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<br />t;P€T eN/J ReNElJ /tUSH)
<br />WH~N RECORDED M~ll TO:
<br />Equitable Bank
<br />North locust Branch
<br />113.115 N locust St
<br />PO Box 160
<br />Grand Island, NE 68802-0160
<br />
<br />200808554
<br />
<br />/ 00
<br />~.
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />ASSIGNMENT OF RENTS
<br />
<br />THIS ASSIGNMENT OF RENTS dated October 3, 2008, is made and executed between Eloy R. Uribe and Oralia
<br />D. Erives; Husband & Wife (referred to below as "Grantor") and Equitable Bank, whose address is 113-115 N
<br />locust St, PO Box 160. Grand Island, NE 68802-0160 (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 />lot One (1) and the Easterly Twelve (12) feet of lot Two (2). in Block Twenty-eight (28), in Charles
<br />
<br />Wasmer's Addition to the City of Grand Island, Hall County, Nebraska
<br />
<br />The Property or its address is commonly known as 1403 W Charles, Grand Island, NE 68801. The Property
<br />
<br />tax identification number is 400108941.
<br />
<br />THIS ASSIGNMENT IS GIVEN TO SECURE 111 PAYMENT OF THE INDEBTEDNESS AND 121 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'a 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 />
<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
<br />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
<br />provided 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
<br />rights, 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
<br />Rents to be paid directly to Lender or Lender's agent.
<br />
<br />Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable therefor, all of the Rents; institute and carryon all legal proceedings necessary for the protection of the
<br />Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any
<br />tenant or tenants or other persons from the Property.
<br />
<br />Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br />Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br />insurance effected by Lender on the Property.
<br />
<br />Compliance with laws. Lender may do any and all things to execute and comply with the laws of the State of Nebraska and also all
<br />other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Property.
<br />
<br />Lease the Property, Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
<br />Lender may deem appropriate.
<br />
<br />Employ Agents, Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's
<br />name, to rent and manage the Property, including the collection and application of Rents,
<br />
<br />Other Acts. Lender may do all such othar things and acts with respect to the Property as Lender may deem appropriate and may act
<br />exclusively end solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
<br />
<br />No Requirement to Act. Lender shall not be required to do any of the foregoing ects or things, and the feet that Lender shall have
<br />performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
<br />
<br />APPLICATION OF RENTS. All costs and axpenses incurred by Lender in connection with the Property shall be for Grantor's account and
<br />Lender may pay such costs and expenses from the Rents, Lender, in its sole discretion, shall determine the application of any and all Rents
<br />received by it; however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the
<br />Indebtedness. All expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the
<br />Indebtedness secured by this Assignment, and shall be payable on demand, with interest at the Note rate from dateofaxpenditure until
<br />paid,
<br />
<br />FULL PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor
<br />under this Assignment the Note and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this
<br />, , ,t J.. t I.. .
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