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<br />200808988 <br /> <br />Assignee. The parties anticipate that this document shall be tIled and recorded with the Registrar <br />of Deeds of Hall County, Nebraska and shall constitute a security interest as defined in Neb. <br />Rev. Stat. ~ 52-1701 et.seq. <br /> <br />SECTION THREE <br />ASSIGNOR'S WARRANTIES <br /> <br />Assignor warrants to Assignee: <br /> <br />A. It is the sole owner ofthe leases assigned by this instrument insofar as it applies to <br />the property covered by this assignment and or all the leasehold rights which the leases purport <br />to create, with full power to convey the same. <br /> <br />B. The leases are unencumbered, valid and in full force and effect in accordance with <br />their terms. <br /> <br />C. The Lessee(s) are not in default under any of the terms, conditions, or covenants <br />of the leases and that appropriate Estoppel Agreements on request of Assignee from time to time <br />will be provided to Assignee with respect to each lease. <br /> <br />D. The rental property, rental payments, and other sums are free from liens, <br />encumbrances, claims, and setoffs of every kind whatsoever except as follows: a first deed of <br />trust in favor of Assignee, easements, covenants and restrictions of record on the real estate. <br /> <br />E. If Assignor shall be in default on any Note, Trust Deed, or on any term of a loan <br />document dated on even date, and in the event any payment under the leases hereby assigned is <br />made to Assignor, it will promptly transmit such payment to Assignee. <br /> <br />SECTION FOUR <br />ASSIGNOR'S COVENANTS <br /> <br />Assignor agrees and covenants to Assignee: <br /> <br />A. It will observe and perform all obligations imposed on lessor under the leases <br />hereby assigned and to indemnify' Assignee from any and all consequences of any failure to do <br />so. <br /> <br />B. It will not collect any rent, income, or profits accruing under the leases or from <br />the premises prior to the time when they shall become due. <br /> <br />C. It will preserve the subject property free and clear of all liens and encumbrances, <br />except as otherwise agreed by the parties to this assignment. <br /> <br />D. It will not execute any other assignment of lessor's interest in the leases or <br />assignment of rents accruing under the leases or from the premises. <br /> <br />2 <br />