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Loan ~~44369-1-18
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<br />ASSIGNMENT OF LEASES, RENTS AND PROFITS
<br />THIS ASSIGNMENT, made this 20th day of February ~ 19 $0 r
<br />by Robert J. Wheeler and Nancy L. Wheeler, h~band an e, as do~nt tests no as
<br />tenants m co®att, _ (herein called "Assignors"), to
<br />FIRST FEDERAL SAVINGS AS3D LOAN ASSOCIATION OF LINCOLN, having its principal place
<br />of business in Lincoln, Nebras'.:a (herein called "Fi.rst Federal");
<br />WITNESSETH: For value received and as additional security for 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 property described below:
<br />Ivt 1tv (2) Nabob Sr~di~d_sion, Hall County, Nebraska, berg a part of Lot Tt~nty (20) ,
<br />Part of Tots Tt~enty-One (21) and Tl,~nty-'Iiao (22) of the County Subdivision of the
<br />West Half of the Southwest Quarter (F&SW4) of Section TaZ (10), Township
<br />Eleven {ll) North, Range Nine (9) tdest of the 6th P,M., Hall County, Nebraska, and
<br />in part of Lots One (1) and It+v {2) and Three {3), Block Foy (4), ~TOitle's
<br />Addition, all in 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, ail leases or subleases of said premises now mad a, executed
<br />or delivered, whether written or verbal, ar to be hereafter made, be the same written
<br />ar verbai_
<br />And the Assignors da hereby authorize and empower First Federal, its
<br />successors or assigns, without native and without regard to the adequacy of the
<br />security far the indebtedness secured hereby, to takes 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 map now be due or shall hereafter become due to said First Federal,
<br />its successors or assigns, upon demand for payment thezeaf by First Federal, its
<br />successors or assigns. It is understood and agreed, however, that no such demand
<br />shall Se made runless and until there has been a default in t3ze payatent of the
<br />indebtedness secured by the Mortgage and Financing Statement herein mentioned, or
<br />default in the payment of any other sums secured by said Hartgage or Financing
<br />Stat~~t, gad, r:atil such d~*..and is ~_ Assignors are at:thvrized to cvllect,
<br />or continue collecting said rents, issues, profits, rights and benefits; but
<br />t'nat s•.ich privilege to collect or continue collecting, as aforesaid by Assignors
<br />shall mot operate to permit the collection by said Assignors, their successors or
<br />assigns, or any installment of rent is advance of the date prescribed in said
<br />lease or leases for the payment thezeof. First Federal r.,ay retain ar pay frar~
<br />such teats, issues, profits, rights and benefits collected by it reasonable fees
<br />for management and rental services rendered by it or those employe.; by it, all
<br />costs gad expenses of collection, including reasonable attarne}•s` fees, and r±ay
<br />also use tine sas~e to male goad any such defaults and to pay taxes, insurance
<br />premiums, expenses of repair and maintenance and all Pther expenses involved in
<br />tine proper acanagemant of said promises, and shall pay any surplus then remaining
<br />to Assignors.
<br />„~ The term of this Assignment shall be until the hole {ar any extension or
<br />renewal therrnf) of even date }xere-aith, made, executed gad delivered by __
<br />~_ J, a°nd Nancy L. Wheeler for the sure of $ 65,000.00 _ _
<br />and sedated by a mortgage covering said premises and a Financing Statement cnvaring
<br />certain t`ixtures and ealuipment Situate an said premises, shall have been fully paid
<br />and satisfied, or until the ea-pizatian of the period of redemption, if any, at c,~hich
<br />time this Assignment is to be fully satisfied, cancelled and released; and the
<br />releasing of said Mortgage and Financing Statement shall constitute a release hereof.
<br />This Assignment is given as additional security for the performance of loch
<br />and all of the obligations and covenants of th4 Itiots azld Hortgage above-described
<br />(or any extension or renewal Lhcreof).
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