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<br />obtains lender's written consent. Upon d'3fault, Grantor will receive any Rents in nus'!' forlehder and Grantor
<br />will not commingle the Rents with any other funds. When lender so directs, Grantor will endorse and deliver
<br />any payments of Rents from the Property to lender. Amounts collected will be applied at lender's discretion to
<br />the Secured Debts, the costs of managing, protecting and preserving the Property, and other necessary
<br />expenses. Grantor agrees that this Security Instrument is immediately effective between Grantor and lender
<br />and effective as to third parties on the recording of this Assignment. As long as this Assignment is in effect,
<br />Grantor warrants and represents that 110'j'efault exir;>s under the leases, and the parties subject to the leases
<br />have not violated any applicable law on le~;es, licenses and landlords and tenants. Grantor, at its sole cost and
<br />expense, will keep, observe and perform, and require all other parties to the leases to comply with the leases
<br />and any applicable law. If Grantor or allY party to the lease defaults or fails to observe any applicable law,
<br />Grantor will promptly notify lender. If Grantor neglects or refuses to enforce compliance with the terms of the
<br />leases, then lender may, at lender's optior:, enlorce compliance. Grantor will not sublet, modify, extend,
<br />cancel, or otherwise alter the leases, or accept the surrender of the Property covered by the leases (unless the
<br />leases so require) without lender's consent. Grantor will not assign, compromise, subordinate or encumber the
<br />leases and Rents without lender's prior written consent. lender does not, assume or become liable for the
<br />Property's maintenance, depreciation, or (),:her losses or damages when lender acts to manage, protect or
<br />preserve the Property, except for losses '3ind damages due to lender's gross negligence or intentional torts.
<br />Otherwise, Grantor will indemnify lender and hold lender harmless for all liabilitv, loss or damage that Lender
<br />Il\ay illCUl when lender opts to exercise ,any of its remedies against any party obligated under the leases.
<br />14. DEFAULT. Grantor will be in default'if any of the fOllowing occur:
<br />A. Payments. Grantor or Borrower fail to makl;l a payment in full when due.
<br />B. Insolvency or Bankruptcy. The deat!"', 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,
<br />the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any
<br />present or future federal or state inSOlvency, ban, .uptcy, reorganization, composition or debtor relief law by
<br />or against Grantor, Borrower, or any ('n~signer, endorser, surety or guarantor of this Security Instrument or
<br />any other obligations Borrower has with lender.
<br />C. Business Termination. Grantor merg~s, dissolves, reorganizes, ends its business or existence, or a partner
<br />or majority owner dies or is declared leg;IHy 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.
<br />Debts.
<br />F. Other Agreements. Grantor is in deidult on any other debt or agreement Grantor has with Lender.
<br />G. Misrepresentation. Grantor makes <.lny 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 Grantoi's nume or assumes an additional name without notifying lender
<br />before making such a change.
<br />K. Property Transfer. Grantor nansfi,rs all or ;, substantial part of Grantor's money or property. This
<br />condition of default, as it relates to the transfer aT the Property, is subject to the restrictions contained in the
<br />DUE ON SALE section.
<br />L. Property Value. lender determines in good faith that the value of the Property has declined or is impaired.
<br />M. Material Change. Without first n0tifying Lender, there is a material change in Grantor's business,
<br />including ownership, management, and iinollcial conditions.
<br />N. Insecurity. lender determines in good faith that a material adverse change has occurred in Borrower's
<br />financial condition from the conditions set forth in Borrower's most recent financial statement before the
<br />date of this Security Instrument or that the prospect for payment or performance of the Secured Debts is
<br />impaired for any reason. :j
<br />15. REMEDIES. On or after default, Lend!;'1 may use any and all remedies lender has under state or federal law
<br />or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property.
<br />Any amounts advanced on Grantor's beh<.Jf will be immediately due and may be added to the balance owing
<br />under the Secured Debts. lender may make a claim for any and all insurance benefits or refunds that may be
<br />available on Grantor's default.
<br />Subject to any right to cure, required time s'=.:hedules or any other notice rights Grantor may have under federal
<br />and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts
<br />immediately due and foreclose this Security Instrument in a manner provided bylaw upon the occurrence of a
<br />default or anytime thereafter. .
<br />If there is a delauit, Tn.:stoe will, in ad jrion to any (.Ller perrnit,ed rt'.!rrledy, ch (he i"qu:3st of the Lender,
<br />advertise and sell the Property as a whole or ill separate parcels at public auction to the highest bidder for cash.
<br />Trustee will give notice of sale including -::he time, terr. s and place of sale and a description of the Property to
<br />be sold as required by the applicable law in dfect at: the time of the proposed sale.
<br />To the extent not prohibited by law, Trustee will apply the proceeds of the Property's sale in the following
<br />order: to all fees, charges, costs and expenses of exercising the power of sale and the sale; to lender for all
<br />advances made for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon;
<br />to the Secured Debts' principal and intereSt: and paying any surplus as required by law. Lender or its designee
<br />may purchase the Property. -
<br />Upon any sale of the Property, Trustee wi!, make and deliver a special or limited warranty deed that conveys the
<br />property sold to the purchaser or purchas~r5. Under this special or limited warranty deed, Trustee will covenant
<br />that Trustee has not caused or allowed a :Ien or an encumbrance to burden the Property and that Trustee will
<br />specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful
<br />claims and demand of all persons claiming by,. through or under Trustee. The recitals in any deed of
<br />conveyance will be prima facie evidence of 17'0{) fact;, set forth therein.
<br />Michael D. Raasch
<br />Nebraska Deed Of Trust
<br />NE/4XX23220400937100005187016112006Y
<br />
<br />
<br />'200700253
<br />
<br />A default occurs under the terms of any other document relating to the Secured
<br />
<br />"'1996 'J'lnkers Systems, Inc., St. Cloud. MN ~.
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<br />Initials
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