|
�0110856�
<br />2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one
<br />time and from time to time will not exceed S 1,252,158.37. Any limitation of amount does not include interest
<br />and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not
<br />apply to advances made under the terms of this Security Instrument to protect Lender's security and to
<br />perform any of the covenants contained in this Security tnstrument.
<br />3. SECURED DEBTS. The term "Secured Debts" includes and this Security Instrument will secure each of the
<br />following:
<br />A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and
<br />replacements. A promissory note or other agreement, No. 811388, dated October 31, 2011, from Grantor
<br />to Lender, with a loan amount of S 1,253,808.48 and maturing on November 1, 2016.
<br />B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
<br />Instrument.
<br />4. PAYMENTS. Grantor agrees that all payments under the Secured Debts will be paid when_ due and in
<br />accordance with the terms of the Secured Debts and this SecurityJnstrument.
<br />5. WARRANTY OF TITLE. Grantor warrants that Grantor is or will be tawfully seized of the estate conveyed by
<br />this Security Instrument and has the right to irrevocably grant, convey and sell the Property to Trustee, in trust,
<br />with power of sale. � Grantor also warrants that the Property is unencumbered, except for encumbrances of
<br />record.
<br />6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or
<br />other lien document that created a prior security interest or encumbrance on the Property, Grantor agrees:
<br />A. To make all payments when due and to perform or comply with aN covenants.
<br />B. To promptly deliver to Lender any notices that Grantor receives from the holder.
<br />C. Not to allow any modification or extension of, nor to request any future advances under any note or
<br />agreement secured by the lien document without Lender's prior written consent.
<br />7. CLAIMS AGAINST TITLE. Grantor will pay all taxes, assessments, liens, encumbrances, lease payments,
<br />ground rents, utilities, and other charges relating to the Property when due. Lender may require Grantor to
<br />provide to Lender copies of all notices that such amounts are due and the receipts evidencing Grantor's
<br />payment. Grantor will defend title to the Property against any claims that would impair the lien of this Security
<br />Instrument. Grantor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Grantor
<br />may have against parties who supply labot or materials to maintain or improve the Property.
<br />8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured
<br />Debt to be immediatety due and payable upon the creation of, or contract for the creation of, any lien,
<br />encumbrance, transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed
<br />by federal law (12 C.F.R. 591►, as applicable.
<br />9. TRANSFER OF AN INTEREST IN THE GRANTOR. If Grantor is an entity other than a natural person (such as
<br />a corporation, partnership, limited liability company or other organization►, Lender may demand immediate
<br />payment if:
<br />A. A beneficial interest in Grantor is sold or transferred.
<br />B. There is a change in either the identity or number of inembers of a partnership or similar entity.
<br />C. There is a change in ownership of more than 25 percent of the voting stock of a corporation, partnership,
<br />limited liability company or similar entity.
<br />However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of
<br />this Security Instrument,
<br />10. WARRANTIES AND REPRESENTATIONS. Grantor makes to Lender the following warranties and
<br />representat+ons which wil{ continue as long as this Security Instrument is in effect:
<br />A. Power. Grantor is duly organized, and validly existing and in good standing in all jurisdictions in which
<br />Grantor operates. Grantor has the power and authority to enter into this transaction and to carry on
<br />Grantor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each
<br />jurisdiction in which Grantor operates.
<br />B. Authority. The execution, delivery and performance of this Security Instrument and the obligation
<br />evidenced by this Security Instrument are within Grantor's powers, have been duly authorized, have
<br />received all necessary governmental approval, will not violate any provision of law, or order of court or
<br />governmental agency, and will not violate any agreement to which Grantor is a party or to which Grantor is
<br />or any of Grantor's property is subject.
<br />C. Name and Place of Business. Other than previously disclosed in writing to Lender, Grantor has not
<br />changed Grantor's name or principal place of business within the last 10 years and has not used any other
<br />trade or fictitious name. Without Lender's prior written consent, Grantor does not and will not use any
<br />other name and will preserve Grantor's existing name, trade names and franchises.
<br />11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Grantor will keep the Property in good
<br />condition and make all repairs that are reasonably necessary. Grantor will not commit or allow any waste,
<br />impairment, or deterioration of the Property. Grantor will keep the Property free of noxious weeds and grasses.
<br />Grantor agrees that the nature of the occupancy and use will not substantially change without Lender's prior
<br />written consent. Grantor will not permit any change in any license, restrictive covenant or easement without
<br />Lender's prior written consent. Grantor will notify Lender of all demands, proceedings, ctaims, and actions
<br />against Grantor, and of any loss or damage to the Property.
<br />Downtown Center, LLC
<br />Nebraska Deed Of Trust
<br />NE/ACROBINET00000000000622054102711IV Wo{ters Kluwer Financial Services o1996, 2011 Bankers SystemsTM
<br />
|