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<br /> � s:cv�=�r �►a�snrs�rr � 84_ 101,QS6
<br /> �— THIB 3�CURITY ACiREF.MENT dated February 'J�, 1994, by and
<br /> _ -'-�� between WHEELER FLAT3, L.L.C. , a Colorado l�im ed liability ¢ _
<br /> -- `�-` i���;� company (herein called the "Debtar�') , and VADARON INV�3TMEAiTS,
<br /> - -�`-� INC., a Nebraaka corporation (herein called the "Lender°) j
<br /> --*a�_�erti.:?�. -:., _,
<br /> �`�r� �� In conaideration of the mutual covenants herein contained,
<br /> �� + �-� and other good and valuable consideration, the partiea hereto
<br /> -�_� .�„,��,�� agree ae follows:
<br /> �..-�`���: 71RTICL! ON=
<br /> wi ���p �1V T �n�
<br /> `i S.'S'�i�..a'�'• � S��rva�t a a i�Y�aST
<br /> �1 "��` ' Th� Debtor hereby grants to the Lender, as the Secured Party
<br /> - , .,.,.� ..�t"�;!a�
<br /> 1 ��`"� hereunder, a security interest in the collateral described in `
<br /> �a'' � EXHIBIT A at�ached hereto and made a part hereof iherein called
<br /> ; „ � , the "Collateral") ro secure the liabilities described in Exhibit �
<br /> � ' � B (herein called the "Liabilities") . The security intereat in
<br /> ���•� . . � �` any Collateral acquired by the Debtor after the date hereof shall
<br /> � ' be aubject and subordinate to any pv.rchase money security �:-
<br /> ;���- ;<� ���.• interest in such after-acquired Collateral.
<br /> . ,� . �RTICLB TWO
<br /> COY�Id11NT8 AND R8PR888NT11TION8
<br /> The Debtor covenanta and represents as followe: __
<br /> F-:
<br /> 8�etion 2.1. Own�rehi�. The Aebtor is and ahall continue -_
<br /> to be the owner of the Collateral f.ree of any lien or _
<br /> encumbrances, except the security interest created hereby and
<br /> thoae security interests securing repayment of the first two �
<br /> - Promissory Notes identified in Section 2.2 hereof (both of which
<br /> : are senior to the security interest granted herein) and will Li
<br /> " defend same against all adverse claims and demands.
<br /> ,4` ! .
<br /> Section 2.2. Crnaa-Default. A default under any of the
<br /> , following documents, which default is not cured within any
<br /> applicable grace or cure period or, if no such grace or cure
<br /> � ' period has been provided, then within fifteen (15) days after .
<br /> auch default occurs, shall also constitute a default hereunder:
<br /> �
<br /> - , 1. Promissary Note by Vadaron Investments, inc. , in r'
<br /> favor of Firat National Bank of Marquette in the amount of �'
<br /> � � .`:.,;:.� . $456, 700.00 and a Deed of Trust securing said Promissory Note �
<br /> "'. dated December 1, 1992, and encumbering real property in Grand
<br /> � ,� Island, Nebraska (the "Property") , and any othcr documents
<br /> � � evidencing or securing eaid obligation;
<br /> ' ' � 2 . Promissory t:�te by Wheeler Flats, L.L.C. , in favor of
<br /> Vadaron Investments, Inc. , in the amount of $220, 000.00 dated of
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