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<br />200512637
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<br />A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and
<br />replacements. A promissory note or other agreement, No. 305967-50, dated December 21, 2005, from
<br />Grantor to lender, with a loan amount of $120,129.50 and maturing on December 27, 2010.
<br />B. Sums Advanced. All sums advanced and expenses incurred by lender under the terms of this Security
<br />Instrument.
<br />4. PAYMENTS. Grantor agrees that all payments under the Secured Debts will be paid when due and in
<br />accordance with the terms of the Secured Debts and this Security Instrument.
<br />5. WARRANTY OF TITLE. Grantor warrants that Grantor is or will be lawfully seized of the estate conveyed by
<br />this Security Instrument and has the right to irrevocably grant, convey and sell the Property to Trustee, in trust,
<br />with power of sale. Grantor also warrants that the Property is unencumbered, except for encumbrances of
<br />record.
<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 Debt to be immediately
<br />due and payable upon the creation of, or contract for the creation of, any transfer or sale of all or any part of
<br />the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable.
<br />9. WARRANTIES AND REPRESENTATIONS. Grantor makes to lender the following warranties and
<br />representations which will continue as long as this Security Instrument is in effect:
<br />A. Power. Grantor is duly organized, and validly existing and in good standing in all jurisdictions in which
<br />Grantor operates. Grantor has the power and authority to enter into this transaction and to carryon
<br />Grantor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each
<br />jurisdiction in which Grantor operates.
<br />B. Authority. The execution, delivery and performance of this Security Instrument and the obligation
<br />evidenced by this Security Instrument are within Grantor's powers, have been duly authorized, have received
<br />all necessary governmental approval, will not violate any provision of law, or order of court or governmental
<br />agency, and will not violate any agreement to which Grantor is a party or to which Grantor is or any of
<br />Grantor's property is subject.
<br />10. PROPE RTY CONDITION, ALTERATIONS AND INSPECTION. Gran tor 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 (Property): existing or future leases, subleases,
<br />licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property,
<br />including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits
<br />(Rents). In the event any item listed as leases or Rents is determined to be personal property, this Assignment
<br />will also be regarded as a security agreement. Grantor will promptly provide lender with copies of the Leases
<br />and will certify these leases are true and correct copies. The existing leases will be provided on execution of
<br />the Assignment, and all future leases and any other information with respect to these leases will be provided
<br />immediately after they are executed. Grantor may collect, receive, enjoy and use the .Ftehts so h:>ng as Grantor
<br />is not in default. Upon default, Grantor will receive any Rents in trust for lender and Grantor will not
<br />commingle the Rents with any other funds. Grantor agrees that this Security Instrument is immediately
<br />effective between Grantor and lender and effective as to third parties on the recording of this Assignment. As
<br />long as this Assignment is in effect, Grantor warrants and represents that no default exists under the Leases,
<br />and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and
<br />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 or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on
<br />behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of,
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<br />PHYLLIS J CODNER REVOCABLE TRUST
<br />Nebraska Deed Of Trust
<br />NE/4XX28325000815100004558027122105Y
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<br />@1996 Bankers Systems, Inc.. St. Cloud, MN ~
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