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I , e It 200707036 SECURITY AGREEMENT Date: August 10,2007 Calvin J. Wratten and Donna Wratten Debtor Donald D. Mehrine: Secured Party 605 East Bismark Address 3421 W. State, Plaza 4 Address Grand Island. NE 68801 City, State ZIP Code Grand Island. NE 68803 City, State, ZIP Code 1. Security Interest and Collateral. To secure the payment and perfonnance of each and every debt, liability and obligation of every type and description which Debtor may now or at any time hereafter owe to Secured Party (whether such debt, liability or obligation now exists or is hereafter created or incurred, whether it is currently contemplated by the Debtor and Secured Party, whether any documents evidencing it refer to this Security Agreement, whether it arises with or without any documents, whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint and several; all such debts, liabilities and obligations being herein collectively referred to as the "Obligations"), Debtor hereby grants Secured Party a security interest (herein called the "Security Interest") in all of the following personal property of Debtor as indicated hereafter, wherever located, and whether now owned or hereafter acquired (herein called the "Collateral") including but not limited to: (a) All Debtor's equipment, inventory, accounts, general intangibles, trade fixtures, and furnishings utilized in connection with the Debtor's daycare business; and (b) Fixtures located upon that real estate described as: The North One (I) Foot of Lot Twenty (20) and the South Fifty-Two (52) Feet of Lot Nineteen (19) of Holcomb's Highway Homes Subdivision, in the City of Grand Island, Hall County, Nebraska excepting a certain tract more particularly described in Deed recorded in the Register of Deeds Office as Document No. 200007305, together with all substitutions and replacements for and products of any of the foregoing property and proceeds of any and all of the foregoing property, and together with all warehouse receipts, bills of lading and other documents of title now or hereafter covering such goods. Debtor further hereby authorizes the filing of a Financing Statement in such manner as Secured Party may deem appropriate to perfect the security interest herein granted to Secured Party. 2. Representations, Warranties and Agreements. Debtor represents, warrants and agrees that: a. The Collateral will be used primarily for business use. b. The address of Debtor's residence is as shown above; and c. Debtor will not sell or otherwise dispose of any of the Collateral without consent of the Secured Party. As to any of the Collateral being acquired by Debtor with the proceeds of any note(s), Secured Party may disburse directly to the Seller of the Collateral. 3. agrees that: Additional Representations, Warranties and Agreements. Debtor represents, warrants and a. Debtor has (or will have at the time Debtor acquires rights in Collateral hereafter arising) absolute title to each item of Collateral free and clear of all security interests, liens and encumbrances, except the Security Interest, and will defend the Collateral against all claims or demands of all persons