|
201206833
<br /> SUBORDINATION OF DEED OF TRUST
<br /> Loan No: 81001107 (Continued) Page 2
<br /> ierms 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 Benefiiciary as to the creditworthiness of Borrower; and (D) Beneficiary has
<br /> established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower's financial
<br /> condition. Beneficia�y agrees to keep adequately informed from such means ofi any facts, events, or circumstances
<br /> which might in any way affect Beneficiary's risks under this Subordination, and Benefiiciary further agrees that Lender
<br /> shall have no obligation to disclose to Beneficiarv information or material acquired by LendeY in Yhe course ofi its
<br /> relationsh�ip with Beneficiary. -
<br /> BENEFICIARY W1/AIVERS_ Beneficiary waives any right to require Lender. (A) to make, extend, renew, or modify any
<br /> loan to Borrower or to grant any other fiinanciai accommodations to Borrower whatsoever, (B) to make any
<br /> presentment, proiest, demand, or notice of any kind, including notice of any nonpayment of any Superior Indebtedness
<br /> secured by Lender's Lien, or notice ofi any action or nonaction on the part of Borrower, Lender, any surety, endorser, or
<br /> other guarantor in connection with the Superior Indebtedness, or in connection with the creation ofi new or additional
<br /> indebtedness; (C) to resort for payment or to proceed directly or at once against any person, including Borrower, (D)
<br /> to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
<br /> person; (E) Yo give notice of the terms, time, and place of any public or privaie sale of personal property security held
<br /> by Lender from Borrower or to comply with any other 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, w�ith
<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 afifecting
<br /> whatsoever any of Lender's rignts under this Subordination. In particular, without limitation, Lender may, without
<br /> notice oF any kind to Beneficiary, (A) make one or more additional secured or unsecured loans to Borrower, (B)
<br /> repeatedly aker, compromise, renew, extend, accelerate, or otherwise change the time for payment or other terms of
<br /> the Superior Intlebtedness ot a:ny part of it, incl�:uding increases and decreases of the rate of interest on the Superior
<br /> Indebtedness; eMe�nsions may be repeated and may be for longer than the original loan term; (CD take and hold
<br /> collateral for the payment of the Superior Indebtedness, and exchange, enforce,waive, and release any such collateral,
<br /> with or without the substitution of new coflateral; (D) release, substitute, agree not to sue, or deal with any one or
<br /> more of Borrower's sureties, endorsers, or guarantors on any terms or manner Lender chooses; (E) determine how,
<br /> when and what application of payments and credits, shall be made on the Superior Indebtedness; (F) apply such.
<br /> security and direct the order or manner of sale of the security, as Lender in its discretion may determine; and (G)
<br /> transfe�r this Subordination to another party.
<br /> DEFAULT BY BORROWER_ If Borrowe�becomes insolvent or bankrupt,this Subordination.shall �emain in fulF force and
<br /> effect. In the event of a corporate reorganization or corporate arrangement of Borrower untler the provisions ofi the
<br /> Bankruptcy Code, as amended, this Subordination shall remain in full fo�ce and effect and the court having jurisdiction
<br /> over the reorganization or arrangement is hereby authorized.to preserve such priority and subordination provided under
<br /> this Subordination in approving any such plan of reorganization or arrangement Any default by Borrower under tne
<br /> terms ofi the Subordinated Indebiedness a.lso shall constitute an event of default under the terms of the Superior
<br /> Indebtedness in fiavor of Lender.
<br /> MISCELLANEOUS PROVISIONS. The followi:ng miscellaneous provisions are a part ofi this Subordination:
<br /> Amendments. This Subordination constitutes the entire understanding and agreement of the par[ies as to the
<br /> matters set forth in this Subordination_ No alteration of or amendment to this Subordination. shall be effective
<br /> unless give.n. in writi�ng and signed by the party or parties sought to be charged or bound by the alteration or
<br /> amendment.
<br /> Attorneys' Feea: 6cpenses_ If Lender institutes any suit or action to enforce any of the terms of this
<br /> Subordination, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees
<br /> at trial and upon any appeal. Whether or not any court action is involved, and to the extent not proF�ibited by law,
<br /> all reasonable expenses Lender incurs that in Lender's opinion are necessary at any iime fior the protection ofi its
<br /> interest or the enforcement of its rights shall become a part ofi the Indebtedness payable on demand and shall bear
<br /> interest at the Note rate from the date of fhe expenditure untii repaid.. Expenses covered by this paragraph include,
<br /> without limitation, nowever subjeci to any timits under applicable law, Lender's attorneys' fees and LendeY's legal
<br /> expenses, wnether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings
<br /> (induding efiforts to modify or vacate any autom�atic sYay o�injunction), appeals,and any anticipated posY-judgment
<br /> collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors'
<br /> reports, and appraisal fees, title insurance, and fees for tne Trustee, to the extent permitted by applicable law.
<br /> Beneficiary also will pay any cou.rt costs, in addition to aIl other sums provided by law.
<br /> Authoeity. The person who signs this Subordination as or on benalf of Beneficiary represents and warrants that ne
<br /> ot she has authority to execute this Subordination and to subordinaie ihe Subordinated intlebtedness and tne
<br /> Beneficiary's security i�terests in Benefic�iary's property,if any.
<br /> Caption Headings_ Caption headings in this Subordination are for convenience purposes only and are not Yo be
<br /> used to interpret or defiine the provisions of this Subordination.
<br /> Governing Law_ This Subordination will be governed by federal law applicable to Lender and., to the extent not
<br /> preempted by federal law,the laws of the State of Nebraska without regard to its conflicts of law provisions. This
<br /> Subordination has been accepted by Lender in the State of Nebraska.
<br /> Choice of Venue. If there is a lawsuit, Beneficiary agrees upon Lender's request to submit to the jurisdiction of the
<br /> courts of Hal:l County, State of N�ebraska.
<br /> Successors. This Subordination shall eMend to and bind the respective fieirs, personal repPesentatives,successor5
<br /> - -- - - �-�� -- -� '--- � - — �—�- ---
<br /> and assigns of the parties to this Subordination, and tne covenants of Benefic'iary herein in favor of Lznaer sFi�afl-
<br /> extend to,inelude, and be enforceable by any transferee or endorsee to whom Lender may trensfer any or all ofi the
<br /> Superiorindebtedness.
<br /> No Waiver by Lender. Lender shall not be deemed to have waived any tights under this Subordination unless such
<br /> . w�aiver is given in writing and signed by Lende�. No delay or omission on the part of Lender in exercising any right
<br /> shall ope�ate as a waiver of such right or any other right. A waiver by Lender of a provision of 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 ofi this Subordination. No prior waiver by Lender, nor any course ofi dealing
<br /> between Lender and Beneficiary, shall constitute a waiver of any of Lender's rights or of any ofi Beneficiary's
<br /> obligations as to any future transacYions. Whenever the consent of Lender is required under this Subordination,tfie
<br /> granting of such 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 withheld in the sole discretion of
<br /> Lender.
<br /> Waive Jury. All parties Yo this Subordination hereby waive the right to any jury trial in any acteon. proceeding, or
<br /> counterclairn 6tought by any party againsY any oYher party.
<br /> EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES IiAVING READ ALL THE PROVISIONS OF THIS
<br /> SUBORDINATION,AND EACH PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED AUG'UST 15,
<br /> 2072,
<br />
|