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200003380
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Last modified
10/13/2011 12:41:29 PM
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10/20/2005 8:17:38 PM
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200003380
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200003380 <br />J. Condemnation. <br />Section 2.20 If the Collateral, or any part thereof, is taken or damaged by reason of any <br />public improvement or condemnation proceeding, or in any other manner, <br />Mortgagee shall be entitled to all compensation, awards and other payments <br />or relief therefor to which Mortgagor shall be entitled, and shall be entitled at <br />its option to commence, appear in and prosecute in its own name any action <br />or proceeding or to make any compromise or settlement in connection with <br />such taking or damage to the extent of the interests of Mortgagor therein. All <br />such compensation, awards, damages, rights of action and proceeds to <br />which Mortgagor shall be entitled are hereby assigned to Mortgagee, who <br />shall after deducting therefrom all its reasonable expenses, including <br />attorneys' fees, apply or release the remaining proceeds thereof with the <br />same effect and as provided in Subsections (a), (b), (c) or (d) of Section 2.14 <br />above with respect to disposition of insurance proceeds, in the sole <br />discretion of Mortgagee; provided, that if there are any excess proceeds <br />after application thereof to any restoration of the collateral, Mortgagee shall <br />be entitled to apply such excess to the reduction of the principal balance due <br />under the Note without any adjustment in the dollar amount of the monthly <br />installments due under the Note. Mortgagor agrees to execute such further <br />assignments of any such proceeds as Mortgagee may require. <br />K. Rents and Leases; Assignment of Rents. <br />Section 2.21 Mortgagor shall not enter into any lease or sublease of any portion of the <br />Collateral, except for the Permitted Leases, without the prior written approval <br />of Mortgagee. Mortgagor shall not modify any such lease without the prior <br />written consent of Mortgagee. Mortgagor shall not accept prepayments of <br />rent on any lease, including the Permitted Leases, for any period in excess <br />of two months and shall perform all covenants of the lessor under all leases <br />affecting the Collateral, including the Permitted Leases. The term "leases" <br />as used herein includes any extensions or renewals and any amendments <br />consented to by the Mortgagor. Mortgagor shall not amend or terminate any <br />leases, including the Permitted Leases, without the prior written consent of <br />Mortgagee, except for terminations of those of the Permitted Leases <br />described in Subsection 2.7(a) made in the ordinary course of Mortgagor's <br />business. Mortgagor shall not consent to any assignment or subletting <br />under any leases including the Permitted Leases without the prior written <br />consent of Mortgagee. Mortgagor shall immediately give notice to <br />Mortgagee of any default under any lease, including the Permitted Leases, <br />which it receives or delivers. Mortgagee shall have the right but not the <br />obligation, to cure any default of Mortgagor under any of the leases and all <br />amounts disbursed in connection with said cure shall be immediately due <br />and payable, shall be deemed to be disbursements for the protection of the <br />2000 MORTGAGE <br />(Grand Island, Nebraska) <br />14 <br />
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