|
<br />
<br />
<br /> M
<br /> rra
<br />
<br /> rn f mO
<br /> ,.~....■a
<br /> CD
<br /> 0
<br /> c7 r%J Q
<br /> 2n _T1 CA.) Z,
<br /> CA CZY
<br /> rn J
<br /> r*~ r- C °
<br /> ' r%J
<br /> Q
<br /> WHEN RECORDED MAIL TO:
<br /> Exchange. Bank
<br /> P.O. 60 f;1 ALI Ohl B!2 • j
<br /> #14 arre Gf h?n~DZSiwirrp Al: Gi__gn, E 68840 3 FOR RECORDER'S USE ONLY
<br /> ASSIGNMENT OF RENTS
<br /> THIS ASSIGNMENT OF RENTS dated February 26, 2010, is made and executed between The Jocar Living
<br /> Trust, whose address is 623 S Locust St, Grand Island, NE 68801 .(referred to below as "Grantor,") and
<br /> Exchange Bank, whose address is P.O. Box 760, #14 LaBarre, Gibbon, NE 68840 (referred to below as
<br /> "Lender")
<br /> ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and
<br /> conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described
<br /> Property located in Hall County, State of Nebraska;
<br /> See Exhibit A, which is attached to this Assignment and made a part of this Assignment as if fully set forth
<br /> herein.
<br /> The Property or its address is commonly known as 623 S Locust St., Grand Island,-NE 68801.
<br /> CROSS-COLLATERALIZATION. In addition to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon,
<br /> of either Grantor or Borrower to Lender, or any one or more of them, as well as all claims by Lender against Borrower and Grantor or any
<br /> one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary
<br /> or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated,
<br /> whether Borrower or Grantor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party
<br /> or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether
<br /> the obligation to repay such amounts may be or hereafter may become otherwise unenforceable.
<br /> FUTURE ADVANCES. In addition to the Note, this Assignment secures all future advances made by Lender to Borrower or Grantor
<br /> whether or not the advances are made pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to
<br /> the amounts specified in the Note, all future amounts Lender in its discretion may loan to Borrower or Grantor, together with all interest
<br /> thereon.
<br /> THIS ASSIGNMENT IS GIVEN TO SECURE Ill PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br /> OBLIGATIONS OF BORROWER AND GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS
<br /> ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br /> GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other
<br /> law which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise
<br /> entitled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by
<br /> exercise of a power of sale.
<br /> BORROWER'S WAIVERS AND RESPONSIBILITIES. Lender need not tell Borrower about any action or. inaction Lender takes in connection
<br /> with this Assignment. Borrower assumes the responsibility for being and keeping informed about the Property. Borrower waives any
<br /> defenses that may arise because of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the
<br /> Property, or any delay by Lender in realizing upon the Property. Borrower agrees to remain liable under the Note with Lender no matter
<br /> what action Lender takes or fails to take under this Assignment.
<br /> PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender
<br /> all amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment.
<br /> Unless and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment,
<br /> Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of
<br /> the right to collect the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br /> GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
<br /> Ownership. Grantor is entitled to receive the Rents free and clear of all.rights, loans, liens, encumbrances, and claims except as
<br /> disclosed to and accepted by Lender in writing.
<br /> Right to Assign. Grantor has the full right, power and authority to enter into this,Assignment and to assign and convey the Rents to
<br /> Lender.
<br /> No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
<br /> No Further Transfer. Grantor will not sell, assign, encumter, or otherwise dispose of any of Grantor's rights in the, Rents except as
<br /> provided in this Assignment.
<br /> LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even though no default shall have
<br /> occurred under this Assignment, to collect and receive the Rents. For this purpose, Lender is hereby given and granted the following.
<br /> rights, powers and authority:
<br /> Notice to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all
<br /> Rents to be paid directly to Lender or Lender's agent.
<br /> Enter the Property. Lender may enter upon and take possession of the Property; demand, collect and receive from the tenants or from
<br /> any other persons liable therefor, all of the Rents; institute, and carry on all legal proceedings necessary for the protection of the
<br /> Property, including such proceedings as may be necessary to. recover possession of the Property; collect the Rents and remove any
<br /> tenant or tenants or other persons from the Property.
<br /> Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs
<br /> thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the
<br /> Property in proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other
<br /> insurance effected by Lender on the. Property.
<br />
|