|
��(l�309
<br /> SUBORDINATION OF DEED OF TRUST
<br /> Loan Na 81001024 (COntinued) Page 2
<br /> terms of this Subordination;(B) this Subordination is executed at Borrower's request and not at the request of Lender,
<br /> (C) Lender has made no representation to Beneficiary as to the creditworthiness of Borrower;and(D1 Beneficiary has
<br /> established adequate means of obtaining from Borrower on a continuing hasis information regarding Borrower`s financial
<br /> condifion. Beneficiary agrees to keep adequately informed from such means of any facts,events, or circumstances
<br /> which migtrt in any way affect Beneficiary's risks under this Subordination, and Beneficiary further agrees that Lender
<br /> shall have no obligation to disclose to Beneficiary information or material acquired by Lender in the course of its
<br /> relationship with Beneficiary.
<br /> BENEFICIARY WAIVERS. Beneficiary waives any right to require Lender. (A) to make,extend,renew,or modify any
<br /> loan to Borrower or to grant any other financial accommodations to Borrower whatsoever; (B) to make any
<br /> presentment,protest,demand,or notice of any kind,including notice of any nonpayment of any Superior Indebtedness
<br /> secured by Lender's Lien,or nofice of any action or nonaction on the part of Borrower,Lender,any surety,endorser,ol
<br /> other guaranmr in connection.with the Superior Indebtedness,or in connection with the creation of new or additional
<br /> indebtedness; (C) to resort fo[payment or to proceed directly ot at once against any person,induding Borrower, (D)
<br /> to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guaraRtor,or any other
<br /> persort; {E) to give notice of the terms;time,and place of any pu6lic or private sale of personal property security held
<br /> 6y Lender from Borrow.er or to comply with any otMer applicable provisions of the Uniform Commercial Code; (F) to
<br /> pursue any other remedy within Lender's power;or (G) to commit any act or omission of any kind,at any time,with
<br /> respect to any matter whatsoever.
<br /> LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Lien without affecting
<br /> whatsoever any of Lender's rights under this Subordination. In particular, without limitation, Lender ay, without
<br /> notice of any kind to Beneficiary, (A1 make one or more additional secured or unsecured loans��ower, (B)
<br /> repeatedly alter, compromise, renew,extend,accelerate,or otherwise change the time for payme r ot r terms of
<br /> the Superior Indebtedness or any part of it, including increases and decreases of the rate of i es e Superior
<br /> Indebtedness; extensions may be repeated snd may be for longer than the original loan ter�) take and hold
<br /> collateral for the payment of the Superior Indebtedness,and exchange,enforce,waive,and re s any such collaterel,
<br /> with or without the su6stitution of new collateral; (D) release,substitute,agree not to deal with any one or
<br /> more of Borrower's sureties,endo�sers, or guarantors on any terms or manner Lend o es, (E) determine how,
<br /> when and what application of payments and credits, shafl be made on the Superi r In tedness; IF) apply such
<br /> security and direct the order or manner of sale of the security, as Lender in its d�,�fion may determine; and IG)
<br /> transfer this Subordination to anothet party.
<br /> DEFAULT BY BORROVNER. If Borrower becomes insolvent or bankrupt,this�dination shall remain in full force and
<br /> effect. In the event of a corporate reorganization or corporate arrang�o orrower under the provisions of the
<br /> Bankruptcy Code,as amended,this Su6ordination shall remain in full for d ffect and the court having jurisdiction
<br /> over the reorganization or arrangement is hereby authorized to pr erve suc priority and subordination provided under
<br /> this Subordination in approving any such plan of reorganization�angement. Any default by Borrower under the
<br /> terms of the Subordinated Indebtedness also shall constitute� nt ofi default under the terms of the Superior
<br /> Inde6tedness in favor of Lender. �`�
<br /> MISCELLANEOUS PROWSIONS. The following miscelJ�ne s rovisions are a part of this Subordination:
<br /> Amendments. This Subordination eonstitutes tl�ntire understanding and agreement of the parties as to the
<br /> matters set forth in this Subordination. No ation of or amendment to this Subordination shall be effective
<br /> unless given in writing and signed by the �or parties sought to be charged or bound by the alteraiion or
<br /> amendment.
