|
Loan No ,0002�0 �E n�t nu�ed) 2 012 0 4 9 7� Page 5
<br />Indebtedness. �
<br />Insecurity. Lender in good fatth believes itself insecure.
<br />Existing Indebtedness. The payment of any installment of jprincipal or any interest on the Existing Indebtedness is
<br />not made within the time required by the promissory note �videncing such indebtedness, or a default occurs under
<br />the instrument securing such indebtedness and is not cured during any applicable grace period in such instrument,
<br />or any suit or other action is commenced to foreclose any e�Cisting lien on the Property.
<br />Rlght to Cure. if any default, other than a default in paym0nt is curable and if Trustor has not been given a notice
<br />of a breach of the same provision of this Deed of Trust witf�in the preceding twelve (12) months, it may be cured if
<br />Trustor, after Lender sends written notice to Trustor dema�nding cure of such defeult: (1) cures the default within
<br />twenty (20) days; or (2) if the cure requires more tha� twenty (20) deys, immediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficieint to cure the default and thereafter continues and
<br />completes all reasonable end necessery steps sufficient to �roduce compliance as soon as reasonably practicel.
<br />RIGHTS AND REMEDIES ON DEFAULT. It an Event of Default �ccurs 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 Remedies. If ar�y Event of Defeult occurs as per the terms of the Note
<br />secured hereby, Lender may declere all Indebtedness s',ecured by this Deed of Trust to be due and payable and
<br />the same shall theroupon 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 egent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the edequacy ot its security, enter upon and teke possession
<br />of the Property, or any pert thereof, in its own naYme or in the name of Trustee, and do any ects 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 �he income from the Property or protect the security of
<br />the Property; end, with or without taking posse sion of the Property, sue for or otherwise collect the
<br />rents, issues and profits of the Property, includin� those past due and unpaid, and apply the same, less
<br />costs and expenses of operation and collection ettorneys' fees, to eny indebtedness secured by this Deed
<br />of Trust, all in such order as Lender may deterr�ine. The entering upon and taking possession of the
<br />Property, the collection of such rents, issues an�l profits, and the epplication thereof shall not cure or
<br />weive any defeult or notice of default under this beed of Trust or invalidete any act done in response to
<br />such default or pursuent to such notice of default; and, notwithstending the continuance in possession of
<br />the Properry or the collection, receipt and applic�tion 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 any event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed o�F 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 def�ult and demand for sale end 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 Property is located; end
<br />(d) With respect to ell or any part of the Persona� Property, Lender shall have all the rights and remedies
<br />of a secured party under the Nebraska Uniform C mmercial Code.
<br />Foreclosure by Power of Sale. If Lender elects to fore lose by exercise of the Power of Sale herein contained,
<br />Lender shall notify Trustee end shall deposit with Tru�tee this Deed of Trust and the Note and such receipts
<br />and evidence of expenditures made and secured by thiS Deed of Trust as Trustee may require.
<br />(a) Upon receipt of such notice from Lender, Tru�tee shall cause to be recorded, published and delivered
<br />to Trustor such Notice of Default and Notice of ale 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 efter N�tice of Sale having been given as required by law, sell
<br />the Property at the time and place of sale fixed i by it in such Notice of Sale, either es a whole, or in
<br />separate lots or parcels or items as Trustee shall deem expedient, and in such order as it mey determine,
<br />at public auction to the highest bidder for cash in lawful money of the United Stetes 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 witho�rt any covenent or warranty, express or implied. The
<br />recitals in such deed of any matters or facts shaNl be conclusive proof of the truthfulness thereof. Any
<br />person, including without limitation Trustor, Trust�e, or Lender, mey purchase at such sale.
<br />(b) As may be permitted by Iaw, after deducting all costs, fees and expenses of Trustee and of this
<br />Trust, including costs of evidence of title in connebtion with sale, Trustee shall apply the proceeds of sale
<br />to payment of (i) all sums expended under the terfns 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 cherges, (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 pdstpone sale of all or any portion of the Property.
<br />Remedies Not F�cclusive. 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 and to exercise all rights 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 hereafter be otherwise secy�red, whether by mortgege, deed of trust, pledge, lien,
<br />essignment or otherwise. Neither the acceptance of this ' of Trust nor its enforcement, whether by court
<br />action or pursuant to the power of sele or other powers cdntained in this Deed of Trust, shall prejudice or in any
<br />manner affect Trustee's or Lender's right to realize upon r enforce any other security now or hereafter held by
<br />Trustee or Lender, it being agreed that Trustee and Lender, nd each of them, shell be entitled to enforce this Deed
<br />of Trust and eny other security now or hereafter held by L'ender or Trustee in such order and manner as they or
<br />either of them may in their absolute discretion determine. I No remedy conferred upon or reserved to Trustee or
<br />Lender, is intended to be exclusive of eny other remedy in this Deed of Trust or by lew provided or permitted, but
<br />each shall be cumulative end 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 as often as may be deemed expedient by Trustee or Lender,
<br />and either of them may pursue inconsistent remedies. �lothing in this Deed of Trust shell be construed as
<br />prohibiting Lender from seeking e deficiency judgment egainst the Trustor to the extent such action is permitted by
<br />law. '
<br />Election of Remedies. AII of Lender's rights and remedi�s will be cumulative and may be exercised alone or
<br />together. If Lender decides to spend money or to perform any of Trustor's obligations under this Deed of Trust,
<br />after Trustor's failure to do so, that decision by Lender will not affect Lender's right to declare Trustor in default
<br />and to exercise Lender's remedies.
<br />
|