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<br />managing, protecting, valuating, appraising and preserving the Property, and other necessary
<br />expenses. Grantor agrees that this Security Instrument is immediately effective between
<br />Grantor and Lender and effective as to third parties on the recording of this Assignment. As
<br />long as this Assignment is in effect, Grantor warrants and represents that no default exists
<br />under the Leases, and the parties subject to the Leases have not violated any applicable law on
<br />leases, licenses and landlords and tenants. Grantor, at its sole cost and expense, will keep,
<br />observe and perform, and require all other parties to the Leases to comply with the Leases and
<br />any applicable law. If Grantor or any party to the Lease defaults or fails to observe any
<br />applicable law, Grantor will promptly notify Lender. If Grantor neglects or refuses to enforce
<br />compliance with the terms of the Leases, then Lender may, at Lender's option, enforce
<br />compliance. Grantor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or
<br />accept the surrender of the Property covered by the Leases (unless the Leases so require)
<br />without Lender's consent. Grantor will not assign, compromise, subordinate or encumber the
<br />Leases and Rents without Lender's prior written consent. Lender does not assume or become
<br />liable for the Property's maintenance, depreciation, or other losses or damages when Lender
<br />acts to manage, protect or preserve the Property, except for losses and damages due to
<br />Lender's gross negligence or intentional torts. Otherwise, Grantor will indemnify Lender and
<br />hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to
<br />exercise any of its remedies against any party obligated under the Leases.
<br />14. DEFAULT. Grantor will be in default if any of the following events (known separately and
<br />collectively as an Event of Default) occur:
<br />A. Payments. Grantor fails to make a payment in full when due.
<br />B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a
<br />receiver by or on behalf of, application of any debtor relief law, the assignment for the
<br />benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence
<br />by, or the commencement of any proceeding under any present or future federal or state
<br />insolvency, bankruptcy, reorganization, composition or debtor relief law by or against
<br />Grantor, Borrower, or any co-signer, endorser, surety or guarantor of this Security
<br />Instrument or any other obligations Borrower has with Lender.
<br />C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br />D. Failure to Perform. Grantor fails to perform any condition or to keep any promise or
<br />covenant of this Security Instrument.
<br />E. Other Documents. A default occurs under the terms of any other document relating to
<br />the Secured Debts.
<br />F. Other Agreements. Grantor is in default on any other debt or agreement Grantor has with
<br />Lender.
<br />G. Misrepresentation. Grantor makes any verbal or written statement or provides any
<br />financial information that is untrue, inaccurate, or conceals a material fact at the time it is
<br />made or provided.
<br />H. Judgment. Grantor fails to satisfy or appeal any judgment against Grantor.
<br />I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation
<br />by a legal authority.
<br />J. Name Change. Grantor changes Grantor's name or assumes an additional name without
<br />notifying Lender before making such a change.
<br />K. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or
<br />property. This condition of default, as it relates to the transfer of the Property, is subject to
<br />the restrictions contained in the DUE ON SALE section.
<br />L. Property Value. Lender determines in good faith that the value of the Property has
<br />declined or is impaired.
<br />M. Erosion. Any loan proceeds are used for a purpose that will contribute to excessive
<br />erosion of highly erodible land or to the conversion of wetlands to produce or to make
<br />possible the production of an agricultural commodity, as provided by 7 CFR Part 12.
<br />N. Other Events. Anything else happens that causes Lender to reasonably believe that the
<br />prospect of payment, performance or realization of the Property is significantly impaired.
<br />15. REMEDIES. On or after the occurrence of an Event of Default, Lender may use any and all
<br />remedies Lender has under state or federal law or in any document relating to the Secured
<br />Debts, including, without limitation, the power to sell the Property. Any amounts advanced on
<br />Grantor's behalf will be immediately due and may be added to the balance owing under the
<br />Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that
<br />may be available on Grantor's default.
<br />Subject to any right to cure, required time schedules or any other notice rights Grantor may
<br />have under federal and state law, Lender may make all or any part of the amount owing by the
<br />KARL M QUANDT
<br />Nebraska Deed Of Trust
<br />NE/4JBARENBE00000000003267029N Wolters Kluwer Financial Services, Inc.01996, 2024 Page 4
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