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<br />DEED OF TRUST � �� 2 p� g 0 3
<br />Loan No: 137737 � Y (Continued) Page 5
<br />effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any
<br />time and for any reason.
<br />Death or Insolvency. The dissolution or termination of Bo�rower'§ or Trustor's existence as a going business, the
<br />insolvency of Borrower or Trustor, the appointment of e receiver for any part of Borrower's or Trustor's property,
<br />any a.ssignmbnt for the' benefit of creditors, any.type of creditor,workout, or the commencement of any proceeding
<br />under any bankruptcy or insolvency laws by o��against Borrower o� Trustor.
<br />Creditor o� Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help; repossession or any other method, by any creditor of Borrower or Trustor or by any
<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 Default shall
<br />not apply 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 />. Br�a�h of Other Agreement. Any breach by Borrower or Trustor under the #erms of any other agreement between
<br />Bor'rolnror ot Trustor and Lender that is not remedied within any grace period provided itherein,-including without
<br />limitation any agreement concerning any indebtedness or other obligation of Borrower or Trustor to Lender,
<br />whether existing now or later.
<br />Ev�nts Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party
<br />dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the
<br />Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condition, or Lender
<br />believes the prospect of payment or performance of the Indebtedness is impaired.
<br />Ins�curity, Lender in go,od faith believes itself insecure.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br />Trusiee or Lender may exercise any one or more•of the following rights and remedies:
<br />' Acceleration Upon Default; Additional Remedies. If any 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 and payable and
<br />the same shall thereupon become due and payable without any presentment, demand, protest or notice of any
<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 take possession
<br />of the Property, or any part thereof, in its own name or in the name of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part of
<br />the Property or interest in the Property; increase the income from the Propeny 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 past due end unpaid, and apply the same, less
<br />costs and expenses of operation and collection permissible fees, to any indebtedness secured by this
<br />13eed af Trust, alt in such order as L�nder eney determine. 'I he entaring upon and taking possossion of
<br />the Property, the collection of such rents, issues and profits, and the application thereof shall not cure or
<br />waive any defeult or notice of default 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 shall
<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 specifically
<br />enforce any of the covenants hereof; and
<br />Ic) Deliver to Trustee a written declaration of default and demand 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 whicli the Property is located; and
<br />,(d! With �espect to all or any part of the Personal Property, Lender shall,haye all th. e rights end remedies
<br />of a secured party under the Nebraska Uniform Commeroial Code,
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained,
<br />Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts
<br />i and evidence of expenditures made and secured by this Deed of T�ust as Trustee may require.
<br />(a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and 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 after
<br />recordation of such Notice of Default 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 es Trustee shall deem expedient, and in such order es it may determine,
<br />� et 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 properry so sold, but without any covenant or warranty, express or implied. The
<br />recitals in such deed of any matters or facts shall ibe conclusive proof of the truthfulness thereof. Any
<br />person, including without limitation 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 peed of Trust or under the terms of the Note
<br />' not then repaid, including but not limited to accrued interest end late charges, (ii1 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 any portion of the Property.
<br />Remedies Not Exciusive. Trus#ee .and Lender, and each of them, shall be entitled to enforce, payment and
<br />performance of any indebtedness or obligations secured by this Deed of Trust and to exarcise all rights end powers
<br />under this Deed of Trust, under the IVote, under any of the Related Documents, or under any other agreement or
<br />' any laws now or hereafter in force; notwithstanding, some or all of such indebtedness and obligations secured by
<br />� this Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br />� assignment or otherwise:' Neither the �cceptance of this Deed of Twst nor its enforcement, whether by court
<br />action or pursuant to the power of sale or other powers contained in this Deed of Trust, shall prejudice or in any
<br />manner affect Trustee's or Lender's right to realize, upon or enforce any. other security now or hereafter held by
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