<br /> Attorneys' Fees; Expenses. If Lender insYitutes any suit or action to enforce any of the terms ofi this
<br /> Subordination,Lender shall 6e entill�d to recover such sum as the court may adjudge reasonable as attorneys'fees
<br /> at trial a�tl upon any appeal. t��or not any court action is involved,and to the extent not prohibited by law,
<br /> all reasonable expenses Lend rs that in Lender's opinion are necessary at any time for the protection of its
<br /> interest or the enforcemen i�hts shall become a part of the Indebtedness payable on demand and shall bear
<br /> interest at the Note rate e date of the expenditu�e until repaid. Expenses covered by this paragraph incl�de,
<br /> without limitation,ho subject to any limits under applicable law,Lender's attorneys'fees and Lender's Iegal
<br /> expenses, whethe there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings
<br /> (including effort5/to�ify or vacate any automatic stay or injunction�,appeals,and any anticipated post-judgment
<br /> collection servi:`r�[he cost of searching records,obtai.ning title reports(including foreclosure reportsl,surveyors'
<br /> reports, an�raisal fees,title insurance, and fees for the Trustee,to the extent permitted by applicable law.
<br /> Benefi will pay any court costs,in addition to all other sums provided by law.
<br /> Author�ihe person who signs this Subordination as or on behalf of Beneficiary represents and warrants that he
<br /> or she has authority to execute this Subordination and to subordinate the Subordinatetl Indebtedness and the
<br /> Beneficiary's security interests in Beneficiary's property,if any.
<br /> Caption Headings. Caption headings in this Subordination are for convenience purposes only and are not to be
<br /> used 2o interpret or defiine the provisioos of this Subordination.
<br /> Governing Law. This Subordinatian will be govarned by federal law applicable to Lender and,to the extent not
<br /> preempted by federal law,the laws of the State of Nebraska withaut regard to its conflicts of law provisions. This
<br /> Subordination has been accepted by Lender in the State of Ne6raska.
<br /> Choice of Venue. If there is a lawsuit,8eneficiary agrees upon Lender's request to submit to the jurisdicYion of the
<br /> courts ofi Hall County,State of Nebraska.
<br /> Successors. This Subordination shall extend to and bind the respective heirs,personal representatives,successors
<br /> , antl assigns of the parties to this Subordination,and the covenaMs of Benefiiciary herein in favor oP Lender shail
<br /> extend to,include,and be enforceable by any transteree or endorsee to whore Lender may tra�sfer any or all of the
<br /> Superiorindebtedness.
<br /> No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Subordinatian unless such
<br /> waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right
<br /> shall operate as a waiver of such right or any other right A waiver by Lender of a provision ofi this Subordination
<br /> shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that
<br /> provision or any other provision of this Subordination. No prior waiver by Lender, nor any course of deafing
<br /> between Lender and Beneficiary, shall constitute a waiver of any of Lender's rights or of any of Benefi�ciary's
<br /> obligations as to any future transactions. Whenever the co�sent of Lender is required under this Subordination,the
<br /> granting of sucFi consent by Lender in any instance shall not constitute continuing consent to subsequent instances
<br /> where such consent is required and in all cases such consent may be granted or withlield in the sole discretion of
<br /> Lender.
<br /> Waive Juey. All parties to this Subordination hereby waive the right to any jury trial in any action,proceeding,or
<br /> counterclaim brought hy any party against any other party.
<br /> EACH PARYY TO YHIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
<br /> SUBORDINATION, AND EACH PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED JULY 31,
<br /> 20'I 2.
<br />
|