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ss-- 105852
<br />ASSIGNMENT OF RENTS AND LEASES
<br />The undersigned, Herbert F. Mayer, Jr., an individual
<br />Borrower in consideration of the loan made on even date herewith evidenced
<br />by Promissory Note of even date herewith and secured by a Deed of Trust
<br />of even date herewith, which _Deed of Trust provides in Paragraphs 16 and 26
<br />an assignment of rents, does hereby assign, transfer, and set over to
<br />Superior Mortgage, Inc., and /or assigns, (Lender) all of the rents, leases
<br />on, issues and profits from the following described real property situated
<br />in the county of Hall State of Nebraska to wits
<br />Parcel 1: Lots One (1), Two (2), Three (3), Four (4), and Five
<br />(5) in Normandy Apartments Subdivision, an Addition to the city
<br />of Grand Island, Hall County, Nebraska.
<br />Parcel 2: Lots Nine (9), Ten (10), Eleven (11), Twelve (12),
<br />Thirteen (13), Fourteen (14) and Fifteen (15) all in Block Four
<br />(4), in Normandy Estates, an Addition to the city of Grand Island,
<br />Hall County, Nebraska.
<br />The Borrower shall collect the rents until a default occurs under
<br />the terms of the Deed of Trust or the Note referred to herein. In the
<br />event a default occurs under the terms of the Deed of Trust or the
<br />Note referred to herein, the Lender at its option, either in conjunction
<br />with exercising other remedies, or without exercising any other remedies,
<br />shall have the sole and exclusive right to collect the rents, and shall
<br />have the right in connection therewith to notify and demand that all parties
<br />owing rent pay said sums to Lender.
<br />The Borrower is hereby prohibited from either discounting rents, releasing
<br />Tenants from the obligation to pay rent without the written consent of
<br />Lender, or collecting rents more than one month in advance.
<br />This Assignment shall not affect or impair the right of the Lender
<br />to exercise any remedies provided in the Deed of Trust referred to herein,
<br />or any other remedies granted to Lender by law.
<br />Neither the Lender, nor any of its employees, representatives, or
<br />assigns, shall be liable for any act or ommission in connection with the
<br />exercise of its rights or powers under this Assignment.
<br />The terms and conditions hereof shall be binding upon the heirs, personal
<br />representatives, successors or assigns of the Borrower and shall inure
<br />to the benefit of the successors and assigns of the Lender.
<br />This Assignment shall be governed by the laws of the state of Nebraska
<br />Upon receipt of a copy of this Assignment, along with instructions
<br />to pay the rents to Lender or its Assigns, ALL INDIVIDUALS OWING RENTS
<br />ON THE PROPERTY SHALL IMMEDIATELY MAKE THEY' RENT PAYMENTS TO THE LENDER
<br />or its assigns as instructed, and Borrower stall take all efforts necessary
<br />in order to insure that rents are so paid to Lender or its assigns. Any
<br />and all rents received by Borrower after the exercise of this Assignment,
<br />even if this Assignment is exercised over the objection of the Borrower,
<br />shall be sent by Borrower to Lender. Lender may enforce this Assignment
<br />by Court order or injunction if necessary.
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