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:3 V'~! V ~ ~I iI ~ `~ :~ ASSIGNMENT GF RENTS AND LEASES THIS ASSIGNMENT OF RENTS AND LEASES is made this 3rd day of October, 1980, by and between John A. Albers, hereinafter "Assignor" and Ball Real Estate Co. of Kearney, a Nebraska corporation, herein- after Assignee". FOR VALUE RECEIVED, Assignor hereby grants, transfers and assigns to Assignee the immediate and continuing right to receive and collect t-he rents, income and profits {collectively the "Rents",} arising out of or payable from the real property ("Premises") described: Lots 1 through 5, Reed's Subdivision, and Blocks 1 and 2, Bellwood Subdivision, ali in the City of Grand Island, Hall County, Nebraska, and all leases and agreements for the leasing, use or occupancy of the -- Premises, now heretofore or hereafter entered into ("Leases") together with all guarantees therefor and all renewals and extensions thereof, for the purpose of securing the following (herein collectively refer- red to as the "Indebtedness Secured Hereby"): A. Payment o£ the indebtedness evidenced by that certain Note (including any extensions or renewals thereof) in the principal. sum of One Million Nine Hundred Thousand and No/100 Dollars ($1,900,000.00), dated of even date herewith, executed and delivered by the Assignor and payable to the order of Assignee, secured by a Deed of Trust and Security Agreement of same date from Assignor to Assignee upon the Premises, filed far record in the County of Hall, State Of Nebraska; B. Payment of all other sums with interest thereon becoming due and payable to the Assignee herein and in said Note and Deed of Trust contained; C. Performance and discharge of each a.nd every obligation, covenant and agreement of Assignor herein and in said Note and peed of Trust contained. AND TO PROTECT THE SECURITY Of"PHIS ASSIGNMENT, ASSIGNOR AGREES: 1. Performance of Leases. To faithfully abide hy, p<+rform and discharye each and every obligation, covenant and ayreement under any leases of the Premises to be performed by the landlord thereunder; to enforce or secure the performance of each and every obligation, covenant, condition and agreement of said leases by the tenants thereunder to be performed; not to borrow against, pledge or assign any r?ntals due under said leases, or anticipate the rents thereunder or reduce the amount of the rents and other payments thereunder. 2. Protect Security. At Assignor's sole cost and expense, to appear in and defend any action or F,,;roceecling arising under, growing out of or in any manner connect_crd with the leases or the obligations, duties or liabilities of tlxe landlord thereunder, and to pay all costs and expenses of Assignee, including attorndy's fees in a reasonable sum, in any such action or proceediny in which the Assignee in its sole discretion may appear. '- R~resentati.ons. Assignor represc:nt~, and warrants that it is now the absolute owner of said Rent:, with full right and title to assign the samd; that there are no outstanding assign- ments or pledges of the leases or Rents; thaat na Rents have hedn waived, anticipated, discounted, compromised or released, except as disclosed to Assigned; and that the tenants have no defenses, setoffs, or counterclaims against Assiynor. 4. Presdnt Assignment. This Assignment shall constitute .x perfeeted,~abselutc• and present assignment, praviddd the Assigrwt at the salon discretion of Assignt:,_ steal l baud tyre rrght to col t~.~~~t but not prior to accrual all of the Rents, and to retain, ur;e and drrjoy the carne unless and until a default shall occur in the payment whdn dun c)f int•~~rest or peincipat ~.rndc~r the Nc-ate> ,., r `, an eavenk, of default shall occur he ro=under, c,u ur;~i.~r the Dr._-,,,1 ,,;- Trust or under any oth~.r insf.r,.arnerrt nc,w <,r t,,_•x.~:, t• _ ,,. _ _. _. +. i;:. Nat... or the lnd.=bt,~dnc~:ta Secur.-:9 Fier-~t;y.