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2012/041 7
<br />date of issuance of the Bond that was purchased with funds derived from sources other than the proceeds
<br />of the Bond. Not later than 120 days after the last day of each fiscal year of the Grantor, the Grantor shall
<br />file with the Deed Trustee and the Lender a schedule setting out in reasonable detail a description of the
<br />Property so removed pursuant to this subsection for the preceding fiscal year, and in the case of Property
<br />so removed pursuant to clause (2), the aggregate original cost thereof. The Deed Trustee and Lender shall
<br />be fully protected and shall incur no liability for any consent given or action taken in reliance upon the
<br />notice given in clause (2) above or in the schedule filed in clause (3) above.
<br />(c) Release of Inadequate, Obsolete, Etc. Items. Notwithstanding any other provision of
<br />this section, in any instance where the Grantor reasonably determines that any item of machinery or
<br />equipment has become inadequate, obsolete, worn -out, unsuitable, undesirable or unnecessary, the
<br />Grantor may remove the item of equipment from the lien and security interest of this Deed of Trust and
<br />sell, trade, exchange or otherwise dispose of the same (as a whole or in part) without any responsibility or
<br />accountability to the Authority, the Deed Trustee, or the Lender, if the Grantor substitutes and installs
<br />other items of machinery or equipment deemed necessary or useful and having equal or greater utility (but
<br />not necessarily having the same function) in the operation of the Project and if the removal and
<br />substitution does not impair the Grantor's operating utility.
<br />(d) Disposition of Substituted Property When Cash Delivered The Grantor agrees that any
<br />cash delivered to the Deed Trustee in connection with the release of any of the Property pursuant to this
<br />section shall be used by the Grantor to make the next Loan Payment.
<br />(e) Circumstances When Release Not Required. The provisions of this section shall not be
<br />construed to restrict the Grantor's rights under the Borrower Documents (1) to make replacements,
<br />additions, alterations, changes, modifications and improvements to the Property, to install and remove
<br />equipment free and clear of the lien and security interest created herein, to sell, lease or otherwise dispose
<br />of the Property free and clear of the lien and security interest created herein, to merge, consolidate, sell or
<br />convey substantially all of the Property free and clear of the lien and security interest created herein or to
<br />exercise any other of its rights with respect to the Property pursuant to and in accordance with the
<br />provisions of the Borrower Documents, or (2) to require, as a condition precedent to the exercise of any of
<br />its rights under the Borrower Documents, compliance with the provisions of this section for the release of
<br />any Property from this Deed of Trust.
<br />Section 5. Default and Remedies. If an Event of Default under the Borrower Documents
<br />occurs and continues, the Deed Trustee, upon request of the Lender, may declare all amounts payable
<br />under the Loan Agreement immediately due and payable; and thereafter the Deed Trustee, without notice
<br />or demand, but only to the extent permitted by the laws of the State of Nebraska, may prosecute a suit at
<br />law and/or in equity against the Grantor to collect the secured sums as if all money secured hereby had
<br />matured prior to the commencement of the suit, or commence foreclosure proceedings under the power of
<br />sale provided for by Section 8 hereof. The Deed Trustee shall have the right from time to time to take
<br />action to recover any sums, whether principal, interest, or any installment of either, or any other sums
<br />required to be paid under the terms of this Deed of Trust as the same become due, without regard to
<br />whether or not the principal sum secured, or any other sums secured, by this Deed of Trust shall be due,
<br />and without prejudice to the right of the Deed Trustee thereafter to bring an action of foreclosure, or any
<br />other action, or commence foreclosure proceedings under the power of sale, for a default or defaults by
<br />the Grantor existing at the time such earlier action was commenced.
<br />Any failure by the Deed Trustee or the Lender to insist upon the strict performance by the Grantor
<br />of any of the terms and provisions hereof shall not be deemed to be a waiver of any of the terms and
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