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—.s .��.` — ��r��_.._.4.r�� .-�...... . . ..— —:,-_._. -- --_. _ ---- _ . �...�.� —..-fi_ -'� ��Vy'�IWt�r�` ' . ; � .. ; ��..�..��_�.:. . ;:eiiz-:�'�i.��-�w,x`� ` -- _ � _� � i�.,P.�,HR"C&i._� __. .___- " ._ _ . ._—__ _ -_ i - --� � _--`--- • � � . ` • _- 94- so�.o�� - - sacvR=�t �►c�RSas�rr - � THIS SECURITY ACiREEMENT dated February � , 1994, by and •�"'�T� hetween WHEELER FLATS, L.L.C. , a Colorado li�ed lfability _ �,°'-'"'"=-T��yz:-�;� company (herein called the "Deb�or" ) , and VADARON INV�STMENTS, �_ -� _ - - INC. , a Nabraeka corporation therein called the °Lender") j �4562�it� ___ :-1w9c.L=.�":'�t'�� 1�,�v:"F._.. -_��;�:.�,�;�, In consideration of the mutual covenants herein contained, �--�;�;L_ �:,�: � and other good and valuable conaideration, the partiea hereto � _.__:�-,�� agree as followe: ` _— s� .. �-.:»z:::.:,:..-.:- ]1RTICL� ON8 � ' �Y��c.11.].:.-.:;r �Q _ •�w'fF.� � �YVYRi i i ��aiYS� .� - , : S(" ,.:.�.�'.�',�tY �'.. � - a 4eF.r" .e<,?�:f::rE � • �' . ` ! '�'�"•" � "� '� The Debtor hereby grants to the Lender, as the Secured Party �•:u.-L-- .� ` �`'"-'}`'"'�` hereunder, a security interest in the collateraY deacribed in EXHIBIT A attached heretA and made a part hereof (herein called �,�. : �; '� � the "Collateral") to secure the liabilities described in Exhibit �� B (herein called the "Liabilities") . The aecurity interest in �•-v-- ' t. �,►a�.�.��:��•°�+� any Collateral acquired by the Debtor after the date hereof ahall - � ' � be aubject and subordinate to any purchase money aecurity ��' • � intereat in such after-acquired Collateral. `�= •:-,: — � � ARTICLg TWO � COVSNANTB 71rTD R8PRB3EIJTATIONB The Debtor covenante and represents as fol7.ows: ��=� � ' ---_—=----- �-„�___ 3eatioa 2.1. Ownerahi.p. The Debtor is and ahall continue � to be the owner of the Collateral free of any lien or �'' ;�iV' encumbrances, except the aecurity interest creared hereby and ' a.. = ��• thoae security interests se�uring repayment of the first two ��_�'�;; ti Promissory Notes identified in Section 2.2 hereof (the first of ��'�"' which is aenior to the aecurity interest granted herein and the F �� . second of which is subordinate to the security interest granted �� herein) and will defend same against all adverse claims and � , ; � . demands. � � 3ection 2.2. Crose-Dafault. A default under any of the ; . F following documents, which default is not cured within any ; . applicable grace or cure period or, if no such grace or cure period hag been provided, then within fifteen (15) days after • auch default occura, shall also constitute a defa�:lt hereunder: � 1. Promissory Note by Vadaron Investments, Inc. , in , _ favor of First National Bank of Marquette in the amount of � • 4 $456,700.00 and a Deed �f Trust securing �aid Promissory Note dated December l, 1992, and encumbering real property in Grand ;• Island, Nebraska (the "Property") , and any other documents ;j' evidencing or aecuring said obligation; � � i A•� ' t . . . •.?C<._ I.Y�.•�r.s:: . � . . �_ �_ . _ . . � ' �, I i , I . - � i t . __ . �.__ __ _ .__ _ 1 .