Laserfiche WebLink
i <br />therein provided, to costs of managing, protecting and preserving the Property and to any other necessary <br />related expenses including Lender's attorneys' fees and court costs. <br />Grantor agrees that this assignment is immediately effective between the parties to this Security Instrument and <br />effective as to third parties on the recording of this Security Instrument. This assignment will remain effective <br />until the Secured Debts are satisfied. Grantor agrees that Lender is entitled to notify Grantor or Grantor's <br />tenants to make payments of Rents due or to become due directly to Lender after such recording, however, <br />Lender agrees not to notify Grantor's tenants until Grantor defaults and Lender notifies Grantor of the default <br />and demands that Grantor and Grantor's tenants pay all Rents due or to become due directly to Lender. On <br />receiving the notice of default, Grantor will endorse and deliver to Lender any payments of Rents. <br />Grantor warrants that no default exists under the Leases or any applicable landlord law. Grantor also agrees to <br />maintain, and to require the tenants to comply with, the Leases and any applicable law. Grantor will promptly <br />notify Lender of any noncompliance. If Grantor neglects or refuses to enforce compliance with the terms of the <br />Leases, then Lender or Trustee may opt to enforce compliance. Grantor will obtain Lender's written <br />authorization before Grantor consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the <br />surrender of the Property covered by such Leases (unless the Leases so require), or to assign, compromise or <br />encumber the Leases or any future Rents. If Lender acts to manage, protect and preserve the Property, Lender <br />does not assume or become liable for its maintenance, depreciation, or other losses or damages, except those <br />due to Lender's gross negligence or intentional torts. Otherwise, Grantor will hold Lender harmless and <br />indemnify Lender for any and all liability, loss or damage that Lender may incur as a consequence of the <br />assignment under this section. <br />13. DEFAULT. Grantor will be in default if any of the following occur: <br />A. Payments. Grantor fails to make a payment in full when due. <br />B. Insolvency or Bankruptcy. Any legal entity obligated on the Secured Debts makes an assignment for the <br />benefit of creditors or becomes insolvent, either because its liabilities exceed its assets or it is unable to pay <br />its debts as they become due; or Grantor petitions for protection under federal, state or local bankruptcy, <br />insolvency or debtor relief laws, or is the subject of a petition or action under such laws and fails to have the <br />petition or action dismissed within a reasonable period of time not to exceed 60 days. <br />C. Death or Incompetency. Grantor dies or is declared incompetent. <br />D. Failure of Condition or Term. Grantor fails to pay, or perform any condition or to keep any promise or <br />covenant on this or any debt or agreement Grantor has with Lender. <br />E. Misrepresentation. Grantor makes any verbal or written statement or provides any financial information <br />that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. <br />F. Judgment. Grantor fails to pay or discharge a judgment against Grantor for the payment of money, unless <br />within ten days of its entry the judgment is either satisfied or a stay of enforcement is granted pending <br />appeal. <br />G. Forfeiture. The Property is used in a manner or for a purpose which threatens confiscation by a legal <br />authority. <br />H. Name Change. Grantor changes Grantor's name or assumes an additional name without notifying Lender <br />before making such a change. <br />I. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or property. <br />J. Other Instruments. A default occurs under the terms of any instrument evidencing or pertaining to the <br />Secured Debts. <br />K. Insecurity. Anything else happens that causes Lender to reasonably believe that Lender will have difficulty <br />collecting the amount owed under the terms of the Secured Debts or significantly impairs the value of the <br />Property. <br />14. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument <br />evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any <br />amounts advanced on Grantor's behalf will be immediately due and may be added to the balance owing under <br />the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available <br />on Grantor's default. <br />Subject to any right to cure, required time schedules or other notice rights Grantor may have under federal and <br />state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately <br />due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or <br />anytime thereafter. <br />All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law <br />or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial <br />payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed <br />will not constitute a waiver of Lender's right to require complete cure of any existing default. By choosing any <br />one or more of these remedies Lender does not give up Lender's right to use any other remedy. Lender does not <br />waive a default if Lender chooses not to use a remedy. By electing not to use any remedy, Lender does not <br />waive Lender's right to later consider the event a default and to use any remedies if the default continues or <br />happens again. <br />15. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, <br />Grantor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies <br />under this Security Instrument, Grantor agrees to pay expenses for Lender to inspect and preserve the Property <br />and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are <br />not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable <br />immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full <br />at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted <br />by the United States Bankruptcy Code, Grantor agrees to pay the reasonable attorneys' fees Lender incurs to <br />collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. <br />16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law <br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act <br />(CERCLA), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions <br />TODD C ENCK <br />Nebraska Deed Of Trust Initials <br />NE/ 2nadm10686000000000000000400000005nC 01996 Bankers Systems, Inc., St. Cloud, MN Page 3 <br />