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200314437
<br />(a) Organization: Borrower is duly organized, validly existing and in good
<br />standing as a limited liability company under the laws of the State of Nebraska, is
<br />qualified, in good standing, and authorized to do business in each of the jurisdictions in
<br />which the nature of its activities or properties require such authorization, and has full
<br />power and authority to own its properties, carry on this business as now being
<br />conducted, and to enter into, deliver and perform under this Security Instrument.
<br />(b) Authorization: The execution and delivery of this Security Instrument and
<br />the satisfaction of Borrower's obligations hereunder have been duly authorized by all
<br />necessary company action in accordance with the laws of the State of Nebraska. Each of
<br />the Loan Documents, upon execution and delivery to Lender, constitutes a legally valid
<br />and binding agreement of Borrower, enforceable against Borrower in accordance with its
<br />terms, except as such enforcement may be qualified or limited by bankruptcy,
<br />insolvency, or other similar laws affecting creditors' rights in general.
<br />(c) No Contravention: The execution, delivery, and performance of this
<br />Security Instrument by Borrower will not, immediately or with the passage of time, the
<br />giving of notice or otherwise, result in (i) the breach of, or constitute a default under, or
<br />in any manner release any party thereto from, or accelerate any obligations under, any of
<br />the terms or provisions of any lease, security agreement, mortgage, note, indenture,
<br />security instrument, license, permit, contract, agreement, or other instrument or
<br />document of any kind or nature to which Borrower is a party of by which it or its
<br />property is bound or affected, or any restriction to which it or its property is subject, (ii)
<br />the creation or acceleration of any lien or encumbrance on the property of Borrower, (iii)
<br />a violation of any order, writ, injunction, or decree by which Borrower is bound of any
<br />court, administrative agency, or governmental body, or (iv) the breach of the terms of
<br />Borrower's Articles of Organization and Operating Agreement.
<br />(d) Disclosure: No representation or warranty of Borrower in this Security
<br />Instrument or any statement or certificate furnished or to be furnished by Borrower
<br />pursuant to this Security Instrument or in connection with the transactions contemplated
<br />herein contains or shall contain any untrue, inaccurate, or misleading statement of
<br />material fact or omits to state a material fact necessary in order to make a statement
<br />contained therein not misleading.
<br />(e) Financial Information: The most recent annual financial statements of
<br />Borrower and the Guarantors, O'Connor Enterprises, Inc., Raymond J. O'Connor and
<br />Jennifer S. O'Connor, delivered to Lender during the loan application process at
<br />Lender's request (the "Annual Financial Statements and Federal Income Tax Returns ")
<br />accurately present the financial condition of the Borrower and Guarantors referred to
<br />therein, as of the dates therein indicated.
<br />(f) Litigation: No suits, actions, governmental investigations or inquiries,
<br />proceeding (including, without limitation, condemnation or eminent domain
<br />proceedings), or other litigation is pending or, to the best of Borrower's knowledge,
<br />proposed or threatened, against or affecting Borrower, the Property, or the Collateral
<br />which, singularly or in the aggregate, if adversely determined, would materially inhibit
<br />or impair Borrower's ability to perform hereunder or reduce or restrict Borrower's
<br />interest in the Property or the Collateral, and Borrower knows of no basis for any such
<br />litigation.
<br />(g) Loan Documents: All representations and warranties of Borrower contained
<br />in the Note, Assignment of Leases and Rents and the Hazardous Substances Certificate
<br />and Indemnity Agreement entered into by Borrower are true and accurate in all material
<br />respects to the extent not inconsistent with the representations and warranties of
<br />Borrower contained herein.
<br />(h) Property: Neither the whole nor any portion of the Property is subject to any
<br />pending condemnation, taking, or other similar proceeding by any public or private
<br />authority, and, to the best of Borrower's knowledge, no such condemnation or taking is
<br />threatened or contemplated with respect to the Property. Borrower is unaware of and has
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