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a ~~~ U~l~~~cy
<br />ASSIGIV'ffENT OF LEASES, RENTS AND PROFITS
<br />Loan 41589-1-18
<br />THIS ASSIGNMENT, made this t~~h day of June , 19 79
<br />by Robert J, ttiheeler and Narcv L. tdheeler, Husband and Wife, as Joint Tenants
<br />and No[ as Tenants in Common, (herein called "Assignors"), to
<br />FIRST FEDERAL SAVINGS A.ND LOA'S ASSOCIATION OF LLNCOLN, having its principal place
<br />of business in Lincoln, Nebraska (herein called "First Federal");
<br />WZTNESSET&: For value received and as additional security fox the loan
<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 aroperty described below:
<br />Lot Eight (8), in Block Four (4), in John Voitle's Addition
<br />to the City 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, alt leases 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 da hereby authorize and empower First Federal, Sts
<br />successors or assigns, without notice and without regard to the adequacy of the
<br />security far 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 ss may now be due or shall hereafter become due to said First Federal,
<br />its successors or assigns, upon deman3 for payment thereof by First Federal, its
<br />successors or assigns. It is understood and agreed, however, that r_c such dP.~and
<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 is the payment of any other sums secured by said Mortgage or Financing
<br />5tatee~nt, and, until such demand is made, Assignors are authorized to collect,
<br />or continue collecting said rents, issues, profits, rights and benefits; but
<br />that su:.h privilege to collect or continue collecting, as aforesaid by Assignors
<br />shall nat operate to permit the collection by said Assignors, their successors or
<br />assigns, or any iastailment of rent in advance of the date prescribed in said
<br />lease ar leases for the payment thereof. First Federal may retain or pay from
<br />sueh rents, issues, profits, rights and benefits collected by it reasonable fees
<br />for management and rental services rendered by it or those a~gloyed by it, all
<br />costs and expenses of collection, including reasonable attorneys' fees, and may
<br />also use the sane to make good any such defaults and to pay taxes, insurance
<br />pzemicafs, expenses of repair and maintenance and alt other expenses involved to
<br />the proper manag~t of .said premises, and shall pay any surplus then remaining
<br />to Assignors.
<br />The tern of this Assignment shall be until she 2:ote (or any extension or
<br />renewal thereof) of even date herewith, made, executed and delivered by Robert J.
<br />kheeler and Nanev L. Wheeler for the sum of $ ~i,000.00
<br />and 9eeured by a %oztgage cavezing said premises and a Financing Statement covering
<br />certain fixtures and equipment situate on said premises, shall have been fully paid
<br />and satisfied, ar until the expiration of the period of redemption, if any, at which
<br />tierce fists Aasige~ent is to be fully satisfied, eaneelied and released; .and the
<br />releasing of said Mortgage and Financing Statement shall constitute a release hereof.
<br />This Asaigament is given as additional security for the gerformanee of each
<br />and alt of tt~ obligatiass and covenants of the Note and Mortgage above-3escribed
<br />(or nay extension or renewal thereof}-
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