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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />North Locust Branch
<br />113-115 N Locust St t~ ~
<br />PO Box 160 ~ \v\
<br />__ Grand Island, NE 6880..2-075p_ ,,,,,,,.,, ,,,,, FOR RECORDER'S USE ONLY ~
<br />ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS dated December 16, 2009, is made and executed between DONALD D
<br />MEHRING and MARILYN J MEWRING; Husband and Wife (referred to below as "Grantor") and Equitable Bank,
<br />whose address is 113-115 N Locust St, PO Box 160, Grand Island, NE 68802-0160 (referred to below as
<br />"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 />See Attached Exhibit "A"
<br />The Property or its address is aammonly known as 3421 W. State Street, Grand Island, NE 68803. The
<br />Property tax identification number is ~F0032609~. Grantor's interest in the proper#y is a leasehold interest as
<br />set forth in the Lease described below.
<br />FUTURE ADVANCE5. In addition to the Note, this Assignment secures all future advances made by Lender to Borrower whether nr 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 Borrower, together with all interest thereon,
<br />THIS ASSIGNMENT IS GIVEN TO SECURE 111 PAYMENT OF THE INDEBTEDNE55 AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF BORROWER AND GRANTOR UNDER THE NOTE, TH15 A551GNMENT, AND THE RELATED DOCUMENTS. THIS
<br />ASSIGNMENT 15 GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other
<br />law which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise
<br />entitled to a claim for deficiency, before or after Lender's commencement nr completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale,
<br />BORROWER'S WAIVERS AND RESPON5IBILITIES. Lender need not tell Borrower about any action or inaction Lender takes in connection
<br />with this Assignment. Borrower assumes the responsibility for being and keeping informed about the Property. Borrower waives any
<br />defenses that may arise because of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the
<br />Property, ar any delay by Lender in realizing upon the Property. Borrower agrees to remain liable under the Note with Lender no matter
<br />what action Lender takes or fails to take under this Assignment.
<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 Lender in writing.
<br />Right to Assign. Grantor has the full right, power and authority tv enter into this Assignment and to assign and convey the Rents tv
<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. Fnr this purpose, Lender is hereby given and granted the following
<br />rights, powers and authority:
<br />Notice to Tenants. Lender rriay 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 tv recover possession at 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 premiurrrs on fire and other
<br />insurance effected by Lender an the Property.
<br />Compliance with Laws. Lender may da any and all things tv 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 whale 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 Lender may deem appropriate, either in Lender's n`me or in Grantor's
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