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7
<br />AdditlprrbN'IFINwiisions •
<br />bebtor Warrants and Covenants: (1) That except for the security interest granted hereby Debtor is, or to the exter}'_ that 'phis
<br />agreement states that the Collateral is to be acquired after the date hereof, will `be, the owner of the Collateral free from any
<br />adverse lien, security interest or encumbrance; and that Debtor will defend the Collateral against all claims and demands of all
<br />persons at any time claiming the same or any interest therein. (2) That no financing statement covering the Collateral or any
<br />proceeds thereof is on file in any public office and that at the request of Secured Party, Debtor will join with Secured Party in
<br />executing one or more financing statements pursuant to the Nebraska Uniform Commercial code in form satisfactory to Secured
<br />Party and will pay the cost of filing such financing statement, this security agreement and any continuation or termination
<br />statement, in all public offices wherever filing is deemed by Secured Party to be necessary or desirable; and if the Collateral is
<br />attached to real estate prior to the perfection of the security interest granted hereby or if the Collateral includes crops or oil, gas or
<br />minerals to be extracted or timber to be cut, Debtor will, on demand of Secured Party, furnish Secured Party with a disclaimer or
<br />disclaimers or subordination agreement signed by all persons having an interest in the real estate, disclaiming or subordinating any
<br />interest in the Collateral which is prior to the interest of Secured Party.
<br />(3) Not to sell, transfer or dispose of the Collateral, nor take the same or attempt to take the same from the county where kept as
<br />above stated, without the prior written consent of the Secured Party. (4) To pay all taxes and assessments of every nature which
<br />may be levied or assessed against the Collateral. (5) Not to permit or allow any adverse lien, security interest or encumbrance
<br />whatsoever upon the Collateral, and not to permit the same to be attached or replevined. (6) That the Collateral is in good
<br />condition, and that he will at his own expense keep the same in good condition and from time to time, forthwith, replace and repair
<br />all such parts of the Collateral as may be broken, worn out or damaged without allowing any lien to be created upon the Collateral
<br />on account of such replacement or repairs, and that the Secured Party may examine and inspect the Collateral at any time,
<br />wherever located. (7) That he will at his own expense keep the Collateral insured in a company satisfactory to Secured Party
<br />against loss, as appropriate, by theft, collision, fire and extended coverage, with loss payable to Secured Party as its interest may
<br />appear, and will on demand deliver said policies of insurance or furnish proof of such insurance to Secured Party. (8) At its option
<br />Secured Party may procure such insurance, discharge taxes, liens or security interest or other encumbrances at any time levied or
<br />placed on the Collateral and may pay for the repair of any damage or injury to or for the preservation and maintenance of the
<br />Collateral. Debtor agrees to reimburse Secured Party on demand for any payment or expense incurred by Secured Party pursuant to
<br />the foregoing authorization. Until such reimbursement, the amount of any such payment, with interest at the rate of 16 % per
<br />annum from date of payment until reimbursement, shall be added to the indebtedness owed by Debtor and shall be secured by this
<br />agreement. (9) That he will not use the Collateral in violation of any applicable statute, regulation or ordinance and if any of the
<br />Collateral is motor vehicles the same will not be rented, used in rental service nor in any speed or endurance contest. (10) Debtor
<br />will pay Secured Party any and all costs and expenses incurred in recovering possession of the Collateral and incurred in enforcing
<br />this security agreement, and the same shall be secured by this security agreement.
<br />Until Default Debtor may have possession of the Collateral and use it in any lawful manner not inconsistent with this agreement and
<br />not inconsistent with any policy of insurance thereon, and upon default Secured Party shall have the immediate right to the
<br />possession of the Collateral.
<br />Debtor Shall Be in Default under this agreement upon the happening of any of the following events or conditions: (1) default in the
<br />payment or performance of any obligation, covenant or liability contained or referred to herein or in any note evidencing the same:
<br />(2) any warranty, representation or statement made or furnished to Secured Party by or on behalf of Debtor proves to have been
<br />false in any material respect when made or furnished; (3) any event which results in the acceleration of the maturity of the
<br />indebtedness of Debtor to others under any indenture, agreement or undertaking; (4) loss, theft, damage, destruction sale or
<br />encumbrance to or of any of the Collateral, or the making of any levy, seizure or attachment thereof or thereon; (5) death,
<br />dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of,
<br />assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws by or
<br />against Debtor or any guarantor or surety for Debtor.
<br />Upon Such Default and at any time thereafter, or if it deems itself insecure, Secured Party may declare all Obligations secured
<br />hereby immediately due and payable and shall have the remedies of a secured party under the Nebraska Uniform Commercial Code.
<br />Secured Party may require Debtor to assemble the collateral and deliver or make it available to Secured Party at a place to be
<br />designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to
<br />decline speedily in value or is of a type customarily sold on a recognized market, Secured party will give Debtor reasonable notice of
<br />the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is
<br />to be made. The requirements of reasonable notice shall be met if such notice is mailed, postage prepaid, to the address of Debtor
<br />shown at the beginning of this agreement at least five days before the time of the sale or disposition.
<br />No waiver by Secured Party of any default shall operate as a waiver of any other default or of the same default on a future
<br />occasion. The taking of this security agreement shall not waive or impair any other security said Secured Party may have or
<br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this
<br />security agreement; but said Secured Party may resort to any security it may have in the order it may deem proper, and
<br />notwithstanding any collateral security, Secured Party shall retain its rights of setoff against Debtor.
<br />All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of Debtor
<br />shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debtor, their liabilities
<br />hereunder shall be joint and several.
<br />This agreement shall become effective when it is signed by Debtor.
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