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�� �� �.. DEED OF TRUST � u 12 U 5 2 3 6
<br />lContinued) Page 5
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and
<br />effect (including failure of any collateral document to create a velid and perfected security interest or lien) at any
<br />time and for any reason.
<br />Deeth or Insolvency. The dissolution of Trustor's (regardless of whether election to continue is medel, any
<br />member withdraws from the limited liability company, or any other termination of Borrower's or Trustor's exiatence
<br />as a going business or the death of any member, the insolvency of Borrower or Trustor, the appointment of a
<br />receiver for any part of Borrower's or Trustor's property, eny assignment for the benefit of creditors, eny type of
<br />creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
<br />Borrower or Trustor.
<br />Creditor or Forfeiture Proceadings. Commencement of foreclosure or forfeiture proceedings, whether by judiciel
<br />proceeding, self-help, repossession or any other method, by any creditor of Borrower or Trustor or by eny
<br />governmental agency against any property securing the Indebtedness. This includes a garnishment of any of
<br />Borrower's or Trustor's accounts, including deposit accounts, with Lender. However, this Event of Defeult shall
<br />not epply if there is a good faith dispute by Borrower or Trustor as to the validity or reasonableness of the claim
<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 agreement between
<br />Borrower or Trustor end Lender that is not remedied within any grace period provided therein, including without
<br />limitation any agreement concerning any indebtedness or other obllgation of Borrower or Trustor to Lender,
<br />whether existing now or leter.
<br />Events Affecting Guarantor. Any of the preceding events dccurs with respect to any Guarantor of eny of the
<br />Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity ot, or Ilability
<br />under, any Guaranty of the Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condiUon, or Lender
<br />believes the prospect of payment or performence of the Indebtedness is Impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right to Cura. If any default, other than a 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 with(n 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 />withln twenty (20) days; or (2) if the cure requires more than twenty (20) days, lmmediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficiant to cure the default and thereafter continues end
<br />completes all reasonable end necessary steps sufficient to produce compliance as soon as reasonably pracUcal.
<br />RIGHTS AND REMEDIES ON 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 Remedies. If eny 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 end peyable and
<br />the seme shall thereupon become due and payable without any presentment, demand, protest or notice of eny
<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 taka possession
<br />of the Property, or any part thereof, in its own neme or in the name of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the velue, marketability or rentability of the Property, or part of
<br />the Property or interest in the Property; increase the income from the Properry or protect the security ot
<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 unpald, and apply tha same, less
<br />costs and expenses of operetion and collection attorneys' 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 defauit under this Deed of Trust or invalidate any act done in response to
<br />such default or pursuant to such notice of default; and, notwithstanding the continuance in possession of
<br />the Property or the collection, receipt and application 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 action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specitically
<br />enforce any of the covenants hereof; end
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and a written notice ot defeult
<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) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies
<br />of e secured party under the Nebreska Uniform Commercial Code.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained,
<br />Lender shell notify Trustee end shall deposit with Trustee this Deed of Trust and the IVote and such receipts
<br />and evidence of expenditures made and secured by th(s Deed of Trust as Trustee may require.
<br />(a) Upon receipt ot 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 shall, without demand on Trustor, after such time as may then be required by law and efter
<br />recordation of such Notice of Defeult 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 items as Trustee shall 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 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 eny matters or facts shall be conclusive proof of the truthfulness therepf. Any
<br />person, including without Ilmitation 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 (iii► 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.
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