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�9 �111719
<br /> which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose,"
<br /> as defined and required by federal law governing securities.
<br /> C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
<br /> Instrument.
<br /> 4. PAYMENTS. Grantor agrees that all payments under the Secured Debts will be paid when due and in
<br /> accordance with the terms of the Secured Debts and this Security (nstrument.
<br /> 5. WARRANTY OF TITLE. Grantor warrants that Grantor is or will be lawfully seized of the estate conveyed by
<br /> this Security Instrument and has the right to irrevocably grant, convey and sell the Property to Trustee, in trust,
<br /> with power of sale. Grantar also warrants that the Property is unencumbered, excepY for encumbrenCes of
<br /> record.
<br /> 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other
<br /> lien document that created a prior security interest or encumbrance on the Property, Grantor agrees:
<br /> A. To make all payments when due and to perform or comply with all covenants.
<br /> B. To promptly deliver to Lender any notices that Grantor receives from the holder.
<br /> C. Not to allow any modification or extension of, nor to request any future advances under any note or
<br /> agreement secured by the Iien document without Lender's prior written cons.ent.
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<br /> 7. CLAIMS AGAINST TITLE. Grantor will pay all taxes, assessments, liens, encumbrances, lease payments,
<br /> ground rents, utilities, and other charges relating to the Property when due. Lender may require Grantor to
<br /> provide to Lender copies of all notices that such amounts are due and the receipts evidencing Grantor's
<br /> payment. Grantor will defend title to the Property against any claims that would impair the lien of this Security
<br /> Inst�ument. Grantor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Grantor
<br /> may have against parties who supply labor or materials to maintain or improve the Property.
<br /> 8. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be immediately
<br /> due and payable upon the creation of, or contract for the creafion of, a transfer or sale of'the Property. This
<br /> right is subject to the restrictions imposed by federal law governing th'e preemption of state due-on-sale laws, as
<br /> applicable.
<br /> 9. WARRANTIES AND REPRESENTATIONS. Grantor has the right and authority to enter into this Security
<br /> Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing
<br /> Grantor or to which Grantor is a party.
<br /> 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Grantor will keep the Property in good condition
<br /> and make all repairs that are reasonably necessary. Grantor will not commit or allow any waste, impairment, or
<br /> deterioration of the 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 written consent.
<br /> Grantor will not permit any change in any license, restrictive covenant or easement without Lender's prior
<br /> written consent. Grantor will notify Lender of all demands, proceedings, claims, and actions against Grantor,
<br /> , , - - . .. __ _,. _ ,, _.�, ,._ . .__._ :_ , __>.._.. _. ..,
<br /> an any lassor damage t�#heP�ope��. ti � �
<br /> Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of
<br /> inspecting the Property. Lender will give Grantor notice at the time of or before an inspection specifying a
<br /> reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and
<br /> Grantor will in no way rely on Lender's inspection.
<br /> 11. AUTHORITY TO PERFORM. ►f Grantor fails to perform any duty or any of the covenants contained in this
<br /> Security Instrument, Lender may, without notice, perform or cause them to be performed. Grantor appoints
<br /> Lender as attorney in fact to sign Grantor's name or pay any amount necessary for performance. Lender's right
<br /> to perform for Grantor will not create an obligation to perform, and Lender's failure to perform will not preclude
<br /> Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any
<br /> construction on 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 construction.
<br /> _ � _..:.__ — _ . . .___ __--- �_ _-=- - _ ___._- �__._ _
<br /> 'f 2. A3`�1�11fIVIE�1f`f b�C�AS���►ND R S.`Grantor irrevocably grants, bargains and conveys to Trustee, in
<br /> trust for the benefit of the Lender, as additional security all the right, title and interest in and to any and all:
<br /> A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for
<br /> the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or
<br /> substitutions of such agreements (all referred to as Leases►.
<br /> B. Rents, issues and profits (all referred to as Rentsl, including but not limited to security deposits, minimum ;
<br /> rent, percentage rent, additional rent, common area maintenance charges, parking charg�sr rgalte�tate taxes, �
<br /> other applicable taxes, insurance premium contributions, liquidated damages following'de�faulti, �ncellation ;
<br /> premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts,
<br /> contract rights, general intangibles, and all rights and claims which Grantor may have that in any way pertain
<br /> to or are on account of the use or occupancy of the whole or any part of the Property.
<br /> �rantor Lvil� promptly pro�✓ide Lender wi*,h true and correct cqpies af ?II existing,and future Leases. Grantor may
<br /> collect, receive, enjoy and use the Rents so long as G�anfor is not in default under the terms of this Security
<br /> Instrument.
<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 notice of default, Grantor wilt endorse and deliver to Lender any payment of Rents in Grantor's
<br /> possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds.
<br /> Any amounts collected will be applied as provided in this Security Instrument. Grantor warrants that no default
<br /> exists under the Leases or any applicable landlord/tenant law. Grantor also agrees to maintain and require any
<br /> tenant to comply with the terms of the Leases and applicable law.
<br /> 13. DEFAULT. Grantor will be in default if any of the following occur:
<br /> A. Payments. Any party obligated on the Secured Debts fails to make payment when due.
<br /> ROGER L ROSS
<br /> Nebreska Daad Of Trust Initia �
<br /> ' NE/2kerma0599000000000000003200000033n6 �7996 Bankers Systems,Inc.,St.Cloud,MN p8p 2
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