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85_... 003763
<br />ASSIGNMENT OF LEASES, RENTS, AND PROFITS
<br />THIS ASSIGNMENT, made this day or 7ugus' :955
<br />by Larry W. Fowle & Barbara A. Fowle Husband & Wife, and Sylvester J. Chody
<br />Joanne J. ;:body, Husband & Wife (herein called "Assignors), to NORW£ST BANK
<br />GRAND ISLAND, NATIONAL ASSOCIATION, GRAND ISLAND, NEBRASKA, having it's principal
<br />place of business in Grand Island, Nebraska (herein called "Norwest Bank Grand
<br />Island "):
<br />WITNESSETH: For value received and as additional security for the loan here-
<br />inafter mentioned, Assignors hereby sell, transfer and assign unto Norwest Bank
<br />Grand Island, it's successors and assigns, all right, title and interest of Assignors
<br />in and to the rents, issues, profits, rights and benefits from the property de-
<br />scribed below:
<br />Lots O:e (1) and Two (2), Cclonia- r_oartments Subdivision, the City
<br />of Grand Island, Hall County, Nebraska.
<br />And to that end Assignors hereby assign and set over unto Norwest Bank Grand
<br />Island, it's successors or assigns, all leases or subleases of said premises now
<br />made, executed or delivered, whether written or verbal, or to be hereafter made,
<br />be the same written or verbal.
<br />And the Assignors do hereby authorize and empower Norwest Bank Grand Island,
<br />it's successor or assigns, without notice and without regard to the adequacy of
<br />the security for the indebtedness secured hereby, to take possession of said real
<br />estate and chattels, to rent and manage the same, and to sue for or otherwise
<br />collect the said rents, issues, profits, rights and benefits, as they shall become
<br />due, and hereby direct each and all of the tenants of the aforesaid premises to
<br />pay such rents as may now be due or shall hereafter become due to said Norwest Bank
<br />Grand Island, it's successors or assigns, upon demand for payment thereof by
<br />Norwest Bank Grand Island, it's successors or assigns. It is understood and agreed,
<br />however, that no such demand shall be made unless and until there has been a default
<br />in the payment of the indebtedness secured by the Mortgage and Financing Statement
<br />herein mentioned, or default in the payment of any other sums secured by said Mortgage
<br />or Financing Statement, and, until such demand is made, Assignors are authorized to
<br />collect, or continue collecting said rents, issues, profits, rights, and benefits;
<br />but that such privilege to collect or continue collecting, as aforesaid by Assignors
<br />shall not operate to permit the collection by said Assignors, their successors or
<br />assigns, or any installment of rent in advance of the date prescribed in said lease
<br />or leases for the payment thereof. Norwest Bank Grand Island may retain or pay
<br />from such rents, issues, profits, rights and benefits collected by it reasonable
<br />fees for management and rental services rendered by it or those employed by it,
<br />all costs and expenses of collection, including reasonable attorneys' fees, and
<br />may also use the same to make good any such defaults and to pay taxes, insurance
<br />premiums, expenses of repairs and maintenance and all other expenses involved in
<br />the proper management of said premises, and shall nay any surplus then remaining
<br />as Assignors.
<br />The term of this Assignment shall be until the Note (or any extension or
<br />renewal thereof) of even date herewith, made, executed and delivered by Larry
<br />W. Fowle & Barbara, A. Fowle, and Sylvestc. J. Chedy ,i�a; e J Chody for the
<br />sum Of Two Hundred Twenty -r:ine Thou >and Five Hundred and r,o /1Qp - - {d2 5,�Oti ?.0il)
<br />and secured by a Mortgage covering said premises and a Financing Statement covering
<br />certain fixtures and equipment situated or, said premises, shall have been fully paid
<br />and satisfied, or until the expiration of the period of redemption, if any, at which
<br />time this Assignment is to be fully satisfied, cancelled, and r leastd; at;d the re-
<br />leasing of said Mortgage and i'inan.si; :g; Ltatement } s •: or,stitute jj rtiea:;r i eu;
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