|
04-.�5-1998 DEED OF TRUST Page 5
<br /> •' Loan No 699710 (Continued) 98-• ���E�94
<br /> possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall be entitled to
<br /> exercise every right provided for in the Note or the Related Documents or by law upon the occurrence of any event of default,including the
<br /> right to exercfse the power of sale;
<br /> (b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of ihe covenants
<br /> hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sale and a writlen notice of default and election to cause Trustor's
<br /> interest in the Property to be sold,which notice Trustee shall cause to be duly filed for record in the appropriate offices of the County in
<br /> which the Property is located;and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the
<br /> Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained,Lender shall notiy Trustee and
<br /> shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured by this Oeed of
<br /> Trust as Trustee may require.
<br /> (a) Upon receipt of such notice from Lender,Trustee shall cause to be recorded,published and delivered to Trustor such Notice of Default
<br /> and Notice of Sale as then required by lew and by this Deed of Trust. Trustee shall, without demand on Trustor,affer such time as may
<br /> then be required by law and after recordation of such Notice of Default and aHer Notice of Sale having been given as required by Iaw,sell
<br /> the Property at the time and place of sale fbced by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as
<br /> Trustee shall deem expedient,and in such order as it may determine, at public auction to the highest bidder for cash in Iawful money of
<br /> the United States payable:et thq time oi sale.:Trustee shail deliver to such purchaser or purchasers thereof its good and sufflcient deed or
<br /> deeds conveyfng the property so sold,but wfthout any covenant or warranty,express or impiied. The recitals in such deed ot any maHers
<br /> or facts shall be conclusive proof of the truthfuiness thereof. Any person, including without limitation Trustor, Trustee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by law,after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of
<br /> title in connection with sale,Trustee shall apply the proceeds of sale to payment of (i)all sums expended under the terms of this Deed of
<br /> Trust or under the terms of the Note not then repaid,including but not limited to accrued interest and late charges, (ii)all other sums then
<br /> secured hereby,and (iii)the remainder,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 enforce payment and performance of any indebtedn�s
<br /> or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the Note, under any of the i
<br /> Related Documents, or under any other agreement or any laws now or hereaiter in force; notwithstanding,some or all of such indebtedness
<br /> and obligations secured by this D�d of Trust may now or hereafler be otherwise secured, whether by mo�tgage, deed of trust, pledge, lien,
<br /> assignment or oihervvise. Neither the acceptance of this Deed of Trust nor its enforcement,whether by cou�t action or pursuant to the power of
<br /> sale or other powers contained in this Deed of Trust, shall prejudice or in any manner affect Trustee's or Lender's right to realize upon or !
<br /> enforce any other security now or hereafler held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be
<br /> entitled to enforce this Dsed of Trust and any other sacurity now or hereafter held by Lender or Trustee in such order and manner as they or
<br /> either of them may in iheir absolute discretion determine. No remedy conferred upon or reserved to Trustee or Lender, is intended to be
<br /> exclusive of any other remedy in this Deed of Trust or by law provided or permitled, but each shall be cumulative and shall be in addition to
<br /> every other remedy given in this Deed of Trust or now or hereafter existing at law or in equity or by statute. Every power or remedy given by the
<br /> Note or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exercised,
<br /> concurrently or independently, from time to time and as often as may be deemed expedient by Trustee or Lender, and either of them may
<br /> pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as prohibiting Lender from seeking a deficiency judgment
<br /> against the Trustor to the extent such action is permitted by law.
<br /> Request For Notice. Trustor,on behalf of Trustor and Lender, hereby requests that a copy of any Notice of Default and a copy of any Notice
<br /> of Sale under this Deed of Trust be mailed to them at the addresses set forth in the flrst paragraph of this Deed of Trust.
<br /> Waiver, Election of Remedies. A waiver by any party o�a breach of a provision of this Deed of Trust shall not constitute a waiver of or
<br /> prejudice the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any
<br /> remedy provided in this Deed of Trust,the Note, in any Related Document,or provided by Iaw shall not exclude pursuit of any other remedy,
<br /> and an election to make expenditures or to take action to perform an obligation of Trustor under this Deed of Trust after failure of Trustor to
<br /> perform shall not affect Lender's right to declare a default and to exercise any of its remedies.
