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<br />WHEN RECORDED MAIL TO: ��
<br />Platte Valley State Bank & Trust Company �
<br />PVSB Grand Island Branch °
<br />810 Allen Dr
<br />Grand Island NE 68803 FOR RECORDER'S USE ONLY
<br />ASSIGNMENT OF RENTS
<br />THIS ASSIGNMENT OF RENTS dated May 5, 2011, is made and executed between Mark K. Oberbeck and
<br />Paula C. Oberbeck; as Husband and Wife (referred to below as "Grantor") and Platte Valley State Bank & Trust
<br />Company, whose address is 810 Allen Dr, Grand Island, NE 68803 (referred to below as "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 />The North Fifty (50) feet and Eight (8) inches of the South One Hundred and Twenty (120) feet of the West
<br />One Half (W '/z) of Block Two (2} in Pleasant Home Subdivision, City of Grand Island, Hall County,
<br />Nebraska
<br />The Property or its address is commonly known as 1215 S Lincoln Ave, Grand Island, NE 68801.
<br />THI3 ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL
<br />OBLIGATIONS OF ORANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS (31VEN
<br />AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANC�. Except as otharwise provided in this Assignment or any Releted Documents, Grantor shall pey 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 />Uniess 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 end operate and manage the Property and collect the Rents, provided that the granting of
<br />the right to collect the Rents shali not constitute Lender's consent to the use of cash collaterel in e 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, encumbrences, 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 thfs Assignment and to assign and convey the Rents to
<br />Lender.
<br />No Prior Asslgnment. 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 seli, assign, encumber, or otherwlse 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. Lendar 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 foliowing
<br />rights, powers and authority:
<br />Notice to Tenants. Lender may send notices to eny 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 />Entar the Property. Lender may enter upon end teke possession of the Property; demand, collect and receive from the tenants or from
<br />any other persons liable therefor, ail of the Rents; institute and carry on all legal proceedings necessary for the protection of the
<br />Property, inciuding such proceedings as mey be necessary to recove� possession of the Property; collact the Rents and remove any
<br />tenant or tenants or other persons from the Property.
<br />Maintain the Property. Lendar may enter upon the Property to maintain the Property end keep the same in repair; to pay the costs
<br />thereof and of all services of all employees, including their equipment, and of aIl continuing costs and expenses of mainteining the
<br />Property in proper repair and condition, and also to pay sll texes, assessments end water utilities, and the premiums on fire and other
<br />insurance effected by Lender on the Property.
<br />Compliance with Laws. Lender may do any and all things to execute and comply with the laws of the State of Nebraska and also all
<br />other laws, rules, orders, ordinances end requirements of all other governmental agencies affecting the Property.
<br />Lease the Property. Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
<br />Lender may deem appropriate.
<br />Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, either in Lender's name or in Grantor's
<br />name, to rent and manage the Property, including the collection and application of Rents.
<br />Other Acts. Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
<br />exclusively and solely in the place and stead,of Grantor and to heve all of the powers of Grantor for the purposes stated above.
<br />No Requirement to Act. Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have
<br />performed one or more of the foregoing acts or things shail not require Lender to do any other specific act or thing.
<br />APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grentor's account and
<br />Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents
<br />received by it; however, any such Rents raceived by Lender which are not applied to such costs and expenses shall be applied to the
<br />Indebtedness. All axpenditures made by Lender under thls Assignmant and not reimbursed from the Rents shall become a part of the
<br />Indebtedness secured by this Assignment, and shall be payabie on demand, with interest at the Note rate from date of expenditura untii
<br />paid.
<br />FULL PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor
<br />under this Assignment, the Note, and the Related Documents, Lender shall execute and deliver to Grantor a suiteble satisfaction of this
<br />Assignment and suitable statements of termination of any finencing statament on file evidencing Lender's security interest in the Rents and
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