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<br />ASSZG2JMENT OF LEASES, RENTS AND PROFITS
<br />THIS ASSIGiv'MEAiT, made this 11th day of Aaril 19 79 ,
<br />by CONTINENTAL VILLAS, LTD.
<br />{herein called "Assignors"), to
<br />FIRST FEBERAL SAVINGS AND LOAN ASSOCIATION OF LINCOLN, having its principal place
<br />of business in Lincoln, Nebraska {herein called "First Federal");
<br />WITNESSETH: For value received and as additional security for the ioan
<br />hereinafter mentioned, Assignors hereby sell, transfer and assign unto First Federal,
<br />its successors and assigns, all right, title and interest of Assignors in and to the
<br />rents, issues, profits, rights and benefits from the property described below:
<br />All cf Slock Four (4}, Continental Gardens, an Addition to the City
<br />of Grand Island, Hall County, Nebraska,
<br />And to that end Assignors hereby assign and set over unto First Federal,
<br />its successors or assigns, all lessee or subleases of said premises now made, executed
<br />ar delivered, whether written or verbal, or to be hereafter made, be the same written
<br />or verbal.
<br />And the Assignors do hereby authorize and empower First Federal, its
<br />successors or assigns, without notice and without regard to the adequacy of the
<br />security for the indebtedness secured hereby, to take possession of said real
<br />estate and chattels, to rent and manage the same, and to sue for or otherwise
<br />collect the said rents, issues, profits, rights and benefits, as they shall become
<br />due, and hereby direct each and all of the tenants of the aforesaid premises to pay
<br />such rents as may now be due or shall hereafter become due to said First Federal,
<br />its successors or assigns, ugon demand for gayment thereof by First Federal, its
<br />successors or 2ssigns. It is understood and agreed, however, that no such demand
<br />shall be made unless and until there has been a default in the payment of the
<br />indebtedness secured by the Mortgage and Financing Statement herein mentioned, or
<br />default in the payment cf any other sums secured by said Mortgage or Financing
<br />Statement, and, until such demand is Wade, Assignors are authorized to collect,
<br />or continue collecting said rents, issues, profits, rights and benefits; but
<br />that such privilege to collect or continue collecting, as aforesaid by Assignors
<br />shall not operate to permit the collection by said Assignors, their successors or
<br />assigns, or any installment of rent in advance of the date prescribed in said
<br />lease or leases for the payment thereof. First Federal may retain or pay from
<br />such rents, issues, profits, rights and benefits collected by it reasonable fees
<br />for management and rental services rendered by it or those employed by it, all
<br />costs and expenses of collection, including reasonable attorneys' fees, and may
<br />also use the same to make good any such defaults and to pay taxes, insurance
<br />gremiuss, expenses of repair and maintenance and all other expenses involved in
<br />the proper management of said premises, and shall pay any surplus then remaining
<br />to Assignors.
<br />~' The term of this Assignment shall be until the Note (or any extension or
<br />E renewal thereof) of even date herewith, made, executed and delivered by
<br />_ GONTTN~iTAL VILLAS LTD. for the sum of $ 1,775,000.00
<br />and secured by a Mortgage covering said premises and a Financing Statement covering
<br />certain fixtures and equipment situate on said premises, shall have been fully paid
<br />and satisfied, or until the expiration of the period of redemption, if any, at which
<br />time this Assignment is to be fully satisfied, cancelled and released; and the
<br />r releasing of said Mortgage and Financing Statement shall constitute a release hereof.
<br />This Assignment is gives as additional security far the performance of each
<br />and all of the obligations and covenants of the Note and Mortgage above-described
<br />{or any extension or renewal thereof).
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