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I 84- 005448 "Net Proceeds," when used with respect to any insurance or condemnation award, means the gross proceeds. from such ';~~~~~~~r-~ ~'!'" :-:"",;~~p-~~~~+-i~!"!. :'!'!::!~,...~ '!""om:,'t~!"!;n!!' .!:!ftp.~ pa~~~nt OT" -=--_~_, ;~p;~;;;;- oT ti:;;;-~B~~dh~i(ier-u(i~clu-d'in-g--~tt~~n;ys '.f~~~ - and ;~y extraordinary expenses) incurred in the collection of suchg:ross proceeds. "Permitted Encumbrances" means. as of anvPilrticula-r- time, (i) liens for ad valorem taxes and - special assessments - nbt then delinquent 1 (ii) this Mortgage 1 (iii) the I.easef (iv) the> Assignment of Rents 1 (v) utility, access and other easemen1::;sand rights-af-way i mineral rights; reservat-ions: restricti,ons'-- 'and exceptions that are of record on April 3, 1984; (vi) such minor defects, irregularities, encumbrances, easements, rights- of-way and clouds on title as normally exist with respect to properties similar in character to the Premises and as do not in the aggregate, in the opinion of Independent Counsel, materially impair the property affected thereby for the purposes for which it was acquired or is held by the Issuer1 and (vii) those additional encumbrances, if any, identified in Exhibit "B" attached hereto and incorporated herein by this reference. "Premises" means all :hat certain real 'property situated in Hall County, Nebras" ",ore par'.icularly described on Exhibit "A" attached h~rElto . ,d incorporated herein by .this reference, together wi t.h all of the shrubs, trees, plants, crops, easements, rights, pri vi leges , franchises f appurtenances i oil i gas, mineral f water and water rights (whether riparian, appropriative or otherwise, and whether or not appurtenant), used in connection therewith, thereunto belonging or in any way appertaining and all of the estate, right, title, interest, claim or demand whatsoever of the Issuer therein or thereto, either in law or in equity, in possession or expectancy, now or hereafter acquired. ~'1!.co j ect .. means the Premises and the Improvements, which constitute a facility suitable for use for manufacturing or industrial enterprises and a "project" under the Act. Section 1.02 Previsions as to Interpretation. ta) Wherever in this Mortgage it is provided that any person may do or perform any act or thing tee word "may" shall be deemed permissive and not mandatory and it shall be construed that such p~.l....:;J""'H shall have the right, but shall not be obligated, to do and perform any such act or thing. (b) The phrase "at any time" shall be construed as meaning "at any time or from time to time." -7- u L --l I l...-