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<br />Loan No: 1
<br />
<br />MORTGAGE
<br />(Continued)
<br />
<br />200802130
<br />
<br />Page 7
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<br />certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as
<br />Lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in
<br />connection with the operation of the Property.
<br />
<br />Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define
<br />the provisions of this Mortgage.
<br />
<br />Governing Law. With respect to procedural matters related to the perfection and enforcement of Lender's rights against the Property,
<br />this Mortgage will be governed by federal law applicable to Lender and to the extent not preempted by federal law, the laws of the
<br />State of Nebraska. In all other respects, this Mortgage will be governed by federal law applicable to Lender and, to the extent not
<br />preempted by federal law, the laws of the State of Colorado without regard to its conflicts of law provisions. However, if there ever
<br />is a question about whether any provision of this Mortgage is valid or enforceable, the provision that is questioned will be governed by
<br />whichever state or federal law would find the provision to be valid and enforceable. The loan transaction that is evidenced by the
<br />Note and this Mortgage has been applied for, considered, approved and made. and all necessary loan documents have been accepted
<br />by Lender in the State of Colorado.
<br />
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in
<br />writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
<br />right or any other right. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right
<br />otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any
<br />course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as
<br />to any future transactions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by Lender
<br />in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such
<br />consent may be granted or withheld in the sole discretion of Lender.
<br />
<br />Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any
<br />circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If
<br />feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending
<br />provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality,
<br />invalidity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other
<br />provision of this Mortgage,
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<br />Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property
<br />at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
<br />
<br />Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be
<br />binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a
<br />person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and
<br />the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under
<br />the Indebtedness.
<br />
<br />Time is of the Essence. Time is of the essence in the performance of this Mortgage.
<br />
<br />Waive Jury. All parties to this Mortgage hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by
<br />any party against any other party.
<br />
<br />Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all Indebtedness secured by this Mortgage.
<br />
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />
<br />Borrower. The word "Borrower" means Grand Island Mobile Home Community, LLLP and includes all co-signers and co-makers
<br />signing the Note and all their successors and assigns.
<br />
<br />Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Default".
<br />
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 1 980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund
<br />Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C.
<br />Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursuant thereto.
<br />
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default
<br />section of this Mortgage.
<br />
<br />Grantor. The word "Grantor" means Grand Island Mobile Home Community, LLLP.
<br />
<br />Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
<br />
<br />Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of
<br />the Note.
<br />
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words
<br />"Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic
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