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<br />
<br />LOAN NUMBER: 7182-100
<br />ASSIGNMENT OF LEASES AND RENTS
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<br />
<br />THIS ASSIGNMENT OF LEASES AND RENTS ("Assignment"), is given on April 30, 2009 by Shay P.
<br />McGowan, and Jacey L. McGowan, Husband and Wife, whose address is 2414 W. Faidley Ave, Suite 101,
<br />Grand Island, Nebraska 68803 ("Owner") to Home Federal Savings & Loan Association of Grand Island
<br />which is organized and existing under the laws of the state of United States of America, and whose address is
<br />221 South Locust Street, Grand Island, Nebraska 68801 ("Lender"). The Lender is, or is about to become, the
<br />holder of the following Deed of Trust dated April 30, 2009 in the amount of Five Hundred Fifteen Thousand
<br />and 00/100 Dollars ($515,000.00) (" Deed of Trust ") executed by Owner covering the following described
<br />property:
<br />Address: 2414 Faidley Ave, Grand Island, Nebraska 68803
<br />Legal Description: Lot Two (2), in Medical Park Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska.
<br />("Secured Property") which secures the following Note(s):
<br />. Loan number 7182-100 with a principal amount of $515,000.00
<br />and any other indebtedness of Owner to Lender, whether now or subsequently owing or to become due and no
<br />matter how created. The Secured Property has been demised by the Owner under a lease(s) which may be
<br />described as follows:
<br />Any present or future leases, subleases or licenses of the secured Property, including any guaranties,
<br />extensions, amendments or renewals thereof, from the use of the secured Property.
<br />Lender, as a condition of making the above loan(s), has required an assignment of the lease(s) and the rents,
<br />income and profits derived from the use of the Secured Property and every part thereof, as additional security for
<br />said loan(s).
<br />In consideration of the recitals above and as additional security for the indebtedness above, Owner assigns,
<br />transfers, sets over to, and grants Lender a security interest in the lease(s) described herein and any guaranties,
<br />renewals or extensions thereof, together with any other lease(s), whether written or unwritten, entered into before
<br />or after this Assignment and demising any part of the Secured Property, and all rents, income and profits derived
<br />from the Secured Property and any portion thereof.
<br />
<br />OWNER'S DUTIES; DEFAULT. With respect to any lease(s) entered into before or after this Assignment
<br />demising any part of the Secured Property, Owner represents to and agrees with Lender that as long as any
<br />indebtedness of Owner to Lender shall remain unpaid, Owner shall not, without the written consent of Lender: (a)
<br />cancel any lease(s); (b) accept a surrender of any lease(s); (c) modify or alter any lease(s) in any way, either orally
<br />or in writing; (d) reduce the rental set forth in any lease(s); (e) consent to any assignment of the lessee's interest in
<br />any lease(s), or to any subletting thereunder; (f) collect or accept payment of rent, income or profit under any
<br />lease(s) for more than one (1) month in advance of the due date; (g) make any other assignment, pledge,
<br />encumbrance, or other disposition of any lease(s), or of the rents, income and profits derived from the use of the
<br />Secured Property; or, (h) fail to keep the Secured Property free and clear of all liens and encumbrances. Any of the
<br />above acts, if done without the written consent of Lender, shall be null and void and shall constitute a default under
<br />the aforesaid Note(s) and Deed of Trust and this Assignment.
<br />
<br />OWNER'S WARRANTIES. Owner further covenants with and warrants to Lender that: (a) the said lease(s) are
<br />valid, presently in full force and effect and that there are no defaults now existing thereunder; and (b) Owner has
<br />not: (1) executed or granted any prior assignment, encumbrance, or security interest concerning any lease(s) or the
<br />rentals thereunder; (2) performed any acts or executed any other instruments or agreements which would limit and
<br />prevent Lender from obtaining the benefit of and exercising its rights conferred by this Assignment; (3) executed
<br />or granted any modification of any lease(s) either orally or in writing; and (c) the Secured Property and the rents,
<br />income and profit derived from the use of the Secured Property are free ofliens, encumbrances, claims and setoffs.
<br />
<br />REMEDIES. It is mutually agreed between Lender and Owner that until a default or breach shall occur in the
<br />performance of Owner's covenants hereunder, or any default shall occur under the Deed of Trust or any loan
<br />agreement between Owner and Lender pertaining to any indebtedness referred to herein, or any default shall occur
<br />in the making of any of the payments provided for in the above described Deed of Trust or Note, Owner may
<br />receive, collect and enjoy the rents, income and profits accruing from the Secured Property, but not more than one
<br />(1) month in advance of the due date. In the event of any such default or breach, Lender may, at its option,
<br />((, 2004-2008 Copyright Compliance Systems, Inc. F406~E4AA ~ 2008, I 0, 129 www.complianccsystcms.com
<br />Assignment of Leas.s and Rents - DIAOO 1 rage 1 of 3 800-968-8522 - Fax 616.956.1868
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