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99 111736� �
<br /> 7. CLAIMS AGAINST TITLE. Grantor will pay all taxes, assessments, Iiens, 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 /> Instrument. 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 creation of, a transfer or sale of the Property. This
<br /> right is subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, as
<br /> applicable.
<br /> 9. WARRANTIES AND REPRESENTATIONS. Grantor has the right and author',tRy� to nter into this Security
<br /> Instrument. The execution and delivery of this Security Instrument will not �c�1s�t� ,�n� ,�gre��nt 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. Grarnor-�rttitP�off -LerRler`ofi afl d�emands; � ' � ' ` '
<br /> fy proceedngs, cfaims, and actions against Grantor,
<br /> 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 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. If 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 /> 12. ASSIGNMENT OF LEASES AND RENTS. 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 Leasesl.
<br /> B. Rents, issues and profits (all referred to as Rents), including but not limited to security deposits, minimum
<br /> rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes,
<br /> other applicable taxes, insurance premium contributions, liquidated damages followir�g_ .de.fault,_�n�ellation
<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 /> Grantor will promptly provide Lender with true and correct copies of all existing and future Leases. Grantor may
<br /> collect, receive, enjoy and use the Rents so long as Grantor 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 nat 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 will 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 /> B. Insecurity. Anything else happens that causes Lender to reasonably believe that the prospect of payment,
<br /> performance or the value of the Property is significantly impaired.
<br /> 14. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument
<br /> evtdencing or pertaining tts tne ��cured f�ebts, including, without Iimita�ion, the power�o 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 notr
<br /> JEFFREY S. WESTERBY
<br /> Nebraska Dsad Of Truat Initial�
<br /> NE12heerc057C000000000000001200000013n4 m1996 Bankers Systems,Inc.,St.Cloud,MN ge 2
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