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<br />FO R CORDER'S USE ONLY
<br />
<br />RECORDATION
<br />REQUESTED BY:
<br />Bremer Bank, National
<br />Association
<br />Rugby Office
<br />1444 45th Street SW
<br />Fargo, NO 58103
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<br />Fee $35.50
<br />Will call-Landmark Title
<br />& Escrow, Inc.
<br />
<br />WHEN RECORDED MAIL
<br />TO:
<br />
<br />Bremer 'Bank
<br />PO Box 169
<br />Rugby, ND 58368
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<br />SEND TAX NOTICES TO:
<br />INREIT PROPERTIES lllP
<br />216 BROADWAY SUITE
<br />202
<br />MINOT, NO 58701
<br />
<br />200600109(')
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<br />MORTGAGE
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<br />
<br />THIS MORTGAGE dated December 23, 2005, is made and executed between INREIT
<br />PROPERTIES LLLP, whose address is 216 BROADWAY SUITE 202, MINOT, NO 58701; A
<br />limited liability Partnership (referred to below as "Grantor") and Bremer Bank, National
<br />Association, whose address is 1444 45th Street SW, Fargo, NO 58103 (referred to below as
<br />"Lender").
<br />
<br />GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to lender all of Grantor's right,
<br />title, and interest in and to the following described real property, together with all existing or subsequently erected or
<br />affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights,
<br />water permits, and watercourses (including stock in utilities with water or irrigation permits or rights); and all other
<br />rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, coal, gravel, clay,
<br />scoria, gas, geothermal and similar matters, (the "Real Property") located in HALL AND PLATTE County,
<br />State of Nebraska:
<br />LOT 2, WARREN THIRD SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA
<br />-AND-
<br />LOT 1, KLEIN SUBDIVISION, A SUBDIVISION OF LOT 1, BLOCK C, WESTBROOK
<br />ADDITION TO THE CITY OF COLUMBUS, PLATTE COUNTY, NEBRASKA
<br />
<br />The legal description was obtained from a previously recorded instrument.
<br />The Real Property or its address is commonly known as 214 PIPER STREET, GRAND ISLAND,
<br />NE 68803 AND 3386 53RD AVE, COLUMBUS, NE 68601.
<br />
<br />Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all present and future leases of the
<br />Property and all Rents from the Property. In addition, Grantor grants to lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<br />
<br />THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF
<br />ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS
<br />MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS:
<br />
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to lender all
<br />amounts secured by this Mortgage as they become due and shall strictly perform all of Grantor's obligations under this
<br />Mortgage.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />
<br />Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and
<br />control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />
<br />Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs,
<br />replacements, and maintenance necessary to preserve its value.
<br />
<br />Compliance With Environmental laws. Grantor represents and warrants to lender that: (1) During the period of
<br />Grant",'", ownership of the Property, there bel::: been no use, generation, manufacture, storage, treatment, disposal,
<br />release or threatened release of any Hazardous Substance by any person on, under, about or from the Property;
<br />(2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and
<br />acknowledged by lender in writing, (a) any breach or violation of any Environmental laws, (b) any use,
<br />generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance
<br />on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously
<br />disclosed to and acknowledged by lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other
<br />authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
<br />Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with
<br />all applicable federal, state, and local laws, regulations and ordinances, including without limitation all
<br />Environmental laws. Grantor authorizes lender and its agents to enter upon the Property to make such
<br />inspections and tests, at Grantor's expense, as lender may deem appropriate to determine compliance of the
<br />Property with this section of the Mortgage. Any inspections or tests made by lender shall be for lender's
<br />purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor or
<br />to any other person. The representations and warranties contained herein are based on Grantor's due diligence in
<br />investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims
<br />against lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under
<br />
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