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<br />8I--UU589(~
<br />CONDITIONAL LEASE ASSIGNMENT
<br />AND CONSENT
<br />KNOW ALL MEN HY THESE PRESENTS:
<br />That in consideration of ONE DOLLAR {$1.00) AND OTHER GOOD
<br />AND VALUABLE CONSIDERITION, the undersigned, DARR AVENCIE PARTNER-
<br />SHIP, a Nebraska partnership, Assignor, does hereby sell, assign
<br />and transfer unto Home Federal Savings and Loan Association of
<br />Grand Island, Grand Island, Nebraska, Assignee, all its right,
<br />title and interest in and to a certain lease dated September 22,
<br />1980, with Fred Mehring, Helen M. Mehring, Donald D. Mehring,
<br />Rebecca L. Mehring, Lauren A. Erwin and Nancy A. Erwin, Lessors,
<br />and Darr Avenue Partnership, Lessee, which lease covers a certain
<br />tract of land located in Hall County, Nebraska, described as:
<br />Part of the Conestoga North Sixth Subdivision,
<br />Grand Island, Hall County, Nebraska, and more
<br />particularly described as follows: Commencing
<br />at the southwest (SW) corner of Conestoga
<br />North Sixth Subdivision, thence north 184.5
<br />feet to the point of beginning, thence 75
<br />feet north, thence 220 feet east, thence 75
<br />feet south, thence 220 feet west to the point
<br />of beginning.
<br />This assignment is given as additional security for the pay-
<br />ment of a certain note dated ,1Jc„~,•.b,. ~~- 1981. in
<br />the principal amount of One HLndred Twenty-Z')~ree ThoLaand Dollars
<br />($1~3~O4Q`QO_____), together with interest thereon at the rate of sixteen
<br />and one-half percent ( lb~ $) per annum, with the understanding
<br />t at if said Assignor shall cause to be paid to said Assignee the
<br />entire amount due under the terms and provisions of said note
<br />hereby secured, including future advances, and any extensions or
<br />renewals thereof in accordance with the terms and provisions
<br />thereof, and if said Assignor shall comply with all the provi-
<br />aions of said note, then these presents shall be void; otherwise
<br />to remain in full force and effect.
<br />The undersigned Lessors, Fred Mehring, Helen ?S. Mehring,
<br />Donald D, i~ehring, Rebecca L. Mehring, Lauren A. Erwin and Nancy A.
<br />Rr--win, h€:reby consent t€s an : approve the assignment of the afore-
<br />mentioned-lease agreement, reeagrciting that-said assignment sha13
<br />rain effective until the promissory note hereinabove referred
<br />to has been satisfied.
<br />Further, if at any time during the continuance of this
<br />assignment, the aforementioned Lessee shall become delinquent in
<br />the payment of any of their obligations set forth in the terms of
<br />the aforementioned lease agreement, the undersigned Lessors shall
<br />cause written notice of that delinquency to be mailed to Home
<br />Federal Savings and Loan Association of Grand Island, as Assignee,
<br />prior to the exercise of any rights of termination which said
<br />Lesspra may have pursuant to the aforementioned lease agreement.
<br />Upon receipt of notice of any delinquency, Assignee shall,
<br />at its option, have the right to cure any such delinquency by
<br />making direct payment to the Lessors, and the amount so paid
<br />shall 1ssCpme due and payable forthwith by the Assignor to the
<br />Assignee wiehrrut notice or dr~mand and shall became a part of the
<br />principal due under the promissory note.
<br />The Lessors further eavenant and agree that they shall give
<br />written notice to the undersigned Assigne~x at least thirty (30}
<br />days prior to the termination of the aforementioned lease agreement
<br />fesr any cause other than the delinquency of any paym~tnts due
<br />thaceunder.
<br />-1-
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