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80~r ~~.~
<br />Ivan ~~44833-1-18
<br />ASSIGNMENT OF LEASES, RENTS AND PROFITS
<br />THIS ASSIGNMENT, made this -"14rh-- day of Jtme , 14 8~ ,
<br />by Te'~LA DeveloTzre[it C.o. , a partners ~
<br />(herein called'"Assignors"), to
<br />FIRST FEDERAL 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 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 />lot One (1), Warren Subdivision, in the City of Grand Island,
<br />Hall County, Nebraska.
<br />And to that end Assignors hereby assign and set over unto First Federal,
<br />its successors or assigns, all leases or subleases of said premises now made, executed
<br />or delivered, whether written ar 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 far or otherwise
<br />collect the said rents, issues, p_afits, 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 sh-all hereafter become due tro said rirst Federal,
<br />its successors or assigns, upon demand for payment thereof by First Federal, its
<br />successors or assigns. It is understood and agreed, however, that no such demand
<br />shall be made unless and intii tSere has been a default in file payment of the
<br />indebtedness secured by the Piortgage and Financing Statement herein mentioned, or
<br />default in the payment of any other sur,,s secured by said i-;ortga~e ar Financing
<br />Statement, 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 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 f.rorr
<br />such rents, issues, profits, rights and benefits collected by it reasonable fees
<br />far management and rental e:ervices rendered by it or those er.ployed by it, nli
<br />costs and expenses of colieatian, including reasonable attorneys' fees, and r±:ay
<br />also use the same to make good any such default; and to pay taxes, insvranci'
<br />premiu>ds, expenses of repair and maintenance and all other exaenses involved in
<br />the proper management of said premises, and sirall pay any surplus tY,c-gin remaining
<br />to Assignors.
<br />The term of this Assignment shall. be until. the Nate (or any exteu:;ior. or
<br />renewal thereof) of even date herewith, rt<zde, executed and deliverc:il h ___ _
<br />?"ANA Detielopmetit Co., a partnership ___~ for the sum of. S _150,000.(56_
<br />and secured by a Martgage covering said premises and a Finar;,:.ing Stntemt~nt ccvt,ring,
<br />certain fixtures and equipment situate on said premises, sh.rl.l have been fully paid
<br />and satisfied, ar until tho expiration of the period of reder;rpcian, if any, at which
<br />tia4e this Assignment is to be fully satisfiedi, cancelled and rele~.a::4d; and the
<br />releasing of said Mortgage and Financing Statement shall Con~sttut.e ~ release hc~reaf.
<br />This Assi.gnaaent i~~ given as additional security for the t'a~rforu,,:ni-~: of ircl,
<br />and al.l of t.hc_ obligations ...nd covenants of thc• trots: rand C,urti;u~x~ ::have:-clce:;crihe~,
<br />(ar any extension or renewal thereof).
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