<br /> Attorneys'Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to
<br /> recover such sum as the court may adjudge reasonable as attorneys' fees at trial and on any appeal. Whether or not any courf action is
<br /> involved,all reasonable expenses incurred by Lender which in Lender's opinion are necessary at any time for the protection of its interest or the
<br /> enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of
<br /> expenditure until repaid. Expenses covered by this paragraph include,without limitation, however subject to any limits under applicabie law,
<br /> Lender's aliorneys' fees whether or not there is a Iawsuit, including attorneys' fees for bankruptcy proceedings (including efforts to modify or
<br /> vacate any automatic stay or injunction), appeals and any anticipated post Judgment collection services, the cost of searching records,
<br /> obtaining title reports (including foreciosure reports), surveyors' reports, appraisal fees,title insurance, and fees for the Trustee, to the extent
<br /> permitted by applicable Iaw. Trustor also will pay any court costs,in addition to all other sums provided by law.
<br /> Rights of Trustee. Trustee�hall have alt of the rights and duties of Lender as set forth in this section.
<br /> POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee are part of this Deed of
<br /> Trust.
<br /> Powers of Trustee. In addition to all powers of Trustee arising as a matter of law,Trustse shall have the power to take the following actions
<br /> with respect to the Property upon the written request of Lender and Trustor. (a)join in preparing and filing a map or plat of the Real Property, I
<br /> including the dedication of streets or other rights to the public; (b)join in granting any easement or creating any restriction on the Real Property;
<br /> and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this Deed of Trust.
<br /> Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights and remedies set forth above,
<br /> with respect to all or any part of the Property,the Trustee shaii have the right to foreclose by notice and sale,and Lender shall have the right to
<br /> foreclose by judicial foreclosure,in either case in accordance with and to the full extent provided by applicable law.
<br /> Successor Trustee. Lender,at Lender's optlon,may trom time to Nme appoint a successor Trustee to any Trustee appofnted hereunder by an
<br /> instrument executed and acknowledged by lender and recorded in the office of the recorder of HALL County,Nebraska. The instrument shall
<br /> contain, in addition to all other matters required by state law, the names of the original Lender,Trustee, and Trustor,the book and page(or
<br /> computer system reference)where this Deed of Trust is recorded,and the name and address of the successor trustee,and the instrument shall
<br /> be executed and acknowtedged by all the beneflciaries under the Deed of Trust or their successo►s in interest. The suxessor trustee,without
<br /> conveyance of the Property,shall succeed to all the title,power,and duties conferred upon the Trustee in this Deed of Trust and by applicable
<br /> law. This procedure for substitution of trustee shall govern to the exclusion of all other provisions for substitution.
<br /> NOTICES TO TRUSTOR AND OTHER PARTIES. Any notice under this Deed of Trust shall be in writing, may be sent by telefacsimile (unless
<br /> otherwise required by law), and shall be effective when actually delivered, or when deposited with a nationaliy recognized overnight courier, or, if
<br /> mailed, shall be deemed effective when deposited in the United States mail first class,certified or registered mail, postage prepaid, directed to the
<br /> addresses shown near ihe beginning of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal
<br /> written notice to the other parties,specifying that the purpose of the notice is to change the party's address. Ail copies of notices of foreclosure from
<br /> the holder of any lien which has priority over this Deed of Trust shall be sent to Lender's address,as shown near the beginning of this Deed of Trust.
<br /> For notice purposes,Trustor agrees to keep Lender and Trustee informed at atl times of Trustor's current address.
<br /> _ I
<br /> MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br /> Amendments. This Deed of Trust,together with any Related Documents,constitutes the entire understending and agreement of the parties as
<br /> to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed ot Trust shall be effective unless given in writing and
<br /> signed by the party or parties sought to be charged or bound by ihe alteration or amendment.
<br /> Applicable Law. This Deed of Trust has been delivered to Lender and accepted by Lender In the State oi Nebraska. Thia Deed of Trust
<br /> shall be governed by and construed in accordance with the laws of ihe State of Nebraska. � ; �4,�{ r
<br /> M
<br />
|