|
201801442
<br />transfer or sale of all or any part of the Property. This right is subject to the restrictions
<br />imposed by federal law, as applicable.
<br />10. WARRANTIES AND REPRESENTATIONS. Grantor has the right and authority to enter into
<br />this Security Instrument. The execution and delivery of this Security Instrument will not violate
<br />any agreement governing Grantor or to which Grantor is a party.
<br />11. PROPERTY CONDITION, ALTERATIONS, INSPECTION, VALUATION AND APPRAISAL.
<br />Grantor will keep the Property in good condition and make all repairs that are reasonably
<br />necessary. Grantor will not commit or allow any waste, impairment, or deterioration of the
<br />Property. Grantor will keep the Property free of noxious weeds and grasses. Grantor agrees
<br />that the nature of the occupancy and use will not substantially change without Lender's prior
<br />written consent. Grantor will not permit any change in any license, restrictive covenant or
<br />easement without Lender's prior written consent. Grantor will notify Lender of all demands,
<br />proceedings, claims, and actions against Grantor, and of any loss or damage to the Property.
<br />Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time
<br />and frequency for the purpose of inspecting, valuating, or appraising the Property. Lender will
<br />give Grantor notice at the time of or before an on -site inspection, valuation, or appraisal for
<br />on -going due diligence or otherwise specifying a reasonable purpose. Any inspection, valuation
<br />or appraisal of the Property will be entirely for Lender's benefit and Grantor will in no way rely
<br />on Lender's inspection, valuation or appraisal for its own purpose, except as otherwise provided
<br />by law.
<br />12. AUTHORITY TO PERFORM. If Grantor fails to perform any duty or any of the covenants
<br />contained in this Security Instrument, Lender may, without notice, perform or cause them to be
<br />performed. Grantor appoints Lender as attorney in fact to sign Grantor's name or pay any
<br />amount necessary for performance. Lender's right to perform for Grantor will not create an
<br />obligation to perform, and Lender's failure to perform will not preclude Lender from exercising
<br />any of Lender's other rights under the law or this Security Instrument. If any construction on
<br />the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps
<br />necessary to protect Lender's security interest in the Property, including completion of the
<br />construction.
<br />13. ASSIGNMENT OF LEASES AND RENTS. Grantor irrevocably assigns, grants, conveys to
<br />Lender as additional security all the right, title and interest in the following (Property): existing
<br />or future leases, subleases, licenses, guaranties and any other written or verbal agreements for
<br />the use and occupancy of the Property, including any extensions, renewals, modifications or
<br />replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as
<br />Leases or Rents is determined to be personal property, this Assignment will also be regarded as
<br />a security agreement. Grantor will promptly provide Lender with copies of the Leases and will
<br />certify these Leases are true and correct copies. The existing Leases will be provided on
<br />execution of the Assignment, and all future Leases and any other information with respect to
<br />these Leases will be provided immediately after they are executed. Grantor may collect,
<br />receive, enjoy and use the Rents so long as Grantor is not in default. Upon default, Grantor will
<br />receive any Rents in trust for Lender and Grantor will not commingle the Rents with any other
<br />funds. Grantor agrees that this Security Instrument is immediately effective between Grantor
<br />and Lender and effective as to third parties on the recording of this Assignment. As long as
<br />this Assignment is in effect, Grantor warrants and represents that no default exists under the
<br />Leases, and the parties subject to the Leases have not violated any applicable law on leases,
<br />licenses and landlords and tenants.
<br />14. DEED OF TRUST COVENANTS. Grantor agrees that the covenants in this Security
<br />Instrument are material obligations under the Secured Debts and this Security Instrument. If
<br />Grantor breaches any covenant in this Security Instrument, Lender may refuse to make
<br />additional extensions of credit or may reduce the credit limit. By not exercising either remedy
<br />on Grantor's breach, Lender does not waive Lender's right to later consider the event a breach
<br />if it happens again.
<br />15. DEFAULT. Grantor will be in default if any of the following even is (known separately and
<br />collectively as an Event of Default) occur:
<br />A. Fraud. Grantor engages in fraud or material misrepresentation in connection with the
<br />Secured Debts.
<br />B. Payments. Any party obligated on the Secured Debts fails to make a payment when due.
<br />C. Property. Any action or inaction occurs that adversely affects the Property or Lender's
<br />rights in the Property.
<br />16. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this
<br />Security Instrument, Lender may accelerate the Secured Debts and foreclose this Security
<br />Instrument in a manner provided by law if Grantor is in default. In some instances, federal and
<br />ANDREW C KOLAR
<br />Nebraska Deed Of Trust
<br />NE /4XXXXHAKE00000000001544023N Wolters Kluwer Financial Services ®1996, 2018 Bankers Page 3
<br />Systems T"
<br />
|