|
DEED OF TRUST 2 U 12 U 4 9`� 6
<br />(Continued) Page 5
<br />the creditor or forfeiture proceeding end deposits with Lender monies or a surety bond for the creditor or forteiture
<br />proceeding, in en amount determined by Lende�, in its sole discretion, as being an adequate reserve or bond for the
<br />dispute.
<br />Breach of 0ther Agraement: Any breach by Borrower or Trustor under the terms of any other agreement between
<br />Borrower br Trustor and Lender that is not remedied within any grece per(od provided therein, inclutling without
<br />limitation any egreement concerning any indebtedness or other obflgation of Borrower or Trustor to Lender,
<br />whether existing now or later.
<br />Events Affectlng Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or eccommodetion party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation perty
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liabiflty under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condition, or Lender
<br />believes the prospect of peyment or performance of the Indebtedness is impaired,
<br />Insecurity. Lender in good faith beUeves itself insecure.
<br />RIQHTS AND REMEDIES OIV DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br />Trustee or Lender may exercise any one or more of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remadias. If any Event of Default occurs as per the terms of the Note
<br />secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and
<br />the same shall thereupon become due and payable without any presentment, demand, protest or notice of any
<br />kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy 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, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part of
<br />the Property or interest in the Property; increase the income from the Property or protect the secur(ty of
<br />the Property; end, 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 expens�s of operation and collection ettorneys' fees, to any indebtedness secured by this Deed
<br />of Trust, all in such order as Lender may determine. The entering upon and taking possession of the
<br />Property, the collection of such rents, issues and profits, and the application thereof shall not cure or
<br />waive any default or notice of default under thfs Deed of Trust o[ fnvalidate any act done in response to
<br />such default or pursuant to such notice of default; and, notwithstanding the continuance in poasession of
<br />the Property or the collection, receipt and applfcation of rents, issues or profits, Trustee or Lender shell
<br />be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br />occurrence of any event of default, including the right to exercise the power of sale;
<br />(b) Commence an actlon to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br />enforce any of the covenants hereof; and
<br />(c) Deliver to Trustee a written declaration of default 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 filed for record in the appropriate offices of the County in which the Properry is located; and
<br />(d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies
<br />of a secured party under the Nebreska Unfform Commercial Code.
<br />Foreclosure by Power of Salo. If Lender elects to foreclose by exercise of the Power of Sale herein contained,
<br />Lender shell notify Trustee and shall deposit with Trustee this Deed of Trust and the Note end such rece(pts
<br />and evidence of expendltures made and secured by this Deed of Trust as Trustee may require.
<br />(a) Upon receipt o� such notice from Lender, Trustee shall cause to be recorded, published end 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 shell, without demand on Trustor, after such time as may then be required by law end after
<br />recordetion 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 (tems as Trustee shall deem expedient, and in such order as (t 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 purchaser or purchasers thereof its good and sufficient deed or
<br />deeds conveying the property so sold, but without any covenant or werranty, express or implied. The
<br />recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any
<br />person, including without limitation Trustor, 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 sale, Trustee shall apply the proceeds of sale
<br />to payment 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 accrued interest and late charges, (ii) all other sums then
<br />secured hereby, and (iiil the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or eny portion of the Property.
<br />Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and
<br />performance of any indebtedness or obligations secured by this Deed of Trust end to exercise all r(ghts and 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 all of such indebtedness and obligations secured by
<br />this Deed of Trust may now or hereaftbr be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court
<br />action or pursuant to the power of sale or other powers contained in this Deed of Trust, shall prejudice or in eny
<br />manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by
<br />Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be entitled to enforce this Deed
<br />of Trust and any other security now or hereafter held by Lender or Trustee in such order and menner as they or
<br />either of them may in their absolute discretion determine. No remedy conferred upon or reserved to Trustee or
<br />Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by law provided or permitted, but
<br />each shall be cumulative and shall be in addition to every other remedy given in this Deed of Trust or now or
<br />hereafter existing at law or in equity or by statute. Every power or remedy given by the Note or any of the Related
<br />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 es often as may be deemed expedient by Trustee or Lender,
<br />and either of them may pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as
<br />prohibiting Lender frortl aeeking a deficiency judgment against the Trustor to the extent such action is permitted by
<br />law. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an elect(on to
<br />meke expenditures or to take action to perform an obligation of Trustor under this Deed of Trust, after Trustor's
<br />failure to perform, shall not effect Lender's right to declare a default and exercise its remedies.
<br />� � , ,. . �F. . i . , t�
<br />
|