|
� 3 DEED OF TRUST 2 ���� 9� 9 9
<br />° ' (Continued) Page 5
<br />Insolvency. The dissolution or termination of Borrower's or Trustor's existence as a going buslness, the insolvency
<br />of Borrower or Trustor, the appointment of a receiver for any part of Borrower's or Trustor's property, any
<br />assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding
<br />under any bankruptcy or insolvency laws by or against Borrower or Trustor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other method, by any creditor of Borrower or Trustor or by any
<br />governmental agency against any property securing the Indebtedness. This includes e garnishment of any of
<br />Borrower's or Trustor's accounts, including deposit accounts, with Lender. However, this Event of Default shell
<br />not apply if there is a good faith dispute by Borrower or Trustor as to the validity or reasonableness of the clalm
<br />which is the basis of the creditor or forfeiture proceeding and if Borrower or Trustor gives Lender written notice of
<br />the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount determined by Lender, In its sole discretion, as being an adequate reserve or bond for the
<br />dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other egreement between
<br />Borrower or Trustor and Lender that is not remedied within any grace period provided therein, including without
<br />limitation any agreement concerning any indebtedneas or other obligetion of Borrower or Trustor to Lender,
<br />whether existing now or later. � -
<br />Events Affecting Gusrentor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or accommodation party of any of the Indebtedness or eny guarantor, endorser, surety, or accommodation perty
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A material adverse chenge occurs in Borrower's or Trustor's financial condition, or Lender
<br />believes the prospect of payment or performance of the Indebtedness is impaired.
<br />Insecur'rty. Lender in good faith balieves itself insecure.
<br />Right to Cure. If any default, other than e default in payment Is curable and if Trustor has not been given a notice
<br />of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if
<br />Trustor, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the default
<br />within twenty (20) days; or (2) if the cure requires more than twenty (20) days, immediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficient to cure the default end thereafter continues and
<br />completes all reasoneble and necessary steps sufficient to produce complience es soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, et any time thereafter,
<br />Trustee or Lender may exercise any one or more of the following rights and remedies:
<br />Acceleretion Upon Default; Additional Remedies. If any Event of Default occurs es per the terms of the Note
<br />secured hereby, Lender may declere all Indebtednesa secured by this Deed of Trust to be due end payable and
<br />the same shall thereupon become due and payable without any presentment, demand, protest or notice of any
<br />kind. Thereafter, Lender mey:
<br />(a) Either in person or by agent, with or wlthout bringing any action or proceeding, or by a recelver
<br />eppointed by a court and without regard to the adequecy of its security, enter upon and take possession
<br />of the Property, or any part thereof, in its own name or in the name of Trustee, end do any acts which it
<br />deems necessary or desirable to preserve the value, marketebility or rentability of the Property, or pert of
<br />the Property or interest in the Property; increase the income from the Property or protect the security of
<br />the Property; and, with or without taking possession of the Property, sue for or otherwise collect the
<br />rents, Issues and profits of the Property, including those past due and unpaid, and apply the same, less
<br />costs and expenses of operation and collectlon attarneys' fees, to any indebtedness secured by this`Deed
<br />of Trust, all in such order es Lender may determine. The ente�ing upon end taking possesslon of the
<br />Property, the collection of such rents, issues and proflts, and the application thereof shall not cure or
<br />waive any default or notice of default under this Deed of Trust or invalidate eny act done in response to
<br />such detault or pursuant to such notice of default; and, notwithstanding the continuance In possession of
<br />the Property or the collection, rece(pt and application of rents, issues or profits, Trustee or Lender shall
<br />be entitled to exercise every right provided for in the Note or the Related Documents or by lew upon the
<br />occurrence of eny event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust es a mortgage, appolnt a receiver or specifically
<br />enforce any of the covenants hereof; and
<br />(c) Deliver to Trustee a written declaratlon of defautt and demand for sale and a written notice of default
<br />and election to cause Trustor's Interest in the Property to be sold, which notice Trustee shall cause to be
<br />duly flled for record in the appropriate offices of the County in which the Properry is loceted; and
<br />(d) �th respect to all or any part of the Personal Property, Lender shall have all the rights and remedfes
<br />of a secured party under the Nebraska Uniform Commercial Code.
<br />Foreclosu�e by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contafned,
<br />Lender shall notify Trustee and shall deposlt with Trustee this Deed of Trust and the Note and such receipts
<br />and evidence of expenditures made and secured by this Deed ot Trust as Trustee may require.
<br />(a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered
<br />to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust.
<br />Trustee shall, without demand on Trustor, after such time as may then be required by law and after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell
<br />the Property at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in
<br />separate lots or parcels or ltems as Trustee ahall deem expedient, and in such order as It may determine,
<br />at public auction to the highest bidder for cash in lawful money of the United States payable at the time
<br />of sale. Trustee shall deliver to such purcheser or purchasers thereof its good and sufficient deed or
<br />deeds conveying the property so sold, but without any covenant or warranty, express or implied. The
<br />recitals in such deed of any matters or facts shall ba conclusive proof of the truthfulness. thsrenf. Any
<br />person, including withouf limitetion Trusto�, Trustee, or Lender, may purchase at such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this
<br />Trust, including costs of evidence of title in connection with sele, Trustee shall apply the proceeds of sale
<br />to paymant of (i) all sums expended under the terms of this Deed of Trust or under the terms of the Note
<br />not then repaid, including but not limited to eccrued interest end late charges, (ii) all other sums then
<br />• secured hareby, and (iii) the remeinder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sele of all or any portion of the Property.
<br />Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to entorce payment and
<br />performance of any indebtedness or obligetions secured by this Deed of Trust and to exercise all rtghta end powers
<br />under this Deed of Trust, under the Note, under any of the Related Documents, or under any other agreement or
<br />any laws now or hereafter in force; notwithstanding, some or ell of such indebtedness and obiigations secured by
<br />
|