|
201206110
<br /> DEED OF TRUST
<br /> Loan No: 872058667 (COntlnued) Page 6
<br /> trustee, and the instrument shall be executed and acknowledged by all the beneficiaries under this Deed of Trust or
<br /> the�ir successors in interest. The successor trustee, without conveyance of tihe Property, shalt succeed to all the
<br /> title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable law. This procedure for
<br /> substitution of Trustee shall govern to the exclusion of al.l other provisions for substitution..
<br /> NOTICES_ Any notice required to be given under this Deed of Trust, includi�ng without limitation any notice of default
<br /> and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received
<br /> by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if
<br /> mailed, when deposi�ted in the United States mail, as first class, certified or registered mail postage prepaid, directed to
<br /> the addresses shown near the beginning of this Deed ofi Trust. All copies of notices of fioreclosure from the holder of
<br /> any lien which has priority over ihis Deed of Trust shall be sent to Lender's address, as shown near the beginning of
<br /> this Deed of Trust. Any person may change his or her address fior notices under this Deed of Trust by g�iving formal
<br /> written notice to the other person or persons, specifying that the purpose of the notice is to change Ihe person's
<br /> address. For notice purposes, Trustor agrees Yo keep Lender informed at all times of Trustor's current address. Unless
<br /> otherwise provided or required by law, if there is more than one Trustor, any notice given by Lender to any Trustor is
<br /> deemed to be noti.ce given to aFl Trustors. It will be Trustor's responsibi(ity to tell the othets of the notice from Lender.
<br /> MISGELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust: �
<br /> Amendments. What is written in this Deed of Trust and in tne Related Documents is Trustor's entire agreement
<br /> with Lender concerning the matters covered by tnis Deed of Trust.. To be effective, any change or amendment to
<br /> this Deed of Trust must be in writing and must be signed by whoever will be bound or obligated by the change or
<br /> amendment.
<br /> Caption Headings. Caption headings in this Deed of TrusY are for convenience purposes only and are not to be
<br /> used to interpret or define tihe provisions of this Deed of Trust.
<br /> Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or
<br /> estate in the Property at any time held by or for the benefit ofi Lender in any capacity,without the written consent
<br /> of Lender.
<br /> Governing Law. Tkis Deed of Trust will be governed by federal Iaw appl[cable to Lender and, to the extent not
<br /> preempted by fiederal law,the laws of the State of Nebraska without regard to its conflicts ofi law provisions.. This
<br /> Deed of Trust has been.accepted by Lender in the State of Nebraska.
<br /> Choice of Venue. Ifi there is a Iawsuit, Trustor agrees upon Lender's request to submit to the jurisdiction of the
<br /> courts ofi Hall County, State of Ne6raska.
<br /> Joint and Several Liability. Alf obligations of Trustor under this Deed bfi Trust shall be joint and severa{, and all
<br /> references to Trustor shall mean eAch and every Trustor. This means that eacn Trustor signing below is
<br /> responsible for all obligations in ihis Deed of Trust.
<br /> No Waiver by Lender. Trustor understands Lender will not give up any of Lender's rignts under this Deed of Trust
<br /> unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that
<br /> Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, tnat does not
<br /> mean Trustor will not have to comply with the other provisions of this Deed of Trust. Trustor also understands
<br /> that if Lender does consent to a request, that does not mean that Trustor will not have to get Lender's consent
<br /> again if the situation happens again. Trustor further understands that just because Lender consents to one or more
<br /> of Trustor's requests, that does not mean Lender will be required to consent to any ofi Trustor's future requests.
<br /> Trustor waives preseniment, demand for payment, protest, and notice of d�ishonor.
<br /> Severability. Ifi a court finds that any provisi�on of this Deed of Trust is not vatid or should not be enfiorced, that
<br /> fact by itself will not mean that the rest ofi this Deed of Trust will not be valid or enforced. Therefore, a court will
<br /> enforce the rest of the provisions of this Deed of Trust even if a provision of this Deed of Trust may be found to be
<br /> invalid or unenforceable.
<br /> Successors and Assigns. Subject to any limitations stated in this Deed of Trust on trans#er of Trustor's interest,
<br /> this Deed of Trust shall be�binding upon and inure to the benefit ofi the parties, their successors and assigns. If
<br /> ownersh�ip of the Property becomes vested in a person other than Trustor, Lender, without notice to Trustor, may
<br /> deal with Trustor's successors with reference to this Deed of Trust and the Indebtedness by way of forbearance or
<br /> extension without reteasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness.
<br /> Time is of the Essence. Time is of the essence in the performance of this Deed of Trust.
<br /> � Waive Jury. All parties to this Deed of Trust hereby waive the right to any jury trial in any action, proceeding, or
<br /> counterclaim brought by any party against any other party.
<br /> Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead
<br /> . exemption laws of the State of Nebraska as to all Indebtedness secured by ihis Deed of Trust.
<br /> DEFINI'Y'IONS_ The following words shall have the following meanings when used in this Deed ofi Trust:
<br /> Beneficiary. The word "Beneficiary" means Equitable Bank, and its successoPs and assigns.
<br /> Borrower. The word �"�Borrower" means PAUL E SULLIVAN and AMANDA I SULLIVAN and includes all co-signers
<br /> and co-makers signing tne Credit Agreement and all their successors and assigns.
<br /> Credit Agreement. Tne words "Credit Agreement" mean the cred�it agreement dated July 20, 2072, Wlth credit
<br /> �IIll1Y of 59,���.�0 from Trustor to Lender, fiogether with all renewaJs of, extensions of, modifications of,
<br /> refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of
<br /> this Deed of Trust is July 20, 2015.
<br /> Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and
<br /> includes without limitation all assignment and security interest provisions relating to the Personal Property and
<br /> Rents.
<br /> Environrnentat Laws. The words "Environmental LawS" mean any and all state, federal and local statutes,
<br /> regulations and ordinances relating to the protection of human health or the environment, inctuding without
<br /> limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 'I 980, as amended, 42
<br /> U.S.C. Section 9601, ert seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act ofi 1986, Pub. L.
<br /> No.99-499 ("SARA");the Hazardous Materials Transportation Act,49 U.S.C. Section 180�'I,et seq.,the Resource
<br /> Conservaiion and Recovery Act, 42 U.S.C. Section 690"I, et seq., or other applieable state or federal laws, rules,
<br /> or regulations adopted pursuant thereto.
<br /> Event of Default_ The words'"Event of Default" mean any ofi the events of defauk set forth in this Deed of Trust in
<br /> the events of default section of this Deed of Trust.
<br /> Existing Indebtedness. The words "E�cisting Indebtedness" mean the indebtedness described in the Existing Liens
<br /> provision of this Deed ofi Trust.
<br /> Hazardous Substances_ The words "Hazardous Substances" rnean materials that, because ofi their quantity,
<br /> concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard
<br />
|