|
�U1�U5197
<br />— � �a ti DEED OF TRUST
<br />F, ." :� ; :,
<br />Loan No: 1d1253985� . � (Continued)
<br />Page 3
<br />Property or to comply with any obligation to maintein Existing Indebtedness in good standing as required below, then
<br />Lender may do so. If eny action or proceeding is commenced thet would materially affect Lender's interests in the
<br />Property, then Lender on Trustor's behelf iney, but is not required to, teke any action that Lender believes to be
<br />appropriate to protect Lender's interests. All expenses incurred or peid by Lender for such purposes will then bear
<br />interest at the rete charged under the Credit Agreement from the date incurred or paid by Lender to the date of
<br />repayment by Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be
<br />peyable on demand; (6) be edded to the balance of the Credit Agreement and be apportioned among and be payeble
<br />with any installment payments to become due during either (1) the term of any applicable insurance policy; ar (2) the
<br />remeining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the
<br />Credit Agreement's maturity.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are e part of this Deed
<br />of Trust:
<br />Title. Trustor warrants that: (a) Trustor holds good end marketable title of record to the Property in fee simple,
<br />free and clear of all liens and encumbrances other than those set forth in the Real Property description or in the
<br />Existing Indebtedness section below or in eny title insurance policy, title report, or final title opinion issued in favor
<br />of, and eccepted by, Lender in connection with this Deed of Trust, and (b) Trustor has the full right, power, end
<br />authority to execute and deliver this Deed of Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the
<br />title to the Properry egainst the lawful claims of all persons.
<br />EXISTIIVG INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of Trust:
<br />Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an
<br />existing lien. Trustor expressly covenants end agrees to pey, or see to the payment of, the Existing Indebtedness
<br />and to prevent any default on such indebtedness, any default under the instruments evidencing such indebtedness,
<br />or any default under any security documents for such indebtedness.
<br />EVENTS OF DEFAULT. Trustor will be in default under this Deed of Trust if eny of the following happen: (A) Trustor
<br />commits fraud or makes a material misrepresentation at any time in connection with the Credit Agreement. This can
<br />include, for example, a false stetement about Trustor's income, assets, liabilities, or any other aspects of Trustor's
<br />financial condition. (B) Trustor does not meet the repayment terms of the Credit Agreement. (C) Trustor's action or
<br />inaction adversely affects the collaterel or Lender's rights in the collaterel. This can include, for example, failure to
<br />maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on
<br />the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without Lender's
<br />permission, foreclosure by the holder of another lien, or the use of funds or the dwelling for prohibited purposes.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default under any indebtedness, or
<br />should Trustor fail to comply with any of Trustor's obligations under this Deed of Trust, Trustee or Lender may exercise
<br />any one or more of the following rights and remedies:
<br />Acceleration Upon Defeult; Additional Remedies. If any Event of Defeult occurs as per the terms of the Credit
<br />Agreement secured hereby, Lender may declere all Indebtedness secured by this Deed of Trust to be due and
<br />payable and the seme shall thereupon become due and payable without any presentment, demand, protest or
<br />notice of any kind. Thereafter, Lender may:
<br />(a) Either in person or by egent, with or without bringing any action or proceeding, or by e receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and teke possession
<br />of the Property, or any pert thereof, in its own name or in the name of Trustee, and do any acts which it
<br />deems necessary or desireble to preserve the velue, merketability 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 pest due and unpaid, and apply the same, less
<br />costs and expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed
<br />of Trust, all in such order es Lender mey determine. The entering upon and taking possession of the
<br />Property, the collection of such rents, issues and profits, and the application thereof shatt not cure or
<br />waive any default or notice of defeult under this Deed of Trust or invalidate any act done in response to
<br />such default or pursuent to such notice of default; and, notwithstanding the continuance in possession of
<br />the Property or the collection, receipt and epplication of rents, issues or profits, Trustee or Lender shall
<br />be entitled to exercise every right provided for in the Credit Agreement or the Related Documents or by
<br />law upon the occurrence of any event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or speciflcally
<br />enforce any of the covenants hereof; and
<br />(c) Deliver to Trustee a written decleretion of defeult and demend 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 Property is located; and
<br />(d) �th respect to all or eny part of the Personal Property, Lender shall have all the rights and remedies
<br />of a secured party under the Nebraska Uniform Commercial Code.
<br />
|