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SEP/26/2008/FRI 03: 10 PM HARDING & SCHULTZ FAX No. 402 434 3030 P. 003 200808234 obligation secured hereby, Beneficiary may, at its sole option, apply all or any part of said sums to any Obligations or to advance sums to pay such hnposition, Insurance Requirement or Permitted Lien pa.yment, which advance shall not CIlre Trustor's default hereunder. SECTION 2.07. Sale~ Liens (a) Except as otherwise provided in the Credit Agreement, Trustor shall not sell, assign, transfer, convey, lease, mortgage, pledge, :hypothecate, or pennit to be sold, assigned, transferred, conveyed, leased, mortgaged, pledged, hypothecated or otherwise disposed of, the Mortgaged PropeJ.ty or any part thereof or interest therein (for the purposes oftltis Section, a "Transfer"), and shall not create, suffer or permit to be oreated or exist any lien attaching to the Mortgaged Property or any pmi thereof or interest therein, except tbe Pennitted Liens or as pe:nnitted by the Credit Agreement. In the event of any Transfer or the creation, suffering, permitting to be created of any lien attaching to the Mortgaged Property or'any part thereof, that is not expressly permitted hereunder or under the terms of the Credit Agreement and is without the prior written consent of Beneficiary, Beneficiary shall have the absolute right at its option, without prior demand or notice, to declare all of the Obligations immediately due and payable and pursue its rights and remedies under Article V, Consent to Due such Transfer or lien shall not be deemed to be a waiver of the right to require the consent to future or successive Transfers or liens. Beneficiary shall have the right to grant or deny such consent in its absolute discretion. If consent should be given to a Transfer and if this Deed of Trust is not released to the ex.tent of the. Mortgaged Property transferred or s'LJbjected to R lien by a writing signed by Beneficiary and recorded in the proper city, town. county or parish recordss then any such Transfer or lien shall be subject to this Deed of Trost and any such transferee shall assume all obligations hereunder and agree to be bound by all of the provisions contained hereunder. (b) The Loan may be not assumed by a new borrower without the eKpress written consent of Beneficiary, which consent may be withheld in Beneficiary's sole discretion. SECI10N 2.08. Status and Care oftbe Premises. (a) Trustor represents and warrants that (i) the Premises is served by all necessary water, sanitary and stom sewer, electric, gas, telephone and other utility facilities which facilities have ca.pacities which are sufficient to serve the current and anticipated future use and occupancy of the Premises as presently constructed; (H) the Premises has legal access to public streets or roads sufficient to serve the current and anticipa.ted future use and operation of the Premises as presently constructed; (Hi) to the extent that the Premises is located in an area identified by the Secretary of Housing and Urban Development or II. succeSi!lDr thereto as an area having special flood hazards or as an area designated as "flood prone" or a "flood risk area" pursuant to the National Flood Insm:ance Act of 1968 or the Flood Disaster Protection Act of 1973, and any amendments Or supplements thereto or substitutions therefor. Trustor has purchased flood insurance to the extent available; and (iv) all activities and conditions On the Premises are currently in compliance with a.ll Legal Requirements. (b) Trustor (i) shall use and operate the Premises, or cause the same to be used and operated as a restaurant; (ll) agrees that all activities on the Prenrlses shall at all times comply with all Legal Requirements; (iii) shall operate and maintain the Premises, or cause the Same to be operated and maintained, in good order, repair and condition except (subject to the provisions of this Section) for reasonable wear and tear; (iv) subj eot to the provisions of Secti on 3.02, shall make, or ~9-