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<br /> <br />~ ~~ Im <br />~ ,v m ~ r~', ~ ~ <br />Iv ~ ~ n = ~x. _. ~ n ~ ~ <br /> , <br /> <br /> <br /> I CD <br />~ ~ c;~ •-r rw~ ~ <br /> (w <br />" <br />~ <br />~ r- ~ <br /> ` <br />~ r- n r_rJ ~ <br />.iw.rar- ~ G~ C~ ~ <br />w n <br /> to <br />' ~ <br />J ~, .Z.I <br /> c1 <br />t ~ <br /> . , c" O <br />WHEN RECORDED MAIL TO: ~,~~~ <br />Equitable Bank <br />North Locust Branch ~~ ~ ~Q <br />713-115 N Locust St <br />PO Bax 160 <br />Grand Island NE 68802-0160 FOR RECORDER'S USE ONLY <br />ASSIGNMENT OF RANTS <br />THIS ASSIGNMENT OF RENTS dated November 30, 2009, is made and executed between J & B RENTALS, <br />L.L.C.; a Nebraska Limited Liability Corporation (referred to below as "Grantor") and Equitable Bank, whose <br />address is 113-115 N Locust St, PO Box 160, Grand Island, NE 68802-0160 (referred to below as "Lender"1. <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 />The Westerly One Third (W1/3) of Lot Six 161 in Block Sixty Five 1651, the Original Tawn, now City of <br />Grand Island, Hall County, Nebraska <br />The Property ar its address is commonly known as 218 W. 2nd Street, Grand Island, NE 6$801. The <br />Property tax identification number is 400005530. <br />THIS ASSIGNMENT IS GIVEN TO SECURE (11 PAYMENT OF THE INDEBTEDNESS AN^ (2) PERFORMANCE OF ANY AN^ ALL <br />OBLIGATIONS OF GRANTOR UNDER THE NOTE. THIS ASSIGNMENT, AND THE RELATED ^OCUMENTS. THIS ASSIGNMENT IS GIV<vN <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 perforrn all of Grantor's obligations under this Assignrent. <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 Rer7ts, provided that the granting of <br />the right to collect the Rents shall not constitute Lender's cpnsent 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 Lender 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 ANC] 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 fallowing <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. Lender 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 nr terms and on such conditions as <br />Lender may deem appropriate. <br />Employ Agents. Lender may engage such agent ar agents as Lender 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 shove. <br />No Requirement to Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender sf7all have <br />performed one or more of the foregoing ants or things shall not require Lender to do any other specific act or thing, <br />APPLICATION OF RENTS. All casts and expenses incurred by Lender in connection with the Property shall be for Grantor's account and <br />Lender may pay such costs and expanses 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 />paid. <br />FULL PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor <br />under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this <br />,. <br />l ~ f 1 <br />