />ASSIGNMENT OF LEASE FOR SECURITY
<br />KNOW ALL MEN BY THESE PRESENTS, that for and in considera-
<br />tion of the sum of ONE HUNDRED THOUSAND FIVE HUNDRED AND NO/lDO --------
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<br />Dollars ($ 100.500.00) loaned to it as evidenced by a Note dated
<br />April 1, 1987, the terms of which are incorporated herein by this
<br />reference, RAYMOND J. O'CONNOR and JENNIFER S. O'CONNOR, husband
<br />and wife, and LYLE EDWARD RICHARDS and SUSAN C. RICHARDS, husband
<br />and wife, as equal tenants in common, "Assignors ", hereby
<br />assign, transfer, and set over to HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND, a federal savings and loan
<br />association, "Assignee ", all of their right, title and interest
<br />in and to a certain Lease, and all payments due them thereunder
<br />as the Landlord, bearing the date of April 19, 1983, and any
<br />renewals and extensions thereof, where Assignors are leasing the
<br />real estate located in Hall County, Nebraska, legally described
<br />as.
<br />Lot Twenty (20), except the northerly one (1)
<br />foot thereof and except the westerly fifty
<br />(50) feet thereof, all in Holcomb's Highway
<br />Homes, a subdivision of part of the Northeast
<br />Quarter of the Northeast Quarter (NE}N*E}),
<br />and part of Lot Four (4) Mainland, all in
<br />Section Twenty -Eight (28), Township Eleven
<br />(11) North, Range Nine (9) rest of the 6th
<br />F.M., Hall County, Nebraska,
<br />from Pioneer Specialty Products, Inc. as successor to the original
<br />tenants identified therein, hereby intending to assign any
<br />interest they may have in and to such leasehold interest and
<br />further intending to assign any interest they may have in and to
<br />such Lease.
<br />This Assignment is given as security for the indebtedness
<br />mentioned hereinabove and as security for such other sums as may
<br />be advanced in accordance with the terms of the aforementioned
<br />Note and this Assignment. In the event such indebtedness, future
<br />advances, interest and such other sums as may be advanced in
<br />accordance with the terms of the aforementioned Note and this
<br />Assignment are well and truly paid in accordance with the terms
<br />therein contained, then this Assignment shall be void, otherwise
<br />to remain in full force and effect.
<br />In the event of any default in payment of the Nate or the
<br />performance of any obligation required to be performed by Assignors
<br />in accordance with any other instrument executed by Assignors in
<br />favor of Assignee, the Assignee shall be entitled to immediately
<br />notify any tenant then in place of its right to payment of all
<br />rents thereafter accruing and Assignee shad thereafter have the
<br />right to use, further lease and collect rentals from such Lease
<br />herein assigned. All expenses incurred by Assignee in exercising
<br />its rights in respect to the Lease hereby assigned to protect its
<br />security interest therein shall be secured by this Assignment,
<br />and any sums so advanced shall earn interest from the date such
<br />filmic are advanced at _ i ate lent tv '" eit —csv fazed i €z rile
<br />aforementioned Note. It is expressly understood that nothing _
<br />herein contained shall be construed as a covenant or agreement to
<br />pay any obligation or perform any covenant of Landlord in respect
<br />to the lease agreement hereinabove described.
<br />It is the intention and agreement of the Assignors that this
<br />Assignment shall also secure any future advances made to
<br />L Assignors by Assignee and any and all indebtedness in addition to
<br />the amount stated above which said Assignors may owe to said
<br />Assignee, however evidenced, whether by note, book, account or
<br />otherwise. The undersigned also agree that this Assignment shall
<br />secure all costs, charges and expenses reasonably incurred or
<br />paid by Assignee, including reasonable attorney fees, because of
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