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200808200 K. 'Leasehold Estate. Assignor will not cause or permit the leasehold estate under the Leases to merge with Assignor's reversionary interest, and agrees that the Leases shall remain in full force and effect regardless of any merger of the Assignor's interests and of any merger of the interests of Assignor and any party obligated under the Leases. L. Insolvency. Lender will be the creditor of each tenant and of anyone else obligated under the Leases who is subject to an assignment for the benefit of creditors, an insolvency, a dissolution or a receivership proceeding, or a bankruptcy. 12. DEF AU LT. Assignor will be in default if any of the following occur: A. Payments. Assignor fails to make a payment in full when due. B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against Assignor, Borrower, or any co-signer, endorser, surety or guarantor of this Assignment or any other obligations Borrower has with Lender. C. Death or Incompetency. Assignor dies or is declared legally incompetent. D. Failure to Perform. Assignor fails to perform any condition or to keep any promise or covenant of this Assignment. E. Other Documents. A default occurs under the terms of any other document relating to the Secured Debts. F. Other Agreements. Assignor is in default on any other debt or agreement Assignor has with Lender. G. Misrepresentation. Assignor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment Assignor fails to satisfy or appeal any judgment against Assignor. J. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Assignor changes Assignor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Assignor transfers all or a substantial part of Assignor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. Lender determines in good faith that the value of the Property has declined or is impaired. M. Insecurity. Lender determines in good faith that a material adverse change has occurred in Assignor's financial condition from the conditions set forth in Assignor's most recent financial statement before the date of this Assignment or that the prospect for payment or performance of the Secured Debts is impaired for any reason. 13. REMEDIES. After Assignor defaults, Lender may at Lender's option do anyone or more of the following. A. Acceleration. Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due. B. Additional Security. Lender may demand additional security or additional parties to be obligated to pay the Secured Debts. C. Sources. Lender may use any and all remedies Lender has under Nebraska or federal law or in any document relating to the Secured Debts. D. Insurance Benefits. Lender may make a claim for any and all insurance benefits or refunds that may be available on Assignor's default. E. Payments Made On Assignor's Behalf. Amounts advanced on Assignor's behalf will be immediately due and may be added to the Secured Debts. Ronald L. Follmer Nebraska Assignment of Leases and Rents NE/4XXSPAiTZ00000000000111043092208N "'1996 Bankers Systems, inc., 51. Cloud. MN ~ Initials liJ, Page 6