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<br />
<br />WHEN RECORDED MAil 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 />~)
<br />FOR RECORDER'S USE ONLY ~
<br />CJ
<br />
<br />ASSIGNMENT OF RENTS
<br />
<br />THIS ASSIGNMENT OF RENTS dated February 9, 2009, is made and executed between GAil W. lEETCH; A
<br />Single Person (referred to below as "Grantor") and Equitable Bank, whose address is 113-115 N locust St. PO
<br />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). Block Fifteen (15), Packer & Barr's Addition to the City of Grand Island. Hall County, Nebraska
<br />
<br />The Property or its address is commonly known as 1906 W North Front Street. Grand Island. NE 68803. The
<br />
<br />Property tax identification number is 400069881.
<br />
<br />CROSS-COLLATERALlZATlON. 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 hen,after mising, whethPr related or unrelflted to the purpose of the Note, whether voluntary or otherwise, whether due or
<br />not due, direct or indirect, delp.rmined or urldntcrmined, abRolu\e or continWHll, liquidated or u"liquidated, whether GmrllOr 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 />FUTURE ADVANCES. In addition to the Note, this Assignment secures all future advances made by lender to Grantor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to the amounts
<br />specified in the Note, all future amounts lender in its discretion may loan to Grantor, together with all interest thereon.
<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 />PA YMENT 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 l.ender 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, rrovided 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 bankrurtcy 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 excert as
<br />disclosed to and accepted by l.ender 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 disrose of any of Grantor's rights in the Rents except as
<br />provided in this Assignment.
<br />
<br />lENDER'S RIGHT TO RECEIVE AND COl.LECT 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 purrose, Lender is hereby given and granted the following
<br />rights, powers and authority:
<br />
<br />Notice to Tenants. Lender may send notices to [lny and all tenants of the Prorerty advising them of this Assignment and directing all
<br />Rents to be paid diroctly to Lender or L.ender's agent.
<br />
<br />Enter the Property. l.ender 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 prorerty; collect the Rents and remove any
<br />tenant or tenants or other persons from the Property.
<br />
<br />Maintain the Property. Lender may enter uron the Prorerty to maintilin the Property and keer the same in rerair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of all continuing costs and exrenses of maintaining the
<br />Property in proper repair and condition, and also to ray all taxes, assessments and water utilities, and the rremiums on fire and other
<br />insurance effected by Lender on the Prorerty.
<br />
<br />Compliance with Laws, l.ender 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 pilrt of the Property for such term or terms and on such conditions as
<br />l.ender may deem appropriate.
<br />
<br />Employ Agents. l.ender may engage such agent or agents as Lender may deem approrriilte, either in Lender's name or in Grantor's
<br />name, to rent and manage the Propertv, including the collection and application of Rents.
<br />
<br />Other Acts. Lender may do all such other things and acts with respect to the prorerty as lender may deem arpropriate and may act
<br />exclusively and solely in the rlace and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
<br />
<br />No Requirement to Act. l.ender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br />
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<br />
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