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201002922
<br />delivered to and received by such lessees, and the lessees of the Property are expressly relieved
<br />of any and all duty, liability or obligation to Subsidiary in respect of all payments so made.
<br />Upon the occurrence of any Event of Default, from and after service of a Notice, Master
<br />Collateral Agent is hereby vested with full power to use all measures, legal and equitable,
<br />deemed by it to be necessary or proper to enforce this Section 22 and to collect the rents, income
<br />and profits assigned hereunder, including the right of Master Collateral Agent or its designee, to
<br />enter upon the Property, ar any part thereof, and take possession of all or any part of the Property
<br />together with all personal property, fixtures, documents, books, records, papers and accounts of
<br />Subsidiary relating thereto, and Master Collateral Agent may exclude Subsidiary, its agents and
<br />servants, wholly therefrom. Subsidiary hereby grants full power and authority to Master
<br />Collateral Agent to exercise all rights, privileges and powers herein granted at any and all times
<br />after service of a Notice, with full power to use and apply all of the rents and other income herein
<br />assigned to the payment of the costs of managing and operating the Property and of any
<br />indebtedness or liability of Subsidiary to Master Collateral Agent, including but not limited to
<br />the payment of taxes, special assessments, insurance premiums, damage claims, the costs of
<br />maintaining, repairing, rebuilding and restoring the improvements an the Property or of making
<br />the same rentable, reasonable attorneys' fees incurred in connection with the enforcement of this
<br />Instrument, and of principal and interest payments due from Subsidiary and/or Arctic Group to
<br />Master Collateral Agent under the Benefited Creditor Documents and this Instrument, all in such
<br />order as Master Collateral Agent may determine. Master Collateral Agent shall be under no
<br />obligation to exercise or prosecute any of the rights or claims assigned to it hereunder or to
<br />perform or carry out any of the obligations of the lessor under any of the Leases and does not
<br />assume any of the liabilities in connection with or arising or growing out of the covenants and
<br />agreements of Subsidiary in the Leases. It is further understood that the assignment set forth in
<br />this Section 22 shall not operate to place responsibility for the control, care, management or
<br />repair of the Property, or parts thereof, upon Master Collateral Agent, nor shall it operate to
<br />make Master Collateral Agent liable for the performance of any of the terms and conditions of
<br />any of the Leases, or far any waste of the Property by any lessee under any of the Leases, ar any
<br />other person, ar far any dangerous or defective condition of the Property or for any negligence in
<br />the management, upkeep, repair or control of the Property resulting in loss or injury or death to
<br />any lessee, licensee, employee or stranger.
<br />23. DEFAULT. The following shall each constitute an event of default ("Event of
<br />Default"):
<br />a. Failure of or refusal by Arctic Group and/or Subsidiary to pay any portion
<br />of the sums secured by the Guaranty ar this Instrument when due; or
<br />b. Failure of Subsidiary within the time required by this Instrument to make
<br />any payment for taxes, insurance or for reserves for such payments, or any other payment
<br />necessary to prevent filing of or discharge of any lien, and such failure shall continue for a period
<br />often (10) days after written notice is given to Subsidiary by Master Collateral Agent specifying
<br />such failure; or
<br />17
<br />(Grand Island, Flall County, Nebraska)
<br />10476803.5
<br />14451-2246
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