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200809014
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Last modified
10/27/2008 3:10:01 PM
Creation date
10/27/2008 3:09:59 PM
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DEEDS
Inst Number
200809014
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<br />200809014 <br /> <br />Mortgagor as a defense to any proceeding instituted by Agent to collect the Lender Obligations <br />or to foreclose the lien of this Deed of Trust. <br /> <br />(d) Unless expressly provided otherwise herein, in the event that ownership of <br />this Deed of Trust and title to the Mortgaged Property or any estate therein shall become vested <br />in the same Person, this Deed of Trust shall not merge in such title but shall continue as a valid <br />lien on the Mortgaged Property for the amount secured hereby. <br /> <br />18. Security Agreement under Uniform Commercial Code. <br /> <br />(a) It is the intention of the parties hereto that this Deed of Trust shall <br />constitute a Security Agreement within the meaning of the Uniform Commercial Code (the <br />"Code") of the State of Nebraska with respect to personal property and/or fixtures included in the <br />Mortgaged Property. If an Event of Default shall occur and be continuing under this Deed of <br />Trust, then, in addition to having any other right or remedy available at law or in equity, Agent <br />shall have the option of either (i) proceeding under the Code and exercising such rights and <br />remedies as may be provided to a secured party by the Code with respect to all or any portion of <br />the Mortgaged Property which is personal property (including, without limitation, taking <br />possession of and selling such property) or (ii) treating such property as real property and <br />proceeding with respect to both the real and personal property constituting the Mortgaged <br />Property in accordance with Agent's rights, powers and remedies with respect to the real <br />property (in which event the default provisions of the Code shall not apply). If Agent shall elect <br />to proceed under the Code, then ten (10) Business Days' written notice of sale of the personal <br />property shall be deemed reasonable notice and the reasonable expenses of retaking, holding, <br />preparing for sale, selling and the like incurred by Agent shall include, but not be limited to, <br />attorneys' fees and legal expenses. At Agent's request, Mortgagor shall assemble the personal <br />property (if applicable) and make it available to Agent at a reasonable location, as designated by <br />Agent. <br /> <br />(b) Mortgagor and Agent agree, to the extent permitted by law, that: (i) all of <br />the goods described within the definition of the word "Equipment" are or are to become fixtures <br />on the Real Estate; (ii) this Deed of Trust upon recording or registration in the real estate records <br />of the proper office shall constitute a financing statement filed as a "fixture filing" in accordance <br />with the Unifonn Commercial Code; (iii) Mortgagor is the record owner ofthe Land (as <br />hereinafter defined); and (iv) the addresses of Mortgagor and Agent are as set forth on the first <br />page of this Deed of Trust. <br /> <br />19. Future Advances It is the intention of Mortgagor and Agent that this Deed of <br />Trust (as renewed and extended from time to time) shall secure future advances and readavances, <br />and the lien and security interest created by this Deed of Trust shall attach upon execution and <br />have priority from the time ofrecording as to all advances, whether obligatory or discretionary, <br />until this Deed of Trust is released ofrecord. <br /> <br />20. Assignment of Rents. <br /> <br />(a) Mortgagor hereby assigns to Agent the Rents as further security for the <br />payment of and performance of the Lender Obligations, and Mortgagor grants to Agent the right <br /> <br />13 <br /> <br />LIBD/] 907386.1 <br />
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