|
ASSIGNMENT OF RENTS RIDER
<br /> ��-- � �/ ,►
<br /> THIS ASSI'GNMENT OF RENTS RIDER is made and executed this 24th day of March ��-1��v and is
<br /> incorpctated into and shall be deemed to amend and supplement the Mortgage or Deed of Trust, hereinafter referred to as the "Security
<br /> Instrument", of the same date given by the undersigned, hereinafter referred to as the "Borrower", to secure Borrower's indebtedness,
<br /> hereinaRer referred to as the "Note", to UNITED NEBRASKA BANK
<br /> , hereinafter referred to as the "Lender", of the same date and covering the
<br /> property described in the Security Instrument and located at:
<br /> 212 E PINE ST DONIPHAN NEBRASKA 68832
<br /> (Property Address)
<br /> WITNESSETH:
<br /> WHEREAS, Borrower and Lender have agreed that any rents and profits attributable to the property should constitute additional security
<br /> to the Lender for the payment of the Note;
<br /> NOW, THEREFORE, It is agreed that the Security Instrument shall be amended hereby and deemed to include the following provisions:
<br /> 1. Assis�nment of Rents and Lender Rental Collection Ri�hts. Borrower hereby absolutely and unconditionally assigns all rents, issues
<br /> and profits of the property to Beneficiary. Lender shall have the right, power and authorRy during the continuance of the Security Instrument
<br /> to coilect the rents, issues and profits of the property and of any personal property located thereon with or without taking possession oi the
<br /> property affected hereby. Lender, however, hereby consents to Borrower's collection and retention of such rents, issues and profits as they
<br /> accrue and become payable, so long as Bonower is not, at such time, in default with respect to payment of any indebtedness secured
<br /> hereby, or in the performance of any agreement hereunder.
<br /> 2. Appointment of Receiver. It any event of default in respect to the Security Instrument shall have occurred and be continuing, Lender,
<br /> as a matter of right and without notice to Bonower or anyone claiming under Borrower, and without regard to the value of the trust estate or
<br /> the interest of the Borrower therein, shall have the right to apply to any court having jurisdiction to appoint a receiver of the property.
<br /> 3. Right to Possession. In case of default in the payment of the said principal Note or interest, or any part thereof, as it shall mature,
<br /> or in the case of failure to keep or perform any of the convenants or agreements contained in the Security Instrument, then the Lender, its
<br /> successors or assigns, shall be and is hereby authorized and empowered to take immediate possession of the said premises therein
<br /> described and to collect the rents therefrom, and to apply the proceeds thereof to the payment of the Note.
<br /> 4. Application of Rents. Issues and Profits. All rents collected by Lender or the receiver shall be applied first to payment of the costs
<br /> of management of the property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and
<br /> reasonable attorney's fees, and then to the sums secured by the Security Instrument. Lender and the receiver shall be liable to account only
<br /> for those rents actually received.
<br /> 5. Construction of Provisions. Each of the provisions contained in this Assignment of Rents Rider and the Security Instrument shall,
<br /> unless othervvise specificaliy required, be construed in accordance with Nebraska law, and in the event any provision herein of therein
<br /> contained shall be determined by a court of competent jurisdiction to be unenforceable, the same shall be construed as though such
<br /> unenforceable provision were not part hereof or thereof.
<br /> 6. Effect of Rider. Except as specifically modified by or inconsistent with this Assignment of Rents Rider or by any other applicable
<br /> rider, all of the terms and provisions contained in the Security Instrument shall continue in full force and effect.
<br /> IN WITNESS WHEREOF, Borrower has executed this Assignment of Rents ide on the dat first n ted above.
<br /> ea«owB� JA OLD A SCHULTE
<br /> .�.(�.o��.�.� ���.
<br /> eo��o`wa� �(qTHERINE S SCHULTE
<br /> STATE OF NEBRASKA
<br /> COUNTY OF HALL � ss:
<br /> On this 24th day of March 1998 , before me, the undersigned, a Notary Public duly commissioned and
<br /> quaiitied tor said county, personally came JAROLD A SCHULTE AND KATHERINE S SCHULTE HUSBAND AND WIFE
<br /> , to
<br /> be the identical person(s) whose name(s) is/are subscribed to the foregoing instrument, and he/she/they acknowledge the execution thereof
<br /> to be his/her/their voluntary act and deed.
<br /> Witness my hand and Notarial Seal at GRAND ISLAND , NEBRASKA in said county, the
<br /> date aforesaid.
<br /> �III GENERAL NOTARY Stale of Nebraska � '� ;
<br /> SHERRI L.0'CALLAGHA '
<br /> My Comm.Exp.Sept 28,1999 otary Pub�ic SHE I 0'CAL HAN
<br /> My Commission expires: SEPTEMBER 28. 1999
<br /> F70815.LM0 (6/94)
<br />
|