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201702895
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Last modified
7/3/2017 5:40:40 PM
Creation date
5/3/2017 3:15:50 PM
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DEEDS
Inst Number
201702895
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201702895 <br />indebtedness of Trustor secured by this Deed of Trust. Such amounts shall be payable upon <br />notice from Beneficiary to Trustor requesting payment thereof, and shall bear interest from the <br />date of disbursement at the rate payable from time to time on the outstanding principal under the <br />Promissory Note unless payment of interest at such rate would be contrary to applicable law, in <br />which event such amounts shall bear interest at the highest rate permissible under applicable law. <br />Nothing contained in this Section 7 shall require Beneficiary to incur any expense or take any <br />action hereunder. <br />8. Leases and Rents. Trustor agrees that Beneficiary has the right to enter the <br />Property for the purpose of enforcing its interest in the Leases and the Rents. Nevertheless, <br />subject to the terms of this Section 8, Beneficiary grants Trustor a limited license to collect the <br />Rents. Trustor shall hold the Rents, or that portion thereof sufficient to discharge all current <br />sums due and unpaid by Trustor under the terms of the Notes, whichever is less, in trust for use <br />in the payment of the Obligations. Trustor further agrees that it will not cancel, terminate, <br />amend or modify the Leases without the prior written consent of Beneficiary, which consent <br />shall not be unreasonably withheld. <br />Upon the occurrence of an Event of Default (as hereinafter defined), Trusto:r's limited <br />license to collect Rents shall automatically terminate, and any Rents previously collected and in <br />Trustor's possession shall thereafter be held in trust for use in payment of the Obligations. <br />Beneficiary may enter upon the Property, collect and retain the Rents and apply the Rents toward <br />payment of the Obligations in such priority and proportions as Beneficiary in its discretion shall <br />deem proper. Upon request, Trustor shall furnish Beneficiary with executed copies of all Leases. <br />In addition, all renewals of Leases and all proposed Leases shall provide for rental rates <br />comparable to existing local market rates (taking into account reasonable free -rent periods or <br />other promotional discounts consistent with local market conditions) and shall be arm's length <br />transactions. All Leases shall provide that they are subordinate to this Deed of Trust, and that <br />the lessee attorns to Beneficiary. <br />9. Security Agreement; Financing Statements. <br />(a) Security Agreement. This Deed of Trust is both a real property deed of <br />trust and a "security agreement" within the meaning of the Uniform Commercial Code in <br />effect in the State of Nebraska, as amended from time to time (the "UCC "). The Property <br />includes both real and personal property and all other rights and interest, whether tangible <br />or intangible in nature, of Trustor in the Property. TRUSTOR HEREBY GRANTS TO <br />BENEFICIARY, AS SECURITY FOR THE OBLIGATIONS, A SECURITY <br />INTEREST IN THE PROPERTY TO THE FULL EXTENT THAT THE PROPERTY <br />MAY BE SUBJECT TO THE UCC OR THE UNIFORM COMMERCIAL CODE OF <br />ANY OTHER STATE OR STATES WHERE THE TRUSTOR IS LOCATED (said <br />portion of the Property so subject to the UCC being called in this paragraph the <br />"Collateral "). If an Event of Default shall occur, Beneficiary, in addition to any other <br />rights and remedies which it may have, shall have and may exercise immediately and <br />without demand, any and all rights and remedies granted to a Beneficiary upon default <br />under the UCC, including, without limiting the generality of the foregoing, the right to <br />take possession of the Collateral or any part thereof, and to take such other measures as <br />Beneficiary may deem reasonably necessary or advisable for the care, protection and <br />4830 - 2329 - 6839.2 6 <br />
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