|
200316198
<br />6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or
<br />other 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 lien document without Lender's prior written consent.
<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 />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 all or any part of the
<br />Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due -
<br />on -sale laws, as 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. Gran for will keep the Property in good
<br />condition and make all repairs that are reasonably necessary. Grantor will not commit or allow any waste,
<br />impairment, or deterioration of the Property. Grantor will keep the Property free of noxious weeds and grasses.
<br />Grantor agrees that the nature of the occupancy and use will not substantially change without Lender's prior
<br />written consent. Grantor will not permit any change in any license, restrictive covenant or easement without
<br />Lender's prior written consent. Grantor will notify Lender of all demands, proceedings, claims, and actions
<br />against Grantor, 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 assigns, grants, conveys to Lender as
<br />additional security all the right, title and interest in the following (all referred to as Property): existing or future
<br />leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of
<br />the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases); and
<br />rents, issues and profits (all referred to as Rents). In the event any item listed as Leases or Rents is determined
<br />to be personal property, this Assignment will also be regarded as a security agreement. Grantor will promptly
<br />provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing
<br />Leases will be provided on execution of the Assignment, and all future Leases and any other information with
<br />respect to these Leases will be provided immediately after they are executed. Grantor may collect, receive,
<br />enjoy and use the Rents so long as Grantor is not in default. Upon default, Grantor will receive any Rents in
<br />trust for Lender and Grantor will not commingle the Rents with any other funds. Grantor agrees that this
<br />Security Instrument is immediately effective between Grantor and Lender and effective as to third parties on the
<br />recording of this Assignment. As long as this Assignment is in effect, Grantor warrants and represents that no
<br />default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on
<br />leases, licenses and landlords and tenants.
<br />13. DEFAULT. Grantor will be in default if any of the following occur:
<br />A. Payments. Grantor fails to make a payment in full when due.
<br />B. Insolvency. Grantor makes an assignment for the benefit of creditors or becomes insolvent, either
<br />because Grantor's liabilities exceed Grantor's assets or Grantor is unable to pay Grantor's debts as they
<br />become due.
<br />C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br />D. Failure to Perform. Grantor fails to perform any condition or to keep any promise or covenant of this
<br />Security Instrument.
<br />E. Other Documents. A default occurs under the terms of any other transaction document.
<br />F. Other Agreements. Grantor is in default on any other debt or agreement Grantor has with Lender.
<br />G. Misrepresentation. Grantor makes any verbal or written statement or provides any financial information
<br />that is untrue, inaccurate, or conceals a material fact at the time it is made or provided.
<br />H. Judgment. Grantor fails to satisfy or appeal any judgment against Grantor.
<br />I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal
<br />authority.
<br />J. Name Change. Grantor changes Grantor's name or assumes an additional name without notifying Lender
<br />before making such a change.
<br />K. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or property. This
<br />condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the
<br />DUE ON SALE section.
<br />L. Property Value. The value of the Property declines or is impaired.
<br />M. Insecurity. Lender reasonably believes that Lender is insecure.
<br />I-ff 1 RA- -A . l%
<br />Nebraska Deed Of Trust Initials
<br />NE/ 4XX2 83490007044000041 6002 2 1 2 1 1 03Y 0'1996 Bankers Systems, Inc., St. Cloud, MN 6cl5E�: "
<br />11r
<br />
|