|
20121041
<br />provisions hereof, and the Deed Trustee, notwithstanding any such failure, shall have the right thereafter
<br />to insist upon the strict performance by the Grantor of any and all of the terms and provisions of this Deed
<br />of Trust to be performed by the Grantor; and the Deed Trustee may resort for the payment of the
<br />indebtedness secured by this Deed of Trust to any security therefor held by the Deed Trustee in such order
<br />and manner as the Deed Trustee or the Lender may elect.
<br />All rights, remedies and powers provided by this Deed of Trust may be exercised only to the
<br />extent that the exercise thereof does not violate any applicable provision of law in the premises, and all
<br />the provisions of this Deed of Trust are intended to be subject to all applicable mandatory provisions of
<br />law which may be controlling in the premises and to be limited to the extent necessary so that they will
<br />not render this Deed of Trust invalid or unenforceable under the provisions of any applicable law.
<br />Section 6. Special Remedies (Deed Trustee May Occupy and Take Possession). Upon
<br />the occurrence and continuance of any Event of Default under the Borrower Documents, the Deed
<br />Trustee, upon request of the Lender, may enter into and/or upon, occupy or control all or any part of the
<br />Real Property or take possession, occupy or control all or any part of the Personal Property, and may
<br />exclude the Grantor and its agents therefrom. After taking possession or control of the Property, the Deed
<br />Trustee may maintain, repair and restore the Property and/or complete the construction of the Project, all
<br />at the Grantor's expense, with such adjustments as it deems appropriate, and may insure the same. The
<br />Deed Trustee may also manage and operate the Property and exercise all rights and powers of the Grantor
<br />with respect thereto, either in the name of the Grantor or otherwise as it deems best; and the Deed Trustee
<br />is entitled to collect and receive all earnings, revenues, rents, profits and income of the Property and every
<br />part thereof. After deducting the expenses of conducting the business thereof and all maintenance,
<br />repairs, and other amounts necessary to pay for taxes, assessments, insurance and other proper charges
<br />upon the Property, or any part thereof, as well as just and reasonable compensation for the services of the
<br />Deed Trustee and for all attorneys, counsel, agents, and other employees properly engaged and employed,
<br />the Deed Trustee shall apply the remaining money in accordance with Section 9 hereof.
<br />Section 7. Power of Sale; Purchase by Deed Trustee. If an Event of Default under the
<br />Borrower Documents occurs and continues as provided therein, and the balance of the Bond is declared
<br />immediately due and payable, the Deed Trustee, at the request the Lender, may proceed to sell the
<br />Property and any and every part thereof, at public venue, to the highest bidder, at the Hall County
<br />Courthouse, Grand Island, Nebraska, or the then customary place in Hall County, Nebraska, for cash, first
<br />giving the public notice required by law of the time, terms and place of sale, and of the property to be
<br />sold, by advertisement in a newspaper printed and published in Hall County, Nebraska, and upon such
<br />sale shall execute and deliver a deed of conveyance and bill of sale of the Property sold to the purchaser
<br />or purchasers thereof, and any statement or recital of fact in such deed in relation to the non - payment of
<br />money hereby secured to be paid, existence of the indebtedness so secured, notice of advertisement, sale,
<br />receipt of money, and the happening of any of the specified events whereby the successor trustee became
<br />successor as herein provided, shall be prima facie evidence of the truth of such statement or recital. The
<br />proceeds of such sale shall be applied as provided for in Section 9 hereof.
<br />Upon any sale pursuant to this section, the Deed Trustee or the Lender may bid for and purchase
<br />the property being sold, and upon compliance with the terms of sale, subject to any applicable rights of
<br />redemption, the Deed Trustee or the Lender may hold, retain, possess and dispose of such property in
<br />their absolute discretion without further accountability. The Deed Trustee or the Lender at any sale may,
<br />in paying the purchase price, turn in the Bond for value in lieu of cash equal to the amount of their
<br />purchase price. In case the amount of their purchase price is less than the amount due on the Bond, the
<br />
|