|
201�025�i
<br />effective as to third parties on the recording of this Assignment. As long as this Assignment is
<br />in effect, Grantor warrants and represents that no default exists under the Leases, and the
<br />parties subject to the Leases have not violated any applicable law on leases, licenses and
<br />landlotds and tenants. Grantor, at its sole cost and expense, will keep, observe and perform,
<br />and require all other parties to the Leases to comply with the Leases and any applicable law. If
<br />Grantor or any party to the Lease defaults or fails to observe any applicable law, Grantor will
<br />promptly notify Lender. If Grantor neglects or refuses to enforce compliance with the terms of
<br />the Leases, then Lender may, at Lender's option, enforce compliance. Grantor will not sublet,
<br />modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property
<br />covered by the Leases (unless the Leases so require) without Lender's consent. Grantor will
<br />not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior
<br />written consent. Lender does not assume or become liable for the Property's maintenance,
<br />depreciation, or other losses or damages when Lender acts to manage, protect or preserve the
<br />Property, except for losses and damages due to Lender's gross negligence or intentional torts.
<br />Otherwise, Grantor will indemnify Lender and hold Lender harmless for all liability, loss or
<br />damage that Lender may incur when Lender opts to exercise any of its remedies against any
<br />party obligated under the Leases.
<br />13. DEFAULT. Grantor will be in default if any of the following events (known separately and
<br />collectively as an Event of Default) occur:
<br />A. Payments. Grantor fails to make a payment in full when due.
<br />B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a
<br />receiver by or on behalf of, application of any debtor relief law, the assignment for the
<br />benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence
<br />by, or the commencement of any proceeding under any present or future federal or state
<br />insolvency, bankruptcy, reorganization, composition or debtor relief law by or against
<br />Grantor, Borrower, or any co-signer, endorser, surety or guarantor of this Security
<br />Instrument or any other obligations Borrower has with Lender.
<br />C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br />D. Failure to Perform. Grantor fails to perform any condition or to keep any promise or
<br />covenant of this Security Instrument.
<br />E. Other pocuments. A default occurs under the terms of any other document relating to
<br />the Secured Debts.
<br />F. Other Agreements. Grantor is in default on any other debt or agreement Grantor has with
<br />Lender.
<br />G. Misrepresentation. Grantor makes any verbal or written statement or provides any
<br />financial information that is untrue, inaccurate, or conceals a material fact at the time it is
<br />made or provided.
<br />H. Judgment. Grantor fails to satisfy or appeal any judgment against Grantor.
<br />I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation
<br />by a legal authority.
<br />J. Name Change. Grantor changes Grantor's name or assumes an additional name without
<br />notifying Lender before making such a change.
<br />K. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or
<br />property. This condition of default, as it relates to the transfer of the Property, is subject to
<br />the restrictions contained in the DUE ON SALE section.
<br />L. Property Value. Lender determines in good faith that the value of the Property has
<br />declined or is impaired.
<br />M. Insecurity. Lender determines in good faith that a material adverse change has occurred
<br />in Grantor's financial condition from the conditions set forth in Grantor's most recent
<br />financial statement before the da�e of this Security Instrument or that the prospect for
<br />payment or performance of the Secured Debts is impaired for any reason.
<br />14. REMEDIES. On or after the occurrence of an Event of Default, Lender may use any and all
<br />remedies Lender has under state or federal law or in any document relating to the Secured
<br />Debts, including, without limitation, the power to sell the Property. Any amounts advanced on
<br />Grantor's behalf will be immediately due and may be added to the balance owing under the
<br />Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that
<br />may be available on Grantor's default.
<br />Subject to any right to cure, required time schedules or any other notice rights Grantor may
<br />have under federal and state law, Lender may make all or any part of the amount owing by the
<br />terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner
<br />provided by law upon the occurrence of an Event of Default or anytime thereafter.
<br />If there is an occurrence of an Event of Default, Trustee will, in addition to any other permitted
<br />remedy, at the request of Lender, advertise and sell the Property as a whole or in separate
<br />JERID STARKEL �
<br />Nebraska Deed Of Trust Initials �'/'
<br />NE/4XXLBENES00000000000625046032212N Wolters Kluwer Financial Services °1996, 2012 Bankers Page 4
<br />Systems*"
<br />
|