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<br />WHEN RECORDED MAil TO:
<br />Wells Fargo Bank. National Association
<br />Attn: Collateral Processing - Rep III
<br />730 2nd Avenue South, Suite 1000
<br />MinneaDolis. MN 55479
<br />
<br />
<br />200098326277000090
<br />
<br />ASSIGNMENT OF RENTS
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<br />FOR RECORDER'S USE ONLY
<br />
<br />THIS ASSIGNMENT OF RENTS dated June 13, 2008, is made and executed between l & P Investments,
<br />l.l.C., a Nebraska limited liability Company, whose address is 429 Industrial lane, Grand Island, NE 68803
<br />(referred to below as "Grantor") and Wells Fargo Bank, National Association, whose address is 304 W. 3rd
<br />Street, Grand Island, NE 68801 (referred to below as "lender"),
<br />
<br />ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and
<br />
<br />conveys to lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br />
<br />Property located in Hall County, State of Nebraska:
<br />
<br />Parcel 1: lot Two (2), Commercial Industrial Park Third Subdivision, in the City of Grand Island, Hall
<br />
<br />County, Nebraska.
<br />
<br />Parcel 2: lot Three (3), Commercial Industrial Park Third Subdivision, in the City of Grand Island, Hall
<br />
<br />County, Nebraska.
<br />
<br />The Property or its address is commonly known as 3003 Frontage Road & 438 Industrial lane (bareland),
<br />
<br />Grand Island, NE 68803, The Property tax identification number is 400411881 & 400411903.
<br />
<br />CROSS-COLLA TERALlZA TION. In addition to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon,
<br />of 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
<br />now existing or hereafter arising, whether related or unrelated to the purpose of the Note. whether voluntary or otherwise. whether due or
<br />not due, direct or indirect, determined or undetermined, absolute or contingent. liquidated or unliquidated, whether Grantor may be liable
<br />individually or jointly with others, whether obligated as guarantor, surety. accommodation party or otherwise, and whether recovery upon
<br />such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts
<br />may be or hereafter may become otherwise 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
<br />all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment.
<br />Unless and until lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment,
<br />Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of
<br />the right to collect 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
<br />disclosed to and accepted by Lender in writing.
<br />
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