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<br />COLLATERAL ASSIGNMENT OF EQUITY IN
<br />REAL ESTATE CONTRACT
<br />~~
<br />In consideration for a certain loan in the amount of $216,500.00 being made by The First National Bank
<br />of Summerfield to Paul E. Sullivan and Amanda I. Sullivan, husband and wife, hereafter called ~
<br />Assignor, the Assignor does hereby sell, assign and set over to The First National Bank of
<br />Summerfield, a Kansas Banking Corporation, of Summerfield, Marshall County, Kansas, as
<br />Assignee, hereinafter called Bank, all of their right, title, interest and equity in a certain real estate
<br />contract executed on October 29, 1998, by Leroy Werner and Ramona Werner, husband and wife, as
<br />seller, and by Paul E. Sullivan and Andrew Sullivan, jointly and severally, as purchasers, for the sale of
<br />the following described real estate:
<br />All of the West Half of the Northwest Quarter (W 1/2, NW 1 /4) of Section Thirty-five (35),
<br />Township Ten (10) North, Range Nine (9) West, of the 6th P.M., Hall County, Nebraska,
<br />Except that three (3) acre part thereof which is described upon Exhibit "A" which is attached
<br />Hereto and made a part hereof by this reference.
<br />to have and to hold said contract unto The First National Bank of Summerfield so long as a certain loan
<br />made by said bank to Paul E. Sullivan and Amanda I. Sullivan, in the principal sum of $216,500.00,
<br />evidenced by a promissory note dated June 4, 2009, remains unpaid in whole or in part.
<br />This Assignment is made as security for the repayment of said loan and upon default by Paul E. Sullivan
<br />and Amanda I. Sullivan under the terms of said loan, the bank at its option and upon written notice to
<br />Assignor, may assume all benefits of Assignor under the terms of said real estate contract.
<br />It is understood and agreed that the Bank does not assume any liability for the performance of any of the
<br />terms of the real estate contract unless the Bank shall do so in writing.
<br />Dated: June 4, 2009 ~ ~~,~ ~~j//
<br />1 E. Sullivan Am`an_da I. Sullivan
<br />STATE OF NEBRASKA)
<br />SS
<br />COUNTY OF HALL)
<br />The foregoing instrument was acknowledged before me on this .~~ day of June, 2009, by
<br />Paul E. Sullivan and Amanda I. Sullivan.
<br />a(,~
<br />NOTARY PUBLIC
<br />--~ GENERAL NO'AR~ Slate at Mbraska
<br />HEATH";R Q. HADENFEWT
<br />My ;omm. E~. Au& 11,2009
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