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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />PO Box 160
<br />Grand island NE 68802-0160 FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS dated April 22, 2011, is made and executed between JAMES C ARENDS,
<br />whose address is 1804 N WALNUT ST, GRAND ISLAND, NE 68801 and FRANCES A. ARENDS AKA FRAN A.
<br />ARENDS, whose address is 1604 N WALNUT ST, GRAND ISLAND, NE 68801; HUSBAND AND WIFE (referred
<br />to below as "Grantor") and Equitable Bank, whose address is 113-115 N Locust St, PO Box 160, Grand Island,
<br />NE 68802-0160 (referred to below as "Lender"1.
<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 />THE SOUTHERLY SIXTY EIGHT (68) FEET OF LOT ONE (1) AND THE EASTERLY 26.74 FEET OF LOT TWO
<br />(2), BLOCK FORTY EIGHT i48), RUSSEL WHEELER'S ADDITIOIV TO THE CITY OF GRAND ISLAND, HALL
<br />COUNTY, NEBRASKA
<br />The Property or its address is commonly known as 1118-1118 1/2 N EDDY STREET, GRAND ISLAND, NE
<br />68801. The Property tax identification number is 400123444.
<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 tender 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 obiigated 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 sacures, 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 ASSIGNME{VT IS GIVEN TO SECURE (1) PAYMENT OF THE 1111DEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF BORROWER AND GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE REI.ATED 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 ageinst Grantor, incfuding 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 foreciosure action, either judicially or by
<br />exercise of a power of sale.
<br />BORROWER'S WAIVERS AND RESPONS1B1L1TIES. 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 DocumenYS, 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 a�d until l�andar 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 constituta Lender's consent to the use of cash collateral in a bankruptcy proceeding.
<br />GRANTOR'S REPRESENTA710NS AND WARRANTIES. Grantor warrants that:
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<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 Assignmant 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, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as
<br />providad in this Assignment.
<br />LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shail have the right at any time, and even though no defiault 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 />Renis to be paid directly to Lender or Lender's agent.
<br />Enter the Property. Lender may enter upon and take possession of the Property; damand, collact 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
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