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<br />ASSIGNMENT OF RENTS
<br />AND LEASES
<br />
<br />Timothy M. Rust RR&C, LLC
<br />Nadine L. Rust
<br />ADDRlrSS ADDRESS ~ ~~'`~d,;~,;.
<br />687 North Engleman Road, Grand Island, Nebraska, ~f~~7 N Engl.eman Rd, Grand Islartrl NE f5~'~803
<br />,,, rye
<br />
<br />IDENTIFICATIQN NQ' ~.
<br />r~f~£NTIFICATION Na ",w;."
<br />OFFICER , INTEREST PRINC-PAt Alflaji(Tl FUNQING! MA~,,.
<br />„ PORT ~ ,; ,
<br /> ,y,„, ., ,
<br />had 6.750 10,900.00 June 10, 2009 May 1, 2014 9-04-000155
<br />elson
<br />1. ASSIGNMENT. Inconsideration of the loan of financial accommodation evidenced by the promissory note or agreement
<br />described above and all other present and future evidences of indebtedness, obligations, agreements, instruments, guaranties or
<br />otherwise of Borrower or Lessor (whether incurred for the same or different purposes than the promissory note or agreement
<br />described above) and all renewals, extensions, amendments, modifications, replacements or substitutions to any of the foregoing,
<br />(collectively the "Obligations") Lessor, identified above, absolutely assigns to Llnlen Bank and Trust Cemgany
<br />("Lender") all Lessor's estate, right, title, interest, claim and demand now owned or hereafter acquired in all existing and future leases
<br />of the real property described in Schedule A (the "Premises") (including extensions, renewals and subleases), all agreements for use
<br />and occupancy of the Premises (all such leases and agreements whether written or oral, are hereafter referred to as the "Leases"),
<br />and all guaranties of lessees' pertormance under the Leases, together with the immediate and continuing right to collect and receive
<br />all of the rents, income, receipts, revenues, issues, profits and other income of any nature now or hereafter due (including any income
<br />of any nature coming due during any redemption period) under the leases or from or arising out of the Premises including minimum
<br />rents, additional rents, percentage rents, parking or common area maintenance contributions, tax and insurance contributions,
<br />deficiency rents, liquidated damages following default in any Lease, all proceeds payable under any policy of insurance covering loss
<br />of rents resulting from untenantability caused by destruction or damage to the Premrses, all proceeds payable as a result of a lessee's
<br />exercise of an option to purchase the Premises, all proceeds derived from the termination or rejection of any Lease in a bankruptcy or
<br />other insolvency proceeding and all proceeds from any ri hts and claims of any kind which Lessor may have against any lessee
<br />under the Leases or any occupants of the Premises (all o~ the above are hereafter collectively referred to as the "Rent" or "Rents").
<br />This Assignment is subject to the right, power and authority given to the Lender to collect and apply the Rents. The Obli ations
<br />described above are also secured by a mortgage or deed of trust to lender on the real property descrbed in Schedule Ag(the "Security
<br />Instrument"). The foregoing Assignment is intended to be specific, perfected, and Choate upon the recording of the Security
<br />Instrument as provided by applicable state law.
<br />$. COVENANTS OF LESSOR. Lessor covenants and agrees that Lessor will:
<br />a. observe and pertarm all the obligations imposed upon the landlord under the Leases;
<br />b. refrain from discounting any future Rents or executing any future assignment of the Leases or collect
<br />any Rents in advance without the written consent of Lender;
<br />c. perform all necessary steps to maintain the security of the Leases for the benefit of Lender including, if requested, the periodic
<br />submission tv Lender of reports and accounting information relating to the receipt of Rent payments;
<br />d. refrain from modifying or terminating any of the Leases without the written consent of Lender;
<br />e. execute and deliver, at the request of Lender, any assurances and assignments with respect to the Leases as Lender may
<br />periodically require; and
<br />f. comply with all applicable federal, state and local laws and regulations concerning the Premises, including but not limited to
<br />all environmental taws, the Americans with Disabilities Act, and all zoning and building laws.
<br />3. REPRESENTATIONS OF LESSOR. Lessor represents and warrants to Lender that:
<br />a, the tenants under the Leases are current in all Rent payments and are not in default under the terms of any of the Leases;
<br />b. each of the Leases are valid and enforceable according to its terms, and there are no claims or defenses presently existing
<br />which could be asserted by any tenant under the Leases against Lessor or any assignee of Lessor,
<br />c. no Rents ar security deposits under any of the Leases have previously been assigned by Lessor to any party other than
<br />Lender;
<br />d. Lessor has not accepted, and will not accept, Rent in excess of one month in advance under any of the Leases;
<br />e. Lessor has the power and authority to execute this Assignment; and
<br />f. Lessor has not performed any act or executed any instrument which might prevent Lender from collecting Rents and taking
<br />any other action under this Assignment.
<br />4. LESSOR MAY RECEIVE RENTS.
<br />As Ivng as there is no default under the Obligations described above, the Security Instrument securing the Obligations, or this
<br />Assignment, Lender grants Lessor a revocable license to collect all Rents from the Leases when due and to use such proceeds
<br />in Lessor's business operations. However, Lender may at any time require Lessor to deposit all Rents into an account
<br />maintained by Lessor or Lender at Lender's institution.
<br />5. DEFAULT AND REMEDIES.
<br />Upon default in the payment of, or in the performance of, any of the Obligations, Lender may at its option take possession of the
<br />Premises, without becoming a mortgagee in possession and have, hold, manage, lease and operate the Premises on terms and
<br />for a period of time that Lender deems proper. Lender may proceed to collect and receive all Rents, and Lender shall have full
<br />power periodically to make alterations, renovations, repairs or replacements to the Premises as Lender may deem proper.
<br />Lender may apply all Rents, in Lender's sole discretion, taking and retaining possession of the Premises and the management
<br />and operation of the Premises. Lender may keep the Premises properly insured and may discharge any taxes, charges, claims,
<br />assessments and other liens which may accrue. The expense and cost of these actions may be paid from the Rents received
<br />and any unpaid amounts shall be added to the principal of the Obligaitons. These amounts, together with other costs, shall
<br />become part of the indebtedness secured by the Security Instrument and for which this Assignment is given.
<br />~ S 50
<br />CCA726EN (1/06) Page 1 of 3
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