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<br />r <br /> <br /> <br />COLLATERAL ASSIGNMENT <br /> <br />r <br /> <br />For and in consideration of the loan to him of Two <br />Hundred Eighty-Five Thousand and NO/lOO Dollars ($285,OOO~OO), <br />which debt is represented by the Promissory Note to Assignees <br />from Assignor and his spouse in that face amount which is of. <br />even date herewith and which is hereinafter referred to as <br />Assignor's Note. <br /> <br />Van IVhite, Assignor, does hereby assign to H. William <br />Desch, Jr. and Jean B. Desch, husband and wife, as joint <br />tenants with right of survivorship, all of his right, title, <br />claim and interest in and to the Contract For Sale Of ReaI <br />Estate wherein Assignor is purchasing an undivided one-haIr <br />(J,J interest in and to Lot One (1) of Desch Subdivision from <br />Robert D. Pox, a copy of whiCh Contract is appended hereto <br />as Exhibit A. <br /> <br />This Assignment is made upon the following terms and <br />conditions, to-wit: <br /> <br />,.. This Assignment is given as additional security <br />for the payment of Assignor's Note and upon the payment in <br />full of all principal and interest due according to the <br />terms of Assignor's Note, this Collateral Assignment shall <br />automatically be of no further legal force and effect. <br /> <br />, :'u'lY breach by Assignor of the terms and conditions <br />to be performed t)y Assiqnot' under the Contract which is <br />Exhibit A hereto shitlJ. simultaneously constitute a breach of <br />this Collateral Assiqnment. <br /> <br />3. :"ssl.gnor dqrees that Assignor will not consent to <br />any amendment to the Contra.ct which is Exhibit A hereto <br />without the prior written consent of Assignees. <br /> <br />4. In t:he .,vent that Assignor breaches any term or <br />condition to be porfo.rmed by' him under the Contract which is <br />Exhibit: A hereto, then Assiqnees CUllY, but shall not be <br />requir-e:d to, remedy t:hat b.reachJ l.n which event the expense <br />of the remedy shall be automatically ,;ldded to the unpaid <br />prin.cipal arnount of 1\351,gr'101' t!~ :'Jo-te which Assignor owes to <br />Assl.gnees a..Ild shall be i.xnmedi_ately due and payable and this <br />Collate.ral Assiq:nment, shall stand as security therefor. <br /> <br />5. In the ""vent: t.hat. Ass1tlnor's Note is not paid in <br />full when the same becomes due, whether by acceleration or <br />otherwise. h$signees may take any legal or equitable action <br />then allowable to afford I\ssignees a remedy under the Nebraska <br />law, including but not limited to the remedy of foreclosure. <br /> <br />6. This Collateral l\ssignment is binding upon Assignor <br />and his heirs, personal representatives and assigns. <br /> <br />Executed at Grand Island, Nebraska, this /Slt day of <br />September, 1983. <br /> <br />"; <'jfn '~--'/;:2~/-( <br />Van ,vhi te <br /> <br />STATE OF NEBRASKl, ) <br />(ss: <br />COUNTY Of HALL ) <br /> <br />.. <br /> <br />On this L~day of Septe.mber, 1983, before me, the <br />unde.rsiglleQ, a Notary Public, duly commiss~oned and qualified <br />f01: in said County, ~rsonally came \fan White, t.o me known <br />too. th. ichantical r~rson whose na.-ne is affixed to the <br />for~oin9 instrWlWnt and aclmowlC1:iged the execution thexeof <br />to l;M;!. hil'l voLunta.ry act <Uld deed. <br />Witn_s my hand and Nota.rlal Seal the day and yea.r IdSt <br />above wrJ.tf::i1tt. <br /> <br />r;E.-...~.JCIM.....--.. .................~.-......... IC~. -. .. <br />.............. 11M <br /> <br />