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<br />otherwise required by law, the illegality, invalidity, or unenforceability of any provision
<br />of this Deed of Trust shall not affect the legality, validity, or enforceability of any other
<br />provision of this Deed of Trust.
<br />Successors and Assigns. Subject to any limitations stated in this Deed of Trust on
<br />transfer of Trustor's interest, this Deed of Trust shall be binding upon and inure to the
<br />benefit of the parties, their successors and assigns. If ownership of the Property
<br />becomes vested in a person other than Trustor, Lender, without notice to Trustor, may
<br />deal with Trustor's successors with reference to this Deed of Trust and the
<br />indebtedness by way of forbearance of extension without releasing Trustor from the
<br />obligations of this Deed of Trust or liability under the indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this deed of
<br />Trust.
<br />Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and
<br />benefits of the homestead exemption laws of the State of Nebraska as to all
<br />indebtedness secured by this Deed of Trust.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used
<br />in this Deed of Trust. Unless specifically stated to the contrary, all references to dollar amounts shall
<br />mean amounts in lawful money of the United States of America. Words and terms used in the singular
<br />shall include the plural, and the plural shall include the singular, as the context may require. Words and
<br />terms not otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in
<br />the Uniform Commercial Code:
<br />Beneficiary. The word "Beneficiary" means Bremer Bank N.A., and its successors and
<br />assigns.
<br />Borrower. The word "Borrower" means IRET Properties, a North Dakota Limited
<br />Partnership, and all other persons and entities signing the Note in whatever capacity.
<br />Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor,
<br />Lender, and Trustee, and includes without limitation all assignment and security interest
<br />provisions relating to the Personal Property and Rents.
<br />Default. The word "Default" means the Default set forth in this Deed of Trust in the
<br />section titled "Default."
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal,
<br />and local statutes, regulations, and ordinances relating to the protection of human
<br />health or the environment, including without limitation the Comprehensive
<br />Environmental Response, Compensation, and Liability Act of 1980, as amended, 42
<br />U.S.C. Section 9601, et seq. ( "CERCLA ") the Superfund Amendments and
<br />Reauthorization Act of 1986, Pub. L. No. 99 -499 ( "SARA "), the Hazardous Materials
<br />Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and
<br />Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal
<br />laws, rules, or regulations adopted pursuant thereto.
<br />Event of Default. The words "Event of Default" mean any of the Events of Default set
<br />forth in this Deed of Trust in the Events of Default section of this Deed of Trust.
<br />Guaranty. The word "guaranty" means the guaranty from guarantor, endorser, surety,
<br />or accommodation party to Lender, including without limitation a guaranty of all or part
<br />of the Note.
<br />Hazardous Substances. The words "Hazardous Substance" mean materials that,
<br />because of their quantity, concentration or physical, chemical or infectious
<br />characteristics, may cause or pose a present or potential hazard to human health or the
<br />environment when improperly used, treated, stored, disposed of, generated,
<br />manufactured, transported or otherwise handled. The words "Hazardous Substances"
<br />are used in their very broadest sense and include without limitation any and all
<br />hazardous or toxic substances, materials or waste as defined by or listed under the
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