|
<br />
<br /> a nr-v) , c m
<br /> C> -4
<br />
<br /> r) C= rNa
<br /> 9
<br /> Z C= e rn m
<br /> n v a "
<br /> _ co
<br /> 4V 00 -13 ° CD
<br /> 70
<br /> en EJ
<br /> 00 m rte- D
<br /> co CO C_-
<br /> (.n 7K
<br /> co un
<br /> ET En1J: ►2 E hlE1f
<br /> WHEN RECORDED MAIL TO:
<br /> Equitable Bank
<br /> North Locust Branch
<br /> 113-115 N Locust St
<br /> PO Box 160
<br /> Grand F RECORDER'S E ONLY
<br /> ASSIGNMENT OF RENTS
<br /> THIS ASSIGNMENT OF RENTS dated August 5, 2009, is made and executed between .J & B Rentals, L.L.C. a
<br /> (referred to below as "Grantor") and Equitable Bank, whose address is 113-115 N Locust St, PO Box 160,
<br /> Grand Island, NE 68802-0160 (referred to below as "Lender").
<br /> ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and
<br /> conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br /> Property located in Hall County, State of Nebraska:
<br /> of the East F urteen (14) Feet
<br /> The North Thirty Five (35) Feet of Lot One (1) and the North Thirty Five (35) Feetnof f-Lot Two (2), Block
<br /> Twelve 0 2►, in Arnold and Abbott's Addition to the City of Grand Island, Hall County, Nebraska
<br /> The Property or its address' is commonly known as 322 N. Greenwich, Grand Island, NE 68801. The
<br /> Property tax identification number is 400009250.
<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 /> 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 /> PAYMENT 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 Lender 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, provided 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 bankruptcy proceeding.
<br /> GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br /> Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as
<br /> disclosed to and accepted by Lander in writing.
<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 /> No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br /> No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as
<br /> provided in this Assignment.
<br /> LENDER'S RIGHT TO RECEIVE AND COLLECT 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 purpose, Lender is hereby given and granted the following
<br /> rights, powers and authority:
<br /> Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all
<br /> Rents to be paid directly to Lender or Lender's agent.
<br /> Enter the Property. Lender 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 carry on all legal proceedings necessary for the protection of the
<br /> Property, including such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any
<br /> tenant or tenants or other persons from the Property.
<br /> Maintain the Property. Lander may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br /> thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br /> Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br /> insurance effected by Lender on the Property.
<br /> Compliance with Laws. Lender 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 /> Lease the Property. Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
<br /> Lender may deem appropriate.
<br /> Employ Agents. Lender may engage such agent or agents as Lander may deem appropriate, either in Lender's name or in Grantor's
<br /> name, to rent and manage the Property, including the collection and application of Rents.
<br /> Other Acts. Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
<br /> exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
<br /> No Requirement to Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br /> performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
<br /> APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and
<br /> Lander may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents
<br /> received by it; however, any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the
<br /> Indebtedness. All expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the
<br /> Indebtedness secured by this Assignment, and shall be payable on demand, with interest at the Note rate from date of expenditure until
<br />
|